<SEC-DOCUMENT>0001193125-17-035458.txt : 20170209
<SEC-HEADER>0001193125-17-035458.hdr.sgml : 20170209
<ACCEPTANCE-DATETIME>20170209092703
ACCESSION NUMBER:		0001193125-17-035458
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170209
DATE AS OF CHANGE:		20170209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MANULIFE FINANCIAL CORP
		CENTRAL INDEX KEY:			0001086888
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				889897526
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14942
		FILM NUMBER:		17584903

	BUSINESS ADDRESS:	
		STREET 1:		200 BLOOR ST EAST, NT-10
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4W1E5
		BUSINESS PHONE:		416-926-3000

	MAIL ADDRESS:	
		STREET 1:		200 BLOOR ST EAST, NT-10
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4W1E5
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>d324094d40f.htm
<DESCRIPTION>40-F
<TEXT>
<HTML><HEAD>
<TITLE>40-F</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">40-F</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(Check One) </B></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OR </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9746;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"><B>For the fiscal year ended December&nbsp;31, 2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Commission file number <FONT STYLE="white-space:nowrap">1-14942</FONT></B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>MANULIFE FINANCIAL CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Province or other jurisdiction of incorporation or organization) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>6311 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Primary Standard
Industrial Classification Code Number (if applicable)) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not applicable </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer Identification Number (if applicable)) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>200 Bloor Street East, NT 11, Toronto, Ontario, Canada M4W 1E5 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(416) <FONT STYLE="white-space:nowrap">926-3000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address and Telephone Number of Registrant&#146;s Principal Executive Offices) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>James Gallagher, Manulife Financial Corporation, 601 Congress Street, Boston, MA 02210-2805 (617)
<FONT STYLE="white-space:nowrap">663-3000</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address (including zip code) and telephone number </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(including area code) of agent for service in the United States) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Securities registered or to be registered pursuant to Section 12(b) of the Act. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>Title of each class</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>Name of each exchange on which registered</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Common Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>New York Stock Exchange</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Securities registered or to be registered pursuant to Section 12(g) of the Act.&nbsp;&nbsp; None </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.&nbsp;&nbsp; 4.90% Senior Notes due 2020, 4.150%
Senior Notes due 2026, and 5.375% Senior Notes due 2046 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For annual reports, indicate by check mark the information filed with this
Form: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B></B>&#9746;<B></B><B> Annual Information Form</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B></B>&#9746;<B></B><B> Audited Annual Financial Statements</B></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate the number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of the close of the period covered by the annual
report: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Common Shares</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,975,454,900</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Class&nbsp;A Shares Series 2</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>14,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Class&nbsp;A Shares Series 3</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>12,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Class&nbsp;1 Shares Series 3</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>6,335,831</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Class&nbsp;1 Shares Series 4</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1,664,169</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Class&nbsp;1 Shares Series 5</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Class&nbsp;1 Shares Series 7</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>10,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Class&nbsp;1 Shares Series 9</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>10,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Class&nbsp;1 Shares Series 11</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Class&nbsp;1 Shares Series 13</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Class&nbsp;1 Shares Series 15</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Class&nbsp;1 Shares Series 17</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>14,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Class&nbsp;1 Shares Series 19</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>10,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Class&nbsp;1 Shares Series 21</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>17,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Class&nbsp;1 Shares Series 23</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>19,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the Registrant: (1)&nbsp;has filed all reports required to be filed by
Section&nbsp;13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2)&nbsp;has been subject to such filing requirements for the past 90 days. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Yes</B><B>&nbsp;&nbsp;</B><B><U></U></B>&#9746;<B></B><B></B><U></U>&nbsp;&nbsp;&nbsp;&nbsp; No&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required
to submit and post such files). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes<U></U>&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;<B>No</B><B>&nbsp;&nbsp;
</B><B><U></U></B>&#9746;<B></B><B></B> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40-F 2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Principal Documents </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following documents, filed as exhibits 99.1, 99.2 and 99.3 hereto, are hereby incorporated by reference into this Annual Report: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Consolidated Financial Statements for the fiscal year ended December&nbsp;31, 2016; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Management&#146;s Discussion and Analysis for the fiscal year ended December&nbsp;31, 2016; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Annual Information Form dated February&nbsp;9, 2017 for the fiscal year ended December&nbsp;31, 2016. </TD></TR></TABLE> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:48pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40-F 3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certifications and Disclosure Regarding Controls and Procedures. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Certifications</U>. The Certificates required by Rule <FONT STYLE="white-space:nowrap">13a-14(a)</FONT> and (b)&nbsp;are set
forth in Exhibits 99.4, 99.5, 99.6 and 99.7 to this Annual Report on Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure Controls and Procedures</U>. The conclusions of Manulife&#146;s principal executive and principal financial officers
regarding the effectiveness of Manulife&#146;s disclosure controls and procedures as at December&nbsp;31, 2016 are set forth under the heading &#147;Controls and Procedures &#150; Disclosure Controls and Procedures&#148; in the Company&#146;s
Management&#146;s Discussion and Analysis for the fiscal year ended December&nbsp;31, 2016, filed as Exhibit 99.2 to this Annual Report on Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Management&#146;s Annual Report on Internal Control over Financial Reporting</U>. Management&#146;s report on Manulife&#146;s
internal control over financial reporting is set forth under the heading &#147;Controls and Procedures - Management&#146;s Report on Internal Control over Financial Reporting&#148; in the Company&#146;s Management&#146;s Discussion and Analysis for
the fiscal year ended December&nbsp;31, 2016, filed as Exhibit 99.2 to this Annual Report on Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Attestation Report of the Registered Public Accounting Firm</U>. Ernst&nbsp;&amp; Young LLP&#146;s attestation report on
management&#146;s assessment of internal control over financial reporting is set forth under the heading &#147;Independent Auditors&#146; Report of Registered Public Accounting Firm on Internal Control Under Standards of The Public Company
Accounting Oversight Board (United States)&#148; in the Company&#146;s Consolidated Financial Statements for the fiscal year ended December&nbsp;31, 2016, filed as Exhibit 99.1 to this Annual Report on Form
<FONT STYLE="white-space:nowrap">40-F.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Changes in Internal Control Over Financial Reporting</U>. Information
regarding any changes in Manulife&#146;s internal control over financial reporting is set forth under the heading &#147;Controls and Procedures &#150; Changes in Internal Control over Financial Reporting&#148; in the Company&#146;s Management&#146;s
Discussion and Analysis for the fiscal year ended December&nbsp;31, 2016, filed as Exhibit 99.2 to this Annual Report on Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Audit Committee Financial Expert. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information regarding
audit committee financial experts is set forth under the heading &#147;Audit Committee&#148; in the Company&#146;s Annual Information Form (&#147;AIF&#148;) dated February&nbsp;9, 2017 for the fiscal year ended December&nbsp;31, 2016, filed as
Exhibit 99.3 to this Annual Report on Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:48pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40-F 4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Code of Business Conduct and Ethics. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has adopted a Code of Business Conduct and Ethics (&#147;Code&#148;) that applies to all directors, officers and employees, and that qualifies as a
&#147;code of ethics&#148; as that term is defined in Form <FONT STYLE="white-space:nowrap">40-F.</FONT> The Code is posted on the corporate governance section of our website and is available for viewing at:
<U>http://www.manulife.com/servlet/servlet.FileDownload?file=00P5000000a1MbpEAE</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since the adoption of the Code, there have been amendments to the
Code to provide clarity and to expand on elements of the existing Code. There have not been any waivers, including implied waivers, from any provision of the Code. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Principal Accountant Fees and Services. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information
regarding the fees billed by Ernst&nbsp;&amp; Young LLP is set forth under the heading &#147;Audit Committee - External Auditor Service Fees&#148; in the Company&#146;s Annual Information Form dated February&nbsp;9, 2017 for the fiscal year ended
December&nbsp;31, 2016, filed as Exhibit 99.3 to this Annual Report on Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT
STYLE="white-space:nowrap">Pre-Approval</FONT> Policies and Procedures. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information regarding Manulife&#146;s
<FONT STYLE="white-space:nowrap">pre-approval</FONT> policies and procedures is set forth under the heading &#147;Audit Committee &#150; <FONT STYLE="white-space:nowrap">Pre-Approval</FONT> Policies and Procedures&#148; in the Company&#146;s Annual
Information Form dated February&nbsp;9, 2017 for the fiscal year ended December&nbsp;31, 2016, filed as Exhibit 99.3 to this Annual Report on Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangements. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information regarding Manulife&#146;s <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet arrangements is set forth in the discussion of risk in the
Company&#146;s Management&#146;s Discussion and Analysis for the fiscal year ended December&nbsp;31, 2016, filed as Exhibit 99.2 to this Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;40-F.</FONT> The notes to the Consolidated Financial
Statements for the fiscal year ended December&nbsp;31, 2016, filed as Exhibit 99.1 to this Annual Report on Form <FONT STYLE="white-space:nowrap">40-F</FONT> include the following disclosures related to
<FONT STYLE="white-space:nowrap">off-balance</FONT> sheet arrangements: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Note 5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative and Hedging Instruments</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Note 10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk Management - Securities Lending, Repurchase and Reverse Repurchase
Transactions</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Note 17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interests in Structured Entities</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Note 18</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commitments and Contingencies</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tabular Disclosure of Contractual Obligations. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information regarding Manulife&#146;s contractual obligations is set forth under the heading &#147;Contractual Obligations&#148; in the Company&#146;s
Management&#146;s Discussion and Analysis for the fiscal year ended December&nbsp;31, 2016, filed as Exhibit 99.2 to this Annual Report on Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P>
<P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40-F 5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Identification of the Audit Committee. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information regarding the Audit Committee of Manulife&#146;s Board of Directors is set forth under the heading &#147;Audit Committee - Composition of the Audit
Committee in 2016&#148; in the Company&#146;s Annual Information Form (&#147;AIF&#148;) dated February&nbsp;9, 2017 for the fiscal year ended December&nbsp;31, 2016, filed as Exhibit 99.3 to this Annual Report on
<FONT STYLE="white-space:nowrap">Form&nbsp;40-F.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Independence of Directors. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A majority of the directors and all members of the Board&#146;s standing committees must be independent so that the Board operates independently of management.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A director is independent if he or she does not have a direct or indirect relationship with the Company that could reasonably be expected to interfere
with the director&#146;s ability to exercise independent judgment. The Company has established an independence policy for the Board which is consistent with applicable legal and regulatory requirements, including those established under Canadian and
U.S. securities law, the <I>Insurance Companies Act (Canada)</I> and the rules of the New York Stock Exchange. The independence policy is available on our website (<U>www.manulife.com</U>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each year the Board, with the assistance of the Corporate Governance and Nominating Committee, reviews the independence of each director and has determined
that 14 of the 15 directors are independent and that the members of the Audit Committee and the Management Resources and Compensation Committee meet the additional independence requirements for those committees. As CEO, Donald Guloien is not
independent. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Presiding Director at Meetings of <FONT STYLE="white-space:nowrap">Non-Management</FONT> Directors. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The independent directors meet regularly with senior executives and have an opportunity to meet privately without management present during the closed session
held at each Board and committee meeting. They may also use these sessions to meet privately with members of management or independent advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
addition, the independent directors meet at least once each year in a closed session without the CEO present to review the performance and approve the compensation of the CEO, to review the Board&#146;s effectiveness assessments and to approve the
Board&#146;s objectives for the following year. In 2016, one such meeting of the independent directors was held which was presided over by the Chairman of the Board. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Communication with <FONT STYLE="white-space:nowrap">Non-Management</FONT> Directors. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shareholders wishing to contact <FONT STYLE="white-space:nowrap">non-management</FONT> Directors of the Company may write to the Chairman of the Board, in care
of the Corporate Secretary, at the head office of the Company, 200 Bloor Street East, Toronto, Ontario, Canada, M4W 1E5. </P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40-F 6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Corporate Governance Guidelines. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s governance practices are consistent in all material respects with the requirements of the <I>Insurance Companies Act</I> (Canada), the
corporate governance guidelines established by the Office of the Superintendent of Financial Institutions (Canada) and by the Canadian Securities Administrators, the New York Stock Exchange corporate governance rules for domestic issuers and the
applicable U.S. Securities and Exchange Commission rules and regulations. The Company&#146;s statement of corporate governance practices is posted on the corporate governance section of our website and is available at:
<U>http://www.manulife.com/servlet/servlet.FileDownload?file=00P5000000dfNfsEAE#Page=96</U> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Board Committee Charters. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board has established four standing committees to assist it in fulfilling its mandate: Corporate Governance and Nominating Committee, Audit Committee, Risk
Committee, and Management Resources and Compensation Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All of the members of the standing committees are independent. Each committee reviews
and, as necessary, updates its charter every year and monitors compliance with its charter on a regular basis throughout the year. Each committee chair reports to the Board on the committee&#146;s deliberations and any recommendations that require
Board approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The committee charters and the position description for each committee chair are posted on the corporate governance section of our
website and are available at: <U><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">http://www.manulife.com/Board-of-Committees</FONT></FONT></U> </P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:48pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40-F 7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>A.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Undertaking.</B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Registrant undertakes to make available, in person or by telephone,
representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities in relation to which the obligation to file an Annual Report on
Form <FONT STYLE="white-space:nowrap">40-F</FONT> arises; or transactions in said securities. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>B.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Consent to Service of Process.</B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has previously filed a Form <FONT
STYLE="white-space:nowrap">F-X</FONT> in connection with the class of securities in relation to which the obligation to file this Annual Report arises. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any change to the name or address of the Registrant&#146;s agent for service of process shall be communicated promptly to the Securities and
Exchange Commission by an amendment to the Form <FONT STYLE="white-space:nowrap">F-X</FONT> referencing the file number of the relevant registration statement of the Registrant. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to
the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form <FONT STYLE="white-space:nowrap">40-F</FONT> and has duly caused this Annual Report to be signed on its behalf by the
undersigned, thereto duly authorized, on February&nbsp;9, 2017. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Manulife Financial Corporation</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ James D. Gallagher</I></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">James D. Gallagher</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President and</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">General
Counsel</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40-F 8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:23.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman">Description</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consolidated Financial Statements for the fiscal year ended December&nbsp;31, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Management&#146;s Discussion and Analysis for the fiscal year ended December&nbsp;31, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Annual Information Form dated February&nbsp;9, 2017 for the fiscal year ended December&nbsp;31, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Certification of Chief Executive Officer pursuant to Rule <FONT STYLE="white-space:nowrap">13a-14(a)</FONT> or <FONT STYLE="white-space:nowrap">15d-14(a)</FONT> of the Securities Exchange Act of 1934</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Certification of Chief Financial Officer pursuant to Rule <FONT STYLE="white-space:nowrap">13a-14(a)</FONT> or <FONT STYLE="white-space:nowrap">15d-14(a)</FONT> of the Securities Exchange Act of 1934</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Section&nbsp;1350 Certification of Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Section&nbsp;1350 Certification of Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Independent Registered Public Accounting Firm</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Appointed Actuary</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d324094dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Exhibit 99.1 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g327881g85e01.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:120px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:36px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6" COLOR="#1f320c">Manulife Financial Corporation
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6" COLOR="#1f320c">Consolidated Financial Statements </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="5" COLOR="#1f320c">For the year ended December&nbsp;31, 2016 </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Responsibility for Financial Reporting </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The accompanying consolidated financial statements of Manulife Financial Corporation are the responsibility of management and have been approved by the Board of
Directors. It is also the responsibility of management to ensure that all information in the annual report to shareholders is consistent with these consolidated financial statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The consolidated financial statements have been prepared by management in accordance with International Financial Reporting Standards and the accounting requirements of the Office of the Superintendent of Financial
Institutions, Canada. When alternative accounting methods exist, or when estimates and judgment are required, management has selected those amounts that present the Company&#146;s financial position and results of operations in a manner most
appropriate to the circumstances. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Appropriate systems of internal control, policies and procedures have been maintained to ensure that financial
information is both relevant and reliable. The systems of internal control are assessed on an ongoing basis by management and the Company&#146;s internal audit department. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The actuary appointed by the Board of Directors (the &#147;Appointed Actuary&#148;) is responsible for ensuring that assumptions and methods used in the determination of policy liabilities are appropriate to the
circumstances and that reserves will be adequate to meet the Company&#146;s future obligations under insurance and annuity contracts. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Board of
Directors is responsible for ensuring that management fulfills its responsibility for financial reporting and is ultimately responsible for reviewing and approving the consolidated financial statements. These responsibilities are carried out
primarily through an Audit Committee of unrelated and independent directors appointed by the Board of Directors. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Audit Committee meets periodically
with management, the internal auditors, the external auditors and the Appointed Actuary to discuss internal control over the financial reporting process, auditing matters and financial reporting issues. The Audit Committee reviews the consolidated
financial statements prepared by management and then recommends them to the Board of Directors for approval. The Audit Committee also recommends to the Board of Directors and shareholders the appointment of external auditors and approval of their
fees. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The consolidated financial statements have been audited by the Company&#146;s external auditors, Ernst&nbsp;&amp; Young LLP, in accordance with
Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United&nbsp;States). Ernst&nbsp;&amp; Young LLP has full and free access to management and the Audit Committee. </FONT></P>
<P STYLE="font-size:30px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em">


<IMG SRC="g327881g88y23.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">


<IMG SRC="g327881g29y49.jpg" ALT="LOGO">
</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Donald A. Guloien</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">President and Chief Executive Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Steve B. Roder</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Senior Executive Vice President and Chief Financial Officer</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Toronto, Canada </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">February 9, 2017
</FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Appointed Actuary&#146;s Report to the Shareholders </B></FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">I have valued the policy liabilities and reinsurance recoverables of Manulife Financial Corporation for its Consolidated Statements of Financial Position as at December 31, 2016 and 2015 and their change in the
Consolidated Statements of Income for the years then ended in accordance with actuarial practice generally accepted in Canada, including selection of appropriate assumptions and methods. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In my opinion, the amount of policy liabilities net of reinsurance recoverables makes appropriate provision for all policyholder obligations and the consolidated financial statements fairly present the results of
the valuation. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g327881g34a42.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Mr. Steven A. Finch </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Executive
Vice President and Appointed Actuary </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Toronto, Canada </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">February&nbsp;9, 2017 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>107</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Independent Auditors&#146; Report of Registered Public Accounting Firm </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>To the Shareholders of Manulife Financial Corporation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">We have audited the accompanying consolidated financial statements of Manulife Financial Corporation, which comprise the Consolidated Statements of Financial Position as at December 31, 2016 and 2015, and the
Consolidated Statements of Income, Comprehensive Income, Changes in Equity and Cash Flows for the years then ended, and a summary of significant accounting policies and other explanatory information. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Management&#146;s Responsibility for the Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Auditors&#146; Responsibility </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our
responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The
procedures selected depend on the auditors&#146; judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditors
consider internal control relevant to the entity&#146;s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating
the overall presentation of the consolidated financial statements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We believe that the audit evidence we have obtained in our audits is sufficient and
appropriate to provide a basis for our audit opinion. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Opinion </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Manulife Financial Corporation as at December 31, 2016 and 2015, and its financial
performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Other Matter </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We have also audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), Manulife Financial Corporation&#146;s internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control &#150; Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 9, 2017 expressed an unqualified opinion on Manulife Financial Corporation&#146;s internal control over financial reporting. </FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g327881g70k63.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Chartered Professional Accountants </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Licensed Public Accountants </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Toronto, Canada </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">February&nbsp;9, 2017 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>108</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Independent Auditors&#146; Report of Registered Public Accounting Firm on Internal Control Under
Standards of The Public Company Accounting Oversight Board (United States) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>To the Shareholders of&nbsp;Manulife Financial
Corporation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We have audited&nbsp;Manulife Financial Corporation&#146;s&nbsp;internal control over financial reporting as of&nbsp;December 31, 2016,
based on criteria established in Internal Control&#151;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).&nbsp;Manulife Financial
Corporation&#146;s&nbsp;management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in Management&#146;s Report on
Internal Control Over Financial Reporting contained in the Management&#146;s Discussion and Analysis. Our responsibility is to express an opinion on the company&#146;s internal control over financial reporting based on our audit. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A company&#146;s internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards as issued by the International
Accounting Standards Board. A company&#146;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International Financial Reporting Standards as issued by the
International Accounting Standards Board, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the financial statements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.&nbsp;Also, projections of any evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In our opinion,&nbsp;Manulife Financial Corporation&nbsp;maintained, in all material respects, effective internal control over financial reporting as of&nbsp;December 31, 2016, based on the COSO criteria.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We also have audited, in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight
Board (United States), the&nbsp;Consolidated Statements of Financial Position as at December 31, 2016 and 2015, and the Consolidated Statements of Income, Comprehensive Income, Changes in Equity and Cash Flows for the years then ended of Manulife
Financial Corporation,&nbsp;and our report dated&nbsp;February 9, 2017, expressed&nbsp;an unqualified opinion thereon.</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g327881g70k63.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Chartered Professional Accountants </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Licensed Public Accountants </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Toronto, Canada </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">February&nbsp;9, 2017 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>109</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Consolidated Statements of Financial Position </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1">(Canadian $ in millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash and short-term securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>168,622</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">157,827</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Public equities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,496</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,983</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>44,193</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43,818</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29,729</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27,578</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Policy loans</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,041</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,912</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Loans to bank clients</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,745</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,778</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,132</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,347</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other invested assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22,760</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20,378</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total invested assets</B> (note 4)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>321,869</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">307,506</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Accrued investment income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,260</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,264</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Outstanding premiums</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>845</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">878</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivatives (note 5)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23,672</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24,272</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reinsurance assets (note 8)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>34,952</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35,426</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Deferred tax assets (note 6)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,439</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,067</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Goodwill and intangible assets (note 7)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,107</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,384</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Miscellaneous</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,360</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,825</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total other assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>83,635</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">82,116</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Segregated funds net assets</B> (note 22)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>315,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">313,249</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;720,681</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;702,871</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Liabilities and Equity</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance contract liabilities (note 8)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>297,505</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">285,288</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment contract liabilities (note 9)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,275</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,497</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Deposits from bank clients</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,919</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18,114</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivatives (note 5)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,050</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Deferred tax liabilities (note 6)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,359</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,235</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,596</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14,952</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>349,805</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">338,136</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Long-term debt (note 11)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,696</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,853</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Capital instruments (note 12)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,695</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Segregated funds net liabilities</B> (note 22)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>315,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">313,249</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>677,858</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">660,933</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Equity</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Preferred shares (note 13)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,577</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,693</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Common shares (note 13)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22,865</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22,799</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Contributed surplus</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>284</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">277</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Shareholders&#146; retained earnings</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,759</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,398</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Shareholders&#146; accumulated other comprehensive income (loss):</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension and other post-employment plans</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(417</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(521</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Available-for-sale securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(394</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">345</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(232</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(264</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Translation of foreign operations and real estate revaluation surplus</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,390</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,432</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total shareholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>41,832</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,159</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Participating policyholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>248</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">187</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-controlling interests</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>743</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">592</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total equity</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>42,823</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,938</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total liabilities and equity</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>720,681</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">702,871</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying notes are an integral part of these Consolidated Financial Statements. </FONT></P>
<P STYLE="font-size:36px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em">


<IMG SRC="g327881g88y23.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em">


<IMG SRC="g327881g29r80.jpg" ALT="LOGO">
</P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Donald A. Guloien</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">President and Chief Executive Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Richard&nbsp;B.&nbsp;DeWolfe</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Chairman of the
Board of Directors</FONT></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>110</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Consolidated Statements of Income </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(Canadian $ in millions except per share amounts)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Premium income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross premiums</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;36,659</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;32,020</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Premiums ceded to reinsurers</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(9,027</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(8,095</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Premiums ceded, net of commission and additional consideration relating to Closed Block reinsurance
transaction (note 3)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7,996</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net premiums</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27,632</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,929</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment income (note 4)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,390</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,465</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Realized and unrealized gains (losses) on assets supporting insurance and investment contract
liabilities and on the macro hedge program</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,134</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,062</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net investment income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,403</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other revenue</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,181</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,098</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>53,337</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34,430</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Contract benefits and expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">To contract holders and beneficiaries</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross claims and benefits (note 8)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25,059</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23,761</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Change in insurance contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,014</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,452</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Change in investment contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">203</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Benefits and expenses ceded to reinsurers</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(8,097</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7,265</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Change in reinsurance assets (note 8)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(842</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(6,810</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net benefits and claims</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>34,134</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,341</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">General expenses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,995</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,221</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment expenses (note 4)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,646</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,615</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Commissions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,818</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,176</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest expense</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,013</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,101</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net premium taxes</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>402</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">358</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total contract benefits and expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>50,008</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">31,812</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income before income taxes</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,329</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,618</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income tax expense (note 6)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(196</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(328</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,133</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,290</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income attributed to:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-controlling interests</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>143</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Participating policyholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>61</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Shareholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,191</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,133</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,290</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income attributed to shareholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,191</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Preferred share dividends</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(133</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(116</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Common shareholders&#146; net income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,796</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,075</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Earnings per share</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Basic earnings per common share (note 13)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.42</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Diluted earnings per common share (note 13)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.41</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Dividends per common share</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.740</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.665</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying notes are an integral part of these Consolidated Financial Statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>111</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Consolidated Statements of Comprehensive Income </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(Canadian $ in millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;3,133</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,290</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other comprehensive income (&#147;OCI&#148;), net of tax:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Items that may be subsequently reclassified to net income:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign exchange gains (losses) on:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Translation of foreign operations</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,044</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,450</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net investment hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(131</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Available-for-sale financial securities:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Unrealized losses arising during the year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(218</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reclassification of net realized gains and impairments to net income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(523</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(283</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash flow hedges:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Unrealized gains (losses) arising during the year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>21</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reclassification of realized losses to net income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Share of other comprehensive loss of associates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total items that may be subsequently reclassified to net income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,751</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,815</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Items that will not be reclassified to net income:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Change in pension and other post-employment plans</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>104</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate revaluation reserve</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total items that will not be reclassified to net income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>104</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other comprehensive income (loss), net of tax</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,647</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,825</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total comprehensive income, net of tax</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,486</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;7,115</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total comprehensive income attributed to:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-controlling interests</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>141</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Participating policyholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>61</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Shareholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,284</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,017</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Income Taxes included in Other Comprehensive Income </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(Canadian $ in millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income tax expense (recovery) on:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Unrealized foreign exchange gains/losses on translation of foreign operations</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Unrealized foreign exchange gains/losses on net investment hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(48</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Unrealized gains/losses on available-for-sale financial securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(120</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reclassification of realized gains/losses and recoveries/impairments to net income on available-for-sale financial
securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(183</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Unrealized gains/losses on cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reclassification of realized gains/losses to net income on cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Share of other comprehensive loss of associates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Change in pension and other post-employment plans</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>57</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate revaluation reserve</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total income tax recovery</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(97</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(243</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying notes are an integral part of these Consolidated Financial Statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>112</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Consolidated Statements of Changes in Equity </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(Canadian $ in millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Preferred shares</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, beginning of year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,693</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,693</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued (note 13)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>900</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issuance costs, net of tax</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(16</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,577</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,693</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Common shares</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, beginning of year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22,799</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20,556</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued on exercise of stock options</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>66</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued in exchange of subscription receipts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,206</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22,865</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22,799</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Contributed surplus</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, beginning of year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>277</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">267</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Exercise of stock options and deferred share units</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(12</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Stock option expense</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>284</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">277</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shareholders&#146; retained earnings</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, beginning of year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,398</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,624</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income attributed to shareholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,191</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Preferred share dividends</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(133</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(116</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Common share dividends</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,435</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,301</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,759</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,398</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shareholders&#146; accumulated other comprehensive income (loss) (&#147;AOCI&#148;)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, beginning of year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,992</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,166</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Change in unrealized foreign exchange gains (losses) of net foreign operations</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,042</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,319</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Change in actuarial gains (losses) on pension and other post-employment plans</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>104</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Change in unrealized gains (losses) on available-for-sale financial securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(739</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(446</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Change in unrealized gains (losses) on derivative instruments designated as cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>32</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Change in real estate revaluation reserve</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Share of other comprehensive loss of associates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,347</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,992</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total shareholders&#146; equity, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>41,832</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,159</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Participating policyholders&#146; equity</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, beginning of year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>187</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">156</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income attributed to participating policyholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>61</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other comprehensive income attributed to policyholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>248</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">187</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Non-controlling interests</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, beginning of year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>592</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">464</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income attributed to non-controlling interests</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>143</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other comprehensive loss attributed to non-controlling interests</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Contributions, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">61</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>743</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">592</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total equity, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;42,823</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;41,938</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying notes are an integral part of these Consolidated Financial Statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>113</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Consolidated Statements of Cash Flows </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">(Canadian $ in millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Operating activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,133</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,290</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjustments:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Increase in insurance contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,014</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,452</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Increase in investment contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">203</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">(Increase) decrease in reinsurance assets, excluding the impact of Closed Block reinsurance transaction</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(842</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,391</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Amortization of (premium) discount on invested assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>78</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other amortization</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>693</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">580</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net realized and unrealized (gains) losses and impairments on assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,804</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,487</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Deferred income tax recovery</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(235</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(343</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Stock option expense</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash provided by operating activities before undernoted items</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,056</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,166</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash decrease due to Closed Block reinsurance transaction (note 3)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,023</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in policy related and operating receivables and payables</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,020</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,769</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash provided by operating activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,036</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,374</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Investing activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Purchases and mortgage advances</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(104,059</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(77,141</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Disposals and repayments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>82,001</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">66,942</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Change in investment broker net receivables and payables</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(186</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">102</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net cash decrease from sale and purchase of subsidiaries and businesses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(495</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,808</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash used in investing activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(22,739</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(13,905</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financing activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Decrease in repurchase agreements and securities sold but not yet purchased</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(23</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(212</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issue of long-term debt, net (note 11)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,899</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Redemption of long-term debt (note 11)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(158</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,243</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issue of capital instruments, net (note 12)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>479</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,089</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Redemption of capital instruments (note 12)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(949</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(350</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Funds repaid, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Secured borrowing from securitization transactions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>847</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">436</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in deposits from bank clients, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(157</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(351</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Shareholders&#146; dividends paid in cash</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,593</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,427</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Contributions from non-controlling interests, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Common shares issued, net (note 13)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>66</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Preferred shares issued, net (note 13)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>884</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash provided by (used in) financing activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,286</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,006</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and short-term securities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Decrease during the year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,417</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(5,537</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Effect of foreign exchange rate changes on cash and short-term securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(347</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,102</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, beginning of year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,002</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20,437</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,238</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,002</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and short-term securities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Beginning of year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross cash and short-term securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,885</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">21,079</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net payments in transit, included in other liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(883</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(642</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net cash and short-term securities, January&nbsp;1</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,002</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20,437</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>End of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross cash and short-term securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net payments in transit, included in other liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(913</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(883</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net cash and short-term securities, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,238</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,002</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Supplemental disclosures on cash flow information</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest received</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,550</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,925</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest paid</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>983</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,071</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income taxes paid</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>841</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">787</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:2px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The accompanying notes are an integral part of these Consolidated Financial Statements. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>114</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="index"></A>Notes to Consolidated Financial Statements </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Page&nbsp;Number</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Note</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">116</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_1">Nature of Operations and Significant Accounting Policies</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">123</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_2">Accounting and Reporting Changes</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">125</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_3">Acquisitions and Distribution Agreement </A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">126</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;4</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_4">Invested Assets and Investment Income</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">133</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;5</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_5">Derivative and Hedging Instruments</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">139</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;6</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_6">Income Taxes</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">141</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;7</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_7">Goodwill and Intangible Assets</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">143</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;8</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_8">Insurance Contract Liabilities and Reinsurance Assets</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">151</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;9</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_9">Investment Contract Liabilities</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">152</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;10</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_10">Risk Management</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">158</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;11</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_11">Long-Term Debt </A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">159</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;12</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_12">Capital Instruments </A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">160</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;13</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_13">Share Capital and Earnings Per Share</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">162</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;14</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_14">Capital Management</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">163</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;15</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_15">Stock-Based Compensation</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">164</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;16</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_16">Employee Future Benefits</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">169</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;17</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_17">Interests in Structured Entities</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">171</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;18</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_18">Commitments and Contingencies</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">173</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;19</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_19">Segmented Information</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">174</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;20</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_20">Related Parties</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">175</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;21</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_21">Subsidiaries</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">177</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;22</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_22">Segregated Funds</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">178</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;23</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_23">Information Provided in Connection with Investments in Deferred Annuity Contracts and <I>Signature</I>Notes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.)
</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">184</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Note&nbsp;24</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.20em; text-indent:-1.20em"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#fin327881_24">Comparatives</A></FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>115</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Notes to Consolidated Financial Statements </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">(Canadian $ in millions except per share amounts or unless otherwise stated) </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_1"></A>Note 1&nbsp;&nbsp;&nbsp;&nbsp;Nature of Operations and Significant Accounting Policies </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Reporting entity </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife Financial Corporation (&#147;MFC&#148;) is a publicly traded
company and the holding company of The Manufacturers Life Insurance Company (&#147;MLI&#148;), a Canadian life insurance company, and John Hancock Reassurance Company Ltd. (&#147;JHRECO&#148;), a Bermudian reinsurance company. MFC and its
subsidiaries (collectively, &#147;Manulife&#148; or the &#147;Company&#148;) is a leading financial services group with principal operations in Asia, Canada and the United States. Manulife&#146;s international network of employees, agents and
distribution partners offers financial protection and wealth management products and services to personal and business clients as well as asset management services to institutional customers. The Company operates as Manulife in Canada and Asia and
as John Hancock in the United States. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">MFC is domiciled in Canada and incorporated under the Insurance Companies Act (Canada) (&#147;ICA&#148;). These
Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (&#147;IFRS&#148;) as issued by the International Accounting Standards Board (&#147;IASB&#148;). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">These Consolidated Financial Statements should be read in conjunction with &#147;Risk Management&#148; in the 2016 Management&#146;s Discussion and Analysis
(&#147;MD&amp;A&#148;) dealing with IFRS 7 &#147;Financial Instruments: Disclosures&#148; as the discussion on market risk and liquidity risk includes certain disclosures that are considered an integral part of these Consolidated Financial
Statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">These Consolidated Financial Statements as at and for the year ended December&nbsp;31, 2016 were authorized for issue by MFC&#146;s Board of
Directors on February&nbsp;9, 2017. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Basis of preparation </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as at the date of the Consolidated Financial Statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results may
differ from these estimates. The most significant estimation processes relate to the assumptions used in measuring insurance and investment contract liabilities, assessing assets for impairment, determination of pension and other post-employment
benefit obligation and expense assumptions, determining income taxes and uncertain tax positions and fair valuation of certain invested assets. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognized in the year in which the estimates are revised and in any future years affected. Although some variability is inherent in these estimates, management believes that the amounts recorded are appropriate. The significant accounting
policies used and the most significant judgments made by management in applying these accounting policies in the preparation of these Consolidated Financial Statements are summarized below. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Fair value measurement </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Fair value is defined as the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction (not a forced liquidation or distress sale) between market participants at the measurement date, that is, an exit value. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">When available, quoted market prices are used to determine fair value. If quoted market prices are not available, fair value is typically based upon alternative valuation techniques such as discounted cash flows,
matrix pricing, consensus pricing services and other techniques. Broker quotes are generally used when external public vendor prices are not available. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company has a process in place that includes a review of price movements relative to the market, a comparison of prices between vendors, and a comparison to
internal matrix pricing which uses predominately external observable data. Judgment is applied in adjusting external observable data for items including liquidity and credit factors. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company&#146;s valuation techniques. A level is assigned to each fair value
measurement based on the lowest level input significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Level 1 &#150; Fair value measurements that reflect unadjusted, quoted prices in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date reflecting
market transactions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Level 2 &#150; Fair value measurements using inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly or indirectly. These include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in inactive markets, inputs that are observable that
are not prices (such as interest rates, credit risks, etc.) and inputs that are derived from or corroborated by observable market data. Most debt securities are classified within Level&nbsp;2. Also, included in the Level 2 category are derivative
instruments that are priced using models with observable market inputs, including interest rate swaps, equity swaps, and foreign currency forward contracts. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Level 3 &#150; Fair value measurements using significant non-market observable inputs. These include valuations for assets and liabilities that are derived using data, some or all of which is not market observable,
including assumptions about risk. Level 3 securities include </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>116</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
less liquid securities such as structured asset-backed securities, commercial mortgage-backed securities (&#147;CMBS&#148;), certain long duration bonds and other securities that have little or
no price transparency. Embedded and complex derivative financial instruments as well as real estate classified as investment property are also included in Level 3. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(d) Basis of consolidation </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">MFC consolidates the financial statements of all entities,
including certain structured entities that it controls. Subsidiaries are entities controlled by the Company. The Company has control over an entity when the Company has the power to govern the financial and operating policies of the entity, is
exposed to variable returns from its activities which are significant in relation to the total variable returns of the entity and the Company is able to use its power over the entity to affect its share of variable returns. In assessing control,
significant judgment is applied while considering all relevant facts and circumstances. When assessing decision-making power, the Company considers the extent of its rights relative to the management of an entity, the level of voting rights held in
an entity which are potentially or presently exercisable, the existence of any contractual management agreements which may provide the Company with power over an entity&#146;s financial and operating policies and to the extent of minority ownership
in an entity, if any, the possibility for de facto control being present. When assessing returns, the Company considers the significance of direct and indirect financial and non-financial variable returns to the Company from an entity&#146;s
activities in addition to the proportionate significance of such returns. The Company also considers the degree to which its interests are aligned with those of other parties investing in an entity and the degree to which it may act in its own
interest. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The financial statements of subsidiaries and controlled structured entities are included in the Company&#146;s consolidated results from the
date control is established and are excluded from consolidation from the date control ceases. The initial control assessment is performed at inception and is reconsidered at a later date if the Company acquires or loses power over key operating and
financial policies of the entity; acquires additional interests or disposes of interests in the entity; the contractual arrangements of the entity are amended such that the Company&#146;s proportionate exposure to variable returns changes; or if the
Company&#146;s ability to use its power to affect its variable returns from the entity changes. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s Consolidated Financial Statements
have been prepared using uniform accounting policies for like transactions and events in similar circumstances. Intercompany balances, and income and expenses arising from intercompany transactions, have been eliminated in preparing the Consolidated
Financial Statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Non-controlling interests are interests of other parties in the equity of MFC&#146;s subsidiaries and are presented within total
equity, separate from the equity of MFC&#146;s shareholders. Non-controlling interests in the net income and other comprehensive income (&#147;OCI&#148;) of MFC&#146;s subsidiaries are included in total net income and total other comprehensive
income, respectively. An exception to this occurs where the subsidiary&#146;s shares are required to be redeemed for cash on a fixed or determinable date, in which case non-controlling interests in the subsidiary&#146;s capital are presented as
liabilities of the Company and non-controlling interests in the subsidiary&#146;s income and OCI are recorded as expenses of the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The equity
method of accounting is used to account for entities over which the Company has significant influence (&#147;associates&#148;), whereby the Company records its share of the associate&#146;s net assets and financial results using uniform accounting
policies for similar transactions and events. Significant judgment is used to determine whether voting rights, contractual management and other relationships with the entity, if any, provide the Company with significant influence over the entity.
Gains and losses on the sale of associates are included in income when realized, while impairment losses are recognized immediately when there is objective evidence of impairment. Gains and losses on transactions with associates are eliminated to
the extent of the Company&#146;s interest in the associate. Investments in associates are included in other invested assets on the Company&#146;s Consolidated Statements of Financial Position. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(e) Invested assets </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Invested assets that
are considered financial instruments are classified as fair value through profit or loss (&#147;FVTPL&#148;), loans and receivables, or as available-for-sale (&#147;AFS&#148;) financial assets. The Company determines the classification of its
financial assets at initial recognition. Invested assets are recognized initially at fair value plus, in the case of investments not at FVTPL, directly attributable transaction costs. Invested assets are classified as financial instruments at FVTPL
if they are held for trading, if they are designated by management under the fair value option, or if they are designated by management when they include one or more embedded derivatives. Invested assets classified as AFS are non-derivative
financial assets that do not fall into any of the other categories described above. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Valuation methods for the Company&#146;s invested assets are
described above. All fair value valuations are performed in accordance with IFRS 13 &#147;Fair Value Measurement&#148;. The three levels of the fair value hierarchy and the disclosure of the fair value for financial instruments not carried at fair
value on the Consolidated Statements of Financial Position are described in note 4. Fair value valuations are performed by the Company and by third-party service providers. When third-party service providers are engaged, the Company performs a
variety of procedures to corroborate pricing information. These procedures may include, but are not limited to, inquiry and review of valuation techniques, inputs to the valuation and vendor controls reports. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash and short-term securities comprise cash, current operating accounts, overnight bank and term deposits, and fixed income securities held for the purpose of
meeting short-term cash commitments. Short-term securities are carried at fair value. Short-term securities are comprised of investments due to mature within one year of the date of purchase. The carrying value of these instruments approximates fair
value due to their short-term maturities and they are generally classified as Level 1. Commercial paper and discount notes are classified as Level 2 because these securities are typically not actively traded. Net payments in transit and overdraft
bank balances are included in other liabilities. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>117</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Debt securities are carried at fair value. Debt securities are generally valued by independent pricing vendors using
proprietary pricing models incorporating current market inputs for similar instruments with comparable terms and credit quality (matrix pricing). The significant inputs include, but are not limited to, yield curves, credit risks and spreads,
measures of volatility and prepayment rates. These debt securities are classified as Level 2, but can be Level 3 if the significant inputs are unobservable. Realized gains and losses on sale of debt securities and unrealized gains and losses on debt
securities designated as FVTPL are recognized in investment income immediately. Unrealized gains and losses on AFS debt securities are recorded in OCI, with the exception of unrealized gains and losses on foreign currency translation which are
included in income. Impairment losses on AFS debt securities are recognized in income when there is objective evidence of impairment. Impairment is considered to have occurred, based on management&#146;s judgment, when it is deemed probable that the
Company will not be able to collect all amounts due according to the debt security&#146;s contractual terms. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Equities are comprised of common and
preferred equities and are carried at fair value. Equities are classified as Level 1, as fair values are based on quoted market prices. Realized gains and losses on sale of equities and unrealized gains and losses on equities designated as FVTPL are
recognized in investment income immediately. Unrealized gains and losses on AFS equities are recorded in OCI. Impairment losses on AFS equities are recognized in income on an individual security basis when there is objective evidence of impairment.
Impairment is considered to have occurred when fair value has declined below cost by significant amounts or for prolonged periods of time. Judgment is applied in determining whether the decline is significant or prolonged. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Mortgages are carried at amortized cost, and are classified as Level 3 due to the lack of observability of certain significant valuation inputs. Realized gains and
losses are recorded in investment income immediately. Impairment losses are recorded on mortgages when there is no longer reasonable assurance as to the timely collection of the full amount of principal and interest and are measured based on the
discounted value of expected future cash flows at the original effective interest rates inherent in the mortgages. Expected future cash flows are typically determined in reference to the fair value of collateral security underlying the mortgages,
net of expected costs of realization and any applicable insurance recoveries. Significant judgment is applied in the determination of impairment including the timing and account of future collections. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company accounts for insured and uninsured mortgage securitizations as secured financing transactions since the criteria for sale accounting are not met. For
these transactions, the Company continues to recognize the mortgages and records a liability in other liabilities for the amount owed at maturity. Interest income from these mortgages and interest expense on the borrowing are recorded using the
effective interest rate method. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Private placements, which include corporate loans for which there is no active market, are carried at amortized cost.
Realized gains and losses are recorded in income immediately. Impairment losses are recorded on private placements when there is no longer assurance as to the timely collection of the full amount of principal and interest. Impairment is measured
based on the discounted value of expected future cash flows at the original effective interest rates inherent in the loans. Significant judgment is applied in the determination of impairment including the timing and amount of future collections.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Policy loans are carried at an amount equal to their unpaid balance. Policy loans are fully collateralized by the cash surrender value of the underlying
policies. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Loans to Manulife Bank of Canada (&#147;Manulife Bank&#148; or &#147;Bank&#148;) clients are carried at unpaid principal less allowance for
credit losses, if any. Loans to Bank clients are considered impaired when there is objective evidence of impairment as a result of one or more loss events that have occurred after initial recognition, with a negative impact on the estimated future
cash flows of a loan. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Once established, allowances for impairment of mortgages, private placements and loans to Bank clients are reversed only if the
conditions that caused the impairment no longer exist. Reversals of impairment charges on AFS debt securities are only recognized in income to the extent that increases in fair value can be attributed to events subsequent to the impairment loss
being recorded. Impairment losses for AFS equity instruments are not reversed through income. On disposition of an impaired asset, any allowance for impairment is released. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In addition to impairments and provisions for loan losses (recoveries) reported in investment income, the measurement of insurance contract liabilities via the investment return assumptions include expected future
credit losses on fixed income investments. Refer to note 8 (d). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest income is recognized on debt securities, mortgages, private placements, policy
loans and loans to Bank clients as it accrues and is calculated by using the effective interest rate method. Premiums, discounts and transaction costs are amortized over the life of the underlying investment using the effective yield method for all
debt securities as well as mortgages and private placements measured at amortized cost. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company records purchases and sales of invested assets on a
trade date basis, except for loans originated by the Company, which are recognized on a settlement date basis. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Real estate consists of both own use and
investment property. Own use property is carried at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated based on the cost of an asset less its residual value and is recognized in income on a
straight-line basis over the estimated useful life ranging from 30 to 60 years. Impairment losses are recorded in income to the extent the recoverable amount is less than the carrying amount. Where own use property is included in assets backing
insurance contract liabilities, the fair value of own use property is used in the valuation of insurance contract liabilities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment property is
property held to earn rental income, for capital appreciation, or both. Investment property is measured at fair value with changes in fair value recognized in income. Fair value is determined using external appraisals that are based on the highest
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>118</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
and best use of the property. The valuation techniques used include discounted cash flows, the direct capitalization method as well as comparable sales analysis and include both observable and
unobservable inputs. Inputs include existing and assumed tenancies, market data from recent comparable transactions, future economic outlook and market risk assumptions, capitalization rates and internal rates of return. Investment property is
classified as Level 3. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Other invested assets include private equity and property investments held in power and infrastructure and timber as well as in
agriculture and oil and gas sectors. Private equity investments are accounted for as associates using the equity method (as described in note 1(d) above) or are classified as FVTPL or AFS and carried at fair value. Investments in oil and gas
exploration and evaluation costs are measured on a &#147;successful efforts&#148; basis. Timber and agriculture properties are measured at fair value with changes in fair value recognized in income with the exception of bearer plants which are
measured at amortized cost (refer to note 2(II)). The fair value of other invested assets is determined using a variety of valuation techniques as described in note 4. Other invested assets that are measured at fair value are classified as Level 3.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Other invested assets also include investments in leveraged leases, which are accounted for using the equity method. The carrying value under the equity
method reflects the amortized cost of the lease receivable and related non-recourse debt using the effective yield method. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(f)
Goodwill and intangible assets </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Goodwill represents the difference between the purchase consideration of an acquired business and the Company&#146;s
proportionate share of the net identifiable assets acquired and liabilities and contingent liabilities assumed. It is initially recorded at cost and subsequently measured at cost less any accumulated impairment. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Goodwill is tested for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable at the
cash generating unit (&#147;CGU&#148;) or group of CGUs level. The Company allocates goodwill to CGUs or groups of CGUs for the purpose of impairment testing based on the lowest level within the entity in which the goodwill is monitored for internal
management purposes. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Any potential impairment of goodwill is identified by comparing the recoverable
amount of a CGU or group of CGUs to its carrying value. Goodwill is reduced by the amount of deficiency, if any. If the deficiency exceeds the carrying amount of goodwill, the carrying values of the remaining assets in the CGU or group of CGUs are
subject to being reduced by the excess on a pro-rata basis. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The recoverable amount of a CGU is the higher of the estimated fair value less costs to sell
or the value-in-use of the CGU. In assessing value-in-use, the estimated future cash flows are discounted using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In some
cases, the most recent detailed calculation made in a prior period of the recoverable amount of a CGU is used in the testing of impairment of goodwill in the current period. This is the case only if there are no significant changes to the CGU, the
likelihood of impairment is remote based on the analysis of current events and circumstances, and the most recent recoverable amount substantially exceeds the carrying amount of the CGU. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Intangible assets with indefinite useful lives include the John Hancock brand name and certain investment management contracts. The indefinite useful life assessment for brand is based on the brand name being
protected in markets where branded products are sold by trademarks, which are renewable indefinitely, and for certain investment management contracts due to the ability to renew the contracts indefinitely. In addition, there are no legal, regulatory
or contractual provisions that limit the useful lives of these intangible assets. An intangible asset with an indefinite useful life is not amortized but is subject to an annual impairment test which is performed more frequently if there is an
indication that it is not recoverable. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Intangible assets with finite useful lives include acquired distribution networks, customer relationships,
capitalized software, certain investment management contracts and other contractual rights. Distribution networks, customer relationships, and other finite life intangible assets are amortized over their estimated useful lives, five to 68 years,
either based on straight-line or in relation to other asset consumption metrics. Software intangible assets are amortized on a straight-line basis over their estimated useful lives of three to five years. Finite life intangible assets are assessed
for indicators of impairment at each reporting period, or more frequently when events or changes in circumstances dictate. If any indication of impairment exists, these assets are subject to an impairment test. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(g) Miscellaneous assets </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Miscellaneous
assets include assets in a rabbi trust with respect to unfunded defined benefit obligations, deferred acquisition costs, capital assets and defined benefit assets, if any (refer to note 1(o)). Deferred acquisition costs are carried at cost less
accumulated amortization. These costs are recognized over the period where redemption fees may be charged or over the period revenue is earned. Capital assets are carried at cost less accumulated amortization computed on a straight-line basis over
their estimated useful lives, which vary from two to 10 years. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(h) Segregated funds </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company manages a number of segregated funds on behalf of policyholders. The investment returns on these funds are passed directly to policyholders. In some
cases, the Company has provided guarantees associated with these funds. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Segregated funds net assets are measured at fair value and primarily include
investments in mutual funds, debt securities, equities, real estate, short-term investments and cash and cash equivalents. With respect to the consolidation requirement of IFRS, in assessing the Company&#146;s degree of control over the underlying
investments, the Company considers the scope of its decision making rights, the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>119</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
rights held by other parties, its remuneration as an investment manager and its exposure to variability of returns. The Company has determined that it does not have control over the underlying
investments as it acts as an agent on behalf of segregated fund policyholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The methodology applied to determine the fair value of investments held
in segregated funds is consistent with that applied to invested assets held by the general fund, as described above in note 1(e). Segregated funds net liabilities are measured based on the value of the segregated funds net assets. Investment returns
on segregated fund assets belong to policyholders and the Company does not bear the risk associated with these assets outside of guarantees offered on certain variable life and annuity products, for which the underlying investments are held within
segregated funds. Accordingly, investment income earned by segregated funds and expenses incurred by segregated funds are offset and are not separately presented in the Consolidated Statements of Income. Fee income earned by the Company for managing
the segregated funds is included in other revenue. Refer to note 22. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Liabilities related to guarantees associated with certain funds, as a result of
certain variable life and annuity contracts, are recorded within the Company&#146;s insurance contract liabilities. The Company holds assets supporting these guarantees which are recognized in invested assets according to their investment type.
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(i) Insurance and investment contract liabilities </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><I></I>Most contracts issued by the Company are considered insurance, investment or service contracts. Contracts under which the Company accepts significant insurance risk from a policyholder are classified as
insurance contracts in the Consolidated Financial Statements. A contract is considered to have significant insurance risk if, and only if, an insured event could cause an insurer to make significant additional payments in any scenario, excluding
scenarios that lack commercial substance at the inception of the contract. Contracts under which the Company does not accept significant insurance risk are either classified as investment contracts or considered service contracts and are accounted
for in accordance with IAS 39<I> &#147;</I>Financial Instruments: Recognition and Measurement<I>&#148;</I> or IAS 18 &#147;Revenue&#148;, respectively. <I> </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Once a contract has been classified as an insurance contract it remains an insurance contract even if the insurance risk reduces significantly. Investment contracts can be reclassified as insurance contracts if
insurance risk subsequently becomes significant. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Insurance contract liabilities, net of reinsurance assets, represent the amount which, together with
estimated future premiums and net investment income, will be sufficient to pay estimated future benefits, policyholder dividends and refunds, taxes (other than income taxes) and expenses on policies in-force. Insurance contract liabilities are
presented gross of reinsurance assets on the Consolidated Statements of Financial Position. The Company&#146;s Appointed Actuary is responsible for determining the amount of insurance contract liabilities in accordance with standards established by
the Canadian Institute of Actuaries. Insurance contract liabilities, net of reinsurance assets, have been determined using Canadian Asset Liability Method (&#147;CALM&#148;) as permitted by IFRS 4 &#147;Insurance Contracts&#148;. Refer to note 8.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment contract liabilities include contracts issued to retail and institutional investors that do not contain significant insurance risk.
Investment contract liabilities and deposits are measured at amortized cost or at fair value by election. The election only reduces accounting mismatches between the assets supporting the contracts and the liabilities. The liability is derecognized
when the contract expires, is discharged or is cancelled. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Derivatives embedded within insurance contracts are separated if they are not considered to be
closely related to the host insurance contract and do not meet the definition of an insurance contract. These embedded derivatives are presented separately in other assets or other liabilities and are measured at fair value with changes in fair
value recognized in income. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(j) Reinsurance assets </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company uses reinsurance in the normal course of business to manage its risk exposure. Insurance ceded to a reinsurer does not relieve the Company from its obligations to policyholders. The Company remains
liable to its policyholders for the portion reinsured to the extent that any reinsurer does not meet its obligations for reinsurance ceded to it under a reinsurance agreement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Reinsurance assets represent the benefit derived from reinsurance agreements in-force at the reporting date, taking into account the financial condition of the reinsurer. Amounts recoverable from reinsurers are
estimated in accordance with the terms of the relevant reinsurance contract. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Gains or losses on reinsurance transactions are recognized in income
immediately on the transaction date and are not amortized. Premiums ceded and claims reimbursed are presented on a gross basis on the Consolidated Statements of Income. Reinsurance assets are not offset against the related insurance contract
liabilities and are presented separately on the Consolidated Statements of Financial Position. Refer to note 8(a). </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(k) Other
financial instruments accounted for as liabilities </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company issues a variety of other financial instruments classified as liabilities, including
notes payable, term notes, senior notes, senior debentures, subordinated notes, surplus notes, subscription receipts and preferred shares. These financial liabilities are measured at amortized cost, with issuance costs deferred and amortized using
the effective interest rate method. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(l) Income taxes </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The provision for income taxes is calculated based on income tax laws and income tax rates substantively enacted as at the date of the Consolidated Statements of Financial Position. The income tax provision is
comprised of current income taxes and deferred income taxes. Current and deferred income taxes relating to items recognized in OCI and directly in equity are similarly recognized in OCI and directly in equity, respectively. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>120</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Current income taxes are amounts expected to be payable or recoverable as a result of operations in the current year
and any adjustments to taxes payable in respect of previous years. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred income taxes are provided for using the liability method and result from
temporary differences between the carrying values of assets and liabilities and their respective tax bases. Deferred income taxes are measured at the substantively enacted tax rates that are expected to be applied to temporary differences when they
reverse. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A deferred tax asset is recognized to the extent that future realization of the tax benefit is probable. Deferred tax assets are reviewed at
each reporting date and are reduced to the extent that it is no longer probable that the tax benefit will be realized. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and
assets and they relate to income taxes levied by the same tax authority on the same taxable entity. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred tax liabilities are recognized for all
taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the
temporary differences will not reverse in the foreseeable future. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company records provisions for uncertain tax positions if it is probable that the
Company will make a payment on tax positions as a result of examinations by the tax authorities. These provisions are measured at the Company&#146;s best estimate of the amount expected to be paid. Provisions are reversed to income in the period in
which management assesses they are no longer required or determined by statute. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company is subject to income tax laws in various jurisdictions. Tax
laws are complex and potentially subject to different interpretations by the taxpayer and the relevant tax authority. The provision for income taxes and deferred income taxes represents management&#146;s interpretation of the relevant tax laws and
its estimate of current and future income tax implications of the transactions and events during the year. The Company may be required to change its provision for income taxes or deferred income tax balances when the ultimate deductibility of
certain items is successfully challenged by taxing authorities, or if estimates used in determining the amount of deferred tax asset to recognize change significantly, or when receipt of new information indicates the need for adjustment in the
amount of deferred income taxes to be recognized. Additionally, future events, such as changes in tax laws, tax regulations, or interpretations of such laws or regulations, could have an impact on the provision for income taxes, deferred tax
balances and the effective tax rate. Any such changes could materially affect the amounts reported in the Consolidated Financial Statements in the period these changes occur. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(m) Foreign currency translation </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Items included in the financial statements of each of the
Company&#146;s subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the &#147;functional currency&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Transactions in a foreign currency are translated to the functional currency at the exchange rate prevailing at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated
to the functional currency at the exchange rate in effect at the reporting date. Revenue and expenses denominated in foreign currencies are translated at the average exchange rate prevailing during the quarter reported. Exchange gains and losses are
recognized in income with the exception of translation of net investments in foreign operations and the results of hedging these positions. These foreign exchange gains and losses are recognized in OCI until such time that the foreign operation is
disposed of or control or significant influence over it is lost. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(n) Stock-based compensation </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company provides stock-based compensation to certain employees and directors as described in note 15. Compensation expense of equity instruments is accrued
based on the best estimate of the number of instruments expected to vest, with revisions made to that estimate if subsequent information indicates that actual forfeitures are likely to differ from initial estimates, unless forfeitures are due to
market-based conditions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Stock options are expensed with a corresponding increase in contributed surplus. Restricted share units, special restricted
share units and deferred share units are expensed with a corresponding liability accrued based on the market value of MFC&#146;s common shares at the end of each quarter. Performance share units are expensed with a corresponding liability accrued
based on specific performance conditions and the market value of MFC&#146;s common shares. The change in the value of the awards resulting from changes in the market value of the Company&#146;s common shares or changes in the specific performance
conditions and credited dividends is recognized in income, offset by the impact of total return swaps used to manage the variability of the related liability. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Stock-based compensation cost is recognized over the applicable vesting period, except if the employee is eligible to retire at the time of grant or will be eligible to retire during the vesting period.
Compensation cost, attributable to stock options and restricted share units granted to employees who are eligible to retire on the grant date or who will become eligible to retire during the vesting period, is recognized over the period from the
grant date to the date of retirement eligibility. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Contributions to the Global Share Ownership Plan (&#147;GSOP&#148;) (refer to note 15(d)), are
expensed as incurred. Under the GSOP, subject to certain conditions, the Company will match a percentage of an employee&#146;s eligible contributions to certain maximums. All contributions are used by the plan&#146;s trustee to purchase MFC common
shares in the open market. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(o) Employee future benefits </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company maintains defined contribution and defined benefit pension plans and other post-employment plans for employees and agents including registered (tax qualified) pension plans that are typically funded as
well as supplemental non-registered <FONT STYLE="white-space:nowrap">(non-qualified)</FONT> pension plans for executives, retiree welfare plans and disability welfare plans that are typically not funded. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>121</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s obligation in respect of defined benefit pension and other post-employment benefits is calculated
for each plan as the estimated present value of the future benefits that eligible employees have earned in return for their service up to the reporting date using the projected benefit method. The discount rate used is based on the yield at the
reporting date on high quality corporate debt securities that have approximately the same term as the obligations and that are denominated in the same currency in which the benefits are expected to be paid. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">To determine the Company&#146;s net defined benefit asset or liability, the fair value of plan assets are deducted from the defined benefit obligations. When this
calculation results in a surplus, the asset that can be recognized is limited to the present value of future economic benefit available in the form of future refunds from the plan or reductions in future contributions to the plan (the asset limit).
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Defined benefit assets are included in other assets and defined benefit liabilities are included in other liabilities. The net benefit cost for the year
is recognized in income and is calculated as the sum of the service cost in respect of the fiscal year, the net interest income or expense and any applicable administration expenses, plus past service costs or credits resulting from plan amendments
or curtailments. The net interest income or expense is determined by applying the discount rate to the net defined benefit asset or liability. Changes in the net defined benefit asset or liability due to re-measurement of pension and retiree welfare
plans are recorded in OCI in the period in which they occur and are not reclassified to income in subsequent periods. They consist of actuarial gains and losses, the impact of the asset limit if any, and the return on plan assets, excluding amounts
included in net interest income or expense. Changes in the net defined benefit asset or liability due to re-measurement of disability welfare plans are recognized in income in the period in which they occur. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The cost of defined contribution plans is the contribution provided by the Company and is recognized in income in the periods during which services are rendered by
employees. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The cost of retiree welfare plans is recognized in income over the employees&#146; years of service to their dates of full entitlement.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The current year cost of disability welfare plans is the year-over-year change in the defined benefit obligation, including any actuarial gains or
losses. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(p) Derivative and hedging instruments </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company uses derivative financial instruments (&#147;derivatives&#148;) including swaps, forward and futures agreements, and options to manage current and anticipated exposures to changes in interest rates,
foreign exchange rates, commodity prices and equity market prices, and to replicate permissible investments. Derivatives embedded in other financial instruments (&#147;host instruments&#148;) are separately recorded as derivatives when their
economic characteristics and risks are not closely related to those of the host instrument, the terms of the embedded derivative are the same as those of a standalone derivative and the host instrument itself is not recorded at FVTPL. Derivatives
are recorded at fair value. Derivatives with unrealized gains are reported as derivative assets and derivatives with unrealized losses are reported as derivative liabilities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">A determination is made for each derivative as to whether to apply hedge accounting. Where hedge accounting is not applied, changes in the fair value of derivatives are recorded in investment income. Refer to note
4. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Where the Company has elected to apply hedge accounting, a hedging relationship is designated and documented at inception. Hedge effectiveness is
evaluated at inception and throughout the term of the hedge and hedge accounting is only applied when the Company expects that the hedging relationship will be highly effective in achieving offsetting changes in fair value or changes in cash flows
attributable to the risk being hedged. The assessment of hedge effectiveness is performed at the end of each reporting period both prospectively and retrospectively. When it is determined that a hedging relationship is no longer effective, or the
hedging instrument or the hedged item has been sold or terminated, the Company discontinues hedge accounting prospectively. In such cases, if the derivatives are not sold or terminated, any subsequent changes in fair value of the derivatives are
recognized in investment income. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For derivatives that are designated as hedging instruments, changes in fair value are recognized according to the
nature of the risks being hedged, as discussed below. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In a fair value hedging relationship, changes in the fair value of the hedging derivatives are
recorded in investment income, along with changes in fair value attributable to the hedged risk. The carrying value of the hedged item is adjusted for changes in fair value attributable to the hedged risk. To the extent the changes in the fair value
of derivatives do not offset the changes in the fair value of the hedged item attributable to the hedged risk in investment income, any ineffectiveness will remain in investment income. When hedge accounting is discontinued, the carrying value of
the hedged item is no longer adjusted and the cumulative fair value adjustments are amortized to investment income over the remaining term of the hedged item unless the hedged item is sold, at which time the balance is recognized immediately in
investment income. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In a cash flow hedging relationship, the effective portion of the changes in the fair value of the hedging instrument is recorded in
OCI while the ineffective portion is recognized in investment income. Gains and losses accumulated in OCI are recognized in income during the same periods as the variability in the cash flows hedged or the hedged forecasted transactions are
recognized in income. The reclassifications from accumulated other comprehensive income (&#147;AOCI&#148;) are made to investment income, with the exception of total return swaps that hedge restricted share units, which are reclassified to general
expenses. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Gains and losses on cash flow hedges accumulated in OCI are reclassified immediately to investment income when the hedged item is sold or the
forecasted transaction is no longer expected to occur. When a hedge is discontinued, but the hedged forecasted </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>122</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
transaction remains highly probable to occur, the amounts accumulated in OCI are reclassified to investment income in the periods during which variability in the cash flows hedged or the hedged
forecasted transaction is recognized in income. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In a net investment hedging relationship, the gains and losses relating to the effective portion of the
hedge are recorded in OCI. Gains and losses in AOCI are recognized in income during the periods when gains or losses on the underlying hedged net investment in foreign operations are recognized in income. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(q) Premium income and related expenses </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Gross premiums for all types of insurance contracts, and contracts with limited mortality or morbidity risk, are generally recognized as revenue when due. Premiums
are reported gross of reinsurance ceded (refer to note 8). Revenue on service contracts is recognized as services are rendered. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Expenses are recognized
when incurred. Insurance contract liabilities are computed at the end of each year, resulting in benefits and expenses being matched with the premium income. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_2"></A>Note 2&nbsp;&nbsp;&nbsp;&nbsp;Accounting and Reporting Changes </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Changes in accounting policy </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(I) Amendments to IAS 16 &#147;Property,
Plant and Equipment&#148; and IAS 38 &#147;Intangible Assets&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Effective January&nbsp;1, 2016, the Company adopted the amendments issued in May
2014 to IAS 16 &#147;Property, Plant and Equipment&#148; and IAS 38 &#147;Intangible Assets&#148;. These amendments were applied prospectively. The amendments clarified that depreciation or amortization of assets accounted for under these two
standards should reflect a pattern of consumption of the assets rather than reflect economic benefits expected to be generated from the assets. Adoption of these amendments did not have a significant impact on the Company&#146;s Consolidated
Financial Statements. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(II) Amendments to IAS 41 &#147;Agriculture&#148; and IAS 16 &#147;Property, Plant and Equipment&#148;
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Effective January&nbsp;1, 2016, the Company adopted the amendments issued in June 2014 to IAS 41 &#147;Agriculture&#148; and IAS 16 &#147;Property,
Plant and Equipment&#148;. These amendments were applied retrospectively. These amendments require that &#147;bearer plants&#148; (that is, plants used in the production of agricultural produce and not intended to be sold as a living plant except
for incidental scrap sales) should be considered as property, plant and equipment in the scope of IAS 16 and should be measured either at amortized cost or revalued amount with changes recognized in OCI. Previously these plants were in the scope of
IAS 41 and were measured at fair value less cost to sell. These amendments only apply to the accounting requirements of a bearer plant and not agricultural land properties. The Company chose to carry bearer plants at amortized cost. Adoption of
these amendments did not have a significant impact on the Company&#146;s Consolidated Financial Statements. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(III) Amendments to IFRS
10 &#147;Consolidated Financial Statements&#148;, IFRS 12 &#147;Disclosure of Interests in Other Entities&#148;, and IAS 28 &#147;Investments in Associates and Joint Ventures&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Effective January&nbsp;1, 2016, the Company adopted the amendments issued in December 2014 to IFRS 10 &#147;Consolidated Financial Statements&#148;, IFRS 12 &#147;Disclosure of Interests in Other Entities&#148;,
and IAS 28 &#147;Investments in Associates and Joint Ventures&#148;. These amendments were applied retrospectively. The amendments clarify the requirements when applying the investment entities consolidation exception. Adoption of these amendments
did not have a significant impact on the Company&#146;s Consolidated Financial Statements. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Future accounting and reporting
changes </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(I) Annual Improvements 2014&#150;2016 Cycle </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Annual Improvements 2014-2016 Cycle were issued in December 2016 resulting in minor amendments to three standards and are effective for the Company starting January&nbsp;1, 2017. While the Company is assessing the
impact of these amendments, adoption of these amendments is not expected to have a significant impact on the Company&#146;s Consolidated Financial Statements. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(II) IFRS 16 &#147;Leases&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IFRS 16 &#147;Leases&#148; was issued in January 2016 and is
effective for years beginning on or after January&nbsp;1, 2019, to be applied retrospectively or on a modified retrospective basis. It will replace IAS 17 &#147;Leases&#148; and IFRIC 4 &#147;Determining whether an arrangement contains a
lease&#148;. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, the customer (&#147;lessee&#148;) and the supplier (&#147;lessor&#148;). The standard brings most
leases on-balance sheet for lessees under a single model, eliminating the previous classifications of operating and finance leases. Exemptions to this treatment are for lease contracts with low value assets or leases with duration of less than one
year. The on-balance sheet treatment will result in the grossing up of the balance sheet due to right-of-use assets being recognized with offsetting liabilities. Lessor accounting will remain largely unchanged with previous classifications of
operating and finance leases being maintained. The Company is assessing the impact of this standard. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(III) Amendments to IAS 7
&#147;Statement of Cash Flows&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Amendments to IAS 7 &#147;Statement of Cash Flows&#148; were issued in January 2016 and are effective for annual
periods beginning on or after January 1, 2017, to be applied prospectively. These amendments require companies to provide information about changes in their financing liabilities. Adoption of these amendments is not expected to have a significant
impact on the Company&#146;s Consolidated Financial Statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>123</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(IV) IFRIC 22 &#147;Foreign Currency Transactions and Advance Consideration&#147; </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IFRIC 22 &#147;Foreign Currency Transactions and Advance Consideration&#148; was issued in December 2016 and will be effective for annual periods beginning on or
after January&nbsp;1, 2018 and may be applied retrospectively or prospectively. IFRIC 22 addresses which foreign exchange rate to use to measure a foreign currency transaction when advance payments are made or received and non-monetary assets or
liabilities are recognized prior to recognition of the underlying transaction. IFRIC 22 does not relate to goods or services accounted for at fair value or at the fair value of consideration paid or received at a date other than the date of initial
recognition of the non-monetary asset or liability, or to income taxes, insurance contracts or reinsurance contracts. The foreign exchange rate on the day of the advance payment is used to measure the foreign currency transaction. If multiple
advance payments are made or received, each payment is measured separately. The Company is assessing the impact of this standard. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(V) IFRS 9 &#147;Financial Instruments&#148; </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IFRS 9 &#147;Financial Instruments&#148; was issued in November 2009 and amended in October 2010,&nbsp;November 2013 and July 2014, and is effective for years
beginning on or after January&nbsp;1, 2018, to be applied retrospectively, or on a modified retrospective basis. It is intended to replace IAS 39 &#147;Financial Instruments: Recognition and Measurement&#148;. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The project has been divided into three phases: classification and measurement, impairment of financial assets, and hedge accounting. IFRS 9&#146;s current
classification and measurement methodology provides that financial assets are measured at either amortized cost or fair value on the basis of the entity&#146;s business model for managing the financial assets and the contractual cash flow
characteristics of the financial assets. The classification and measurement for financial liabilities remains generally unchanged; however, for a financial liability designated as at fair value through profit or loss, revisions have been made in the
accounting for changes in fair value attributable to changes in the credit risk of that liability. Gains or losses caused by changes in an entity&#146;s own credit risk on such liabilities are no longer recognized in profit or loss but instead are
reflected in OCI. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Revisions to hedge accounting were issued in November 2013 as part of the overall IFRS 9 project. The amendment introduces a new hedge
accounting model, together with corresponding disclosures about risk management activity for those applying hedge accounting. The new model represents a substantial overhaul of hedge accounting that will enable entities to better reflect their risk
management activities in their financial statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Revisions issued in July 2014 replace the existing incurred loss model used for measuring the
allowance for credit losses with an expected loss model. Changes were also made to the existing classification and measurement model designed primarily to address specific application issues raised by early adopters of the standard. They also
address the income statement accounting mismatches and short-term volatility issues which have been identified as a result of the insurance contracts project. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company expects to defer IFRS 9 until January&nbsp;1, 2021, as allowed under the amendments to IFRS 4 &#147;Insurance Contracts&#148; outlined below. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(VI) Amendments to IFRS 4 &#147;Insurance Contracts&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Amendments to IFRS 4 &#147;Insurance
Contracts&#148; were issued in September 2016, which will be effective for annual periods beginning on or after January&nbsp;1, 2018. The amendments introduce two approaches to address concerns about the differing effective dates of IFRS 9
&#147;Financial Instruments&#148; and the forthcoming new insurance contracts standard: the overlay approach and the deferral approach. The overlay approach provides an option for all issuers of insurance contracts to adjust profit or loss for
eligible financial assets by removing any additional accounting volatility that may arise from applying IFRS 9 before the new insurance contracts standard.&nbsp;The deferral approach provides companies whose activities are predominantly related to
insurance an optional temporary exemption from applying IFRS 9 until January&nbsp;1, 2021. The Company expects to defer IFRS 9 until January&nbsp;1, 2021. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(VII) Amendments to IAS 12 &#147;Income Taxes&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Amendments to IAS 12 &#147;Income
Taxes&#148; were issued in January 2016 and are effective for years beginning on or after January&nbsp;1, 2017, to be applied retrospectively. The amendments clarify recognition of deferred tax assets relating to unrealized losses on debt
instruments measured at fair value. A deductible temporary difference arises when the carrying amount of the debt instrument measured at fair value is less than the cost for tax purposes, irrespective of whether the debt instrument is held for sale
or held to maturity. The recognition of the deferred tax asset that arises from this deductible temporary difference is considered in combination with other deferred taxes applying local tax law restrictions where applicable. In addition, when
estimating future taxable profits, consideration can be given to recovering more than the asset&#146;s carrying amount where probable. Adoption of these amendments is not expected to have a significant impact on the Company&#146;s Consolidated
Financial Statements. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(VIII) Amendments to IFRS 2 &#147;Share-Based Payment&#148; </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Amendments to IFRS 2 &#147;Share-Based Payment&#148; were issued in June 2016 and are effective for annual periods beginning on or after January&nbsp;1, 2018, to be
applied prospectively. The amendments clarify the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments; provide guidance on the classification of share-based payment transactions with net settlement
features for withholding tax obligations; and clarify accounting for modification to the terms and conditions of a <FONT STYLE="white-space:nowrap">share-based</FONT> payment that changes the classification of the transaction from cash-settled to
equity-settled. Adoption of these amendments is not expected to have a significant impact on the Company&#146;s Consolidated Financial Statements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>124</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(IX) IFRS 15 &#147;Revenue from Contracts with Customers&#148; </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IFRS 15 &#147;Revenue from Contracts with Customers&#148; was issued in May 2014 and replaces IAS 11 &#147;Construction Contracts&#148;, IAS 18 &#147;Revenue&#148;
and several interpretations. Amendments to IFRS 15 were issued in April 2016. IFRS 15 as amended is effective for annual periods beginning on or after January&nbsp;1, 2018, to be applied as described below. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IFRS 15 clarifies revenue recognition principles, provides a robust framework for recognizing revenue and cash flows arising from contracts with customers and
enhances qualitative and quantitative disclosure requirements. IFRS 15 does not apply to insurance contracts, financial instruments and lease contracts. Accordingly, the adoption of IFRS 15 may impact the revenue recognition related to the
Company&#146;s asset management and service contracts and may result in additional financial statement disclosure. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The amendments clarify when a
promised good or service is separately identifiable from other promises in a contract; provide clarifications on how to apply the principal versus agent application guidance; and provide clarifications on how an entity will evaluate the nature of a
promise to grant a license of intellectual property to determine whether the promise is satisfied over time or at a point in time. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The amendments
provide two practical expedients to alleviate transition burden. An entity that uses the full retrospective approach may apply IFRS 15 only to contracts that are not completed as at the beginning of the earliest period presented. An entity may
determine the aggregate effect of all of the modifications that occurred between contract inception and the earliest date presented, rather than accounting for the effects of each modification separately. The Company is assessing the impact of this
standard. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_3"></A>Note 3&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions and Distribution Agreement </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Mandatory Provident Fund businesses of Standard Chartered </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">On November&nbsp;1, 2016, the Company completed its acquisition of Standard Chartered&#146;s Mandatory Provident Fund (&#147;MPF&#148;) and Occupational Retirement Schemes Ordinance (&#147;ORSO&#148;) businesses in
Hong Kong, and the related investment management entity. In addition, on November&nbsp;1, 2016, the Company commenced its 15 year exclusive distribution partnership with Standard Chartered. These arrangements significantly expand Manulife&#146;s
retirement business in Hong Kong. Total consideration of $392 was paid in cash. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Distribution agreement with DBS Bank Ltd
(&#147;DBS&#148;) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Effective January 1, 2016, the Company entered into a 15-year regional distribution agreement with DBS covering Singapore, Hong
Kong, mainland China and Indonesia. The arrangement expands the Company&#146;s strategy for growth in Asia. The Company recognized $536 of distribution network intangible assets on the agreement&#146;s effective date. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Canadian-based operations of Standard Life plc </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">On January&nbsp;30, 2015, the Company completed its acquisition of 100&nbsp;per cent of the shares of Standard Life Financial Inc. and of Standard Life Investments Inc., collectively the Canadian-based operations
of Standard Life plc (&#147;Standard Life&#148;). The acquisition contributes to the Company&#146;s growth strategy, particularly in wealth and asset management. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The purchase consideration of $4 billion was paid in cash. The Company recognized $1,477 of tangible net assets, $1,010 of intangible assets, and $1,513 of goodwill. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(d) Retirement plan services business of New York Life </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;14, 2015, the Company completed its acquisition of New York Life&#146;s (&#147;NYL&#148;) Retirement Plan Services (&#147;RPS&#148;) business. The acquisition of the NYL RPS business supports
Manulife&#146;s global growth strategy for wealth and asset management businesses. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The purchase consideration of $787 included conventional financial
consideration of $398 plus $389 of net impact of the assumption by NYL of the Company&#146;s in-force participating life insurance closed block (&#147;Closed Block&#148;) through net 60% reinsurance agreements, effective July&nbsp;1, 2015. The
Company recognized $128 of intangible assets and $659 of goodwill. Finalization of the purchase price allocation in 2016 did not result in significant changes to amounts recognized. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>125</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_4"></A>Note 4&nbsp;&nbsp;&nbsp;&nbsp;Invested Assets and Investment Income
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Carrying values and fair values of invested assets </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">FVTPL<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">AFS<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total&nbsp;carrying<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total&nbsp;
fair<BR>value<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(9)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash and short-term securities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>269</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,705</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian government and agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,030</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,715</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>24,745</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>24,745</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. government and agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,971</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,333</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27,304</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27,304</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other government and agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,629</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,312</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>20,941</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>20,941</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>87,374</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,041</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>92,415</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>92,415</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,886</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>331</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,217</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,217</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Public equities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16,531</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,965</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,496</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,496</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>44,193</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>44,193</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>45,665</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29,729</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29,729</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>31,459</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Policy loans</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,041</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,041</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,041</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Loans to Bank clients</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,745</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,745</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,746</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Own use property<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,376</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,376</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment property</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,756</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,756</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,756</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other invested assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Alternative long-duration assets<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,707</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>96</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,048</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,851</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,193</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Various other<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">
(8)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>164</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,745</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,909</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,910</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total invested assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;168,561</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;42,498</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;110,810</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;321,869</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;326,563</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">FVTPL<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">AFS<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Total&nbsp;carrying<BR>value</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Total&nbsp;fair<BR>value<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(9)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash and short-term securities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">574</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,548</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,763</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian government and agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,965</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,318</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">21,283</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">21,283</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. government and agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,964</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,688</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28,652</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28,652</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other government and agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,895</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,688</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,583</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,583</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">80,269</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,925</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">85,194</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">85,194</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,797</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">318</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,115</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,115</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Public equities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14,689</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,294</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,983</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,983</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43,818</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43,818</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">45,307</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27,578</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27,578</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">29,003</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Policy loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,912</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,912</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,912</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Loans to Bank clients</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,778</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,778</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,782</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Own use property<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,379</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,379</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,457</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment property</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,968</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,968</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,968</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other invested assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Alternative long-duration assets<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,952</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,253</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,281</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,261</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Various other<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">
(8)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">163</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,934</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,097</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,097</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total invested assets</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">158,268</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39,855</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">109,383</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">307,506</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">311,482</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The FVTPL classification was elected for securities backing insurance contract liabilities in order to substantially reduce any accounting mismatch arising from
changes in the value of these assets and changes in the value of the related insurance contract liabilities. There would otherwise be a mismatch if the available-for-sale (&#147;AFS&#148;) classification was selected because changes in insurance
contract liabilities are recognized in net income rather than in OCI. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Securities that are designated as AFS are not actively traded by the Company but sales do occur as circumstances warrant. Such sales result in a reclassification
of any accumulated unrealized gain (loss) in AOCI to net income as a realized gain (loss). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Primarily includes assets classified as loans and carried at amortized cost, own use property, investment property, equity method accounted investments, oil and
gas investments, and leveraged leases. Refer to note 1(e) for further details regarding accounting policy. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Includes short-term securities with maturities of less than one year at acquisition amounting to $3,111 (2015 &#150; $4,796) cash equivalents with maturities of
less than 90&nbsp;days at acquisition amounting to $8,863 (2015 &#150; $9,326) and cash of $3,177 (2015 &#150; $3,763). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities include securities which were acquired with maturities of less than one year and less than 90 days of $893 and $192, respectively (2015 &#150;
$905 and $39, respectively). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Includes accumulated depreciation of $404 (2015 &#150; $366). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Includes investments in private equity of $4,619, power and infrastructure of $6,679, oil and gas of $2,093, timber and agriculture of $4,972 and various other
invested assets of $487 (2015 &#150; $3,754, $5,260, $1,740, $5,092 and $435, respectively). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(8)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Includes $3,368 (2015 &#150; $3,549) of leveraged leases. Refer to note 1(e) regarding accounting policy. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(9)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The methodologies for determining fair value of the Company&#146;s invested assets are described in note 1 and note 4(g). </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>126</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Other invested assets </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Other invested assets include investments in associates and joint ventures which were accounted for using the equity method of accounting as follows. </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="8" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;of&nbsp;total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;of&nbsp;total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Leveraged leases</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;3,369</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>58</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3,549</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Timber and agriculture</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>430</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">423</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>419</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">370</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,562</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">714</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,780</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>100</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,056</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s share of profit and dividends from these investments for the year ended December&nbsp;31, 2016 were $252 and $17,
respectively (2015 &#150; $23 and $14, respectively). </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Investment income </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">FVTPL</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">AFS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Yields<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash and short-term securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.7%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>117</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>124</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.7%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;5,051</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>588</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,639</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,658</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>548</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,206</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Recovery (impairment loss), net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Public equities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10.6%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dividend income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>534</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>58</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>592</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,008</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>201</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,209</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impairment loss</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(48</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(48</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.1%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,667</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,667</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>81</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>81</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Provision, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,494</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,494</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impairment loss, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Policy loans</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>358</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>358</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6.1%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Loans to Bank clients</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3.9%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>68</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>68</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.9%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Rental income, net of depreciation<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>523</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>523</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>160</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>160</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivatives</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>n/a</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,115</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,082</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,597</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,597</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other invested assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10.3%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>103</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>103</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Oil and gas, timber, agriculture and other income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,162</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,162</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>634</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>207</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>842</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impairment loss, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(83</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(83</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total investment income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,410</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,447</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,667</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.7%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;6,173</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>703</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,657</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,533</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dividend, rental and other income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>534</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>58</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,685</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,277</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.7%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impairments and provisions for loan losses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(48</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(140</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(206</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(0.1%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>707</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>85</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>786</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.2%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,683</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,420</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,287</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,390</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on macro equity
hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,657</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,662</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.5%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Public equities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>963</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>985</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.3%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>80</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>80</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.0%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.0%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>128</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>128</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.0%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other invested assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>688</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>160</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>848</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.3%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivatives, including macro equity hedging program</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,581</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,581</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(0.8%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>727</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>380</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,134</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total investment income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,410</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,447</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;5,667</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;14,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.7%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>127</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">FVTPL</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">AFS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Yields<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash and short-term securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">102</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">220</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">207</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,849</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">529</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,378</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,969</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,863</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Recovery (impairment loss), net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Public equities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dividend income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">434</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">493</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(551</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">257</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(294</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impairment loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,758</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,758</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">279</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">279</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,375</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,375</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impairment loss, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Policy loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">388</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">388</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Loans to Bank clients</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Provision, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Rental income, net of depreciation<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">509</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">509</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">946</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">946</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivatives</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">964</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">932</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(394</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(118</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(512</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other invested assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">112</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">112</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Oil and gas, timber, agriculture and other income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">891</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">891</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">111</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">169</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impairment loss, net</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(551</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(554</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total investment income</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,425</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,238</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,740</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,403</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,823</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">621</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,670</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;10,114</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dividend, rental and other income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">434</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,893</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impairments and provisions for loan losses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(589</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(633</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(376</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">549</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(82</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">91</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,865</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,201</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,399</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,465</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on macro equity
hedges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,969</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,957</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Public equities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(538</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(513</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">278</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">278</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">980</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">980</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other invested assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">249</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">355</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivatives, including macro equity hedging program</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(182</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(118</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(300</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4,440</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">37</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,341</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,062</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total investment income</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;1,425</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,238</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;5,740</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,403</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Primarily includes assets classified as loans and carried at amortized cost, own use property, investment property, derivative and hedging instruments in cash
flow hedging relationships, equity method accounted investments, oil and gas investments, and leveraged leases. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Yields are based on income and are calculated using the geometric average of assets held at carrying value during the reporting year.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Includes net realized gains (losses) as well as net unrealized gains (losses) for financial instruments at FVTPL, real estate investment properties, and other
invested assets measured at fair value. Also includes net realized gains (losses) for financial instruments at AFS and other invested assets carried at amortized cost. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Rental income from investment properties is net of direct operating expenses and includes net market rental income on own use properties.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>128</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(d) Investment expenses </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following table presents total investment expenses of the Company. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Related to invested assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>581</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">572</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Related to segregated, mutual and other funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,065</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,043</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total investment expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,646</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,615</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(e) Investment properties </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following table identifies the amounts included in investment income relating to investment properties. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Rental income from investment properties</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,204</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;1,164</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct operating expenses of investment properties that generated rental income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(764</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(719</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>440</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">445</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(f) Mortgage securitization </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company securitizes certain insured and uninsured fixed and variable rate residential mortgages and Home Equity Lines of Credit (&#147;HELOC&#148;) through creation of mortgage-backed securities under the
Canadian Mortgage Bond Program (&#147;CMB&#148;), as well as through a HELOC securitization program. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Benefits received from the securitization include
interest spread between the asset and associated liability. There are no expected credit losses on mortgages that have been securitized under the Canada Mortgage and Housing Corporation (&#147;CMHC&#148;) sponsored CMB and the Platinum Canadian
Mortgage Trust (&#147;PCMT&#148;) HELOC securitization programs as they are insured by CMHC and other third-party insurance programs against borrowers&#146; default. Mortgages securitized in the Platinum Canadian Mortgage Trust II
(&#147;PCMT&nbsp;II&#148;) program are uninsured. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash flows received from the underlying securitized assets/mortgages are used to settle the related
secured borrowing liability. For CMB transactions receipts of principal are deposited into a trust account for settlement of the liability at time of maturity. These transferred assets and related cash flows cannot be transferred or used for other
purposes. For the HELOC transactions, investors are entitled to periodic interest payments and the remaining cash receipts of principal are allocated to the Company (the &#147;Seller&#148;) during the revolving period of the deal and are accumulated
for settlement during an accumulation period, or repaid to the investor monthly during a reduction period, based on the terms of the note. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The carrying
amount of securitized assets reflecting the Company&#146;s continuing involvement with the mortgages and the associated liabilities is as follows. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Securitized assets</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Securitization program</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Securitized<BR>mortgages</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Restricted cash and<BR>short-term securities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Secured
borrowing<BR>liabilities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">HELOC securitization<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,762</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,770</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,750</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">CMB securitization</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,018</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,018</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,032</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,780</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,788</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,782</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="12"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Securitized assets</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Securitized<BR>mortgages</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Restricted cash and<BR>short-term securities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Secured borrowing<BR>liabilities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>

<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">HELOC securitization<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,508</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">CMB securitization</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">436</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">436</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">436</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,936</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,944</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,936</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Bank, an MFC subsidiary, securitizes a portion of its HELOC receivables through Platinum Canadian Mortgage Trust (&#147;PCMT&#148;), and Platinum
Canadian Mortgage Trust II (&#147;PCMT II&#148;). PCMT funds the purchase of the co-ownership interests from Manulife Bank by issuing term notes collateralized by an underlying pool of Canada Mortgage and Housing Corporation (&#147;CMHC&#148;)
insured HELOCs to institutional investors. PCMT II funds the purchase of the co-ownership interests from Manulife Bank by issuing term notes collateralized by an underlying pool of uninsured HELOCs to institutional investors. The restricted cash
balance for the HELOC securitization reflects a cash reserve fund established in relation to the transactions. The reserve will be drawn upon only in the event of insufficient cash flows from the underlying HELOCs to satisfy the secured borrowing
liability. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The secured borrowing liabilities primarily comprise of Series 2011-1 notes with a floating rate which are expected to mature on December&nbsp;15, 2021, and the
Series 2016-1 notes with a floating rate which are expected to mature on May&nbsp;15, 2022. Manulife Bank also securitizes insured amortizing mortgages under the National Housing Act Mortgage-Backed Securities (&#147;NHA MBS&#148;) program sponsored
by CMHC. Manulife Bank participates in the CMB program by selling NHA MBS securities to Canada Housing Trust (&#147;CHT&#148;), as a source of fixed rate funding. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Fair value of the securitized assets as at December&nbsp;31, 2016 was $2,821 (2015 &#150; $1,964) and the fair value of the associated liabilities was $2,776 (2015 &#150; $1,937). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>129</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(g) Fair value measurement </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following table presents fair value of the Company&#146;s invested assets and segregated funds net assets, measured at fair value in the Consolidated Statements of Financial Position and categorized by
hierarchy. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total&nbsp;fair<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Level 1</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Level 2</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Level 3</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and short-term securities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">FVTPL</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>269</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>269</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">AFS</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,705</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,705</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Debt
securities</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.25em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>FVTPL</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian government and agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,030</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16,392</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,638</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. government and agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,971</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,169</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>802</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other government and agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,629</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,199</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>430</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>87,374</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>84,174</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,198</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Residential mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Commercial mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>680</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>255</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>425</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other securitized assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,196</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,153</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>43</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.25em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>AFS</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian government and agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,715</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,470</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>245</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. government and agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,333</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,323</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other government and agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,312</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,260</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>52</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,041</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,791</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>250</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Residential mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>65</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>64</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Commercial mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>123</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>48</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>75</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other securitized assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>143</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>141</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Public equities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">FVTPL</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16,531</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">AFS</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,965</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,963</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Real estate &#150; investment property</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,756</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,756</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other invested assets</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,849</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,849</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Segregated funds net assets</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>315,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>278,066</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>32,537</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,574</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;546,051</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;300,732</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;205,960</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;39,359</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total&nbsp;fair<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Level 1</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Level 2</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Level 3</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and short-term securities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">FVTPL</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">574</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">574</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">AFS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,548</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,548</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,763</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,763</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Debt
securities</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.25em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>FVTPL</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian government and agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,965</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,299</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,666</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. government and agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,964</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,119</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">845</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other government and agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,895</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,483</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">80,269</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">76,296</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,971</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Residential mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Commercial mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">718</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">207</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">511</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other securitized assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,052</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,004</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">48</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.25em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>AFS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian government and agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,318</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">153</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. government and agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,688</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,675</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other government and agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,688</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,645</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,925</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,607</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">318</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Residential mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Commercial mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">123</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other securitized assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">146</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">141</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Public equities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">FVTPL</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14,689</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14,686</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">AFS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,294</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,292</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Real estate &#150; investment property</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,968</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,968</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other invested assets</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,977</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,977</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Segregated funds net assets</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">313,249</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">277,779</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30,814</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,656</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">532,889</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">298,522</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">194,661</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39,706</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The debt securities included in Level 3 consist primarily of maturities greater than 30 years for which the Treasury yield curve is not observable and is
extrapolated, as well as debt securities where only unobservable single quoted broker prices are provided. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">For investment property, the significant unobservable inputs are capitalization rates (ranging from 3.75% to 9.75% during the year and ranging from 3.75% to
9.50% for the year 2015) and terminal capitalization rates (ranging from 4.1% to 10.00% during the year and ranging from 4.5% to 9.75% during the year 2015). Holding </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>130</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">
other factors constant, a lower capitalization or terminal capitalization rate will tend to increase the fair value of an investment property. Changes in fair value based on variations in
unobservable inputs generally cannot be extrapolated because the relationship between the directional changes of each input is not usually linear. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Other invested assets measured at fair value are held primarily in power and infrastructure and timber sectors. The significant inputs used in the valuation of
the Company&#146;s power and infrastructure investments are primarily future distributable cash flows, terminal values and discount rates. Holding other factors constant, an increase to future distributable cash flows or terminal values would tend
to increase the fair value of a power and infrastructure investment, while an increase in the discount rate would have the opposite effect. Discount rates during the year ranged from 9.63% to 16.0% (2015 &#150; ranged from 10.05% to 16.0%).
Disclosure of distributable cash flow and terminal value ranges are not meaningful given the disparity in estimates by project. The significant inputs used in the valuation of the Company&#146;s investments in timberland are timber prices and
discount rates. Holding other factors constant, an increase to timber prices would tend to increase the fair value of a timberland investment, while an increase in the discount rates would have the opposite effect. Discount rates during the year
ranged from 5.0% to 7.5% (2015 &#150; ranged from 5.0% to 7.5%). A range of prices for timber is not meaningful as the market price depends on factors such as property location and proximity to markets and export yards. </FONT></P></TD></TR></TABLE>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds net assets are measured at fair value. The Company&#146;s Level 3 segregated funds assets are predominantly invested in timberland properties
value as described above. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For invested assets not measured at fair value in the Consolidated Statements of Financial Position, the
following tables disclose the summarized fair value information categorized by hierarchy, together with the related carrying values. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total fair<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Level&nbsp;1</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Level&nbsp;2</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Level&nbsp;3</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>44,193</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>45,665</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>45,665</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29,729</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>31,459</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25,699</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,760</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Policy loans<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,041</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,041</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,041</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Loans to Bank clients<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,745</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,746</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,746</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate&nbsp;&#150;&nbsp;own use property<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>

<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,376</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other invested
assets<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,911</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,254</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,254</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total invested assets disclosed at fair value</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;90,995</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;95,689</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;33,486</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;62,203</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying<BR>value</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Total fair<BR>value</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Level&nbsp;1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Level&nbsp;2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Level&nbsp;3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43,818</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">45,307</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">45,307</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27,578</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">29,003</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23,629</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,374</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Policy loans<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,912</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,912</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,912</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Loans to Bank clients<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,778</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,782</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,782</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate&nbsp;&#150;&nbsp;own use property<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,379</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,457</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,457</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other invested
assets<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,401</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,381</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,381</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total invested assets disclosed at fair value</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">87,866</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">91,842</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">31,323</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">60,519</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value of commercial mortgages is derived through an internal valuation methodology using both observable and unobservable inputs. Unobservable inputs
include credit assumptions and liquidity spread adjustments. Fair value of fixed-rate residential mortgages is determined using the discounted cash flow method. Inputs used for valuation are primarily comprised of prevailing interest rates and
prepayment rates, if applicable. Fair value of variable-rate residential mortgages is assumed to be their carrying value. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value of private placements is derived through an internal valuation methodology using both observable and unobservable inputs. Unobservable inputs include
credit assumptions and liquidity spread adjustments. Private placements are classified within Level 2 unless the liquidity adjustment constitutes a significant price impact, in which case the securities are classified as Level 3.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value of policy loans is equal to their unpaid principal balances. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value of fixed-rate loans to Bank clients is determined using the discounted cash flow method. Inputs used for valuation are primarily comprised of current
interest rates. Fair value of variable-rate loans is assumed to be their carrying value. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value of own use real estate and the level of the fair value hierarchy are calculated in accordance with the methodologies described for real estate &#150;
investment property in note 1. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Other invested assets disclosed at fair value primarily include leveraged leases, oil and gas properties and equity method accounted other invested assets. Fair
value of leveraged leases is shown at their carrying values as fair value is not routinely calculated on these investments. Fair value for oil and gas properties is determined using external appraisals based on discounted cash flow methodology.
Inputs used in valuation are primarily comprised of forecasted price curves, planned production, as well as capital expenditures, and operating costs. Fair value of equity method accounted other invested assets is determined using a variety of
valuation techniques including discounted cash flows and market comparable approaches. Inputs vary based on the specific investment. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Transfers between Level 1 and Level 2 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s policy is to record transfers of
assets and liabilities between Level 1 and Level 2 at their fair values as at the end of each reporting period, consistent with the date of the determination of fair value. Assets are transferred out of Level 1 when they are no longer transacted
with sufficient frequency and volume in an active market. During the year ended December&nbsp;31, 2016, the Company transferred nil (2015 &#150; nil) of assets measured at fair value from Level 1 to Level 2. Conversely, assets are transferred from
Level 2 to Level 1 when transaction volume and frequency are indicative of an active market. The Company transferred nil (2015 &#150; nil) of assets from Level 2 to Level 1 during the year ended December&nbsp;31, 2016. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For segregated funds net assets, the Company had $8 transfers from Level 1 to Level 2 for the year ended December&nbsp;31, 2016 (2015&nbsp;&#150; nil). The Company
had nil transfers from Level 2 to Level 1 for the year ended December&nbsp;31, 2016 (2015 &#150; $43). </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Invested assets and
segregated funds net assets measured at fair value on the Consolidated Statements of Financial Position using significant unobservable inputs (Level 3) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company classifies the fair values of invested assets and segregated funds net assets as Level 3 if there are no observable markets for these assets or, in the absence of active markets, the majority of the
inputs used to determine fair value are based on the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>131</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
Company&#146;s own assumptions about market participant assumptions. The Company prioritizes the use of market-based inputs over entity-based assumptions in determining Level 3 fair values and,
therefore, the gains and losses in the tables below include changes in fair value due to both observable and unobservable factors. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following tables
present a roll forward of all invested assets and segregated funds net assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December&nbsp;31, 2016 and 2015. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>ended December&nbsp;31, 2016</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance as<BR>at<BR>January&nbsp;1,<BR>2016</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Net<BR>realized /<BR>unrealized<BR>gains<BR>(losses)<BR>included<BR>in net<BR>income<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Net<BR>realized /<BR>unrealized<BR>gains<BR>(losses)<BR>included<BR>in AOCI<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Purchases<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>

<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Sales<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Settlements</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Transfer</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">into</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Level&nbsp;3<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Transfer</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">out of</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Level 3<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Currency<BR>movement</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance as at<BR>December&nbsp;31,<BR>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Change in<BR>unrealized<BR>gains<BR>(losses) on<BR>assets still<BR>held</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Debt securities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>FVTPL</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian government&nbsp;&amp; agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,666</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(16</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>233</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(49</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(196</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,638</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(62</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. government&nbsp;&amp; agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>845</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>39</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(70</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(21</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>802</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other government&nbsp;&amp; agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>412</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>122</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(41</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(30</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(30</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>430</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,971</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(74</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>634</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(158</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(165</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>58</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,015</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(53</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,198</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Residential mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(11</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Commercial mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>511</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>132</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(56</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(146</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>425</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other securitized assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>48</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>43</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,468</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(89</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,170</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(316</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(209</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>58</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,432</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(112</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,538</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(104</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>AFS</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian government&nbsp;&amp; agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>153</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>36</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(47</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>199</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(96</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>245</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. government&nbsp;&amp; agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other government&nbsp;&amp; agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>43</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>52</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>318</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(32</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>250</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Residential mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Commercial mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>96</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(37</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>75</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other securitized assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>636</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(49</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>265</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(140</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(94</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(11</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>635</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Public equities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">FVTPL</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">AFS</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Real estate&nbsp;&#150;&nbsp;investment property</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,968</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>163</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>681</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,782</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(274</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,756</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>197</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other invested assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,977</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>786</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,171</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(76</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(685</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(333</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,849</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>847</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>26,945</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>949</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,852</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,858</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(685</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(607</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27,605</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,044</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Segregated funds net assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,656</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>92</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>356</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(312</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(12</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(105</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(82</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,574</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>93</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;39,706</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;985</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(40</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;4,649</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(2,626</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(918</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;46</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(1,631</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(812</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;39,359</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,033</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>132</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance<BR>as&nbsp;at<BR>January&nbsp;1,<BR>2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Net<BR>realized /<BR>unrealized<BR>gains<BR>(losses)<BR>included<BR>in net<BR>income<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Net<BR>realized /<BR>unrealized<BR>gains<BR>(losses)<BR>included<BR>in AOCI<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Purchases<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Sales<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Settlements</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Transfer</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">into</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Level&nbsp;3<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Transfer</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">out of</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Level 3<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Currency<BR>movement</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance as at<BR>December&nbsp;31,<BR>2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Change in<BR>unrealized<BR>gains<BR>(losses) on<BR>assets still<BR>held</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Debt securities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>FVTPL</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian government&nbsp;&amp; agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,006</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(267</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,753</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(839</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(987</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,666</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(317</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. government&nbsp;&amp; agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">808</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">139</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">845</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other government&nbsp;&amp; agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">437</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,150</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(313</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,574</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(588</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">282</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,971</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(279</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Residential mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">133</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(122</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Commercial mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">577</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">141</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(157</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">511</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other securitized assets</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">61</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(13</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(18</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">48</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,172</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(644</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,522</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,325</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(223</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">60</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,659</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">565</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,468</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(661</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>AFS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian government&nbsp;&amp; agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">884</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">466</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(728</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(607</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">153</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. government&nbsp;&amp; agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other government&nbsp;&amp; agency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">234</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">318</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Residential mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Commercial mortgage/asset-backed securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other securitized assets</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(5</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(11</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,308</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">64</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">149</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">523</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(802</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(46</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">21</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(616</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">636</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Public equities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">FVTPL</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">AFS</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Real estate &#150; investment property</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,270</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,645</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,159</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,968</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">988</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other invested assets</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,231</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">177</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,067</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(537</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(625</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,665</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,977</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(57</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,501</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,177</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,712</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(643</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(625</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,824</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26,945</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">931</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Segregated funds net assets</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,591</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">265</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,134</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(821</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">474</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,656</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">248</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;29,574</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">861</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;148</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;11,893</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(3,593</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(886</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;86</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(2,275</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3,898</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;39,706</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;517</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These amounts, except for the amount related to segregated funds net assets, are included in net investment income on the Consolidated Statements of Income.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These amounts are included in AOCI on the Consolidated Statements of Financial Position. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Purchases in 2015 include assets acquired from Standard Life. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Sales in 2016 include $1,011 of U.S. commercial real estate sold to the Manulife U.S. REIT in Singapore, an associate of the Company which is a structured entity
based on unitholder voting rights. The Company provides management services to the REIT and owns approximately 9.5% of its equity. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">For assets that are transferred into and/or out of Level 3, the Company uses the fair value of the assets at the beginning of the year.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Transfers into Level 3 primarily result from securities that were impaired during the year or securities where a lack of observable
market data (versus the previous period) resulted in reclassifying assets into Level 3. Transfers from Level 3 primarily result from observable market data now being available for the entire term structure of the debt security. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_5"></A>Note 5&nbsp;&nbsp;&nbsp;&nbsp;Derivative and Hedging Instruments </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Derivatives are financial contracts, the value of which is derived from underlying interest rates, foreign exchange rates, other financial instruments, commodity
prices or indices. The Company uses derivatives including swaps, forward and futures agreements, and options to manage current and anticipated exposures to changes in interest rates, foreign exchange rates, commodity prices and equity market prices,
and to replicate permissible investments. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Swaps are over-the-counter (&#147;OTC&#148;) contractual agreements between the Company and a third party to
exchange a series of cash flows based upon rates applied to a notional amount. For interest rate swaps, counterparties generally exchange fixed or floating interest rate payments based on a notional value in a single currency. Cross currency swaps
involve the exchange of principal amounts between parties as well as the exchange of interest payments in one currency for the receipt of interest payments in another currency. Total return swaps are contracts that involve the exchange of payments
based on changes in the values of a reference asset, including any returns such as interest earned on these assets, in return for amounts based on reference rates specified in the contract. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Forward and futures agreements are contractual obligations to buy or sell a financial instrument, foreign currency or other underlying commodity on a predetermined future date at a specified price. Forward
contracts are OTC contracts negotiated between counterparties, whereas futures agreements are contracts with standard amounts and settlement dates that are traded on regulated exchanges. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Options are contractual agreements whereby the holder has the right, but not the obligation, to buy (call option) or sell (put option) a security, exchange rate, interest rate, or other financial instrument at a
predetermined price/rate within a specified time. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>133</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">See variable annuity dynamic hedging strategy in the &#147;Risk Management&#148; section of the Company&#146;s 2016
MD&amp;A for an explanation of the Company&#146;s dynamic hedging strategy for its variable annuity product guarantees. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Fair
value of derivatives </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The pricing models used to value OTC derivatives are based on market standard valuation methodologies and the inputs to these
models are consistent with what a market participant would use when pricing the instruments. Derivative valuations can be affected by changes in interest rates, currency exchange rates, financial indices, credit spreads, default risk (including the
counterparties to the contract), and market volatility. The significant inputs to the pricing models for most OTC derivatives are inputs that are observable or can be corroborated by observable market data and are classified as Level 2. Inputs that
are observable generally include interest rates, foreign currency exchange rates and interest rate curves. However, certain OTC derivatives may rely on inputs that are significant to the fair value that are not observable in the market or cannot be
derived principally from, or corroborated by, observable market data and these derivatives are classified as Level 3. Inputs that are unobservable generally include broker quotes, volatilities and inputs that are outside of the observable portion of
the interest rate curve or other relevant market measures. These unobservable inputs may involve significant management judgment or estimation. Even though unobservable, these inputs are based on assumptions deemed appropriate given the
circumstances and consistent with what market participants would use when pricing such instruments. The Company&#146;s use of unobservable inputs is limited and the impact on derivative fair values does not represent a material amount as evidenced
by the limited amount of Level 3 derivatives. The credit risk of both the counterparty and the Company are considered in determining the fair value for all OTC derivatives after taking into account the effects of netting agreements and collateral
arrangements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The gross notional amount and the fair value of derivative contracts by the underlying risk exposure for derivatives in qualifying hedging
and derivatives not designated in qualifying hedging relationships are summarized in the following table. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="12" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="12"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Notional<BR>amount</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Notional<BR>amount</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Type of hedge</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">Instrument type</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Assets</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Liabilities</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Assets</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Liabilities</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-TOP:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Qualifying hedge accounting relationships</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair&nbsp;value&nbsp;hedges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate swaps</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,158</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>477</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,077</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">553</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign currency swaps</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>91</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash&nbsp;flow&nbsp;hedges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign currency swaps</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,285</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>447</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">826</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">476</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forward contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>255</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">351</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>126</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>21</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">98</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total derivatives in qualifying hedge accounting relationships</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,915</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>951</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,447</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,078</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Derivatives not designated in qualifying</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>hedge accounting relationships</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate swaps</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>281,188</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>21,900</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,878</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">315,230</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22,771</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,935</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate futures</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,616</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,455</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate options</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,390</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>376</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,887</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign currency swaps</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,226</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>347</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,645</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,382</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">331</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,758</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Currency rate futures</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,729</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,746</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forward contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,411</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>340</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>644</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,393</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">520</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">241</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,989</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>669</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,251</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">438</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Credit default swaps</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>662</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">748</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity futures</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16,072</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,553</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total derivatives not designated in qualifying hedge<BR>accounting
relationships</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>366,283</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23,650</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">390,645</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24,270</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,972</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total derivatives</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;370,198</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;23,672</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;14,151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;394,092</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;24,272</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;15,050</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Fair value of derivative instruments is summarized by term to maturity in the following tables. Fair values shown do not incorporate
the impact of master netting agreements. Refer to note 10. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Term to maturity</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Less than</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1 year</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1 to 3</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">years</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3 to 5</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">years</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Over 5</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">years</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivative assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>467</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>680</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>719</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>21,806</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23,672</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivative liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>593</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>595</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>511</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,452</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="20"></TD></TR>
<TR>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="17" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Term to maturity</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Less&nbsp;than</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1
year</FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1 to 3</FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">years</FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3 to 5</FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">years</FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Over 5</FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">years</FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivative assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;362</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;689</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;593</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;22,628</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;24,272</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivative liabilities</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">298</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">676</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">632</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,444</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,050</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>134</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Remaining term to maturity (notional amounts)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Under 1</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">year</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1 to 5</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">years</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Over</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5 years</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Positive</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Negative</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Net</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Credit&nbsp;risk</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">equivalent<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Risk-<BR>weighted</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">amount<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">OTC swap contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,244</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>37,395</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>164,252</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>214,891</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,327</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(10,154</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,173</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,205</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,493</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cleared swap contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>717</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,786</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>62,952</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>68,455</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,507</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,117</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,390</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forward contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,229</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,143</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>873</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,245</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>326</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(629</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(303</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>192</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Futures</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,616</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,616</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Options purchased</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>483</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,927</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,980</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,390</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>376</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>376</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>458</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>70</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subtotal</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>33,289</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>51,251</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>234,057</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>318,597</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23,536</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(12,900</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,636</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,855</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,592</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign exchange</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Swap contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>425</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,917</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,259</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,601</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>346</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,120</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,774</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,491</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>181</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forward contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,257</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>165</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,422</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(38</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>62</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Futures</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,729</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,729</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Credit derivatives</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>47</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>615</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>662</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Swap contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,107</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>192</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,299</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>64</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(35</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>495</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>54</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Futures</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16,072</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16,072</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Options purchased</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,007</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,809</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,816</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>626</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>624</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,735</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>358</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subtotal including accrued interest</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>64,933</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>61,949</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>243,316</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>370,198</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>24,603</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(15,095</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,508</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,638</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,194</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Less accrued interest</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>931</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(944</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>64,933</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>61,949</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>243,316</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>370,198</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23,672</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(14,151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,521</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,638</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,194</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Remaining term to maturity (notional amounts)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Under 1</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">year</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1 to 5</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">years</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Over</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5 years</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Positive</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Negative</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Net</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Credit&nbsp;risk</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">equivalent<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Risk-<BR>weighted</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">amount<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">OTC swap contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14,646</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">33,625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">172,579</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">220,850</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20,006</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(10,684</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,322</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,680</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,555</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cleared swap contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,160</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22,043</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">67,255</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">96,458</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,828</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,739</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,089</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate forwards</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,145</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,851</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,695</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,691</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">503</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(212</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">291</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">252</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Futures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,455</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,455</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Options purchased</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,886</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,886</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">199</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">199</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">373</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">56</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subtotal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34,406</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">62,519</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">247,415</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">344,340</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24,536</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(13,635</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,901</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,305</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,649</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign exchange</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Swap contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">711</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,740</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,851</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,302</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">333</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,255</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,922</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,298</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">162</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forward contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,739</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">315</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,054</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(73</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">112</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Futures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,746</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,746</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Credit derivatives</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">298</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">450</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">748</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Swap contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,280</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">124</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,404</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">404</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Futures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,553</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,553</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Options purchased</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,205</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,740</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,945</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">422</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(18</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">404</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,184</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">285</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subtotal including accrued interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">68,938</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">70,888</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">254,266</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">394,092</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25,332</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(16,003</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,329</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,303</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,155</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Less accrued interest</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,060</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(953</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">107</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;68,938</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;70,888</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;254,266</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;394,092</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;24,272</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(15,050</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;9,222</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;15,303</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;2,155</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Credit risk equivalent is the sum of replacement cost and the potential future credit exposure. Replacement cost represents the current cost of replacing all
contracts with a positive fair value. The amounts take into consideration legal contracts that permit offsetting of positions. The potential future credit exposure is calculated based on a formula prescribed by OSFI. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Risk-weighted amount represents the credit risk equivalent, weighted according to the creditworthiness of the counterparty, as prescribed by OSFI.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>135</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The total notional value of $370 billion (2015 &#150; $394 billion) includes $177 billion (2015 &#150; $225 billion)
related to derivatives utilized in the Company&#146;s variable annuity guarantee dynamic hedging and macro equity risk hedging programs. As a result of the Company&#146;s variable annuity hedging practices, a large number of trades are in offsetting
positions, resulting in materially lower net fair value exposure to the Company than what the gross notional amount would suggest. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table
presents the fair value of derivative contracts categorized by hierarchy. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total fair<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Level 1</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Level 2</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Level 3</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Derivative assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22,602</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22,045</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>557</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign exchange contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>362</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>361</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>690</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>182</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>508</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Credit default swaps</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total derivative assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23,672</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22,606</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,066</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Derivative liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,984</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,114</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>870</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign exchange contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,133</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,133</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>34</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total derivative liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,248</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>903</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total fair<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Level 1</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Level 2</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Level 3</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Derivative assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23,475</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22,767</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">708</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign exchange contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">349</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">339</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">438</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">359</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Credit default swaps</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total derivative assets</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24,272</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23,195</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,077</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Derivative liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,997</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">703</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign exchange contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,309</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,309</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity contracts</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total derivative liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;15,050</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;14,323</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">727</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table presents a roll forward for net derivative contracts measured at fair value using significant unobservable
inputs (Level 3). </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance at the beginning of the year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;350</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net realized / unrealized gains (losses) included in:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>47</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(477</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">OCI<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>40</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Purchases</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>373</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Sales</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(522</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(301</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Transfers</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Into Level 3<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Out of Level 3<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(116</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Currency movement</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">96</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance at the end of the year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>163</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">350</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Change in unrealized gains (losses) on instruments still held</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>145</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(386</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These amounts are included in investment income on the Consolidated Statements of Income. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These amounts are included in AOCI on the Consolidated Statements of Financial Position. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">For items that are transferred into and out of Level 3, the Company uses the fair value of the items at the end and beginning of the period, respectively.
Transfers into Level 3 occur when the inputs used to price the assets and liabilities lack observable market data (versus the previous year). Transfers out of Level 3 occur when the inputs used to price the assets and liabilities become available
from observable market data. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>136</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Hedging relationships </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company uses derivatives for economic hedging purposes. In certain circumstances, these hedges also meet the requirements for hedge accounting. Risk management strategies eligible for hedge accounting are
designated as fair value hedges, cash flow hedges or net investment hedges, as described below. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Fair value hedges </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company uses interest rate swaps to manage its exposure to changes in the fair value of fixed rate financial instruments caused by changes in interest rates.
The Company also uses cross currency swaps to manage its exposure to foreign exchange rate fluctuations, interest rate fluctuations, or both. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The
Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges in investment income. These investment gains (losses) are shown in the following table. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Derivatives in qualifying fair value hedging relationships </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Hedged items in qualifying</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">fair value hedging</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">relationships</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains&nbsp;(losses)<BR>recognized&nbsp;on<BR>derivatives</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains&nbsp;(losses)<BR>recognized&nbsp;for<BR>hedged&nbsp;items</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Ineffectiveness<BR>recognized in<BR>investment<BR>income</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate swaps</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed rate assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(52</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>30</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed rate liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign currency swaps</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed rate assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(53</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(20</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains&nbsp;(losses)<BR>recognized&nbsp;on<BR>derivatives</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains&nbsp;(losses)<BR>recognized&nbsp;for<BR>hedged&nbsp;items</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Ineffectiveness<BR>recognized in<BR>investment<BR>income</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate swaps</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed rate assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(147</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed rate liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign currency swaps</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed rate assets</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(13</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(135</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">94</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(41</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Cash flow hedges </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company uses interest rate swaps to hedge the variability in cash flows from variable rate financial instruments and forecasted transactions. The Company also uses cross currency swaps and foreign currency
forward contracts to hedge the variability from foreign currency financial instruments and foreign currency expenses. Total return swaps are used to hedge the variability in cash flows associated with certain stock-based compensation awards.
Inflation swaps are used to reduce inflation risk generated from inflation-indexed liabilities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The effects of derivatives in cash flow hedging
relationships on the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income are shown in the following table. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Derivatives in qualifying cash flow hedging relationships </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Hedged items in qualifying</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">cash flow
hedging</FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">relationships</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<BR>deferred in<BR>AOCI on<BR>derivatives</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains&nbsp;(losses)<BR>reclassified<BR>from&nbsp;AOCI&nbsp;into<BR>investment<BR>income</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Ineffectiveness<BR>recognized in<BR>investment<BR>income</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate swaps</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forecasted liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign currency swaps</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed rate assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Floating rate liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>47</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed rate liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forward contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forecasted expenses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(14</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Stock-based compensation</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>39</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-derivative financial instrument</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forecasted expenses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (losses)<BR>deferred in<BR>AOCI on<BR>derivatives</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains&nbsp;(losses)<BR>reclassified<BR>from&nbsp;AOCI&nbsp;into<BR>investment<BR>income</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Ineffectiveness<BR>recognized in<BR>investment<BR>income</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate swaps</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forecasted liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign currency swaps</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed rate assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Floating rate liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(195</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forward contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forecasted expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity contracts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Stock-based compensation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-derivative financial instrument</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forecasted expenses</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(250</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(132</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>137</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company anticipates that net losses of approximately $31 will be reclassified from AOCI to net income within the
next 12&nbsp;months. The maximum time frame for which variable cash flows are hedged is 20 years. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Hedges of net investments in
foreign operations </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company primarily uses forward currency contracts, cross currency swaps and non-functional currency denominated debt to
manage its foreign currency exposures to net investments in foreign operations. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The effects of derivatives in net investment hedging relationships on
the Consolidated Statements of Income and the Consolidated Statements of Other Comprehensive Income are shown in the following table. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Hedging instruments in net investment hedging relationships </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains&nbsp;(losses)<BR>deferred&nbsp;in&nbsp;AOCI<BR>on derivatives</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains&nbsp;(losses)<BR>reclassified&nbsp;from<BR>AOCI into<BR>investment&nbsp;income</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Ineffectiveness<BR>recognized in<BR>investment<BR>income</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-functional currency denominated debt</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains&nbsp;(losses)<BR>deferred&nbsp;in&nbsp;AOCI<BR>on derivatives</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains&nbsp;(losses)<BR>reclassified&nbsp;from<BR>AOCI into<BR>investment&nbsp;income</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Ineffectiveness<BR>recognized in<BR>investment<BR>income</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-functional currency denominated debt</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(158</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(158</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Derivatives not designated in qualifying hedge accounting relationships </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Derivatives used in portfolios supporting insurance contract liabilities are generally not designated in qualifying hedge accounting relationships because the
change in the value of the insurance contract liabilities economically hedged by these derivatives is also recorded through net income. Given the changes in fair value of these derivatives and related hedged risks are recognized in investment income
as they occur, they generally offset the change in hedged risk to the extent the hedges are economically effective. Interest rate and cross currency swaps are used in the portfolios supporting insurance contract liabilities to manage duration and
currency risks. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The effects of derivatives not designated in qualifying hedge accounting relationships on the Consolidated Statements of Income are
shown in the following table. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Derivatives not designated in qualifying hedge accounting relationships </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment income (loss)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate swaps</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(141</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;978</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate futures</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(26</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest rate options</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(11</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign currency swaps</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(14</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(590</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Currency rate futures</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forward contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(88</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(371</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity futures</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,387</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity contracts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(171</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(194</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Credit default swaps</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(5</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,574</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(375</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(d) Embedded derivatives </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Certain insurance contracts contain features that are classified as embedded derivatives and are measured separately at FVTPL including reinsurance contracts related to guaranteed minimum income benefits and
contracts containing certain credit and interest rate features. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Certain reinsurance contracts related to guaranteed minimum income benefits are
considered to contain embedded derivatives requiring separate measurement at FVTPL as the financial component contained in the reinsurance contracts does not contain significant insurance risk. As at December&nbsp;31, 2016, reinsurance ceded
guaranteed minimum income benefits had a fair value of $1,408 (2015&nbsp;&#150;&nbsp;$1,574) and reinsurance assumed guaranteed minimum income benefits had a fair value of $119 (2015 &#150; $127). Claims recovered under reinsurance ceded contracts
offset the claims expenses and claims paid on the reinsurance assumed are reported as contract benefits. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>138</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s credit and interest rate embedded derivatives promise to pay the returns on a portfolio of assets
to the contract holder. These embedded derivatives contain a credit and interest rate risk that is a financial risk embedded in the underlying insurance contract. As at December&nbsp;31, 2016, these embedded derivatives had a fair value of $218
(2015 &#150; $170). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Other financial instruments classified as embedded derivatives but exempt from separate measurement at fair value include variable
universal life and variable life products, minimum guaranteed credited rates, no lapse guarantees, guaranteed annuitization options, CPI indexing of benefits, and segregated fund minimum guarantees other than reinsurance ceded/assumed guaranteed
minimum income benefits. These embedded derivatives are measured and reported within insurance contract liabilities and are exempt from separate fair value measurement as they contain insurance risk and/or are closely related to the insurance host
contract. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_6"></A>Note 6&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Components of the income tax expense (recovery) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Income tax recognized in the Consolidated Statements of Income: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current tax</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Current year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>659</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">615</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjustments to prior
year<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(228</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">56</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>431</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">671</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deferred tax</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Change related to temporary differences</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(222</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(293</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Effects of changes in tax rates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(50</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income tax expense</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;196</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;328</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjustments relating to closure of multiple taxation years. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Income tax recognized in Other Comprehensive Income (&#147;OCI&#148;): </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Current income tax recovery</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(72</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(139</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Deferred income tax recovery</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(104</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income tax recovery</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(97</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(243</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Income tax recognized directly in Equity: </FONT></P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Current income tax expense (recovery)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Deferred income tax recovery</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(48</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income tax expense (recovery)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The effective income tax rate reflected in the Consolidated Statements of Income varies from the Canadian tax rate of 26.75&nbsp;per
cent for the year ended December&nbsp;31, 2016 (2015 &#150;&nbsp;26.75 per cent) and the reasons are shown below. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Reconciliation of
income tax expense </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income before income taxes</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;3,329</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;2,618</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income tax expense at Canadian statutory tax rate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>890</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Increase (decrease) in income taxes due to:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Tax-exempt investment income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(229</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(231</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Differences in tax rate on income not subject to tax in Canada</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(366</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(104</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">General business tax credits</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Recovery of unrecognized tax losses of prior years</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjustments to taxes related to prior years</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Tax losses and temporary differences not recognized as deferred taxes</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other differences</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">54</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income tax expense</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>196</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">328</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Current tax receivable and payable </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">As at December&nbsp;31, 2016, the Company has approximately $446 of current tax receivable included in other assets (2015 &#150; $198) and a current tax payable of $387 included in other liabilities (2015 &#150;
$527). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>139</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Deferred tax assets and liabilities </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table presents deferred tax assets and liabilities of the Company. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December, 31</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Deferred tax assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,439</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,067</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Deferred tax liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,359</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,235</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net deferred tax assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;3,080</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;2,832</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table presents significant components of the Company&#146;s deferred tax assets and liabilities. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December 31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance<BR>January&nbsp;1,<BR>2016</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Acquired in<BR>Business<BR>combinations</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Recognized<BR>in Income<BR>Statement</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Recognized in<BR>Other<BR>Comprehensive<BR>Income</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Recognized<BR>in equity</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Translation<BR>and other</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance at<BR>December&nbsp;31,<BR>2016</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Loss carry forwards</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,493</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(515</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B> &#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(36</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>942</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Actuarial liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,448</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>244</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(116</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(205</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,366</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Pensions and post-employment benefits</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>329</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>100</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(79</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>352</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Tax credits</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>750</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>147</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>875</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Accrued interest</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>121</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(100</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,812</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>373</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>43</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,396</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Securities and other investments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(6,160</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(258</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>113</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>112</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>172</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(6,021</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Sale of investments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>37</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(163</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Goodwill and intangible assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,138</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>58</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>21</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,059</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>149</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>167</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,832</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>235</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(14</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,080</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December 31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance<BR>January 1,<BR>2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Acquired in<BR>Business<BR>combinations</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Recognized<BR>in Income<BR>Statement</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Recognized<BR>in&nbsp;Other<BR>Comprehensive<BR>Income</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Recognized<BR>in equity</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Translation<BR>and other</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance at<BR>December&nbsp;31,<BR>2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Loss carry forwards</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,662</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(472</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">301</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,493</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Actuarial liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,935</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;315</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;2,374</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">787</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,448</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Pensions and post-employment benefits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">277</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">329</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Tax credits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">535</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Accrued interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">121</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,162</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(363</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(189</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,812</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Securities and other investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4,519</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(818</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(845</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(6,160</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Sale of investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(214</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Goodwill and intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(773</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(263</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(118</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,138</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">255</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(524</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">224</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;2,101</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(48</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">343</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;104</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">48</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;284</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;2,832</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The total deferred tax assets as at December&nbsp;31, 2016 of $4,439 (2015 &#150; $4,067) include $4,403 (2015 &#150; $4,025) where
the Company has suffered losses in either the current or preceding year and where the recognition is dependent on future taxable profits in the relevant jurisdictions and feasible management actions. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As at December&nbsp;31, 2016, tax loss carryforwards available were approximately $3,556 (2015 &#150; $4,963) of which $3,386 expire between the years 2017 and 2036
while $170 have no expiry date, and capital loss carryforwards available were approximately $69&nbsp;(2015 &#150; $8) and have no expiry date. A $942 (2015 &#150; $1,493) tax benefit related to these tax loss carryforwards has been recognized as a
deferred tax asset as at December&nbsp;31, 2016, and a benefit of $139 (2015 &#150; $66) has not been recognized. In addition, the Company has approximately $1,039 (2015 &#150; $818) of tax credit carryforwards which will expire between the years
2017 and 2036 of which a benefit of $164 (2015 &#150; $68) has not been recognized. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The total deferred tax liability as at December&nbsp;31, 2016 was
$1,359 (2015 &#150; $1,235). This amount includes the deferred tax liability of consolidated entities. The aggregate amount of taxable temporary differences associated with the Company&#146;s own investments in subsidiaries is not included in the
Consolidated Financial Statements and was $6,958 (2015 &#150; $5,902). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>140</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_7"></A>Note 7&nbsp;&nbsp;&nbsp;&nbsp;Goodwill and Intangible Assets
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Carrying amounts of goodwill and intangible assets </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance,<BR>January&nbsp;1</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Additions<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>/</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Disposals<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Amortization<BR>expense</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Effect&nbsp;of&nbsp;changes<BR>in foreign<BR>exchange&nbsp;rates</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance,<BR>December&nbsp;31</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Goodwill</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,685</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>256</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>n/a</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(57</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,884</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Indefinite life intangible assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Brand</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>831</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>n/a</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(26</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>805</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fund management contracts and other<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>723</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>76</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>n/a</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(14</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>785</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,554</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>76</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>n/a</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(40</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,590</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finite life intangible assets<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Distribution networks</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>726</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>450</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>117</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,093</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Customer relationships</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>947</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>79</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>53</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>969</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Software</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>396</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>229</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>126</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>494</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>76</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>77</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,145</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>764</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>384</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;108</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,633</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total intangible assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,699</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>840</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>384</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>68</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,223</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total goodwill and intangible assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;9,384</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,096</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;384</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;10,107</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance,<BR>January&nbsp;1</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Additions<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>/</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Disposals<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Amortization<BR>expense</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Effect&nbsp;of&nbsp;changes<BR>in foreign<BR>exchange&nbsp;rates</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance,<BR>December&nbsp;31</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Goodwill</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,181</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,172</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">332</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,685</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Indefinite life intangible assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Brand</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">696</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">135</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">831</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fund management contracts and other<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">533</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">123</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">67</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">723</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,229</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">123</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">202</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,554</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finite life intangible assets<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Distribution networks</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">675</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">726</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Customer relationships</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">945</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">947</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Software</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">314</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">227</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">161</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">396</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">50</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">76</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,051</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,232</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">257</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">119</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,145</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total intangible assets</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,280</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,355</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">257</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">321</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,699</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total goodwill and intangible assets</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,461</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,527</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">257</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">653</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,384</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">For the fund management contracts, the significant CGUs to which these were allocated and their carrying values were John Hancock Investments and Retirement Plan
Services with $393 (2015 &#150; $405) and Canadian Wealth (excluding Manulife Bank of Canada) with $273 (2015 &#150; $273). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross carrying amount of finite life intangible assets was $1,363 for distribution networks, $1,142 for customer relationships, $1,581 for software and $133 for
other (2015 &#150; $999, $1,067, $1,563 and $127, respectively). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Acquisitions of Standard Chartered&#146;s MPF business in Hong Kong and Transamerica&#146;s broker-dealer business in the USA led to additions of goodwill of
$194 and $59 and intangible assets of $193 and $26, respectively. Commencement of sales through the DBS relationship led to recognition of $536 of distribution networks. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Includes impairments of distribution networks for discontinued products of $150 in the U.S. Division. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Impairment testing of goodwill </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the
fourth quarter of 2016, the Company completed its annual goodwill impairment testing by determining the recoverable amounts of its businesses using valuation techniques discussed below or based on the most recent detailed similar calculations made
in a prior period (refer to note 1(f) and 7(c)). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company has determined that there is no impairment of goodwill in 2016 and 2015. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>141</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company allocates goodwill to cash-generating units (&#147;CGU&#148;) or groups of CGUs. Factors considered when
identifying the Company&#146;s CGUs include how the Company is organized to interact with customers, how products are presented and sold, and where interdependencies exist. The carrying value of goodwill for all CGUs with goodwill balances is shown
in the table below. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">CGU or Group of CGUs</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance,<BR>January&nbsp;1</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Additions/<BR>disposals</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Effect of<BR>changes in<BR>foreign<BR>exchange<BR>rates</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance,<BR>December&nbsp;31</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia (excluding Hong Kong and Japan)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>166</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>160</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Hong Kong</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>194</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>194</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Japan Insurance and Wealth</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>404</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>403</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian Individual Life</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>155</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>155</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian Affinity Markets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>83</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>83</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian Wealth (excluding Manulife Bank)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,089</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,089</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian Group Benefits and Group Retirement Solutions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,789</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,789</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">International Group Program</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>93</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>90</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Insurance</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>378</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>59</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>428</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Investments and Retirement Plan Services</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,234</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(37</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate and Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>294</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>293</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;5,685</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;256</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(57</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;5,884</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">CGU or Group of CGUs</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance,<BR>January&nbsp;1</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Additions/<BR>disposals</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Effect of<BR>changes in<BR>foreign<BR>exchange<BR>rates</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance,<BR>December&nbsp;31</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia (excluding Hong Kong and Japan)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">143</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">166</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Japan Insurance and Wealth</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">339</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">404</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian Individual Life</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">155</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">155</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian Affinity Markets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian Wealth (excluding Manulife Bank)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">339</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,089</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian Group Benefits and Group Retirement Solutions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">826</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">963</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,789</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">International Group Program</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Insurance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">317</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">378</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Investments and Retirement Plan Services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">420</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">659</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">155</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,234</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate and Other</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">70</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">211</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">294</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,181</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;2,172</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;332</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,685</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The valuation techniques, significant assumptions and sensitivities, where applicable, applied in the goodwill impairment testing
are described below. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Valuation techniques </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The recoverable value of each CGU or group of CGUs was based on value-in-use (&#147;VIU&#148;) for the U.S. (John Hancock) based CGUs, the Canadian Individual Life CGU and the Japan Insurance and Wealth CGU. For
all other CGUs, fair value less costs to sell (&#147;FVLCS&#148;) was used. When determining if a CGU is impaired, the Company compares its recoverable amount to the allocated capital for that unit, which is aligned with the Company&#146;s internal
reporting practices. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Under the VIU approach, an embedded appraisal value is determined from a projection of future distributable earnings derived from
both the in-force business and new business expected to be sold in the future, and therefore, reflects the economic value for each CGU&#146;s or group of CGUs&#146; profit potential under a set of assumptions. This approach requires assumptions
including sales and revenue growth rates, capital requirements, interest rates, equity returns, mortality, morbidity, policyholder behaviour, tax rates and discount rates. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Under the FVLCS approach, the Company determines the fair value of the CGU or group of CGUs using an earnings-based approach which incorporated forecasted earnings, excluding interest and equity market impacts and
normalized new business expenses multiplied by an earnings multiple derived from the observable price-to-earnings multiples of comparable financial institutions. The price-to-earnings multiples used by the Company for testing ranged from 10.3 to
13.8 (2015 &#150; 9.5 to 12.9). </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(d) Significant assumptions </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">To calculate the embedded value, the Company discounted projected earnings from in-force contracts and valued 10 years of new business growing at expected plan levels, consistent with the periods used for
forecasting long-term businesses such as insurance. In arriving at its projections, the Company considered past experience, economic trends such as interest rates, equity returns and product mix as well as industry and market trends. Where growth
rate assumptions for new business cash flows were used in the embedded value calculations, they ranged from negative five per cent to 15&nbsp;per cent (2015 &#150; zero per cent to 17&nbsp;per cent). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest rate assumptions are based on prevailing market rates at the valuation date. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Tax rates applied to the projections include the impact of internal reinsurance treaties and amounted to 26.8&nbsp;per cent, 35&nbsp;per cent and 28.2&nbsp;per cent (2015 &#150; 26.8&nbsp;per cent, 35&nbsp;per cent
and 28.9&nbsp;per cent) for the Canadian, U.S. and Japan jurisdictions, respectively. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>142</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
Tax assumptions are sensitive to changes in tax laws as well as assumptions about the jurisdictions in which profits are earned. It is possible that actual tax rates could differ from those
assumed. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Discount rates assumed in determining the value-in-use for applicable CGUs or groups of CGUs ranged from nine per cent to 14&nbsp;per cent on
an after-tax basis or 11&nbsp;per cent to 15&nbsp;per cent on a pre-tax basis (2015 &#150; nine per cent to 14&nbsp;per cent on an after-tax basis or 11&nbsp;per cent to 15&nbsp;per cent on a pre-tax basis). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The key assumptions described above may change as economic and market conditions change, which may lead to impairment charges in the future. Changes in discount
rates and cash flow projections used in the determination of embedded values or reductions in market-based earnings multiples may result in impairment charges in the future which could be material. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_8"></A>Note 8&nbsp;&nbsp;&nbsp;&nbsp;Insurance Contract Liabilities and Reinsurance Assets </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Insurance contract liabilities and reinsurance assets </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Insurance contract liabilities are reported gross of reinsurance ceded and the ceded liabilities are reported separately as a reinsurance asset. Insurance contract liabilities include actuarial liabilities as well
as benefits payable, provision for unreported claims and policyholder amounts on deposit. The components of gross and net insurance contract liabilities are shown below. </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross insurance contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>284,778</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">273,228</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross benefits payable and provision for unreported claims</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,309</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,046</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross policyholder amounts on deposit</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,418</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,014</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross insurance contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>297,505</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">285,288</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reinsurance assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(34,952</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(35,426</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net insurance contract liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;262,553</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;249,862</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Net insurance contract liabilities represent the amount which, together with estimated future premiums and net investment income,
will be sufficient to pay estimated future benefits, policyholder dividends and refunds, taxes (other than income taxes) and expenses on policies in-force net of reinsurance premiums and recoveries. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Net insurance contract liabilities are determined using CALM as required by the Canadian Institute of Actuaries. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The determination of net insurance contract liabilities is based on an explicit projection of cash flows using current assumptions for each material cash flow item.
Investment returns are projected using the current asset portfolios and projected reinvestment strategies. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Each assumption is based on the best estimate
adjusted by a margin for adverse deviation. For fixed income returns, this margin is established by scenario testing a range of prescribed and company-developed scenarios consistent with Canadian Actuarial Standards of Practice. For all other
assumptions, this margin is established by directly adjusting the best estimate assumption. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Cash flows used in the net insurance contract liabilities
valuation adjust the gross policy cash flows to reflect projected cash flows from ceded reinsurance. The cash flow impact of ceded reinsurance varies depending upon the amount of reinsurance, the structure of reinsurance treaties, the expected
economic benefit from treaty cash flows and the impact of margins for adverse deviation. Gross insurance contract liabilities are determined by discounting gross policy cash flows using the same discount rate as the net CALM model discount rate.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The reinsurance asset is determined by taking the difference between the gross insurance contract liabilities and the net insurance contract
liabilities. The reinsurance asset represents the benefit derived from reinsurance arrangements in force at the date of the Consolidated Statements of Financial Position. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The period used for the projection of cash flows is the policy lifetime for most individual insurance contracts. For other types of contracts, a shorter projection period may be used, with the contract generally
ending at the earlier of the first renewal date on or after the Consolidated Statements of Financial Position date where the Company can exercise discretion in renewing its contractual obligations or terms of those obligations and the renewal or
adjustment date that maximizes the insurance contract liabilities. For segregated fund products with guarantees, the projection period is generally set as the period that leads to the largest insurance contract liability. Where the projection period
is less than the policy lifetime, insurance contract liabilities may be reduced by an allowance for acquisition expenses expected to be recovered from policy cash flows beyond the projection period used for the liabilities. Such allowances are
tested for recoverability using assumptions that are consistent with other components of the actuarial valuation. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>143</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Composition </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The composition of insurance contract liabilities and reinsurance assets by line of business and reporting segment is as follows. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Gross insurance contract liabilities </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Individual insurance</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Participating</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-<BR>participating</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Annuities<BR>and<BR>pensions</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<BR>insurance<BR>contract<BR>liabilities<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total, net of<BR>reinsurance<BR>ceded</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total<BR>reinsurance<BR>ceded</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Total,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">gross of<BR>reinsurance<BR>ceded</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia division</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29,520</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,799</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,599</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,649</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>54,567</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>880</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>55,447</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian division</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,974</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>31,790</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,620</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>73,384</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>593</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>73,977</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. division</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,419</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>56,484</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>28,529</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>40,760</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>135,192</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>33,220</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>168,412</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate and Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(833</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>62</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>181</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(590</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>259</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(331</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total, net of reinsurance ceded</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>49,913</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>106,240</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>51,810</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>54,590</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>262,553</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>34,952</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>297,505</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total reinsurance ceded</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,558</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,122</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,159</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,113</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>34,952</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total, gross of reinsurance ceded</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;63,471</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;118,362</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;59,969</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;55,703</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;297,505</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="8" BGCOLOR="#ffffff"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #1f320c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">Individual insurance</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Participating</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-<BR>participating</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Annuities<BR>and<BR>pensions</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<BR>insurance<BR>contract<BR>liabilities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)
</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total, net of<BR>reinsurance<BR>ceded</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total<BR>reinsurance<BR>ceded</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Total,</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">gross of<BR>reinsurance<BR>ceded</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia division</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27,808</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,518</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,353</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,307</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">45,986</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">866</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">46,852</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian division</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,389</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">29,283</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">21,253</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,548</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">71,473</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">263</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">71,736</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. division</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,743</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">53,637</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30,080</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39,446</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">132,906</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">33,993</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">166,899</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate and Other</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(795</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">74</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">218</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(503</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">304</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(199</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total, net of reinsurance ceded</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">47,940</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">94,643</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">54,760</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">52,519</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">249,862</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35,426</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">285,288</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total reinsurance ceded</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,125</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,963</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,226</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,112</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35,426</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total, gross of reinsurance ceded</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">63,065</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">105,606</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">62,986</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">53,631</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">285,288</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Other insurance contract liabilities include group insurance and individual and group health including long-term care insurance. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Separate sub-accounts were established for participating policies in-force at the demutualization of MLI and John Hancock Life Insurance Company. These
sub-accounts permit this participating business to be operated as separate &#147;closed blocks&#148; of participating policies. As at December&nbsp;31, 2016, assets and insurance contract liabilities related to these closed blocks of participating
policies were $29,108 (2015 &#150; $29,588). </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Assets backing insurance contract liabilities, other liabilities and capital
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Assets are segmented and matched to liabilities with similar underlying characteristics by product line and major currency. The Company has
established target investment strategies and asset mixes for each asset segment supporting insurance contract liabilities which take into account the risk attributes of the liabilities supported by the assets and expectations of market performance.
Liabilities with rate and term guarantees are predominantly backed by fixed-rate instruments on a cash flow matching basis for a targeted duration horizon. Longer duration cash flows on these liabilities as well as on adjustable products such as
participating life insurance are backed by a broader range of asset classes, including equity and alternative long-duration investments. The Company&#146;s capital is invested in a range of debt and equity investments, both public and private.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Changes in the fair value of assets backing net insurance contract liabilities, that the Company considers to be other than temporary, would have a
limited impact on the Company&#146;s net income wherever there is an effective matching of assets and liabilities, as these changes would be substantially offset by corresponding changes in value of actuarial liabilities. The fair value of assets
backing net insurance contract liabilities as at December&nbsp;31, 2016, excluding reinsurance assets, was estimated at $266,119 (2015 &#150; $252,961). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The fair value of assets backing capital and other liabilities as at December&nbsp;31, 2016 was estimated at $459,256 (2015 &#150; $453,887). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>144</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The carrying value of total assets backing net insurance contract liabilities, other liabilities and capital was as
follows. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Individual insurance</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Participating</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-<BR>participating</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Annuities<BR>and pensions</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Other insurance<BR>contract<BR>liabilities<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<BR>liabilities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>
</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Capital<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>

<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27,473</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>56,765</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>26,331</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23,012</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,965</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25,076</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>168,622</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Public equities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,055</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,401</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>213</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>351</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>732</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,744</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,496</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,110</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,008</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,135</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,554</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,311</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>75</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>44,193</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,277</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,823</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,096</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,070</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,272</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>191</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29,729</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,811</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,397</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,480</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,561</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>613</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>270</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,132</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,187</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16,846</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,555</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16,042</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>377,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,879</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>444,509</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;49,913</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;106,240</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;51,810</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;54,590</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;407,893</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;50,235</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;720,681</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="8" BGCOLOR="#ffffff"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #1f320c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">Individual insurance</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Participating</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-<BR>participating</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Annuities<BR>and pensions</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Other
insurance<BR>contract<BR>liabilities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<BR>liabilities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Capital<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26,180</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">49,111</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28,180</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23,988</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,766</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">21,602</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">157,827</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Public equities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,454</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,897</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">794</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">366</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">769</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,703</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,983</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,219</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,209</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,166</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18,530</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43,818</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,253</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,816</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,322</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,758</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,210</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">219</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27,578</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,022</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,068</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,917</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,361</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">693</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,286</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,347</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,812</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,542</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,381</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14,446</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">373,144</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22,993</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">441,318</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">47,940</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">94,643</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">54,760</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">52,519</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">403,112</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">49,897</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">702,871</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Other insurance contract liabilities include group insurance and individual and group health including long-term care insurance. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Other liabilities are non-insurance contract liabilities which include segregated funds, bank deposits, long-term debt, deferred tax liabilities, derivatives,
investment contracts, non-exempt embedded derivatives and other miscellaneous liabilities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Capital is defined in note 14. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(d) Significant insurance contract liability valuation assumptions </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The determination of insurance contract liabilities involves the use of estimates and assumptions. Insurance contract liabilities have two major components: a best estimate amount and a provision for adverse
deviation. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Best estimate assumptions </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Best estimate assumptions are made with respect to mortality and morbidity, investment returns, rates of policy termination, operating expenses and certain taxes. Actual experience is monitored to ensure that
assumptions remain appropriate and assumptions are changed as warranted. Assumptions are discussed in more detail in the following table. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="42%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8px" BGCOLOR="#e8eae6">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000" BGCOLOR="#e8eae6">&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px" BGCOLOR="#e8eae6"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Nature of factor and assumption
methodology</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e8eae6" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px" BGCOLOR="#e8eae6"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Risk management</B></FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px" BGCOLOR="#e8eae6"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Mortality</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>and</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>morbidity</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortality relates to the occurrence of death. Mortality is a key assumption for life insurance and certain
forms of annuities. Mortality assumptions are based on the Company&#146;s internal experience as well as past and emerging industry experience. Assumptions are differentiated by sex, underwriting class, policy type and geographic market. Assumptions
are made for future mortality improvements.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Morbidity relates to the occurrence of
accidents and sickness for insured risks. Morbidity is a key assumption for long-term care insurance, disability insurance, critical illness and other forms of individual and group health benefits. Morbidity assumptions are based on the
Company&#146;s internal experience as well as past and emerging industry experience and are established for each type of morbidity risk and geographic market. Assumptions are made for future morbidity improvements.</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company maintains underwriting standards to
determine the insurability of applicants. Claim trends are monitored on an ongoing basis. Exposure to large claims is managed by establishing policy retention limits, which vary by market and geographic location. Policies in excess of the limits are
reinsured with other companies.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortality is monitored monthly and the overall 2016
experience was unfavourable (2015 &#150; unfavourable) when compared to the Company&#146;s assumptions. Morbidity is also monitored monthly and the overall 2016 experience was unfavourable (2015 &#150; unfavourable) when compared to the
Company&#146;s assumptions.</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>145</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="42%"></TD></TR>

<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8px" BGCOLOR="#e8eae6">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000" BGCOLOR="#e8eae6">&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px" BGCOLOR="#e8eae6"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Nature of factor and assumption
methodology</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e8eae6" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px" BGCOLOR="#e8eae6"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Risk management</B></FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px" BGCOLOR="#e8eae6"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Investment
returns</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company segments assets to support liabilities by business segment and geographic market and
establishes investment strategies for each liability segment. Projected cash flows from these assets are combined with projected cash flows from future asset purchases/sales to determine expected rates of return on these assets for future years.
Investment strategies are based on the target investment policies for each segment and the reinvestment returns are derived from current and projected market rates for fixed income investments and a projected outlook for other alternative
long-duration assets.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment return assumptions include expected future asset
credit losses on fixed income investments. Credit losses are projected based on past experience of the Company and industry as well as specific reviews of the current investment portfolio.</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment return assumptions for each asset class and geographic market also incorporate
expected investment management expenses that are derived from internal cost studies. The costs are attributed to each asset class to develop unitized assumptions per dollar of asset for each asset class and geographic market.</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company&#146;s policy of closely matching asset
cash flows with those of the corresponding liabilities is designed to mitigate the Company&#146;s exposure to future changes in interest rates. The interest rate risk positions in business segments are monitored on an ongoing basis. Under CALM, the
reinvestment rate is developed using interest rate scenario testing and reflects the interest rate risk positions.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">In 2016, the movement in interest rates negatively (2015 &#150; positively) impacted the Company&#146;s net income. This negative impact was driven by reductions in corporate spreads and the impact of risk free
interest rate movements on policy liabilities partially offset by reductions in swap spreads.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The exposure to credit losses is managed against policies that limit concentrations by issuer, corporate connections, ratings, sectors and geographic regions. On participating policies and some non-participating
policies, credit loss experience is passed back to policyholders through the investment return crediting formula. For other policies, premiums and benefits reflect the Company&#146;s assumed level of future credit losses at contract inception or
most recent contract adjustment date. The Company holds explicit provisions in actuarial liabilities for credit risk including provisions for adverse deviation.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In 2016, credit loss experience on debt securities and mortgages was favourable (2015 &#150; favourable) when compared to the Company&#146;s assumptions.</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Equities, real estate and other alternative long-duration assets are used to support
liabilities where investment return experience is passed back to policyholders through dividends or credited investment return adjustments. Equities, real estate, oil and gas and other alternative long-duration assets are also used to support
long-dated obligations in the Company&#146;s annuity and pension businesses and for long-dated insurance obligations on contracts where the investment return risk is borne by the Company.</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In 2016, investment experience on alternative long-duration assets backing policyholder
liabilities was unfavourable (2015&nbsp;&#150; unfavourable) primarily due to losses on real estate, oil and gas properties and timber and agriculture properties, partially offset by gains on private equities. In 2016, alternative long-duration
asset origination exceeded (2015 &#150; exceeded) valuation requirements.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In 2016,
for the business that is dynamically hedged, segregated fund guarantee experience on residual, non-dynamically hedged market risks was unfavourable (2015 &#150; unfavourable). For the business that is not dynamically hedged, experience on segregated
fund guarantees due to changes in the market value of assets under management was also unfavourable (2015 &#150; unfavourable). This excludes the experience on the macro equity hedges.</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">In 2016, investment expense experience was favourable (2015&nbsp;&#150; favourable) when
compared to the Company&#146;s assumptions.</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>146</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="42%"></TD></TR>

<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8px" BGCOLOR="#e8eae6">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000" BGCOLOR="#e8eae6">&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px" BGCOLOR="#e8eae6"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Nature of factor and assumption
methodology</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e8eae6" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px" BGCOLOR="#e8eae6"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Risk management</B></FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px" BGCOLOR="#e8eae6"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Policyholder</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>behaviour</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Policies are terminated through lapses and surrenders, where lapses represent the termination of policies due to non-payment of premiums and surrenders
represent the voluntary termination of policies by policyholders. Premium persistency represents the level of ongoing deposits on contracts where there is policyholder discretion as to the amount and timing of deposits. Policy termination and
premium persistency assumptions are primarily based on the Company&#146;s recent experience adjusted for expected future conditions. Assumptions reflect differences by type of contract within each geographic market.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company seeks to design products that minimize
financial exposure to lapse, surrender and other policyholder behaviour risk. The Company monitors lapse, surrender and other policyholder behaviour experience.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">In aggregate, 2016 policyholder behaviour experience was unfavourable (2015 &#150; unfavourable) when compared to the Company&#146;s assumptions used in the
computation of actuarial liabilities.</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px" BGCOLOR="#e8eae6"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Expenses and
taxes</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Operating expense assumptions reflect the projected costs of maintaining and servicing in-force policies,
including associated overhead expenses. The expenses are derived from internal cost studies projected into the future with an allowance for inflation. For some developing businesses, there is an expectation that unit costs will decline as these
businesses grow.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Taxes reflect assumptions for future premium taxes and other
non-income related taxes. For income taxes, policy liabilities are adjusted only for temporary tax timing and permanent tax rate differences on the cash flows available to satisfy policy obligations.</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company prices its products to cover the expected
costs of servicing and maintaining them. In addition, the Company monitors expenses monthly, including comparisons of actual expenses to expense levels allowed for in pricing and valuation.</FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Maintenance expenses for 2016 were unfavourable (2015 &#150; unfavourable) when compared to the
Company&#146;s assumptions used in the computation of actuarial liabilities.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">The
Company prices its products to cover the expected cost of taxes.</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px" BGCOLOR="#e8eae6"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Policyholder dividends,
experience rating refunds, and other adjustable policy elements</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">The best estimate projections for policyholder dividends and experience rating refunds, and other adjustable elements of policy benefits are determined
to be consistent with management&#146;s expectation of how these elements will be managed should experience emerge consistently with the best estimate assumptions used for mortality and morbidity, investment returns, rates of policy termination,
operating expenses and taxes.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company monitors policy experience and adjusts
policy benefits and other adjustable elements to reflect this experience.</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Policyholder dividends are reviewed annually for all businesses under a framework of Board-approved policyholder dividend policies.</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px" BGCOLOR="#e8eae6"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Foreign<BR>currency</B></FONT></TD>

<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign currency risk results from a mismatch of the currency of liabilities and the currency of the assets designated to support these obligations.
Where a currency mismatch exists, the assumed rate of return on the assets supporting the liabilities is reduced to reflect the potential for adverse movements in foreign exchange rates.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company generally matches the currency of its assets with the currency of the liabilities they
support, with the objective of mitigating the risk of loss arising from movements in currency exchange rates.</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s practice is to review actuarial assumptions on an annual basis as part of its review of methods and assumptions.
Where changes are made to assumptions (refer to note 8(h)), the full impact is recognized in income immediately. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(e) Sensitivity of
insurance contract liabilities to changes in non-economic assumptions </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The sensitivity of net income attributed to shareholders to changes in
non-economic assumptions underlying policy liabilities is shown below, assuming that there is a simultaneous change in the assumption across all business units. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In practice, experience for each assumption will frequently vary by geographic market and business and assumption updates are made on a business/geographic specific basis. Actual results can differ materially from
these estimates for a variety of reasons including the interaction among these factors when more than one changes; changes in actuarial and investment return and future investment activity assumptions; changes in business mix, effective tax rates
and other market factors; and the general limitations of internal models. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>147</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Potential impact on net income attributed to shareholders arising from changes
to non-economic assumptions<FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT> </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Decrease in net income<BR>attributable to shareholders</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Policy related assumptions</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">2% adverse change in future mortality
rates<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2),(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Products where an increase in rates increases insurance contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(400</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Products where a decrease in rates increases insurance contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(500</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">5% adverse change in future morbidity
rates<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3),(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(3,700</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(3,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">10% adverse change in future termination
rates<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,900</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">5% increase in future expense levels</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(500</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(400</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The participating policy funds are largely self-supporting and generate no material impact on net income attributed to shareholders as a result of changes in
non-economic assumptions. Experience gains or losses would generally result in changes to future dividends, with no direct impact to shareholders. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">An increase in mortality rates will generally increase policy liabilities for life insurance contracts whereas a decrease in mortality rates will generally
increase policy liabilities for policies with longevity risk such as payout annuities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">No amounts related to morbidity risk are included for policies where the policy liability provides only for claims costs expected over a short period, generally
less than one year, such as Group Life and Health. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The impacts of the sensitivities on long-term care for morbidity, mortality and lapse are assumed to be moderated by partial offsets from the Company&#146;s
ability to contractually raise premium rates in such events, subject to state regulatory approval. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(f) Provision
for adverse deviation assumptions </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The assumptions made in establishing insurance contract liabilities reflect expected best estimates of future
experience. To recognize the uncertainty in these best estimate assumptions, to allow for possible mis-estimation of and deterioration in experience and to provide a greater degree of assurance that the insurance contract liabilities are adequate to
pay future benefits, the Appointed Actuary is required to include a margin in each assumption. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Margins are released into future earnings as the policy
is released from risk. Margins for interest rate risk are included by testing a number of scenarios of future interest rates. The margin can be established by testing a limited number of scenarios, some of which are prescribed by the Canadian
Actuarial Standards of Practice, and determining the liability based on the worst outcome. Alternatively the margin can be set by testing many scenarios, which are developed according to actuarial guidance. Under this approach the liability would be
the average of the outcomes above a percentile in the range prescribed by the Canadian Actuarial Standards of Practice. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Specific guidance is also
provided for other risks such as market, credit, mortality and morbidity risks. For other risks which are not specifically addressed by the Canadian Institute of Actuaries, a range is provided of five per cent to 20&nbsp;per cent of the expected
experience assumption. The Company uses assumptions within the permissible ranges, with the determination of the level set taking into account the risk profile of the business. On occasion, in specific circumstances for additional prudence, a margin
may exceed the high end of the range, which is permissible under the Canadian Actuarial Standards of Practice. This additional margin would be released if the specific circumstances which led to it being established were to change. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Each margin is reviewed annually for continued appropriateness. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>148</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(g) Change in insurance contract liabilities </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The change in insurance contract liabilities was a result of the following business activities and changes in actuarial estimates. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Net&nbsp;actuarial<BR>liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<BR>insurance<BR>contract<BR>liabilities&nbsp;<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Net<BR>insurance<BR>contract<BR>liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Reinsurance<BR>assets</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross<BR>insurance<BR>contract<BR>liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, January&nbsp;1</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>239,812</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,050</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>249,862</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>35,426</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>285,288</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-3.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">New policies<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,617</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,617</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>294</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,911</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-3.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Normal in-force movement<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,579</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,094</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,673</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(405</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,268</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-3.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in methods and assumptions<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>709</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(54</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>655</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>699</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,354</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of changes in foreign exchange rates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4,979</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(275</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(5,254</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,062</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(6,316</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>251,738</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,815</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>262,553</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>34,952</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>297,505</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Net&nbsp;actuarial<BR>liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<BR>insurance<BR>contract<BR>liabilities&nbsp;<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Net<BR>insurance<BR>contract<BR>liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Reinsurance<BR>assets</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross<BR>insurance<BR>contract<BR>liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, January&nbsp;1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">200,206</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,264</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">209,470</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18,525</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">227,995</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Acquisitions and divestitures<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,897</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(861</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,036</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,691</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,727</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-3.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">New policies<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,205</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,205</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">196</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,401</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-3.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Normal in-force movement<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,505</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">231</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,736</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(485</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,251</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-3.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in methods and assumptions<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">582</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">558</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(380</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">178</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of changes in foreign exchange rates</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27,417</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,440</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28,857</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,879</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">32,736</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;239,812</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;10,050</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;249,862</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;35,426</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;285,288</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Other insurance contract liabilities are comprised of benefits payable and provision for unreported claims and policyholder amounts on deposit.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">In 2016 the $18,014 increase reported as the change in insurance contract liabilities on the Consolidated Statements of Income primarily consists of changes due
to normal in-force movement, new policies and changes in methods and assumptions. These three items in the gross insurance contract liabilities column of this table net to an increase of $18,533, of which $17,529 is included in the Consolidated
Statements of Income increase in insurance contract liabilities and $1,004 is included in gross claims and benefits. The Consolidated Statements of Income change in insurance contract liabilities also includes the change in embedded derivatives
associated with insurance contracts. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">In 2015 the Company acquired the Canadian-based operations of Standard Life and in the USA, NYL assumed 60% of the Company&#146;s in-force participating life
insurance closed block through net 60% reinsurance agreements. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">In 2015 the $7,452 increase reported as the change in insurance contract liabilities on the Consolidated Statements of Income primarily consists of changes due
to normal in-force movement, new policies and changes in methods and assumptions. These three items in the gross insurance contract liabilities column of this table net to an increase of $7,830, of which $7,408 is included in the Consolidated
Statements of Income increase in insurance contract liabilities, $439 is included in gross claims and benefits and $(17) is related to Life Retrocession insurance contract liabilities sold through a reinsurance agreement in 2011 and is offset in the
change in reinsurance assets. The Consolidated Statements of Income change in insurance contract liabilities also includes the change in embedded derivatives associated with insurance contracts. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(h) Actuarial methods and assumptions </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A
comprehensive review of valuation assumptions and methods is performed annually. The review is designed to reduce the Company&#146;s exposure to uncertainty by ensuring assumptions for both asset related and liability related risks remain
appropriate. This is accomplished by monitoring experience and updating assumptions which represent a best estimate view of future experience, and margins that are appropriate for the risks assumed. While the assumptions selected represent the
Company&#146;s current best estimates and assessment of risk, the ongoing monitoring of experience and the economic environment is likely to result in future changes to the valuation assumptions, which could be material. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Annual Review 2016 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The 2016 full year
review of actuarial methods and assumptions resulted in an increase in insurance and investment contract liabilities of $655, net of reinsurance, and a decrease in net income attributed to shareholders of $453 post-tax. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Change&nbsp;in&nbsp;gross<BR>insurance and<BR>investment<BR>contract&nbsp;liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Change&nbsp;in&nbsp;net<BR>insurance and<BR>investment<BR>contract&nbsp;liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Change&nbsp;in&nbsp;net<BR>income&nbsp;attributed<BR>to&nbsp;shareholders</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="white-space:nowrap">(post-tax)</FONT></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">JH Long Term Care triennial review</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>696</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>696</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(452</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortality and morbidity updates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(12</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(53</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>76</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Lapses and policyholder behaviour</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. Variable Annuities guaranteed minimum withdrawal benefit<BR>incidence and utilization</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,024</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,024</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>665</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other lapses and policyholder behaviour</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>516</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>431</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(356</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Economic reinvestment assumptions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>459</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>443</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(313</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other updates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>719</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>162</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net impact</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;1,354</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;655</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;(453</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>149</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>JH Long Term Care triennial review </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">U.S. Insurance completed a comprehensive long-term care experience study in 2016. This included a review of mortality, morbidity and lapse experience, as well as the reserve for in-force rate increases filed as a
result of the 2013 review. In addition, the Company implemented refinements to the modelling of future tax cash flows for long-term care. The net impact of the review was a $452&nbsp;charge to net income attributed to shareholders. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Expected future claims costs increased primarily due to claims periods being longer than expected in policy liabilities, and a reduction in lapse and mortality
rates. This increase in expected future claims costs was partially offset by a number of items, including expected future premium increases resulting from this year&#146;s review and a decrease in the margin for adverse deviations related to the
rate of inflation embedded in the Company&#146;s benefit utilization assumptions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The review of premium increases assumed in the insurance contract
liabilities resulted in a benefit to earnings of $1.0 billion; this includes future premium increases that are due to the 2016 review of morbidity, mortality and lapse assumptions, and outstanding amounts from the Company&#146;s 2013 state filings.
Premium increases averaging approximately 20 per cent will be sought on the vast majority of the in-force business, excluding the carryover of 2013 amounts requested. The Company&#146;s assumptions reflect the estimated timing and amount of state
approved premium increases. The actual experience obtaining price increases could be materially different than the Company has assumed, resulting in further increases or decreases in policy liabilities which could be material. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Mortality and morbidity updates </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Mortality
and morbidity assumptions were updated across several business units to reflect recent experience, including updates to morbidity assumptions for certain medical insurance products in Japan, leading to a $76 benefit to net income attributed to
shareholders. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Updates to lapses and policyholder behaviour </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">U.S. Variable Annuities guaranteed minimum withdrawal benefit incidence and utilization assumptions were updated to reflect recent experience which led to a $665 benefit to net income attributed to shareholders.
The Company updated its incidence assumptions to reflect the favourable impact of policyholders taking withdrawals later than expected. This was partially offset by an increase in the Company&#146;s utilization assumptions. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In Japan, lapse rates for term life insurance products were increased at certain durations which led to a $228 charge to net income attributed to shareholders.
Other updates to lapse and policyholder behavior assumptions were made across several product lines, including term products in Canada, which led to a $128 charge to net income attributed to shareholders. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Updates to economic reinvestment assumptions </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company updated economic reinvestment assumptions for risk free rates used in the valuation of policy liabilities which resulted in a $313 charge to net income
attributed to shareholders. These updates included a ten basis point reduction in the Company&#146;s ultimate reinvestment rate (&#147;URR&#148;) assumptions and a commensurate change in the calibration criteria for stochastic risk free rates. These
updates reflect the fact that interest rates are lower than they were when the current prescribed URR and calibration criteria for stochastic risk free rates were promulgated by the Actuarial Standards Board (&#147;ASB&#148;) in 2014. The ASB has
indicated that it will update the promulgation periodically, when necessary. The Company expects the promulgation to be updated in 2017 and, if required, it will make further updates to its economic reinvestment assumptions at that time. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Other updates </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Other model refinements
related to the projection of both asset and liability cash flows across several business units led to a $73&nbsp;charge to net income attributed to shareholders. This included a charge due to refinements to the Company&#146;s CALM models and
assumptions offset by a benefit due to refinements to the modelling of future tax cash flows for certain assets in the U.S. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>2015
review </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2015, the completion of the annual review of actuarial methods and assumptions resulted in an increase in insurance and investment
contract liabilities of $558 net of reinsurance and a decrease in net income attributed to shareholders of $451. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Change&nbsp;in&nbsp;gross<BR>insurance and<BR>investment<BR>contract liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Change&nbsp;in&nbsp;net<BR>insurance and<BR>investment<BR>contract liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Change&nbsp;in<BR>net&nbsp;income<BR>attributed&nbsp;to<BR>shareholders<BR>(post-tax)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-3.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortality and morbidity updates</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(191</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(146</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;168</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-3.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Lapses and policyholder behaviour</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">953</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">571</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(446</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other updates</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(584</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">133</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(173</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net impact</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;178</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;558</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(451</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>150</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Updates to mortality and morbidity </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Assumptions were updated across several business units to reflect recent experience. In Japan, a reduction to the margin for adverse deviations applied to the best estimate morbidity assumptions for certain medical
insurance products resulted in a $237 increase in net income attributed to shareholders. The reduction in this margin is a result of emerging experience being aligned with expectations leading to a decrease in the level of conservatism required for
this assumption. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Other mortality and morbidity updates led to a $69 decrease in net income attributed to shareholders. This included a refinement to the
modelling of mortality improvement on a portion of the Canadian retail insurance business that led to an increase in net income attributed to shareholders. This was more than offset by a review of the Company mortality assumption for some of the JH
Annuities business and a number of other updates across several business units. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Updates to lapses and policyholder behaviour
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Lapse rates were updated across several business units to reflect recent experience. Lapse rates for JH universal life and variable universal life
products were updated which led to a net $235 decrease in net income attributed to shareholders. Lapse rates for low cost universal life products were reduced which led to a decrease in net income attributed to shareholders; this was partially
offset by a reduction in lapse rates for the variable universal life products which led to an increase in net income attributed to shareholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Other
updates to lapse and policyholder behaviour assumptions were made across several product lines including term and whole life insurance products in Japan, which led to a $211 decrease in net income attributed to shareholders. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Other updates </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company implemented a
refinement to the modelling of asset and liability cash flows associated with inflation linked benefit options in the Long Term Care business, which led to a $264 increase in net income attributed to shareholders. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company implemented a refinement to the projection of the term policy conversion options in Canadian retail insurance which led to a $200 decrease in net income
attributed to shareholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Other model refinements related to the projection of both asset and liability cash flows across several business units led
to a $237&nbsp;decrease in net income attributed to shareholders. This included several items such as refinements to the modelling of reinsurance contracts in North America, updates to the future investment expense assumptions, updates to the future
ALDA investment return assumptions and updates to certain future expense assumptions in JH Insurance. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(i) Insurance contracts
contractual obligations </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Insurance contracts give rise to obligations fixed by agreement. As at December&nbsp;31, 2016, the Company&#146;s
contractual obligations and commitments relating to insurance contracts are as follows. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Payments due by period</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Less&nbsp;than<BR>1 year</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1 to 3</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">years</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3 to 5</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">years</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Over 5<BR>years</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance contract
liabilities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;9,913</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;13,490</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;18,071</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;687,753</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;729,227</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance contract liability cash flows include estimates related to the timing and payment of death and disability claims, policy surrenders, policy maturities,
annuity payments, minimum guarantees on segregated fund products, policyholder dividends, commissions and premium taxes offset by contractual future premiums on in-force contracts. These estimated cash flows are based on the best estimate
assumptions used in the determination of insurance contract liabilities. These amounts are undiscounted and reflect recoveries from reinsurance agreements. Due to the use of assumptions, actual cash flows may differ from these estimates. Cash flows
include embedded derivatives measured separately at fair value. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(j) Gross claims and benefits </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table presents a breakdown of gross claims and benefits. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Death, disability and other claims</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;13,820</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,130</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Maturity and surrender benefits</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,697</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,195</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Annuity payments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,310</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,211</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Policyholder dividends and experience rating refunds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,111</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net transfers from segregated funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(879</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(881</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;25,059</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;23,761</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_9"></A>Note 9&nbsp;&nbsp;&nbsp;&nbsp;Investment Contract Liabilities </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment contract liabilities are contractual obligations made by the Company that do not contain significant insurance risk and are measured either at fair value
or at amortized cost. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Investment contract liabilities measured at fair value </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment contract liabilities measured at fair value comprise certain investment savings and pension products sold primarily in Hong&nbsp;Kong and China. The
carrying value of investment contract liabilities measured at fair value as at December&nbsp;31, 2016 was $631&nbsp;(2015 &#150; $785). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>151</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The change in investment contract liabilities measured at fair value was a result of the following. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, January&nbsp;1</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;785</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;680</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">New policies</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>53</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in market conditions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(103</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Redemptions, surrenders and maturities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(83</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(166</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of changes in foreign exchange rates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(21</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">129</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>631</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">785</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Investment contract liabilities measured at amortized cost </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment contract liabilities measured at amortized cost comprise several fixed annuity products sold in Canada and the U.S. fixed annuity products considered
investment contracts are those that provide guaranteed income payments for a contractually determined period of time and are not contingent on survivorship. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Investment contract liabilities measured at amortized cost are shown below. The fair value associated with these contracts is also shown for comparative purposes. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="8" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Amortized</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">cost</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Amortized</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">cost</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. fixed annuity products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,412</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,516</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,488</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,542</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian fixed annuity products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,232</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,389</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,224</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,290</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Investment contract liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,644</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,905</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,712</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,832</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The change in investment contract liabilities measured at amortized cost was a result of the following business activities.
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, January&nbsp;1</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,712</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,964</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Acquisitions and divestitures<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">943</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">New policy deposits</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>112</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>100</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">121</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Withdrawals</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(235</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(520</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fees</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(127</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of changes in foreign exchange rates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(45</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">268</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;2,644</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;2,712</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">In 2015 the Company acquired the Canadian-based operations of Standard Life. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The carrying value of fixed annuity products is amortized at a rate that exactly discounts the projected actual cash flows to the net carrying amount of the liability at the date of issue. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The fair value of fixed annuity products is determined by projecting cash flows according to the contract terms and discounting the cash flows at current market
rates adjusted for the Company&#146;s own credit standing. All investment contracts were categorized in Level&nbsp;2 of the fair value hierarchy (2015 &#150; Level 2). </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Investment contracts contractual obligations </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment contracts give rise to obligations
fixed by agreement. As at December&nbsp;31, 2016, the Company&#146;s contractual obligations and commitments relating to investment contracts are as follows. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Payments due by period</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Less than<BR>1 year</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">1 to<BR>3&nbsp;years</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3 to</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5&nbsp;years</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Over<BR>5&nbsp;years</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment contract
liabilities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;301</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;558</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;519</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;4,197</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;5,575</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Due to the nature of the products, the timing of net cash flows may be before contract maturity. Cash flows are undiscounted. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_10"></A>Note 10&nbsp;&nbsp;&nbsp;&nbsp;Risk Management </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s policies and procedures for managing risk related to financial instruments can be found in the &#147;Risk Management&#148; section of the Company&#146;s MD&amp;A for the year ended
December&nbsp;31, 2016. Specifically, these disclosures are included in &#147;Market Risk&#148; and &#147;Liquidity Risk&#148; in this section. These disclosures are in accordance with IFRS 7 &#147;Financial Instruments: Disclosures&#148; and
therefore, only the shaded text and tables form an integral part of these Consolidated Financial Statements. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Credit risk
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Credit risk is the risk of loss due to the inability or unwillingness of a borrower, or counterparty, to fulfill its payment obligations. Worsening
regional and global economic conditions could result in defaults or downgrades and could lead to increased provisions or impairments related to the Company&#146;s general fund invested assets, derivative financial instruments and reinsurance and an
increase in provisions for future credit impairments to be included in actuarial liabilities. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>152</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s exposure to credit risk is managed through risk management policies and procedures which include a
defined credit evaluation and adjudication process, delegated credit approval authorities and established exposure limits by borrower, corporate connection, credit rating, industry and geographic region. The Company measures derivative counterparty
exposure as net potential credit exposure, which takes into consideration mark-to-market values of all transactions with each counterparty, net of any collateral held, and an allowance to reflect future potential exposure. Reinsurance counterparty
exposure is measured reflecting the level of ceded liabilities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company also ensures where warranted, that mortgages, private placements and loans
to Bank clients are secured by collateral, the nature of which depends on the credit risk of the counterparty. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">An allowance for losses on loans is
established when a loan becomes impaired. Allowances for loan losses are calculated to reduce the carrying value of the loans to estimated net realizable value. The establishment of such allowances takes into consideration normal historical credit
loss levels and future expectations, with an allowance for adverse deviations. In addition, policy liabilities include general provisions for credit losses from future asset impairments. Impairments are identified through regular monitoring of all
credit related exposures, considering such information as general market conditions, industry and borrower specific credit events and any other relevant trends or conditions. Allowances for losses on reinsurance contracts are established when a
reinsurance counterparty becomes unable or unwilling to fulfill its contractual obligations. The allowance for loss is based on current recoverable amounts and ceded policy liabilities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Credit risk associated with derivative counterparties is discussed in note 10(d) and credit risk associated with reinsurance counterparties is discussed in note 10(i). </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Credit exposure </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table
outlines the gross carrying amount of financial instruments subject to credit exposure, without taking into account any collateral held or other credit enhancements. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">FVTPL</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;140,890</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;133,890</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">AFS</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27,732</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23,937</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>44,193</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43,818</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29,729</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27,578</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Policy loans</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,041</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,912</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Loans to Bank clients</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,745</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,778</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivative assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23,672</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24,272</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Accrued investment income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,260</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,264</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reinsurance assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>34,952</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35,426</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other financial assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,844</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,044</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;316,058</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;302,919</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Credit quality </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The credit quality of commercial mortgages and private placements is assessed at least annually by using an internal rating based on regular monitoring of credit related exposures, considering both qualitative and
quantitative factors. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A provision is recorded when internal risk ratings indicate that a loss represents the most likely outcome. The assets are
designated as non-accrual and an allowance is established based on an analysis of the security and repayment sources. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table summarizes the
credit quality and carrying value of commercial mortgages and private placements. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">AAA</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">AA</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">A</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">BBB</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">BB</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">B&nbsp;and&nbsp;lower</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Commercial mortgages</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Retail</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>97</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,620</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,391</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,085</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Office</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>68</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,255</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,972</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,938</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>55</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>36</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,324</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Multi-family residential</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>656</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,362</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,944</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>844</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,806</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Industrial</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>360</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,452</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>831</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>169</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,834</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>428</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>261</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,323</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>493</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>60</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,565</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total commercial mortgages</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,271</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,858</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,082</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,191</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>284</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>43</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25,729</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Agricultural mortgages</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>61</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>469</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>141</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>822</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,086</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,466</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,672</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,605</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>936</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>964</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29,729</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;2,357</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;9,475</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;23,815</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;18,265</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,361</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,007</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;56,280</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">AAA</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">AA</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">A</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">BBB</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">BB</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">B&nbsp;and&nbsp;lower</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Commercial mortgages</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Retail</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">109</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,307</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,419</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,135</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,985</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Office</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">112</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">944</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,301</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,444</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">286</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,137</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Multi-family residential</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">862</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,227</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,630</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">905</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,624</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Industrial</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">303</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,213</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,262</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,831</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">487</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">270</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,083</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">870</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">70</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,780</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total commercial mortgages</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,600</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,051</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,646</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,616</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">389</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">55</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25,357</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Agricultural mortgages</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">230</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">540</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">168</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">938</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,030</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,886</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,813</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,791</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,113</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">945</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27,578</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,630</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,937</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;21,689</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;18,947</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,670</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;53,873</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>153</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The credit quality of residential mortgages and loans to Bank clients is assessed at least annually with the loan
being performing or non-performing as the key credit quality indicator. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Full or partial write-offs of loans are recorded when management believes there
is no realistic prospect of full recovery. Write-offs, net of recoveries, are deducted from the allowance for credit losses. All impairments are captured in the allowance for credit losses. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following table summarizes the carrying value of residential mortgages and loans to Bank clients. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="12" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="12"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Insured</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Uninsured</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Insured</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Uninsured</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Residential mortgages</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Performing</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;7,574</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;10,050</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;17,624</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;8,027</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;9,478</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;17,505</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-performing<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Loans to Bank clients</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Performing</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>n/a</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,743</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,743</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,778</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,778</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c">
<P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-performing<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>n/a</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,580</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,808</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,388</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,034</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;11,267</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,301</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-performing refers to assets that are 90 days or more past due if uninsured and 365 days or more if insured. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The carrying value of government-insured mortgages was 19 per cent of the total mortgage portfolio as at December&nbsp;31, 2016 (2015&nbsp;&#150;&nbsp;20 per cent).
The majority of these insured mortgages are residential loans as classified in the table above. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Past due or credit impaired
financial assets </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company provides for credit risk by establishing allowances against the carrying value of impaired loans and recognizing
impairment losses on AFS debt securities. In addition, the Company reports as impairment certain declines in the fair value of debt securities designated as FVTPL which it deems represent an impairment. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table summarizes the carrying value or impaired value, in the case of impaired debt securities, of the Company&#146;s financial assets that are
considered past due or impaired. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Past due but not impaired</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Less&nbsp;than<BR>90 days</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da">
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">90&nbsp;days<BR>and&nbsp;greater</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Total<BR>impaired</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">FVTPL</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>90</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>90</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>38</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">AFS</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-3.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>215</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>64</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>279</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>152</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-3.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages and loans to Bank clients</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>20</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>70</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other financial assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>57</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>54</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>111</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;428</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;147</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;575</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;231</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="12"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Past due but not impaired</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Less&nbsp;than<BR>90 days</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">90&nbsp;days<BR>and&nbsp;greater</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total<BR>impaired</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">FVTPL</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">AFS</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">214</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">214</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">114</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages and loans to Bank clients</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other financial assets</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">38</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">372</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">50</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">422</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">161</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table summarizes the Company&#146;s loans that are considered impaired. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross<BR>carrying<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Allowances<BR>for losses</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Net&nbsp;carrying<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-3.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>244</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>92</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>152</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages and loans to Bank clients</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>59</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>26</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;303</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;118</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;185</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross<BR>carrying<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Allowances<BR>for losses</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Net&nbsp;carrying<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private placements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">186</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">114</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages and loans to Bank clients</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">60</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">29</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">31</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">246</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">101</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">145</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>154</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Allowance for loan losses </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="12" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="12"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Private<BR>placements</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages<BR>and&nbsp;loans&nbsp;to<BR>Bank&nbsp;clients</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Private<BR>placements</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages<BR>and&nbsp;loans&nbsp;to<BR>Bank&nbsp;clients</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, January&nbsp;1</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>72</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>101</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">109</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Provisions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>112</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>126</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Recoveries</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(62</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(69</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c">
<P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Write-offs<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(30</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(40</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(37</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(9</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(46</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;92</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;26</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;118</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;72</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;29</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;101</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Includes disposals and impact of changes in foreign exchange rates. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Securities lending, repurchase and reverse repurchase transactions </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company engages in
securities lending to generate fee income. Collateral, which exceeds the market value of the loaned securities, is retained by the Company until the underlying security has been returned to the Company. The market value of the loaned securities is
monitored on a daily basis with additional collateral obtained or refunded as the market value of the underlying loaned securities fluctuates. As at December&nbsp;31, 2016, the Company had loaned securities (which are included in invested assets)
with a market value of $1,956 (2015 &#150; $648). The Company holds collateral with a current market value that exceeds the value of securities lent in all cases. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company engages in reverse repurchase transactions to generate fee income and to take possession of securities to cover short positions in similar instruments and undertakes repurchase transactions for
short-term funding purposes. As at December&nbsp;31, 2016, the Company had engaged in reverse repurchase transactions of $250 (2015 &#150; $547) which are recorded as short-term receivables. In addition, the Company had engaged in repurchase
transactions of $255 as at December&nbsp;31, 2016 (2015 &#150; $269) which are recorded as payables. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Credit default swaps
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company replicates exposure to specific issuers by selling credit protection via credit default swaps (&#147;CDSs&#148;) in order to complement
its cash debt securities investing. The Company will not write CDS protection in excess of its government bond holdings. A CDS is a derivative instrument representing an agreement between two parties to exchange the credit risk of a single specified
entity or an index based on the credit risk of a group of entities (all commonly referred to as the &#147;reference entity&#148; or a portfolio of &#147;reference entities&#148;), in return for a periodic premium. CDS contracts typically have a
five-year term. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table provides details of the credit default swap protection sold by type of contract and external agency rating for the
underlying reference security. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Notional<BR>amount<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT>
</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Weighted<BR>average<BR>maturity</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(in&nbsp;years)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Single name CDSs<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate debt</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">AAA</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">AA</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>37</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">A</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>457</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">BBB</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>155</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total single name CDSs</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>662</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total CDS protection sold</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;662</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Notional<BR>amount<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Weighted<BR>average<BR>maturity</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(in&nbsp;years)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Single name CDSs<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">AAA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">AA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">131</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">A</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">424</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">BBB</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">144</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total single name CDSs</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">748</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total CDS protection sold</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;748</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;10</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The rating agency designations are based on S&amp;P where available followed by Moody&#146;s, DBRS, and Fitch. If no rating is available from a rating agency,
then an internally developed rating is used. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Notional amounts represent the maximum future payments the Company would have to pay its counterparties assuming a default of the underlying credit and zero
recovery on the underlying issuer obligation. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The weighted average maturity of the CDS is weighted based on notional amounts. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company holds no purchased credit protection as at December&nbsp;31, 2016 and 2015. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>155</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(d) Derivatives </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s point-in-time exposure to losses related to credit risk of a derivative counterparty is limited to the amount of any net gains that may have accrued with a particular counterparty. Gross
derivative counterparty exposure is measured as the total fair value (including accrued interest) of all outstanding contracts in a gain position excluding any offsetting contracts in a loss position and the impact of collateral on hand. The Company
seeks to limit the risk of credit losses from derivative counterparties by: using investment grade counterparties; entering into master netting arrangements which permit the offsetting of contracts in a loss position in the case of a counterparty
default; and entering into Credit Support Annex agreements, whereby collateral must be provided when the exposure exceeds a certain threshold. All contracts are held with counterparties rated BBB- or higher. As at December&nbsp;31, 2016, the
percentage of the Company&#146;s derivative exposure which was with counterparties rated AA- or higher amounted to 22&nbsp;per cent (2015&nbsp;&#150; 21&nbsp;per cent). The Company&#146;s exposure to credit risk was mitigated by $12,781 fair value
of collateral held as security as at December&nbsp;31, 2016 (2015 &#150; $12,940). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As at December&nbsp;31, 2016, the largest single counterparty
exposure, without taking into account the impact of master netting agreements or the benefit of collateral held, was $3,891 (2015 &#150; $4,155). The net exposure to this counterparty, after taking into account master netting agreements and the fair
value of collateral held, was nil (2015 &#150; nil). As at December&nbsp;31, 2016, the total maximum credit exposure related to derivatives across all counterparties, without taking into account the impact of master netting agreements and the
benefit of collateral held, was $24,603 (2015 &#150; $25,332). </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(e) Offsetting financial assets and financial liabilities
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Certain derivatives, securities lending and repurchase agreements have conditional offset rights. The Company does not offset these financial
instruments in the Consolidated Statements of Financial Position, as the rights of offset are conditional. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the case of derivatives, collateral is
collected from and pledged to counterparties and clearing houses to manage credit risk exposure in accordance with Credit Support Annexes to swap agreements and clearing agreements. Under master netting agreements, the Company has a right of offset
in the event of default, insolvency, bankruptcy or other early termination. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the case of reverse repurchase and repurchase transactions, additional
collateral may be collected from or pledged to counterparties to manage credit exposure according to bilateral reverse repurchase or repurchase agreements. In the event of default by a counterparty, the Company is entitled to liquidate the assets
the Company holds as collateral to offset against obligations to the same counterparty. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table presents the effect of conditional master
netting and similar arrangements. Similar arrangements may include global master repurchase agreements, global master securities lending agreements, and any related rights to financial collateral. </FONT></P>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Related amounts not set off in the<BR>Consolidated Statements of<BR>Financial Position</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross amounts of<BR>financial&nbsp;instruments<BR>presented in the<BR>Consolidated<BR>Statements
of<BR>Financial Position<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Amounts&nbsp;subject&nbsp;to<BR>an enforceable<BR>master netting<BR>arrangement or<BR>similar
agreements</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Financial and<BR>cash&nbsp;collateral<BR>pledged<BR>(received)<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Net amount<BR>including<BR>financing&nbsp;trusts<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Net&nbsp;amounts<BR>excluding<BR>financing<BR>trusts</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financial assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivative assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>24,603</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(12,031</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(12,382</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>190</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>189</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Securities lending</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,956</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,956</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reverse repurchase agreements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>250</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(250</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total financial assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>26,809</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(12,031</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(14,588</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>190</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;189</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financial liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivative liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(15,095</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,031</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,800</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(264</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(42</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Repurchase agreements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(255</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>255</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total financial liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(15,350</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,031</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,055</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(264</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(42</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="8"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Related amounts not set off in the<BR>Consolidated Statements of<BR>Financial Position</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross amounts of<BR>financial&nbsp;instruments<BR>presented in the<BR>Consolidated<BR>Statements of<BR>Financial Position<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Amounts&nbsp;subject&nbsp;to<BR>an enforceable<BR>master netting<BR>arrangement or<BR>similar agreements</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Financial and<BR>cash&nbsp;collateral<BR>pledged<BR>(received)<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Net
amount<BR>including<BR>financing&nbsp;trusts<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Net&nbsp;amounts<BR>excluding<BR>financing<BR>trusts</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financial assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivative assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25,332</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(13,004</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(12,260</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Securities lending</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">648</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(648</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reverse repurchase agreements</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">547</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(33</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(514</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total financial assets</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26,527</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(13,037</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(13,422</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">68</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">68</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financial liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivative liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(16,003</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,004</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,711</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(288</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Repurchase agreements</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(269</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">33</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">236</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total financial liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(16,272</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,037</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,947</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(288</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(49</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Financial assets and liabilities in the above table include accrued interest of $935 and $944, respectively (2015 &#150; $1,062 and $953, respectively).
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>156</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Financial and cash collateral excludes over-collateralization. As at December&nbsp;31, 2016, the Company was over-collateralized on OTC derivative assets, OTC
derivative liabilities, securities lending and reverse purchase agreements and repurchase agreements in the amounts of $398, $494, $107 and $1, respectively (2015 &#150; $680, $498, $43&nbsp;and nil, respectively). As at December&nbsp;31, 2016,
collateral pledged (received) does not include collateral in transit on OTC instruments or include initial margin on exchange traded contracts or cleared contracts. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The net amount includes derivative contracts entered into between the Company and its financing trusts which it does not consolidate. The Company does not
exchange collateral on derivative contracts entered into with these trusts. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(f) Risk concentrations
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company establishes enterprise-wide investment portfolio level targets and limits with the objective of ensuring that portfolios are diversified
across asset classes and individual investment risks. The Company monitors actual investment positions and risk exposures for concentration risk and reports such findings to the Executive Risk Committee and the Risk Committee of the Board of
Directors. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities and private placements rated as investment grade BBB or higher<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>97%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">97%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Government debt securities as a per cent of total debt securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>43%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">44%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Government private placements as a per cent of total private placements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Highest exposure to a single non-government debt security and private placement issuer</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,010</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">998</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Largest single issuer as a per cent of the total equity portfolio</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income producing commercial office properties (2016 &#150; 65% of real estate, 2015 &#150; 70%)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,803</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Largest concentration of mortgages and real estate<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> (2)&nbsp;</SUP>&#150;&nbsp;Ontario Canada (2016 &#150; 24%, 2015 &#150; 24%)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;13,882</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;14,209</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment grade debt securities and private placements include 41% rated A, 14% rated AA and 21% rated AAA (2015 &#150; 40%, 14% and 23%) investments based on
external ratings where available. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages and real estate are diversified geographically and by property type. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following table shows the distribution of the debt securities and private placements portfolio by sector and industry. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Debt securities and private placements </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="8" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying&nbsp;value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">% of total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying&nbsp;value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">% of total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Government and agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>76,020</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>38</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">72,432</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Utilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>37,561</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34,890</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Financial</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25,027</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24,518</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Energy</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,775</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,422</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Industrial</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,088</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,454</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Consumer (non-cyclical)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,440</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,832</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Consumer (cyclical)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,256</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,425</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Securitized</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,514</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,215</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Basic materials</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,387</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,338</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Telecommunications</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,091</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,059</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Technology</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,231</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,931</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Media and internet</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,175</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,233</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Diversified and miscellaneous</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>786</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">656</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;198,351</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>100</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;185,405</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(g) Insurance risk </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Insurance risk is the risk of loss due to actual experience differing from the experience assumed when a product was designed and priced with respect to mortality and morbidity claims, policyholder behaviour and
expenses. A variety of assumptions are made related to the future level of claims, policyholder behaviour, expenses and sales levels when products are designed and priced as well as in the determination of insurance contract liabilities. Assumptions
for future claims are generally based on the Company and industry experience and assumptions for policyholder behaviours are generally based on the Company experience. Such assumptions require a significant amount of professional judgment and,
therefore, actual experience may be materially different than the assumptions made by the Company. Claims may be impacted by the unusual onset of disease or illness, natural disasters, large-scale man-made disasters and acts of terrorism.
Policyholder premium payment patterns, policy renewal, withdrawal and surrender activity is influenced by many factors including market and general economic conditions, and the availability and price of other products in the marketplace. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company manages insurance risk through global policies, standards and best practices with respect to product design, pricing, underwriting and claim
adjudication, and a global life underwriting manual. Each business unit has underwriting procedures, including criteria for approval of risks and claims adjudication procedures. The Company has a global retention limit of US$30 and US$35,
respectively, for individual and survivorship life insurance. Lower limits are applied in some markets and jurisdictions. The Company further reduces exposure to claims concentrations by applying geographical aggregate retention limits for certain
covers. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>157</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(h) Concentration risk </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The geographic concentration of the Company&#146;s insurance and investment contract liabilities, including embedded derivatives, is shown below. The disclosure is based on the countries in which the business is
written. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Reinsurance<BR>assets</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Net liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. and Canada</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>238,796</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(34,987</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>203,809</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia and Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>62,322</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>35</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>62,357</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;301,118</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(34,952</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;266,166</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December 31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Reinsurance<BR>assets</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Net liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. and Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">236,106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(35,408</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">200,698</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia and Other</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">52,976</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(18</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">52,958</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">289,082</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(35,426</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">253,656</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(i) Reinsurance risk </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In the normal course of business, the Company limits the amount of loss on any one policy by reinsuring certain levels of risk with other insurers. In addition, the Company accepts reinsurance from other
reinsurers. Reinsurance ceded does not discharge the Company&#146;s liability as the primary insurer. Failure of reinsurers to honour their obligations could result in losses to the Company; consequently, allowances are established for amounts
deemed uncollectible. In order to minimize losses from reinsurer insolvency, the Company monitors the concentration of credit risk both geographically and with any one reinsurer. In addition, the Company selects reinsurers with high credit ratings.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As at December&nbsp;31, 2016, the Company had $34,952 (2015 &#150; $35,426) of reinsurance assets. Of this, 92&nbsp;per cent (2015 &#150; 93&nbsp;per
cent) were ceded to reinsurers with Standard and Poor&#146;s ratings of A- or above. The Company&#146;s exposure to credit risk was mitigated by $16,600 fair value of collateral held as security as at December&nbsp;31, 2016 (2015 &#150; $16,721).
Net exposure after taking into account offsetting agreements and the benefit of the fair value of collateral held was $18,352 as at December&nbsp;31, 2016 (2015 &#150; $18,705). </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_11"></A>Note 11&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Debt </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Carrying value of long term debt instruments </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Issue date</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Maturity date</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Par value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">4.70% Senior notes<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1),(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">June 23, 2016</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">June 23, 2046</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">US$&nbsp;&nbsp;1,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,333</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">5.375% Senior notes<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2),(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">March 4, 2016</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">March 4, 2046</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>994</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">3.527% Senior notes<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2),(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">December 2, 2016</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">December 2, 2026</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>361</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">4.150% Senior notes<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2),(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">March 4, 2016</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">March 4, 2026</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">US$&nbsp;&nbsp;1,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,333</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">4.90% Senior notes<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3),(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">September&nbsp;17,&nbsp;2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">September&nbsp;17,&nbsp;2020</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>669</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">689</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">7.768% Medium term notes<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">April 8, 2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">April 8, 2019</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>599</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">599</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">5.505% Medium term notes<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">June 26, 2008</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">June 26, 2018</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>400</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">399</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Promissory note to Manulife Finance (Delaware), L.P.
(&#147;MFLP&#148;)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">November 30, 2010</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">December 15, 2016</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">150</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other notes payable</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;5,696</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,853</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by MFC during the year, interest is payable semi-annually. The notes may be redeemed in whole, but not in part, at the option of MFC, on June&nbsp;23,
2021 and thereafter on every June&nbsp;23, at a redemption price equal to 100% of the principal amount, together with accrued and unpaid interest. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by MFC during the year. The senior notes may be redeemed in whole or in part, at the option of MFC at any time, at a redemption price equal to the greater
of par and a price based on the yield of a corresponding U.S. Treasury bond plus a specified number of basis points. The numbers of basis points for the 5.375%, 4.150% and 3.527% senior notes are 40, 35 and 20, respectively.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These U.S. dollar senior notes have been designated as hedges of the Company&#146;s net investment in its U.S. operations which reduces the earnings volatility
that would otherwise arise from the re-measurement of these senior notes into Canadian dollars. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The senior notes may be redeemed in whole or in part, at the option of MFC at any time, at a redemption price equal to the greater of par and a price based on
the yield of a corresponding U.S. Treasury bond plus 35 basis points. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The medium term notes may be redeemed in whole or in part, at the option of MFC at any time, at a redemption price equal to the greater of par and a price based
on the yield of a corresponding Government of Canada bond plus a specified number of basis points. The numbers of basis points for the 7.768% and 5.505% medium term notes are 125 and 39, respectively. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">On December&nbsp;15, 2016, the promissory note to MFLP matured. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The cash amount of interest paid on long-term debt during the year ended December&nbsp;31, 2016 was $191 (2015 &#150; $183). Issue costs are amortized over the term of the debt. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Fair value measurement </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Fair value of a
long-term debt instrument is determined using quoted market prices where available (Level 1). When quoted market prices are not available, fair value is determined with reference to quoted prices of a debt instrument with similar characteristics or
estimated using discounted cash flows using observable market rates (Level 2). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Long-term debt is measured at amortized cost in the Consolidated
Statements of Financial Position. Fair value of long-term debt as at December&nbsp;31, 2016 was $6,100 (2015 &#150; $2,066). Long-term debt was categorized in Level 2 of the fair value hierarchy (2015 &#150; Level&nbsp;2). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>158</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Aggregate maturities of long-term debt </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Less than one year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">150</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">One to two years</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>400</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Two to three years</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>599</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Three to four years</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>669</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">599</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Four to five years</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">689</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Greater than five years</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,021</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;5,696</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,853</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_12"></A>Note 12&nbsp;&nbsp;&nbsp;&nbsp;Capital Instruments </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Carrying value of capital instruments </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Issuance date</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Maturity date</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Par value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Senior debenture notes &#150; 7.535%
fixed/floating<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">July 10, 2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">December 31, 2108</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;1,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subordinated note &#150; floating<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">December&nbsp;14,&nbsp;2006</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">December&nbsp;15,&nbsp;2036</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>647</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">646</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subordinated debentures &#150; 3.181%
fixed/floating<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">November&nbsp;20,&nbsp;2015</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">November&nbsp;22,&nbsp;2027</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;1,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>996</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">995</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subordinated debentures &#150; 3.85% fixed/fixed
reset<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">May 25, 2016</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">May 25, 2026</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">S$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>461</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subordinated debentures &#150; 2.389%
fixed/floating<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">June 1, 2015</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">January 5, 2026</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>349</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">348</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subordinated debentures &#150; 2.10%
fixed/floating<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">March 10, 2015</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">June 1, 2025</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>747</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">747</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subordinated debentures &#150; 2.64%
fixed/floating<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">December 1, 2014</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">January 15, 2025</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>499</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">498</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subordinated debentures &#150; 2.811%
fixed/floating<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(8)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">February 21, 2014</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">February 21, 2024</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>499</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">498</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Surplus notes &#150; 7.375% U.S. dollar<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(9)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">February 25, 1994</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">February 15, 2024</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>627</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">649</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subordinated debentures &#150; 2.926%
fixed/floating<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(10)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">November 29, 2013</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">November 29, 2023</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>249</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">249</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subordinated debentures &#150; 2.819%
fixed/floating<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(11)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">February 25, 2013</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">February 26, 2023</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subordinated debentures &#150; 3.938%
fixed/floating<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(12)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">September&nbsp;21,&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">September&nbsp;21,&nbsp;2022</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>407</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">417</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subordinated debentures &#150; 4.165%
fixed/floating<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(13)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">February 17, 2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">June 1, 2022</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>499</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">499</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subordinated note &#150; floating<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(14)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">December 14, 2006</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">December 15, 2021</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subordinated debentures &#150; 4.21% fixed/floating<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(15)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">November 18, 2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">November 18, 2021</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">549</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,695</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by MLI to Manulife Financial Capital Trust II, interest is payable semi-annually. Manulife Financial Capital Trust II is a non-consolidated related party
to the Company. On December&nbsp;31, 2019 and on every fifth anniversary after December&nbsp;31, 2019 (the &#147;Interest Reset Date&#148;), the rate of interest will be reset to the yield on five year Government of Canada bonds plus 5.2%. On or
after December&nbsp;31, 2014, with regulatory approval, MLI may redeem the debenture, in whole or in part, at the greater of par or the fair value of the debt based on the yield on uncallable Government of Canada bonds to the next Interest Reset
Date plus (a)&nbsp;1.0325% if the redemption date is prior to December&nbsp;31, 2019, or (b)&nbsp;2.065% if the redemption date is after December&nbsp;31, 2019, together with accrued and unpaid interest. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by Manulife Holdings (Delaware) LLC (&#147;MHDLL&#148;), now John Hancock Financial Corporation (&#147;JHFC&#148;), a wholly owned subsidiary of MFC, to
Manulife Finance (Delaware) LLC (&#147;MFLLC&#148;), a subsidiary of Manulife Finance (Delaware) L.P. (&#147;MFLP&#148;). MFLP and its subsidiaries are non-consolidated related parties to the Company. The note bears interest at the 90-day
Bankers&#146; Acceptance rate plus 0.72% and is payable semi-annually. With regulatory approval, JHFC may redeem the note, in whole or in part, at any time, at par, together with accrued and unpaid interest. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by MLI, interest is payable semi-annually. After November&nbsp;22, 2022 the interest rate is the 90-day Bankers&#146; Acceptance rate plus 1.57% and is
payable quarterly. With regulatory approval, MLI may redeem the debentures, in whole or in part, on or after November&nbsp;22, 2022, at par, together with accrued and unpaid interest. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by MFC during the year, interest is payable semi-annually. After May&nbsp;25, 2021, the interest rate will reset to equal the 5-year Singapore Dollar Swap
rate plus 1.97%. With regulatory approval, MFC may redeem the debentures, in whole, but not in part, on May&nbsp;25, 2021 and thereafter on each interest payment date at a redemption price equal to par, together with accrued and unpaid interest.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by MLI, interest is payable semi-annually. After January&nbsp;5, 2021 the interest rate is the 90-day Bankers&#146; Acceptance rate plus 0.83% and is
payable quarterly. With regulatory approval, MLI may redeem the debentures, in whole or in part, on or after January&nbsp;5, 2021, at par, together with accrued and unpaid interest. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by MLI, interest is payable semi-annually. After June&nbsp;1, 2020 the interest rate is the 90-day Bankers&#146; Acceptance rate plus 0.72% and is payable
quarterly. With regulatory approval, MLI may redeem the debentures, in whole or in part, on or after June&nbsp;1, 2020, at par, together with accrued and unpaid interest. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by MLI, interest is payable semi-annually. After January&nbsp;15, 2020 the interest rate is the 90-day Bankers&#146; Acceptance rate plus 0.73% and is
payable quarterly. With regulatory approval, MLI may redeem the debentures, in whole or in part, on or after January&nbsp;15, 2020, at par, together with accrued and unpaid interest. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(8)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by MLI, interest is payable semi-annually. After February&nbsp;21, 2019 the interest rate is the 90-day Bankers&#146; Acceptance rate plus 0.80% and is
payable quarterly. With regulatory approval, MLI may redeem the debentures, in whole or in part, on or after February&nbsp;21, 2019, at par, together with accrued and unpaid interest. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(9)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by John Hancock Mutual Life Insurance Company, now John Hancock Life Insurance Company (U.S.A.). Any payment of interest or principal on the surplus notes
requires prior approval from the Commissioner of the Office of Financial and Insurance Regulation of the State of Michigan. The carrying value of the surplus notes reflects an unamortized fair value increment of US$26 (2015 &#150; US$29), which
arose as a result of the acquisition of John Hancock Financial Services, Inc. The amortization of the fair value adjustment is recorded in interest expense. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(10)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by MLI, interest is payable semi-annually. After November&nbsp;29, 2018 the interest rate is the 90-day Bankers&#146; Acceptance rate plus 0.85% and is
payable quarterly. With regulatory approval, MLI may redeem the debentures, in whole or in part, on or after November&nbsp;29, 2018, at par, together with accrued and unpaid interest. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(11)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by MLI, interest is payable semi-annually. After February&nbsp;26, 2018 the interest rate is the 90-day Bankers&#146; Acceptance rate plus 0.95% and is
payable quarterly. With regulatory approval, MLI may redeem the debentures, in whole or in part, on or after February&nbsp;26, 2018, at par, together with accrued and unpaid interest. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(12)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by the Standard Life Assurance Company of Canada (&#147;SCDA&#148;), which was acquired by MLI on January&nbsp;30, 2015, as part of the Standard Life
acquisition, the subordinated debt was assumed by MLI on July&nbsp;1, 2015 as a result of SCDA&#146;s wind-up into MLI. Interest is payable semi-annually. After September&nbsp;21, 2017 the interest rate is the 90-day Bankers&#146; Acceptance rate
plus 2.10% and is payable quarterly. With regulatory approval, MLI may redeem the debentures, in whole or in part, on or after September&nbsp;21, 2017, at par, together with accrued and unpaid interest. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(13)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued by MLI, interest is payable semi-annually. After June&nbsp;1, 2017 the interest rate is the 90-day Bankers&#146; Acceptance rate plus 2.45% and is payable
quarterly. With regulatory approval, MLI may redeem the debentures, in whole or in part, on or after June&nbsp;1, 2017, at par, together with accrued and unpaid interest. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(14)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">On December&nbsp;15, 2016, JHFC, a wholly owned subsidiary of MFC, redeemed in full the subordinated notes with MFLLC, a subsidiary of MFLP, at par.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(15)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">On November&nbsp;18, 2016, MLI redeemed in full the 4.21% subordinated debentures at par. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>159</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Fair value measurement </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Fair value of capital instruments is determined using quoted market prices where available (Level 1). When quoted market prices are not available, fair value is determined with reference to quoted prices of a debt
instrument with similar characteristics or estimated using discounted cash flows using observable market rates (Level 2). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital instruments are
measured at amortized cost in the Consolidated Statements of Financial Position. As at December&nbsp;31, 2016, fair value of capital instruments was $7,417 (2015 &#150; $7,916). Capital instruments were categorized in Level 2 of the fair value
hierarchy (2015 &#150; Level 2). </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_13"></A>Note 13&nbsp;&nbsp;&nbsp;&nbsp;Share Capital and Earnings Per Share
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The authorized capital of MFC consists of: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">an unlimited number of common shares without nominal or par value; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">an unlimited number of Class&nbsp;A, Class B and Class 1 preferred shares without nominal or par value, issuable in series. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Preferred shares </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The changes in issued
and outstanding preferred shares are as follows. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="8" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Number of<BR>shares</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(in&nbsp;millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Amount</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Number of<BR>shares</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(in&nbsp;millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Amount</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, January&nbsp;1</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>110</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;2,693</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;2,693</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued, Class 1 shares, Series 21<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>425</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Converted, Class 1 shares, Series 3<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(42</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued, Class 1 shares, Series 4<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>42</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued, Class 1 shares, Series 23<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>475</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issuance costs, net of tax</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(16</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>146</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,577</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">110</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,693</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">On February&nbsp;25, 2016, MFC issued 16&nbsp;million of Rate Reset Class 1 Shares Series 21 at a price of $25 per share to raise gross proceeds of $400 and, on
March&nbsp;3, 2016, MFC issued an additional 1&nbsp;million Class 1 Shares Series 21 pursuant to the exercise in full by the underwriters of their option to purchase additional Class 1 Shares Series 21, for total gross proceeds of $425.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC did not exercise its right to redeem all or any of the outstanding Class 1 Shares Series 3 on June&nbsp;19, 2016 (the earliest redemption date). 1,664,169 of
8,000,000 Class 1 Shares Series 3 were converted, on a one-for-one basis, into Floating Rate Class 1 Shares Series 4 on June&nbsp;20, 2016. 6,335,831 Class 1 Shares Series 3 remain outstanding at an annual fixed dividend rate of 2.178% for a five
year period commencing on June&nbsp;20, 2016. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">On November&nbsp;22, 2016, MFC issued 19&nbsp;million of Rate Reset Class 1 Shares Series 23 at a price of $25 per share to raise gross proceeds of $475.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Further information on the preferred shares outstanding is as follows. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Issue date</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Annual<BR>dividend<BR>rate<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Earliest redemption<BR>date<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Number of<BR>shares</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(in millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Face<BR>amount</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Net<BR>amount<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT>
</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Class&nbsp;A preferred shares</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Series 2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">February 18, 2005</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.65%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">350</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>344</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Series 3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">January 3, 2006</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.50%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>294</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Class 1 preferred shares</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Series 3<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4),(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">March 11, 2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.178%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">June 19, 2021</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">158</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>155</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Series 4</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">June 20, 2016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">floating<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>41</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Series 5<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4),(5),(7)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">December&nbsp;6,&nbsp;2011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.891%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">December&nbsp;19,&nbsp;2021</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>195</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Series 7<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4),(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">February 22, 2012</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.60%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">March 19, 2017</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>244</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Series 9<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4),(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">May 24, 2012</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.40%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">September&nbsp;19,&nbsp;2017</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>244</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Series 11<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4),(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">December 4, 2012</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.00%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">March 19, 2018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>196</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Series 13<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4),(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">June 21, 2013</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.80%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">September 19, 2018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>196</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Series 15<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4),(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">February 25, 2014</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.90%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">June 19, 2019</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>195</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Series 17<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4),(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">August 15, 2014</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.90%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">December 19, 2019</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">350</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>343</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Series 19<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4),(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">December 3, 2014</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.80%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">March 19, 2020</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>246</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Series 21<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4),(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">February 25, 2016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5.60%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">June 19, 2021</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">425</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>417</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Series
23<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4),(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">November&nbsp;22,&nbsp;2016</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.85%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">March 19, 2022</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">475</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>467</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">146</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3,650</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;3,577</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Holders of Class&nbsp;A and Class 1 preferred shares are entitled to receive non-cumulative preferential cash dividends on a quarterly basis, as and when
declared by the Board of Directors. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Redemption of all preferred shares is subject to regulatory approval. With the exception of Class&nbsp;A Series 2, Class&nbsp;A Series 3 and Class 1 Series 4
preferred shares, MFC may redeem each series, in whole or in part, at par, on the earliest redemption date or every five years thereafter. Class&nbsp;A Series 2 and Series 3 preferred shares are past their respective earliest redemption date and MFC
may redeem these shares, in whole or in part, at par at any time, subject to regulatory approval, as noted. MFC may redeem the Class 1 Series 4, in whole or in part, at any time, at $25.00 per share if redeemed on June&nbsp;19, 2021 and on
June&nbsp;19 every five years thereafter, or at $25.50&nbsp;per share if redeemed on any other date after June&nbsp;19, 2016, subject to regulatory approval, as noted. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Net of after-tax issuance costs. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>160</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">On the earliest redemption date and every five years thereafter, the annual dividend rate will be reset to the five year Government of Canada bond yield plus a
yield specified for each series. The specified yield for Class 1 shares is: Series 3 &#150; 1.41%, Series 5 &#150; 2.90%, Series 7 &#150; 3.13%, Series 9 &#150; 2.86%, Series 11 &#150; 2.61%, Series 13 &#150; 2.22%, Series 15 &#150; 2.16%, Series 17
&#150; 2.36%, Series 19 &#150; 2.30%, Series 21 &#150; 4.97% and Series 23 &#150; 3.83%. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">On the earliest redemption date and every five years thereafter, Class 1 preferred shares are convertible at the option of the holder into a new series that is
one number higher than their existing series, and the holders are entitled to non-cumulative preferential cash dividends, payable quarterly if and when declared by the Board of Directors, at a rate equal to the three month Government of Canada
treasury bill yield plus the rate specified in footnote 4 above. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The floating dividend rate for the Class 1 Shares Series 4 will equal the three month Government of Canada Treasury bill yield plus 1.41%.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC did not exercise its right to redeem all or any of the outstanding Class 1 Shares Series 5 on December&nbsp;19, 2016 (the earliest redemption date). Dividend
rate for Class&nbsp;1 Shares Series 5 was reset as specified in footnote 4 above to an annual fixed rate of 3.891% for a five year period commencing on December&nbsp;20, 2016. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Common shares </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The changes in common
shares issued and outstanding are as follows. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="8" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Number of<BR>shares</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(in&nbsp;millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Amount</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Number of<BR>shares</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(in&nbsp;millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Amount</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, January&nbsp;1</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,972</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22,799</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,864</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20,556</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued on exercise of stock options and deferred share units</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>66</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued in exchange for subscription receipts<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">106</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,206</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,975</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;22,865</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,972</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;22,799</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">On September&nbsp;15, 2014, as part of the financing of the transaction related to the purchase of the Canadian-based operations of Standard Life, MFC issued
105,647,334 subscription receipts through a combination of a public offering and a private placement with the Caisse de d&eacute;p&ocirc;t et placement du Qu&eacute;bec. The net cash proceeds from the sale of the subscription receipts were held by
an escrow agent, in a restricted account, until closing of the transaction on January&nbsp;30, 2015. Each subscription receipt entitled the holder to automatically receive, without payment of additional consideration or further action, one common
share of the Company together with an amount equal to the per share dividends the Company declared on its common shares for record dates which occur in the period from September&nbsp;15, 2014 up to January&nbsp;29, 2015, net of any applicable
withholding taxes. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Earnings per share </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following table presents basic and diluted earnings per share of the Company. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Basic earnings per common share</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1.42</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Diluted earnings per common share</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.41</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.05</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following is a reconciliation of the denominator (number of shares) in the calculation of basic and diluted earnings per share.
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Weighted average number of common shares (in millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,973</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,962</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dilutive stock-based awards<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1) </SUP>(in millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dilutive convertible instruments (in millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Weighted average number of diluted common shares (in millions)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,977</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,977</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The dilutive effect of stock-based awards was calculated using the treasury stock method. This method calculates the number of incremental shares by assuming the
outstanding stock-based awards are (i)&nbsp;exercised and (ii)&nbsp;then reduced by the number of shares assumed to be repurchased from the issuance proceeds, using the average market price of MFC common shares for the year. Excluded from the
calculation was a weighted average of 14&nbsp;million (December 31, 2015 &#150; 5 million) anti-dilutive <FONT STYLE="white-space:nowrap">stock-based</FONT> awards. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(d) Quarterly dividend declaration subsequent to year end </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On February 8, 2017, the
Company&#146;s Board of Directors approved a quarterly dividend of $0.205 per share on the common shares of MFC, payable on or after March 20, 2017 to shareholders of record at the close of business on February 22, 2017. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Board also declared dividends on the following non-cumulative preferred shares, payable on or after March 19, 2017 to shareholders of record at the close of
business on February 22, 2017. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="48%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Class A Shares Series 2 &#150; $0.29063 per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">Class 1 Shares Series 11 &#150; $0.25 per share</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Class&nbsp;A Shares Series 3 &#150; $0.28125 per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">Class 1 Shares Series 13 &#150; $0.2375 per share</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Class 1 Shares Series 3 &#150; $0.136125 per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">Class 1 Shares Series 15 &#150; $0.24375 per share</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Class 1 Shares Series 4 &#150; $0.117863 per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">Class 1 Shares Series 17 &#150; $0.24375 per share</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Class 1 Shares Series 5 &#150; $0.275 per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">Class 1 Shares Series 19 &#150; $0.2375 per share</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Class 1 Shares Series 7 &#150; $0.2875 per share</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">Class 1 Shares Series 21 &#150; $0.35 per share</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Class 1 Shares Series 9 &#150; $0.275 per share</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Class 1 Shares Series 23 &#150; $0.388664 per share</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>161</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_14"></A>Note 14&nbsp;&nbsp;&nbsp;&nbsp;Capital Management </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Capital Management </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company monitors
and manages its consolidated capital in compliance with the Minimum Continuing Capital and Surplus Requirement (&#147;MCCSR&#148;) guideline, issued by the Office of the Superintendent of Financial Institutions (&#147;OSFI&#148;). Under this regime,
the Company&#146;s consolidated available capital is measured against a required amount of risk capital determined in accordance with the guideline. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The
Company&#146;s operating activities are mostly conducted within MLI or its subsidiaries. MLI is regulated by OSFI and is also subject to consolidated risk-based capital requirements using the OSFI MCCSR framework. Some affiliate reinsurance business
is undertaken outside the MLI consolidated group. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">OSFI will be implementing a revised approach to the regulatory capital framework in Canada to come
into effect in 2018. In September 2016, OSFI released the final Life Insurance Capital Adequacy Test (&#147;LICAT&#148;) guideline that will replace the MCCSR framework in 2018. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company seeks to manage its capital with the objectives of: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Operating with sufficient capital to be able to honour all commitments to its policyholders and creditors with a high degree of confidence;
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Retaining the ongoing confidence of regulators, policyholders, rating agencies, investors and other creditors in order to ensure access to capital markets; and
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Optimizing return on capital to meet shareholders&#146; expectations subject to constraints and considerations of adequate levels of capital established to meet
the first two objectives. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital is managed and monitored in accordance with the Capital Management Policy. The policy is reviewed
and approved by the Board of Directors annually and is integrated with the Company&#146;s risk and financial management frameworks. It establishes guidelines regarding the quantity and quality of capital, internal capital mobility, and proactive
management of ongoing and future capital requirements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The capital management framework takes into account the requirements of the Company as a whole as
well as the needs of each of the Company&#146;s subsidiaries. Internal capital targets are set above the regulatory requirements, and consider a number of factors, including expectations of regulators and rating agencies, results of sensitivity and
stress testing and the Company own risk assessments. The Company monitors against these internal targets and initiates actions appropriate to achieving its business objectives. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following measure of consolidated capital serves as the foundation of the Company&#146;s capital management activities at the MFC level. For regulatory reporting purposes, the numbers are further adjusted for
various additions or deductions to capital, as mandated by the OSFI guideline. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Consolidated capital </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total equity</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;42,823</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;41,938</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjusted for AOCI loss on cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(232</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(264</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total equity excluding AOCI on cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>43,055</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">42,202</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Qualifying capital instruments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,695</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total capital</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>50,235</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">49,897</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Restrictions on dividends and capital distributions </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Dividends and capital distributions are restricted under the Insurance Company Act (&#147;ICA&#148;). These restrictions apply to both the Company and its primary
operating subsidiary MLI. The ICA prohibits the declaration or payment of any dividend on shares of an insurance company if there are reasonable grounds for believing a company does not have adequate capital and adequate and appropriate forms of
liquidity or the declaration or the payment of the dividend would cause the Company to be in contravention of any regulation made under the ICA respecting the maintenance of adequate capital and adequate and appropriate forms of liquidity, or of any
direction made to the Company by the Superintendent. The ICA also requires an insurance company to notify the Superintendent of the declaration of a dividend at least 15 days prior to the date fixed for its payment. Similarly, the ICA prohibits the
purchase for cancellation of any shares issued by an insurance company or the redemption of any redeemable shares or other similar capital transactions, if there are reasonable grounds for believing that the Company does not have adequate capital
and adequate and appropriate forms of liquidity or the payment would cause the Company to be in contravention of any regulation made under the ICA respecting the maintenance of adequate capital and adequate and appropriate forms of liquidity, or any
direction made to the Company by the Superintendent. These latter transactions would require the prior approval of the Superintendent. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Since the Company
is a holding company that conducts all of its operations through regulated insurance subsidiaries (or companies owned directly or indirectly by these subsidiaries), its ability to pay future dividends will depend on the receipt of sufficient funds
from </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>162</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
its regulated insurance subsidiaries. These subsidiaries are also subject to certain regulatory restrictions under laws in Canada, the United States and certain other countries that may limit
their ability to pay dividends or make other upstream distributions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company and MLI have covenanted for the benefit of holders of the outstanding
Trust II Notes &#150; Series I (the &#147;Notes&#148;) that, if interest is not paid in full in cash on the Notes on any interest payment date or if MLI elects that holders of Notes invest interest payable on the Notes on any interest payment date
in a new series of Manufacturers Life Class 1 Shares, MLI will not declare or pay cash dividends on any MLI Public Preferred Shares (as defined below), if any are outstanding, and if no MLI Public Preferred Shares are outstanding, MFC will not
declare or pay cash dividends on its Preferred Shares and Common Shares, in each case, until the sixth month following such deferral date. &#147;MLI Public Preferred Shares&#148; means, at any time, preferred shares of MLI which at that time:
(a)&nbsp;have been issued to the public (excluding any preferred shares of MLI held beneficially by affiliates of MLI); (b)&nbsp;are listed on a recognized stock exchange; and (c)&nbsp;have an aggregate liquidation entitlement of at least $200,
however, if at any time, there is more than one class of MLI Public Preferred Shares outstanding, then the most senior class or classes of outstanding MLI Public Preferred Shares shall, for all purposes, be the MLI Public Preferred Shares.
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_15"></A>Note 15&nbsp;&nbsp;&nbsp;&nbsp;Stock-Based Compensation </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Stock options plans </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Under MFC&#146;s
Executive Stock Option Plan (&#147;ESOP&#148;), deferred share units and stock options are granted to selected individuals. Options provide the holder with the right to purchase common shares of MFC at an exercise price equal to the higher of the
prior day or prior five day average closing market price of common shares on the Toronto Stock Exchange on the date the options were granted. The options vest over a period not exceeding four years and expire not more than 10 years from the grant
date. Effective with the 2015 grant, options may only be exercised after the fifth year anniversary. A total of 73,600,000 common shares have been reserved for issuance under the ESOP. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Options outstanding </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="8" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;</FONT>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Number&nbsp;of<BR>options</FONT> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">(in&nbsp;millions</FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Weighted<BR>average<BR>exercise<BR>price</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;</FONT> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Number&nbsp;of<BR>options</FONT>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(in&nbsp;millions</FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Weighted<BR>average<BR>exercise<BR>price</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Outstanding, January&nbsp;1</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>30</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;20.72</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;20.82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Granted</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17.65</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Exercised</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15.49</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15.33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Expired</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>32.92</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30.43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forfeited</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>21.04</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23.06</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Outstanding, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>30</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19.80</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20.72</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Exercisable, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>20.25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">21.45</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="43%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Options outstanding</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Options exercisable</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December 31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;</FONT>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Number&nbsp;of<BR>options</FONT> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">(in&nbsp;millions</FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Weighted<BR>average<BR>exercise<BR>price</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Weighted<BR>average<BR>remaining<BR>contractual</FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">life<BR>(in&nbsp;years)</FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;</FONT>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Number&nbsp;of<BR>options</FONT> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1">(in&nbsp;millions</FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Weighted<BR>average<BR>exercise<BR>price</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Weighted<BR>average<BR>remaining<BR>contractual</FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">life<BR>(in&nbsp;years)</FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">$11.08&nbsp;&#150;&nbsp;$20.99</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>20</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16.63</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5.30</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16.31</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3.75</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">$21.00&nbsp;&#150;&nbsp;$29.99</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>21.69</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6.82</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>21.61</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5.86</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">$30.00&nbsp;&#150;&nbsp;$40.38</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>38.73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.70</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>38.73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.70</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>30</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;19.80</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5.26</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;20.25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3.66</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The weighted average fair value of each option granted in 2016 has been estimated at $3.78 (2015 &#150; $4.84) using the
Black-Scholes option-pricing model. The pricing model uses the following assumptions for these options: risk-free interest rate of 1.50% (2015&nbsp;&#150;1.75%), dividend yield of 3.00% (2015 &#150; 3.00%), expected volatility of 29.5% (2015 &#150;
29.5%) and expected life of 6.7 (2015&nbsp;&#150; 6.7) years. Expected volatility is estimated by evaluating a number of factors including historical volatility of the share price over multi-year periods. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Compensation expense related to stock options was $19 for the year ended December&nbsp;31, 2016 (2015 &#150; $16). </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Deferred share units plans </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2000, MFC
granted deferred share units (&#147;DSUs&#148;) to certain employees under the ESOP. These DSUs vested over a three year period and each DSU entitles the holder to receive one common share on retirement or termination of employment. When dividends
are paid on common shares, holders of DSUs are deemed to receive dividends at the same rate, payable in the form of additional DSUs. The number of DSUs outstanding was 633,000 as at December&nbsp;31, 2016 (2015 &#150; 690,000). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>163</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In addition, for certain employees and pursuant to the Company&#146;s deferred compensation program, MFC grants DSUs
under the ESOP which entitle the holder to receive payment in cash equal to the value of the same number of common shares plus credited dividends on retirement or termination of employment. In 2016, the Company granted 14,000 DSUs (2015 &#150;
315,000) to certain employees of which vest after four years on the day they were granted. In 2016, 27,000 DSUs (2015 &#150; 34,000) were granted to certain employees who elected to defer receipt of all or part of their annual bonus. These DSUs
vested immediately. Also, in 2016, 83,000 DSUs (2015&nbsp;&#150;&nbsp;85,000) were granted to certain employees to defer payment of all or part of their Restricted Share Units (&#147;RSUs&#148;) and/or Performance Share Units (&#147;PSUs&#148;).
These DSUs also vested immediately. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Fair value of the 254,000 DSUs issued in the year was $23.91 per unit, as at December&nbsp;31, 2016 (546,000 issued
at $20.74 per unit on December&nbsp;31, 2015). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Under the Stock Plan for Non-Employee Directors, each eligible director may elect to receive his or her
annual director&#146;s retainer and fees in DSUs or common shares in lieu of cash. Upon termination of Board service, an eligible director who has elected to receive DSUs will be entitled to receive cash equal to the value of the DSUs accumulated in
his or her account, or at his or her direction, an equivalent number of common shares. A total of one million common shares have been reserved for issuance under this plan. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Number of DSUs (in thousands)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Outstanding, January&nbsp;1</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,542</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,332</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>254</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">546</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reinvested</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>97</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Redeemed</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(184</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(411</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Forfeitures and cancellations</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(27</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Outstanding, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,682</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,542</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Of the DSUs outstanding as at December&nbsp;31, 2016, 633,000 (2015 &#150; 690,000) entitle the holder to receive common shares,
1,235,000 (2015 &#150; 1,195,000) entitle the holder to receive payment in cash and 814,000 (2015 &#150; 657,000) entitle the holder to receive payment in cash or common shares, at the option of the holder. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Compensation expense related to DSUs was $1 for the year ended December&nbsp;31, 2016 (2015 &#150; $5). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The carrying amount of the liability relating to the DSUs as at December&nbsp;31, 2016 is $26 (2015 &#150; $22) and is included within other liabilities. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Restricted share units and performance share units plans </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For the year ended
December&nbsp;31, 2016, 7.6&nbsp;million RSUs (2015 &#150; 5.6 million) and 1.2&nbsp;million PSUs (2015 &#150; 0.8 million) were granted to certain eligible employees under MFC&#146;s Restricted Share Unit Plan. The fair values of the RSUs and PSUs
granted in the year were $23.91 per unit as at December&nbsp;31, 2016 (2015 &#150; $20.74 per unit). Each RSU/PSU entitles the recipient to receive payment equal to the market value of one common share, plus credited dividends, at the time of
vesting, subject to any performance conditions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">RSUs and PSUs granted in February 2016 vest on the date that is 34 months from the grant date (December
15, 2018), and the related compensation expense is recognized over this period, except where the employee is eligible to retire prior to a vesting date, in which case the cost is recognized over the period between the grant date and the date on
which the employee is eligible to retire. Compensation expense related to RSUs and PSUs was $110 and $9, respectively, for the year ended December&nbsp;31, 2016 (2015 &#150; $93 and $15, respectively). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The carrying amount of the liability relating to the RSUs and PSUs as at December&nbsp;31, 2016 is $196 (2015 &#150; $142) and is included within other liabilities.
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(d) Global share ownership plan </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">MFC&#146;s Global Share Ownership Plan (&#147;GSOP&#148;) allows qualifying employees to choose to apply up to five per cent of their annual base earnings toward
the purchase of common shares. The Company matches a percentage of the employee&#146;s eligible contributions up to a maximum amount. The Company&#146;s contributions vest immediately. All contributions are used to purchase common shares in the open
market. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_16"></A>Note 16&nbsp;&nbsp;&nbsp;&nbsp;Employee Future Benefits </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company maintains defined contribution and defined benefit pension plans and other post-employment plans for employees and agents including registered (tax
qualified) pension plans that are typically funded, as well as supplemental non-registered (non-qualified) pension plans for executives, retiree welfare plans and disability welfare plans that are typically not funded. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Plan characteristics </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">To reduce the
financial risk associated with final average pay defined benefit pension plans and retiree welfare plans, the Company has over time closed all these plans to new members and, in the case of pension plans, has replaced them with capital accumulation
plans. The latter include defined benefit cash balance plans, 401(k) plans and/or defined contribution plans, depending on the country of employment. The result is that final average pay pension plans account for less than 50&nbsp;per cent of the
Company&#146;s global pension obligations and the number of employees who accrue these pensions declines each year. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Prior to the Company&#146;s
acquisition of the Canadian-based operations of Standard Life plc, advance provision had been made on Standard Life&#146;s balance sheet for continuing its practice of regularly granting increases in retiree pensions on an non-contractual
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>164</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
<FONT STYLE="white-space:nowrap">ad-hoc</FONT> basis. In 2016, the Company concluded that increases would no longer be regularly granted, consistent with the treatment of pensions for retirees
under other Manulife plans. To reflect this change, the advance provision was removed, reducing the net defined benefit liability for the former Standard Life plan by $55 which was recorded through income. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">All pension arrangements are governed by local pension committees or management but significant plan changes require approval from the Company&#146;s Board of
Directors. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s funding policy for remaining defined benefit pension plans is to make the minimum annual contributions required by
regulations in the countries in which the plans are offered. Assumptions and methods prescribed for regulatory funding purposes typically differ from those used for accounting purposes. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s remaining defined benefit pension and/or retiree welfare plan obligations are for plans in the U.S., Canada, Japan, and Taiwan. There are also disability welfare plans in Canada and the U.S.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The largest of these pension and retiree welfare plans are the primary defined benefit plans for employees in the U.S. and Canada. These are considered
to be the material plans that are the subject of the disclosures in the balance of this note. The Company measures its defined benefit obligations and fair value of plan assets for accounting purposes as at December&nbsp;31 each year. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>U.S. defined benefit and retiree welfare plans </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company operates a qualified cash balance plan that is open to new members, a closed non-qualified cash balance plan, and a closed retiree welfare plan. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Actuarial valuations to determine the Company&#146;s minimum funding contributions for the qualified cash balance plan are required annually. Deficits revealed in the funding valuations must generally be funded
over a period of up to seven years. It is expected that there will be no required funding for this plan in 2017. There are no plan assets set aside for the non-qualified cash balance plan. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The retiree welfare plan subsidizes the cost of life insurance and medical benefits. The majority of those who retired after 1991 receive a fixed-dollar subsidy from the Company based on service. The plan was
closed to all employees hired after 2004. While assets have been set aside in a qualified trust to pay a portion of future retiree welfare benefits, this funding is optional. Retiree welfare benefits offered under the plan coordinate with the U.S.
Medicare program to make optimal use of available federal financial support. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The qualified pension and retiree welfare plans are governed by the U.S.
Benefits Committee, while the non-qualified pension plan is governed by the U.S. Non-Qualified Plans Subcommittee. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Canadian defined
benefit and retiree welfare plans </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s defined benefit plans in Canada include two registered final average pay pension plans, a
non-registered supplemental final average pay pension plan and a retiree welfare plan, all of which have been closed to new members. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Actuarial
valuations to determine the Company&#146;s minimum funding contributions for the registered plans are required at least once every three years. Deficits revealed in the funding valuation must generally be funded over a period of not less than five
years. For 2017, the required funding for these plans is expected to be $33. The supplemental non-registered pension plan is not funded. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The retiree
welfare plan subsidizes the cost of life insurance, medical and dental benefits. These subsidies are a fixed dollar amount for those who retired after April&nbsp;30, 2013 and will be eliminated for those who retire after 2019. There are no assets
set aside for this plan. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The registered pension plans are governed by Pension Committees, while the supplemental non-registered plan is governed by the
Board of Directors. The retiree welfare plan is governed by management. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Risks </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In final average pay pension plans and retiree welfare plans, the Company generally bears the material risks which include interest rate, investment, longevity and
health care cost inflation risks. In defined contribution plans, these risks are typically borne by the employee. In cash balance plans, the interest rate, investment and longevity risks are partially transferred to the employee. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Material sources of risk to the Company for all plans include: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A decline in discount rates that increases the defined benefit obligations by more than the change in value of plan assets; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Lower than expected rates of mortality; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">For retiree welfare plans, higher than expected health care costs. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company has managed these risks through plan design and eligibility changes that have limited the size and growth of the defined benefit obligations. Investment risks for funded plans are managed through
strategies aimed at improving the alignment between movements in the invested assets and movements in the obligations. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the U.S., delegated committee
representatives and management review the financial status of the qualified defined benefit pension plan at least monthly, and steps are taken in accordance with an established dynamic investment policy to reduce the risk in the plan as the funded
status improves. As at December&nbsp;31, 2016, the target asset allocation for the plan was 35% return-seeking assets and 65% liability-hedging assets. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In Canada, internal committees and management review the financial status of the registered defined benefit pension plans on at least a quarterly basis. As at
December&nbsp;31, 2016, the target asset allocation for the plan was 22% return-seeking assets and 78% <FONT STYLE="white-space:nowrap">liability-hedging</FONT> assets with an ultimate target of 20% return-seeking assets and 80% liability-hedging
assets by 2017. The asset allocation for the plan acquired from Standard Life is 64% return-seeking assets and 36% liability-hedging assets as at December&nbsp;31, 2016. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>165</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Pension and retiree welfare plans </B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension Plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree welfare plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Changes in defined benefit obligation:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Ending balance prior year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,823</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,089</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>713</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">648</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Acquisitions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">483</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Plan mergers<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>143</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Current service cost</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>52</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Past service cost</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(57</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest cost</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>196</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">183</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>28</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Plan participants&#146; contributions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Actuarial losses (gains) due to:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Experience</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Demographic assumption changes</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(94</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(16</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Economic assumption changes</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>116</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(202</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>20</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Curtailment (gains) losses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Benefits paid</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(314</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(342</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of changes in foreign exchange rates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(99</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">570</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(17</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">96</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Defined benefit obligation, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;4,767</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;4,823</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;682</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;713</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree welfare plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Change in plan assets:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value of plan assets, ending balance prior year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,122</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,442</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>635</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">538</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Acquisitions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">406</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Plan mergers<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>129</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>169</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">156</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Employer contributions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>106</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">119</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Plan participants&#146; contributions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Benefits paid</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(314</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(342</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Administration costs</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Actuarial gains (losses)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>158</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(167</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of changes in foreign exchange rates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(87</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">513</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">103</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Fair value of plan assets, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;4,277</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;4,122</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;603</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;635</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">In Canada, two smaller pension plans were merged into the primary Manulife pension plan in 2016. Amounts shown represent the value of the defined benefit
obligations and assets transferred from the smaller plans into the primary Manulife plan. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(d) Amounts recognized
in the Consolidated Statements of Financial Position </B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree welfare plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Development of net defined benefit liability</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Defined benefit obligation</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;4,767</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;4,823</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;682</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;713</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value of plan assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,277</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,122</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>603</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">635</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deficit</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>490</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">701</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>79</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Effect of asset
limit<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deficit and net defined benefit liability</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>490</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">701</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>79</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">78</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deficit is comprised of:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Funded or partially funded plans</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(292</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(133</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(63</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Unfunded plans</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>782</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">834</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>142</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">139</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deficit and net defined benefit liability</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>490</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">701</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>79</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">78</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">No reconciliation has been provided for the effect of the asset limit since there was no effect in either year. For the funded pension plans, the present value
of the economic benefits available in the form of reductions in future contributions to the plans is significantly greater than the surplus that would be expected to develop. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>166</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(e) Disaggregation of defined benefit obligation </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>U.S. Plans</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian Plans</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree welfare plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree welfare plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December 31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Active members</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>637</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">649</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>38</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>403</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">441</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>20</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Inactive and retired members</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,528</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,685</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>502</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">540</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,199</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,048</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>122</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">114</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;3,165</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3,334</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;540</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;575</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,602</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,489</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;142</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;138</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(f) Fair value measurements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The major categories of plan assets and the actual per cent allocation to each category are as follows. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="16" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="16" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>U.S. Plans</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian Plans</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree welfare plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c;border-bottom:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c;border-bottom:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree welfare plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair&nbsp;value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;of&nbsp;total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair&nbsp;value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;of&nbsp;total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair&nbsp;value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;of&nbsp;total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair&nbsp;value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;of&nbsp;total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>21</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity securities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>825</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>28%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>150</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>460</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>34%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,834</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>62%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>427</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>71%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>809</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>60%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other
investments<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>259</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>54</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;2,933</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>100%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;603</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>100%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,344</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>100%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="16"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>U.S. Plans</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian Plans</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree welfare plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree welfare plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair&nbsp;value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;of&nbsp;total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair&nbsp;value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;of&nbsp;total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair&nbsp;value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;of&nbsp;total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair&nbsp;value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;of&nbsp;total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity securities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">838</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">161</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">424</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">36%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,866</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">63%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;446</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">70%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">678</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">58%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other
investments<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">218</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">57</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,947</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">635</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,175</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">All of the U.S. pension and retiree welfare plan assets have daily quoted prices in active markets, except for the private equity, timber and agriculture assets.
In the aggregate, the latter assets represent approximately 6% of all U.S. pension and retiree welfare plan assets as at December&nbsp;31, 2016 (2015&nbsp;&#150;&nbsp;6%). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">All of the Canadian pension plan assets have daily quoted prices in active markets, except for the real estate, mortgage, and group annuity contract assets. In
the aggregate, the latter assets represent approximately 3% of all Canadian pension plan assets as at December&nbsp;31, 2016 (2015 &#150; 3%). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity securities include direct investments in MFC common shares of $1.1 (2015 &#150; $1.0) in the U.S. retiree welfare plan and nil (2015&nbsp;&#150;&nbsp;nil)
in Canada. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Other U.S. plan assets include investment in private equity, timberland and agriculture, and managed futures in 2016. Other Canadian pension plan assets include
investment in real estate, mortgages, a global absolute return strategy and a group annuity contract. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(g) Net
benefit cost recognized in the Consolidated Statements of Income </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Components of the net benefit cost for the pension plans and retiree welfare plans
were as follows. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree welfare plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Defined benefit current service cost<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>52</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Defined benefit administrative expenses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Past service cost amendments<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(57</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Past service cost curtailments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(9</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Service cost</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest on net defined benefit (asset) liability<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Defined benefit cost</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Defined contribution cost</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>69</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">68</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net benefit cost</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;98</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;146</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;6</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Includes service and interest costs for the two plans merged into the primary Manulife plan for the period from August&nbsp;1, 2016 to December&nbsp;31, 2016.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Past service cost amendments include ($55) reflecting the removal of the advance provision made in prior years for continuing non-contractual, ad-hoc increases
in pension for Standard Life retirees. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>167</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(h) Re-measurement effects recognized in Other Comprehensive Income </B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree welfare plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Actuarial gains (losses) on defined benefit obligations:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Experience</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Demographic assumption changes</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>94</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;16</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Economic assumption changes</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(116</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;202</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(20</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Return on plan assets greater (less) than discount rate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>158</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(167</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total re-measurement effects</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;136</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(i) Assumptions </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The key assumptions used by the Company to determine the defined benefit obligation and net benefit cost for the defined benefit pension plans and retiree welfare plans were as follows. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>U.S. Plans</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian Plans</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree welfare plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree welfare plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>To determine the defined benefit obligation at end of
year<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)<B>:</B></SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Discount rate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.1%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.1%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3.9%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.0%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Initial health care cost trend rate<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>n/a</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8.8%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>n/a</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6.0%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>To determine the defined benefit cost for the year<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)<B>:</B></SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Discount rate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.3%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.1%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.1%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Initial health care cost trend rate<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>n/a</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9.0%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>n/a</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6.1%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Inflation and salary increase assumptions are not shown as they do not materially affect obligations and cost. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The health care cost trend rate used to measure the U.S. based retiree welfare obligation was 8.8% grading to 5.0% for 2032 and years thereafter (2015 &#150;
9.0% grading to 5.0% for 2032) and to measure the net benefit cost was 9.0% grading to 5.0% for 2032 and years thereafter (2015 &#150; 8.3% grading to 5.0% for 2028). In Canada, the rate used to measure the retiree welfare obligation was 6.0%
grading to 4.8% for 2026 and years thereafter (2015 &#150; 6.1% grading to 4.8% for 2026) and to measure the net benefit cost was 6.1% grading to 4.8% for 2026 and years thereafter (2015 &#150; 6.3% grading to 4.8% for 2026).
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Assumptions regarding future mortality are based on published statistics and mortality tables. The current life expectancies
underlying the values of the obligations in the defined benefit pension and retiree welfare plans are as follows. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Life expectancy (in years) for those currently age 65</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Males</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22.4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22.7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Females</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23.9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>24.6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Life expectancy (in years) at age 65 for those currently age 45</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Males</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23.9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23.8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Females</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25.4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25.6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(j) Sensitivity of assumptions on obligation </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Assumptions used can have a significant effect on the obligations reported for defined benefit pension and retiree welfare plans. The potential impact on the obligations arising from changes in the key assumptions
is set out in the following table. The sensitivities assume all other assumptions are held constant. In actuality, interrelationships with other assumptions may exist. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension&nbsp;plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree&nbsp;welfare&nbsp;plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Discount rate:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of a 1% increase</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(452</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(66</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of a 1% decrease</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>538</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>81</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Health care cost trend rate:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of a 1% increase</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>n/a</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>26</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of a 1% decrease</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>n/a</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Mortality rates<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of a 10% decrease</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;116</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">If the actuarial estimates of mortality are adjusted in the future to reflect unexpected decreases in mortality, the effect of a 10% decrease in mortality rates
at each future age would be an increase in life expectancy at age 65 of 0.9 years for U.S. males and females and 0.8 years for Canadian males and females. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(k) Maturity profile </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The weighted average duration (in years) of the defined benefit
obligations is as follows. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree&nbsp;welfare&nbsp;plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. plans</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9.1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian plans</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12.7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13.6</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14.2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>168</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(l) Cash flows &#150; contributions </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Total cash payments for all employee future benefits, comprised of cash contributed by the Company to funded defined benefit pension and retiree welfare plans, cash payments directly to beneficiaries in respect of
unfunded pension and retiree welfare plans, and cash contributed to defined contribution pension plans, were as follows. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Pension plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Retiree&nbsp;welfare&nbsp;plans</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Defined benefit plans</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;106</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;119</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Defined contribution plans</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>69</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">68</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>175</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">187</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s best estimate of expected cash payments for employee future benefits for the year ending December&nbsp;31, 2017
is $100 for defined benefit pension plans, $73 for defined contribution pension plans and $10 for retiree welfare plans. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_17">
</A>Note 17&nbsp;&nbsp;&nbsp;&nbsp; Interests in Structured Entities </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In its capacities as an investor and as an investment manager, the Company has
relationships with various types of entities designed to generate investment returns and/or fees. The Company also has relationships with entities that are used to facilitate financing for the Company. Some of these entities may have some or all of
the following features: control is not readily identified based on voting rights; restricted activities designed to achieve a narrow objective; high amount of leverage; and/or highly structured capital. Such entities are identified as structured
entities (individually &#147;SE&#148; or collectively &#147;SEs&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In assessing the significance of a SE for disclosure purposes, the Company
considers the nature of its relationship with the SEs including whether they are sponsored by the Company (i.e. initially organized and managed by the Company). In addition, the significance of the relationship with the SE to the Company is assessed
including consideration of factors such as the Company&#146;s investment in the SE as a percentage of the Company&#146;s total investments, returns from it as a percentage of total net investment income, its size as a percentage of total funds under
management and the Company&#146;s exposure to any other risks from its involvement with the SE. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company does not provide financial or other support
to its SEs, without having a contractual obligation to do so. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company does not disclose its interests in Mezzanine Funds and Collateralized Debt
Obligations within this note as these interests are not significant. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Consolidated SEs </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Investment SEs </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company acts as an
investment manager of timberlands and timber companies. The Company&#146;s general fund and segregated funds invest in many of them. The Company has control over one timberland company which it manages, Hancock Victoria Plantations Holdings PTY
Limited (&#147;HVPH&#148;). HVPH is a SE primarily because the Company&#146;s employees exercise voting rights over it on behalf of other investors. As at December&nbsp;31, 2016, the Company&#146;s consolidated timber assets relating to HVPH was
$920 (2015&nbsp;&#150;&nbsp;$891). The Company does not provide guarantees to other parties against the risk of loss from HVPH. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Financing SEs </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company securitizes
certain insured and variable rate commercial and residential mortgages and HELOC. This activity is facilitated by consolidated entities that are SEs because their operations are limited to issuing and servicing the Company&#146;s capital. Further
information regarding the Company&#146;s mortgage securitization program is included in note 4. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Unconsolidated SEs
</B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Investment SEs </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The table
below presents the Company&#146;s investment and maximum exposure to loss related to significant unconsolidated investment SEs, some of which are sponsored by the Company. The Company does not provide guarantees to other parties against the risk of
loss from these SEs. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Company&#146;s&nbsp;investment<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Company&#146;s&nbsp;maximum</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">exposure to loss<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Leveraged leases<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;3,369</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3,549</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;3,369</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3,549</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Timberland companies<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>736</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">648</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>749</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">677</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real Estate
companies<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>327</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">263</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>327</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">263</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,432</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,460</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,445</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,489</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company&#146;s investments in these unconsolidated SEs are included in invested assets and the Company&#146;s returns from them are included in net
investment income and AOCI. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company&#146;s maximum exposure to loss from each SE is limited to amounts invested in each, plus unfunded capital commitments, if any. The Company&#146;s
investment commitments are disclosed in note 18. The maximum loss is expected to occur only upon the entity&#146;s bankruptcy/liquidation, or as a result of a natural disaster in the case of the timber companies, or foreclosure in the case of
affordable housing companies. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>169</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These entities are statutory business trusts which use capital provided by the Company and senior debt provided by other parties to finance the acquisition of
assets. These assets are leased to third-party lessees under long-term leases. The Company owns equity capital in these business trusts. The Company does not consolidate any of the trusts that are party to the lease arrangements because the Company
does not have decision-making power over them. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These entities own and operate timberlands. The Company invests in their equity and debt. The Company&#146;s returns include investment income, investment
advisory fees, forestry management fees and performance advisory fees. The Company does not control these entities because it either does not have the power to govern their financial and operating policies or does not have significant variable
returns from them, or both. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These entities, which include the Manulife U.S. REIT, own and manage commercial real estate. The Company invests in their equity. The Company&#146;s returns
include investment income, investment management fees, property management fees, acquisition/disposition fees, and leasing fees. The Company does not control these entities because it either does not have the power to govern their financial and
operating policies or does not have significant variable returns from them, or both. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Financing SEs </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table presents the Company&#146;s interests and maximum exposure to loss from significant unconsolidated financing SEs. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Company&#146;s&nbsp;interests<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Finance (Delaware), L.P.<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>876</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,438</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Financial Capital Trust II<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3) </SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,876</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,438</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company&#146;s interests include amounts borrowed from the SEs and the Company&#146;s investment in their subordinate capital, and foreign currency and
interest swaps with them, if any. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">This entity is a wholly-owned partnership used to facilitate the Company&#146;s financing. Refer to notes 11, 12 and 18. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">This entity is an open-ended trust that is used to facilitate the Company&#146;s financing. Refer to note 12. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(i) Other invested assets </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company has
investment relationships with a variety of other entities (&#147;Other Entities&#148;), which result from its direct investment in their debt and/or equity and which have been assessed for control. This category includes, but is not limited to
investments in power and infrastructure, oil and gas, private equity, real estate and agriculture, organized as limited partnerships and limited liability companies. The majority of these Other Entities are not sponsored by the Company. The Company
believes that its relationships with these Other Entities are not individually significant. As such, the Company neither provides summary financial data for these entities nor individually assesses whether they are SEs. The Company&#146;s maximum
exposure to losses as a result of its relationships with Other Entities is limited to its investment in them and amounts committed to be invested but not yet funded. The income that the Company generates from these entities is recorded in net
investment income and other comprehensive income. The Company does not provide guarantees to other parties against the risk of loss from these Other Entities. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(ii) Interest in securitized assets </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company invests in mortgage/asset-backed securities
issued by numerous securitization vehicles sponsored by other parties, including private issuers and government sponsored issuers, in order to generate investment returns which are recorded in net investment income. The Company does not own a
controlling financial interest in any of the issuers. These securitization vehicles are SEs based on their narrow scope of activities and highly leveraged capital structures. Investments in mortgage/asset-backed securities are reported on the
Consolidated Statements of Financial Position as debt securities and private placements, and their fair value and carrying value are disclosed in note 4. The Company&#146;s maximum loss from these investments is limited to amounts invested.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Commercial mortgage backed securities (&#147;CMBS&#148;) are secured by commercial mortgages and residential mortgage backed securities
(&#147;RMBS&#148;) are secured by residential mortgages. Asset backed securities (&#147;ABS&#148;) may be secured by various underlying assets including credit card receivables, automobile loans and aviation leases. The mortgage/asset backed
securities that the Company invests in primarily originate in North America. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table outlines the securitized holdings by the type and asset
quality. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="16" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">CMBS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">RMBS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">ABS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">AAA</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>943</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,253</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,269</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,183</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">AA</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>393</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>393</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">A</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>592</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>592</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">719</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">BBB</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>217</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>221</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">137</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">BB and below</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>21</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>38</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">66</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total company exposure</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;963</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;74</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;2,476</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;3,513</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3,215</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(iii) Mutual funds </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company sponsors and may invest in a range of public mutual funds with a broad range of investment styles. As sponsor the Company organizes mutual funds that implement investment strategies on behalf of current
and future investors. The Company earns fees which are at market rates for providing advisory and administrative services to these mutual funds. Generally, the Company does not control its sponsored mutual funds because either the Company does not
have power to govern their financial and operating policies, or its returns in the form of fees and ownership interests are not significant, or both. Certain mutual funds are SEs because their decision making rights are not vested in voting equity
interests and their investors are provided with redemption rights. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>170</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company believes that its relationships with these mutual funds are not individually significant. As such, the
Company neither provides summary financial data for these mutual funds nor individually assesses whether they are SEs. The Company&#146;s interest in mutual funds is limited to its investment and fees earned, if any. The Company&#146;s investments
in mutual funds are recorded as part of its investment in public equities within the Consolidated Statements of Financial Position. For information regarding the Company&#146;s invested assets, refer to note 4. The Company does not provide
guarantees to other parties against the risk of loss from these mutual funds. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As sponsor, the Company&#146;s investment in startup capital of mutual
funds as at December&nbsp;31, 2016 was $1,903 (2015 &#150; $1,582). The Company&#146;s retail mutual fund assets under management as at December&nbsp;31, 2016 were $170,930 (2015 &#150; $160,020). </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_18"></A>Note 18&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Legal proceedings </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company is
regularly involved in legal actions, both as a defendant and as a plaintiff. The legal actions where the Company is a party ordinarily involve its activities as a provider of insurance protection or wealth management products, relating to
reinsurance, or in its capacity as an investment adviser, employer, or taxpayer. Other life insurers and asset managers, operating in the jurisdictions in which the Company does business, have been subject to a wide variety of other types of
actions, some of which resulted in substantial judgments or settlements against the defendants; it is possible that the Company may become involved in similar actions in the future. In addition, government and regulatory bodies in Canada, the United
States, Asia and other jurisdictions where the Company conducts business regularly make inquiries and, from time to time, require the production of information or conduct examinations concerning the Company&#146;s compliance with, among other
things, insurance laws, securities laws, and laws governing the activities of broker-dealers. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Two class actions against the Company were certified and
pending in Quebec and Ontario. The actions were based on allegations that the Company failed to meet its disclosure obligations related to its exposure to market price risk in its segregated funds and variable annuity guaranteed products. On January
31, 2017, we announced we reached an agreement to settle both of these class actions for a total payment of $69 million. The entire payment is covered by insurance and the Company made no admission of liability. The settlement agreement is subject
to approval by both the Ontario and Quebec Courts. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Two putative class actions against John Hancock Life Insurance Company (U.S.A.) (&#147;JHUSA&#148;)
are pending, one in New York and one in California, in which claims are made that JHUSA breached, and continues to breach, the contractual terms of certain universal life policies issued between approximately 1990 and 2006 by including impermissible
charges in its cost of insurance (COI) calculations. The Company believes that its COI calculations have been, and continue to be, in accordance with the terms of the policies and intends to vigorously defend these actions. Both cases are in the
discovery stage and it is premature to attempt to predict any outcome or range of outcomes for these matters. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Investment
commitments </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the normal course of business, various investment commitments are outstanding which are not reflected in the Consolidated Financial
Statements. There were $7,505 (2015 &#150; $5,680) of outstanding investment commitments as at December&nbsp;31, 2016, of which $268 (2015 &#150; $172) mature in 30 days, $2,665 (2015 &#150; $1,743) mature in 31 to 365 days and $4,572 (2015 &#150;
$3,765) mature after one year. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Letters of credit </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In the normal course of business, third-party relationship banks issue letters of credit on the Company&#146;s behalf. The Company&#146;s businesses utilize letters of credit for which third parties are the
beneficiaries, as well as for affiliate reinsurance transactions between its subsidiaries. As at December&nbsp;31, 2016, letters of credit for which third parties are beneficiary, in the amount of $83 (2015 &#150; $109), were outstanding.
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(d) Guarantees </B></FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(i) Guarantees regarding Manulife Finance (Delaware), L.P. (&#147;MFLP&#148;) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">MFC has guaranteed the payment of amounts on the $650 subordinated debentures due on December&nbsp;15, 2041 issued by MFLP, a wholly-owned unconsolidated partnership. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(ii) Guarantees regarding The Manufacturers Life Insurance Company </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">On January&nbsp;29, 2007, MFC provided a subordinated guarantee, as amended and restated on January&nbsp;13, 2017, of Class&nbsp;A and Class B Shares of MLI and any other class of preferred shares that rank on a
parity with Class&nbsp;A Shares or Class B Shares of MLI. For the following subordinated debentures issued by MLI, MFC has provided a subordinated guarantee on the day of issuance: $500 issued on February&nbsp;17, 2012; $200 issued on
February&nbsp;25, 2013; $250 issued on November&nbsp;29, 2013; $500 issued on February&nbsp;21, 2014; $500 issued on December&nbsp;1, 2014; $750 issued on March&nbsp;10, 2015; $350 issued on June&nbsp;1, 2015; and $1,000 issued on November&nbsp;20,
2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On July&nbsp;1, 2015, MFC provided a subordinated guarantee of $400 for the subordinated debentures assumed by MLI as part of the Standard Life
acquisition on the wind up of the Standard Life Assurance Company of Canada (&#147;SCDA&#148;) on that date. SCDA was acquired by MLI on January&nbsp;30, 2015. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>171</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table sets forth certain condensed consolidated financial information for MFC and MFLP. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Condensed Consolidated Statements of Income Information </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC<BR>(Guarantor)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">MLI<BR>consolidated</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<BR>subsidiaries of<BR>MFC on a<BR>combined&nbsp;basis</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidating<BR>adjustments</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total<BR>consolidated<BR>amounts</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">MFLP</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total revenue</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>518</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;53,051</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;1,941</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;(2,173)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;53,337</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income (loss) attributed to shareholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;2,929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,455</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(898</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,557)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC<BR>(Guarantor)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">MLI<BR>consolidated</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<BR>subsidiaries of<BR>MFC on a<BR>combined&nbsp;basis</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidating<BR>adjustments</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Total<BR>consolidated<BR>amounts</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">MFLP</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">401</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">33,877</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,491</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,339</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34,430</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income (loss) attributed to shareholders</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,191</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,983</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">118</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,101</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,191</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Condensed Consolidated Statements of Financial Position </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>



<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC<BR>(Guarantor)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">MLI<BR>consolidated</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<BR>subsidiaries of<BR>MFC on a<BR>combined&nbsp;basis</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidating<BR>adjustments</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total<BR>consolidated<BR>amounts</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">MFLP</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Invested assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>161</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;315,201</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,507</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;321,869</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total other assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;48,073</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>99,718</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;15,136</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(79,292</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>83,635</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,085</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds net assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>315,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>315,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>296,896</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,122</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(18,513</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>297,505</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,275</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,275</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds net liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>315,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>315,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total other liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,402</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>66,999</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,539</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(13,039</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>61,901</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>882</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC<BR>(Guarantor)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">MLI<BR>consolidated</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<BR>subsidiaries of<BR>MFC on a<BR>combined&nbsp;basis</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidating<BR>adjustments</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">Total<BR>consolidated<BR>amounts</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">MFLP</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Invested assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">122</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">301,645</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,739</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">307,506</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total other assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43,248</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">97,926</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,491</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(74,549</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">82,116</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,651</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds net assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">313,249</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">313,249</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance contract liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">284,647</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18,197</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(17,556</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">285,288</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment contract liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,497</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,497</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds net liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">313,249</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">313,249</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total other liabilities</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,211</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">69,334</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,445</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(14,091</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">58,899</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,447</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(iii) Guarantees regarding John Hancock Life Insurance Company (U.S.A.) (&#147;JHUSA&#148;) </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Details of guarantees regarding certain securities issued or to be issued by JHUSA are outlined in note 23. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(e) Pledged assets </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the normal course of
business, the Company pledges its assets in respect of liabilities incurred, strictly for the purpose of providing collateral for the counterparty. In the event of the Company&#146;s default, the counterparty is entitled to apply the collateral in
order to settle the liability. The pledged assets are returned to the Company if the underlying transaction is terminated or, in the case of derivatives, if there is a decrease in the net exposure due to market value changes. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The amounts pledged were as follows. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="8" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">In respect of:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivatives</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,678</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>99</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,619</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Regulatory requirements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>409</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>78</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">445</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Repurchase agreements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>255</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">268</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-registered retirement plans in trust</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>464</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">455</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>174</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">139</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;5,345</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;837</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;5,334</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;737</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(f) Lease obligations </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company has a number of operating lease obligations, primarily for the use of office space. The aggregate future minimum lease payments under non-cancelable operating leases are $966 (2015 &#150; $1,056).
Payments by year are included in the &#147;Risk Management&#148; section of the Company&#146;s 2016 MD&amp;A under Liquidity Risk. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>172</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(g) Participating business </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In some territories where the Company maintains participating accounts, there are regulatory restrictions on the amounts of profit that can be transferred to shareholders. Where applicable, these restrictions
generally take the form of a fixed percentage of policyholder dividends. For participating businesses operating as separate &#147;closed blocks&#148;, transfers are governed by the terms of MLI&#146;s and John Hancock Mutual Life Insurance
Company&#146;s plans of demutualization. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_19"></A>Note 19&nbsp;&nbsp;&nbsp;&nbsp;Segmented Information
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s reporting segments are Asia, Canadian and U.S. Divisions and the Corporate and Other segment. Each division has profit and loss
responsibility and develops products, services and distribution strategies based on the profile of its business and the needs of its market. The significant product and service offerings of each segment are as follows: </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Protection (Asia, Canadian and U.S. Divisions).</B>&nbsp;Offers a variety of individual life insurance and individual and group long-term care insurance.
Products are distributed through multiple distribution channels, including insurance agents, brokers, banks, financial planners and direct marketing. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Wealth and Asset Management (Asia, Canadian and U.S. Divisions).</B>&nbsp;Offers pension contracts and mutual fund products and services. These businesses also
offer a variety of retirement products to group benefit plans. These businesses distribute products through multiple distribution channels, including insurance agents and brokers affiliated with the Company, securities brokerage firms, financial
planners, pension plan sponsors, pension plan consultants and banks. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Other Wealth (Asia, Canadian and U.S. Divisions).</B> Includes annuities,
single premium and banking products. Manulife Bank of Canada offers a variety of deposit and credit products to Canadian customers. Annuity contracts provide non-guaranteed, partially guaranteed and fully guaranteed investment options through
general and separate account products. These businesses distribute products through multiple distribution channels, including insurance agents and brokers affiliated with the Company, financial planners and banks. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Corporate and Other Segment.</B>&nbsp;Comprised of investment performance on assets backing capital, net of amounts allocated to operating divisions and
financing costs; external asset management business; Property and Casualty (&#147;P&amp;C&#148;) Reinsurance Business; as well as run-off reinsurance operations including variable annuities and accident and health. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Certain allocation methodologies are employed in the preparation of segmented financial information. Indirect expenses are allocated to business segments using
allocation formulas applied on a consistent basis, while capital is apportioned to the Company&#146;s business segments using a risk based methodology. The Consolidated Statements of Income impact of changes in actuarial methods and assumptions
(refer to note 8) is reported in the Corporate and Other segment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The 2015 assets and earnings (net investment income and income tax recovery
(expense)) on assets backing capital allocated to each operating segment have been reclassified to align with the methodology used in 2016. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>By segment </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at and for the year ended</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>December&nbsp;31, 2016</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia Division</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian<BR>Division</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. Division</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate<BR>and&nbsp;Other</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Premium income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Life and health insurance</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,111</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,366</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,703</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>88</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23,268</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Annuities and pensions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,474</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>606</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>284</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,364</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net premium income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,585</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,972</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,987</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>88</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27,632</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net investment income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,143</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,255</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,980</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>146</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other revenue</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,566</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,480</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,591</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>544</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,181</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,294</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,707</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>20,558</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>778</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>53,337</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Contract benefits and expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Life and health insurance</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,435</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,207</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,829</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>806</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27,277</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Annuities and pensions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,913</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,179</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,765</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,857</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net benefits and claims</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,348</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,386</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,594</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>806</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>34,134</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest expense</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>146</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>305</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>45</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>517</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,013</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other expenses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,241</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,279</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,619</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>722</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,861</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total contract benefits and expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,735</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,970</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,258</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,045</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>50,008</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income (loss) before income taxes</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,559</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,737</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,300</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,267</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,329</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income tax recovery (expense)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(243</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(250</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(166</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>463</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(196</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,316</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,487</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,134</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(804</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,133</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Less net income (loss) attributed to:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-controlling interests</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>115</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>28</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>143</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Participating policyholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>60</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>61</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss) attributed to shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,141</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,486</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,134</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(832</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;92,783</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;214,467</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;384,010</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;29,421</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;720,681</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>173</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at and for the year ended</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>December&nbsp;31, 2015</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia Division</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian<BR>Division</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. Division</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate<BR>and&nbsp;Other</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Premium income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Life and health insurance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,707</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,926</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,997</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,720</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Annuities and pensions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,788</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">504</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">913</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,205</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Premiums ceded, net of commission and additional consideration relating to Closed Block reinsurance
transaction (Note 3)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7,996</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7,996</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net premium income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,495</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,430</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(86</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,929</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net investment income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,073</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,511</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,685</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">134</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,403</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other revenue</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,434</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,124</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,350</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">190</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,098</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total revenue</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14,002</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,065</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,949</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">414</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34,430</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Contract benefits and expenses</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Life and health insurance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,724</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,201</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(124</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">624</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,425</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Annuities and pensions</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,488</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">584</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,844</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,916</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net benefits and claims</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,212</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,785</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,720</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">624</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,341</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">124</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">471</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">447</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,101</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other expenses</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,272</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,057</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,273</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">768</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,370</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total contract benefits and expenses</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,608</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,313</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,052</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,839</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">31,812</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income (loss) before income taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,394</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">752</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,897</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,425</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,618</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income tax recovery (expense)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(175</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(279</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(437</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">563</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(328</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,219</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">473</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,460</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(862</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,290</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Less net income (loss) attributed to:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-controlling interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Participating policyholders</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">37</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss) attributed to shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,105</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">480</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,460</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(854</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,191</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;82,584</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;202,419</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;385,011</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;32,857</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;702,871</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The results of the Company&#146;s business segments differ from geographic segmentation primarily as a consequence of segmenting
the results of the Company&#146;s Corporate and Other segment into the different geographic segments to which its businesses pertain. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>By geographic location </B></FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>December&nbsp;31, 2016</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Premium income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Life and health insurance</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,184</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,909</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,705</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>470</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23,268</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Annuities and pensions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,474</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>606</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>284</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,364</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net premium income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,658</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,515</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,989</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>470</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27,632</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net investment income </FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,368</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,096</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,880</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other revenue</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,608</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,443</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,105</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,181</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,634</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;12,054</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;20,974</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>675</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>53,337</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>December&nbsp;31, 2015</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Premium income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Life and health insurance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,776</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,454</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,999</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">491</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,720</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Annuities and pensions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,788</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">504</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">913</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,205</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Premiums ceded, net of commission and additional consideration relating&nbsp;to Closed Block
reinsurance transaction (Note 3)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7,996</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7,996</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net premium income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,564</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,958</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">491</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,929</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net investment income </FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,128</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,884</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,273</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">118</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,403</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other revenue</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,455</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,891</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,740</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,098</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total revenue</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;14,147</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,733</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,929</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;621</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;34,430</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_20"></A>Note 20&nbsp;&nbsp;&nbsp;&nbsp;Related Parties </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Transactions with related parties </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Related party transactions have been in the normal course of business and taken place at terms that would exist in arm&#146;s-length transactions. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>174</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Transactions with certain related parties </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Transactions with MFLP, a wholly owned unconsolidated partnership, and MFCT, a wholly owned unconsolidated trust, are described in note 11, 12 and 17. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(c) Compensation of key management personnel </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s key management personnel are those personnel who have the authority and responsibility for planning, directing and controlling the activities of
the Company. Directors (both executive and non-executive) and senior management are considered key personnel. Accordingly, the summary of compensation of key management personnel is as follows. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Short-term employee benefits</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Post-employment benefits</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Share-based payments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Termination benefits</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other long-term benefits</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;87</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;85</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_21"></A>Note 21&nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following is a list of Manulife&#146;s directly and indirectly held major operating subsidiaries. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="34%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>(100% owned unless otherwise noted in brackets beside company name)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Address</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Description</B></FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>The Manufacturers Life Insurance Company</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Toronto, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Leading Canadian-based financial services company that offers a diverse range of financial protection products and wealth management
services</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Holdings (Alberta) Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Calgary, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Holding company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Financial Corporation</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Wilmington, Delaware, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Holding company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">The Manufacturers Investment Corporation</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Michigan, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Holding company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Life Insurance Company (U.S.A.)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Michigan, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. life insurance company licensed in all states, except New York</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:8.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Subsidiaries LLC</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Wilmington, Delaware, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Holding company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Financial Network, Inc.</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Boston, Massachusetts, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Financial services distribution organization</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Advisers, LLC</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Boston, Massachusetts, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment advisor</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:11.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Funds, LLC</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Boston, Massachusetts, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Broker-dealer</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Asset Management (US) LLC</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Wilmington, Delaware, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Asset management company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Hancock Natural Resource Group, Inc.</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Boston, Massachusetts, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Manager of globally diversified timberland and agricultural portfolios</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:8.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Life Insurance Company of New York</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">New York, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. life insurance company licensed in New York</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:8.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Investment Management Services, LLC</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Boston, Massachusetts, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment advisor</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:8.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Life &amp; Health Insurance Company</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Boston, Massachusetts, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. life insurance company licensed in all states</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:8.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Distributors LLC</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Wilmington, Delaware, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Broker-dealer</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Insurance Agency, Inc.</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Wilmington, Delaware, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance agency</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Insurance Company of Vermont</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Vermont, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Captive insurance subsidiary</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Reinsurance Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Hamilton, Bermuda</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Provides life and financial reinsurance to affiliates</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:8.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Reinsurance (Bermuda) Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Hamilton, Bermuda</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Provides life and annuity reinsurance to affiliates</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Bank of Canada</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Waterloo, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Provides integrated banking products and service options not available from an insurance company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Asset Management Holdings (Canada) Inc.</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Toronto, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Holding company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Asset Management Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Toronto, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Provides investment counseling, portfolio and mutual fund management in Canada</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">First North American Insurance Company</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Toronto, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Property and casualty insurance company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">NAL Resources Management Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Calgary, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Management company for oil and gas properties</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>175</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="34%"></TD></TR>

<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>(100% owned unless otherwise noted in brackets beside company name)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Address</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Description</B></FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Resources Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Calgary, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Holds oil and gas properties</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Property Limited Partnership</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Toronto, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Holds oil and gas royalties</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Western Holdings Limited Partnership</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Calgary, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Holds oil and gas properties</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Property Limited Partnership II</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Toronto,&nbsp;Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Holds oil and gas royalties and foreign bonds and equities</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Securities Investment Services Inc.</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Oakville, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Mutual fund dealer for Canadian operations</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Holdings (Bermuda) Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Hamilton, Bermuda</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Holding company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manufacturers P &amp; C Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">St. Michael, Barbados</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Provides property and casualty reinsurance</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Financial Asia Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Hong Kong, China</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Holding company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife (Cambodia) PLC</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Phnom Penh, Cambodia</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Life insurance company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manufacturers Life Reinsurance Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">St. Michael, Barbados</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Provides life and annuity reinsurance to affiliates</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife (Vietnam) Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Ho Chi Minh City, Vietnam</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Life insurance company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:6.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Asset Management (Vietnam) Company Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Ho Chi Minh City, Vietnam</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Fund management company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife International Holdings Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Hong Kong, China</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Holding company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:6.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife (International) Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Hong Kong, China</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Life insurance company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife-Sinochem Life Insurance Co. Ltd. (51%)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Shanghai, China</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Life insurance company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:6.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Asset Management International Holdings Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Hong Kong, China</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Holding company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Asset Management (Hong Kong) Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Hong Kong, China</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment management and advisory company marketing mutual funds</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:9.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Asset Management (Taiwan) Co., Ltd.</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Taipei, Taiwan</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Asset management company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Life Insurance Company</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Tokyo, Japan</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Life insurance company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:6.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Asset Management (Japan) Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Tokyo, Japan</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment management and advisory company and mutual fund business</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Insurance (Thailand) Public Company Limited (91.9%)<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Bangkok, Thailand</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Life insurance company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:6.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Asset Management (Thailand) Company Limited (94.2%)<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Bangkok, Thailand</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment management company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Holdings Berhad (59.5%)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Kuala Lumpur, Malaysia</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Holding company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:6.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Insurance Berhad (59.5%)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Kuala Lumpur, Malaysia</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Life insurance company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:6.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Asset Management Services Berhad (59.5%)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Kuala Lumpur, Malaysia</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Asset management company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife (Singapore) Pte. Ltd.</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Singapore</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Life insurance company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Asset Management (Singapore) Pte. Ltd.</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Singapore</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Asset management company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">The Manufacturers Life Insurance Co. (Phils.), Inc.</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Makati City, Philippines</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Life insurance company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:6.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Chinabank Life Assurance Corporation (60%)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Makati City, Philippines</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Life insurance company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">PT Asuransi Jiwa Manulife Indonesia</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Jakarta, Indonesia</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Life insurance company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">PT Manulife Aset Manajemen Indonesia</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Jakarta, Indonesia</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment management company marketing mutual funds and discretionary funds</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Asset Management (Europe) Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">London, England</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment management company for Manulife Financial&#146;s international funds</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Assurance Company of Canada</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Toronto, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Life insurance company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">EIS Services (Bermuda) Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Hamilton, Bermuda</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment holding company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Berkshire Insurance Services Inc.</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Toronto, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment holding company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:4.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">JH Investments (Delaware) LLC</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Boston, Massachusetts, U.S.A.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment holding company</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Securities Incorporated</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Oakville, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment dealer</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Asset Management (North America) Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Toronto, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment advisor</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Regional Power Inc.</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Mississauga, Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Developer and operator of hydro-electric power projects</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>John Hancock Reassurance Company Ltd.</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Hamilton, Bermuda</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Provides life, annuity and long-term care reinsurance to affiliates</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC voting rights percentages are the same as the ownership percentages except for Manulife Insurance (Thailand) Public Company Limited and Manulife Asset
Management (Thailand) Company Limited where MFC&#146;s voting rights are 98.0% and 98.5% respectively. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>176</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_22"></A>Note 22&nbsp;&nbsp;&nbsp;&nbsp;Segregated Funds </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company manages a number of segregated funds on behalf of policyholders. Policyholders are provided the opportunity to invest in different categories of
segregated funds that respectively hold a range of underlying investments. The Company retains legal title to the underlying investments; however, returns from these investments belong to the policyholders. Accordingly, the Company does not bear the
risk associated with these assets outside of guarantees offered on certain variable life and annuity products. The &#147;Risk Management&#148; section of the Company&#146;s 2016 MD&amp;A provides information regarding variable annuity and segregated
fund guarantees. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The composition of net assets by categories of segregated funds was within the following ranges for the years ended December&nbsp;31,
2016 and 2015. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Ranges in per cent</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Type of fund</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Money market funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2&nbsp;to&nbsp;3%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2 to 3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed income funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14&nbsp;to&nbsp;15%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12 to 16%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balanced funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22 to 24%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23&nbsp;to&nbsp;27%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>59 to 61%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">56 to 59%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Money market funds consist of investments that have a term to maturity of less than one year. Fixed income funds primarily consist
of investments in fixed grade income securities and may contain smaller investments in diversified equities or high-yield bonds. Relative to fixed income funds, balanced funds consist of fixed income securities and a larger equity investment
component. The types of equity funds available to policyholders range from low volatility equity funds to aggressive equity funds. Equity funds invest in a varying mix of Canadian, U.S. and global equities. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The underlying investments of the segregated funds consist of both individual securities and mutual funds (collectively &#147;net assets&#148;), some of which may
be considered to be structured entities. The carrying value and change in segregated funds net assets are as follows. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Segregated
funds net assets </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Investments at market value</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash and short-term securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,370</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,651</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,269</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,458</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,079</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mutual funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>278,966</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">277,015</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other investments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,552</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,538</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Accrued investment income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>201</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">205</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other assets and liabilities, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(644</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(729</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total segregated funds net assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>315,708</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">313,747</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Composition of segregated funds net assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Held by policyholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>315,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">313,249</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Held by the Company</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>531</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">498</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total segregated funds net assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;315,708</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;313,747</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Total segregated funds net assets are presented separately on the Consolidated Statements of Financial Position. Fair value related
information of segregated funds is disclosed in note 4(g). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>177</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Changes in segregated funds net assets </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net policyholder cash flow</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Deposits from policyholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>33,130</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">32,785</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net transfers to general fund</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(878</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(798</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Payments to policyholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(39,731</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(41,174</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(7,479</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(9,187</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Investment related</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest and dividends</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,736</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,487</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net realized and unrealized investment gains (losses)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,097</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(16,080</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,833</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,407</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Management and administration fees</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4,386</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4,337</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Acquired from Standard Life</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">32,171</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of changes in foreign exchange rates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(6,007</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">36,959</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(10,393</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">64,793</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net additions </FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,961</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">57,013</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds net assets, beginning of year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>313,747</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">256,734</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Segregated funds net assets, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;315,708</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;313,747</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Segregated funds assets may be exposed to a variety of financial and other risks. These risks are primarily mitigated by investment
guidelines that are actively monitored by professional and experienced portfolio advisors. The Company is not exposed to these risks beyond the liabilities related to the guarantees associated with certain variable life and annuity products.
Accordingly, the Company&#146;s exposure to loss from segregated fund products is limited to the value of these guarantees. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">These guarantee liabilities
are recorded within the Company&#146;s insurance contract liabilities. Assets supporting these guarantees are recognized in invested assets according to their investment type. The &#147;Risk Management&#148; section of the Company&#146;s 2016
MD&amp;A provides information regarding the risks associated with variable annuity and segregated fund guarantees. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_23">
</A>Note 23&nbsp;&nbsp;&nbsp;&nbsp;Information Provided in Connection with Investments in Deferred Annuity Contracts and </B><B><I>Signature</I></B><B>Notes Issued or Assumed by John Hancock Life Insurance Company (U.S.A.) </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following condensed consolidating financial information, presented in accordance with IFRS, and the related disclosure have been included in these Consolidated
Financial Statements with respect to JHUSA in compliance with Regulation S-X and Rule 12h-5 of the United States Securities and Exchange Commission (the &#147;Commission&#148;). These financial statements are incorporated by reference in the MFC and
its subsidiaries registration statements that are described below and which relate to MFC&#146;s guarantee of certain securities to be issued by its subsidiaries. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">JHUSA maintains a book of deferred annuity contracts that feature a market value adjustment and are registered with the Commission. The deferred annuity contracts contain variable investment options and fixed
investment period options. The fixed investment period options enable the participant to invest fixed amounts of money for fixed terms at fixed interest rates, subject to a market value adjustment if the participant desires to terminate a fixed
investment period before its maturity date. The annuity contract provides for the market value adjustment to keep the parties whole with respect to the fixed interest bargain for the entire fixed investment period. These fixed investment period
options that contain a market value adjustment feature are referred to as &#147;MVAs&#148;. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">JHUSA may also sell medium-term notes to retail investors
under its <I>Signature</I>Notes program. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Effective December&nbsp;31, 2009, John Hancock Variable Life Insurance Company (the &#147;Variable
Company&#148;) and John Hancock Life Insurance Company (the &#147;Life Company&#148;) merged with and into JHUSA. In connection with the mergers, JHUSA assumed the Variable Company&#146;s rights and obligations with respect to the MVAs issued by the
Variable Company and the Life Company&#146;s rights and obligations with respect to the <I>Signature</I>Notes issued by the Life Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">MFC fully and
unconditionally guaranteed the payment of JHUSA&#146;s obligations under the MVAs and under the <I>Signature</I>Notes (including the MVAs and <I>Signature</I>Notes assumed by JHUSA in the merger), and such MVAs and the <I>Signature</I>Notes were
registered with the Commission. The <I>Signature</I>Notes and MVAs assumed or issued by JHUSA are collectively referred to in this note as the &#147;Guaranteed Securities&#148;. JHUSA is, and each of the Variable Company and the Life Company was, a
wholly owned subsidiary of MFC. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">MFC&#146;s guarantees of the Guaranteed Securities are unsecured obligations of MFC, and are subordinated in right of
payment to the prior payment in full of all other obligations of MFC, except for other guarantees or obligations of MFC which by their terms are designated as ranking equally in right of payment with or subordinate to MFC&#146;s guarantees of the
Guaranteed Securities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The laws of the State of New York govern MFC&#146;s guarantees of the <I>Signature</I>Notes issued or assumed by JHUSA and the
laws of the Commonwealth of Massachusetts govern MFC&#146;s guarantees of the MVAs issued or assumed by JHUSA. MFC has consented to the jurisdiction of the courts of New York and Massachusetts. However, because a substantial portion of MFC&#146;s
assets are located outside the United States, the assets of MFC located in the United States may not be sufficient to satisfy a judgment given by a federal or </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>178</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
state court in the United States to enforce the subordinate guarantees. In general, the federal laws of Canada and the laws of the Province of Ontario, where MFC&#146;s principal executive
offices are located, permit an action to be brought in Ontario to enforce such a judgment provided that such judgment is subsisting and unsatisfied for a fixed sum of money and not void or voidable in the United States and a Canadian court will
render a judgment against MFC in a certain dollar amount, expressed in Canadian dollars, subject to customary qualifications regarding fraud, violations of public policy, laws limiting the enforcement of creditor&#146;s rights and applicable
statutes of limitations on judgments. There is currently no public policy in effect in the Province of Ontario that would support avoiding the recognition and enforcement in Ontario of a judgment of a New York or Massachusetts court on MFC&#146;s
guarantees of the <I>Signature</I>Notes issued or assumed by JHUSA or a Massachusetts court on guarantees of the MVAs issued or assumed by JHUSA. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">MFC is
a holding company. MFC&#146;s assets primarily consist of investments in its subsidiaries. MFC&#146;s cash flows primarily consist of dividends and interest payments from its operating subsidiaries, offset by expenses and shareholder dividends and
MFC stock repurchases. As a holding company, MFC&#146;s ability to meet its cash requirements, including, but not limited to, paying any amounts due under its guarantees, substantially depends upon dividends from its operating subsidiaries.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">These subsidiaries are subject to certain regulatory restrictions under laws in Canada, the United States and certain other countries, which may limit
their ability to pay dividends or make contributions or loans to MFC. For example, some of MFC&#146;s subsidiaries are subject to restrictions prescribed by the ICA on their ability to declare and pay dividends. The restrictions related to dividends
imposed by the ICA are described in note 14. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the United States, insurance laws in Michigan, New York, Massachusetts and Vermont, the jurisdictions in
which certain of MFC&#146;s U.S. insurance company subsidiaries are domiciled, impose general limitations on the payment of dividends and other upstream distributions or loans by these insurance subsidiaries. These limitations are described in note
14. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In Asia, the insurance laws of the jurisdictions in which MFC operates either provide for specific restrictions on the payment of dividends or other
distributions or loans by subsidiaries or impose solvency or other financial tests, which could affect the ability of subsidiaries to pay dividends in certain circumstances. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">There can be no assurance that any current or future regulatory restrictions in Canada, the United States or Asia will not impair MFC&#146;s ability to meet its cash requirements, including, but not limited to,
paying any amounts due under its guarantee. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following condensed consolidating financial information, presented in accordance with IFRS, reflects the
effects of the mergers and is provided in compliance with Regulation S-X and in accordance with Rule 12h-5 of the Commission. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Condensed Consolidated Statement of Financial Position </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC<BR>(Guarantor)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">JHUSA<BR>(Issuer)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<BR>subsidiaries</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidation<BR>adjustments</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated<BR>MFC</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Invested assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>161</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>109,063</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>213,043</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(398</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>321,869</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investments in unconsolidated subsidiaries</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>47,758</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,457</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,504</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(71,719</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reinsurance assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>51,537</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,069</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(26,654</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>34,952</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>315</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>28,718</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>41,723</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(22,073</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>48,683</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds net assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>174,917</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>142,400</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,140</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>315,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>48,234</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>370,692</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>424,739</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(122,984</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>720,681</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Liabilities and equity</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>147,504</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>177,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(27,523</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>297,505</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,251</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,027</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,275</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>252</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>28,892</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>41,653</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(21,772</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>49,025</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Long-term debt</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,689</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,696</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Capital instruments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>461</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>627</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,226</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(134</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds net liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>174,917</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>142,400</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,140</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>315,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Shareholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>41,832</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,501</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>53,912</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(71,413</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>41,832</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Participating policyholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>248</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>248</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-controlling interests</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>742</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>743</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total liabilities and equity</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;48,234</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;370,692</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;424,739</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(122,984</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;720,681</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>179</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Condensed Consolidated Statement of Financial Position </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC<BR>(Guarantor)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">JHUSA<BR>(Issuer)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<BR>subsidiaries</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidation<BR>adjustments</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated<BR>MFC</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Invested assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">122</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">108,736</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">199,031</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(383</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">307,506</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investments in unconsolidated subsidiaries</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">42,919</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,684</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,653</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(67,256</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reinsurance assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">52,027</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,579</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(26,180</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35,426</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">329</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30,271</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39,026</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(22,936</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">46,690</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds net assets</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">178,421</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">136,753</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,925</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">313,249</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;43,370</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;376,139</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;402,042</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(118,680</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;702,871</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Liabilities and equity</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance contract liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">147,401</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">164,928</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(27,041</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">285,288</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment contract liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,324</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,177</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,497</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">524</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30,131</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">40,939</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(22,243</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">49,351</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Long-term debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,687</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">150</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,853</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Capital instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,209</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,185</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(699</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,695</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds net liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">178,421</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">136,753</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,925</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">313,249</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Shareholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,159</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,653</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">49,266</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(66,919</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,159</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Participating policyholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">187</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">187</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-controlling interests</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">591</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">592</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total liabilities and equity</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43,370</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">376,139</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">402,042</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(118,680</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">702,871</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Condensed Consolidated Statement of Income </B></FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC<BR>(Guarantor)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">JHUSA<BR>(Issuer)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<BR>subsidiaries</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidation<BR>adjustments</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated<BR>MFC</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net premium income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,021</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22,611</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27,632</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net investment income (loss)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>475</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,191</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,102</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,244</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net other revenue</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>43</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,569</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,108</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,539</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,181</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>518</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,781</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>42,821</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3,783</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>53,337</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Contract benefits and expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net benefits and claims</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,340</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>24,748</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(954</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>34,134</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Commissions, investment and general expenses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,272</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,016</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,840</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,459</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other expenses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>259</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>59</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,086</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(989</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,415</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total contract benefits and expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>270</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,671</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;39,850</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3,783</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>50,008</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income (loss) before income taxes</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>248</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>110</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,971</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,329</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income tax (expense) recovery</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>28</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>251</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(475</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(196</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income (loss) after income taxes</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>276</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>361</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,496</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,133</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity in net income (loss) of unconsolidated subsidiaries</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,653</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>211</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>572</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3,436</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;2,929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>572</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,068</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3,436</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,133</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income (loss) attributed to:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-controlling interests</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>143</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>143</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Participating policyholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(48</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>61</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>61</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Shareholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>620</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,864</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3,484</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>572</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,068</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3,436</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;3,133</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>180</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Condensed Consolidated Statement of Income </B></FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC<BR>(Guarantor)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">JHUSA<BR>(Issuer)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<BR>subsidiaries</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidation<BR>adjustments</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated<BR>MFC</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net premium income prior to Closed Block reinsurance</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,161</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;20,764</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;23,925</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Premiums ceded, net of commission and additional consideration relating to Closed Block reinsurance
transaction</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(6,813</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,766</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">583</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7,996</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net premium income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,652</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18,998</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">583</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,929</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net investment income (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">476</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,014</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,837</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(924</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,403</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net other revenue</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(75</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,110</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,069</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,006</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,098</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total revenue</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">401</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,472</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34,904</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,347</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;34,430</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Contract benefits and expenses</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net benefits and claims</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,146</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,540</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,053</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,341</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Commissions, investment and general expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,158</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,949</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,114</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,012</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other expenses</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">185</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">267</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,187</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(180</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,459</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total contract benefits and expenses</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">204</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;2,279</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;32,676</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,347</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">31,812</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income (loss) before income taxes</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">197</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">193</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,228</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,618</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income tax (expense) recovery</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(57</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">276</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(547</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(328</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income (loss) after income taxes</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">140</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">469</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,681</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,290</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity in net income (loss) of unconsolidated subsidiaries</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,051</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">80</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">549</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,680</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;2,191</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">549</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,230</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,680</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,290</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income (loss) attributed to:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-controlling interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Participating policyholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Shareholders</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,191</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">549</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,130</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,679</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,191</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,191</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">549</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,230</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(2,680</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,290</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>181</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Consolidated Statement of Cash Flows </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2016</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(Guarantor)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">JHUSA</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(Issuer)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">subsidiaries</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidation</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">adjustments</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Operating activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income (loss)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;2,929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>572</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,068</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(3,436</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,133</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjustments for non-cash items in net income (loss)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity in net income of unconsolidated subsidiaries</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,653</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(211</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(572</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,436</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Increase (decrease) in insurance contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,225</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,789</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,014</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Increase (decrease) in investment contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>58</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(58</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">(Increase) decrease in reinsurance assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(1,444</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>602</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(842</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Amortization of (premium) discount on invested assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>83</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>78</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other amortization</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>284</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>407</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>693</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net realized and unrealized (gains) losses and impairment on assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(917</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,878</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,804</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Deferred income tax expense (recovery)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>391</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(629</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(235</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Stock option expense</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>20</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash provided by operating activities before undernoted items</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>272</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,952</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,832</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,056</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dividends from unconsolidated subsidiary</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,950</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>111</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,061</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in policy related and operating receivables and payables</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>171</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,290</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>99</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,020</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash provided by (used in) operating activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,393</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,773</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,931</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,061</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,036</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Investing activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Purchases and mortgage advances</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(32</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(34,656</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(69,371</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(104,059</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Disposals and repayments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>32,343</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>49,658</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>82,001</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in investment broker net receivables and payables</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(35</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(186</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment in common shares of subsidiaries</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(5,706</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,706</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net cash decrease from purchase of subsidiaries and businesses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(495</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(495</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Capital contribution to unconsolidated subsidiaries</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(350</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>350</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Return of capital from unconsolidated subsidiaries</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes receivables from affiliates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>544</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(544</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes receivable from parent</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>344</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(344</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes receivable from subsidiaries</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(40</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>46</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash provided by (used in) investing activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(5,744</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,737</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(19,471</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,213</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(22,739</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financing activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Increase (decrease) in repurchase agreements and securities sold but not yet purchased</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(23</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(23</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issue of long-term debt, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,899</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,899</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Redemption of long-term debt</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(158</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(158</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issue of capital instruments, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>479</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>479</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Redemption of capital instruments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(949</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(949</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Funds borrowed (repaid), net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Secured borrowings from securitization transactions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>847</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>847</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in deposits from Bank clients, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(157</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(157</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Shareholders&#146; dividends paid in cash</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,593</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,593</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dividends paid to parent</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,061</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,061</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Contributions from (distributions to) non-controlling interests, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Common shares issued, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>66</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,706</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(5,706</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>66</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Preferred shares issued, net</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>884</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>884</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Capital contributions by parent</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>350</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(350</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Return of capital to parent</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes payable to affiliates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(544</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>544</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes payable to parent</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>46</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(46</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes payable to subsidiaries</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(344</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>344</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash provided by (used in) financing activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,391</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(545</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,592</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3,152</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,286</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and short-term securities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Increase (decrease) during the year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>40</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(509</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,948</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,417</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Effect of foreign exchange rate changes on cash and short-term securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(149</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(197</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(347</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, beginning of year</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>122</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,445</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,435</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,002</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>161</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,787</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,290</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,238</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and short-term securities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Beginning of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross cash and short-term securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>122</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,938</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,825</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,885</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net payments in transit, included in other liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(493</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(390</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(883</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net cash and short-term securities, beginning of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>122</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,445</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,435</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,002</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>End of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross cash and short-term securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>161</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,317</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,673</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net payments in transit, included in other liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(530</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(383</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(913</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net cash and short-term securities, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>161</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,787</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,290</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;14,238</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Supplemental disclosures on cash flow information:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest received</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;4,523</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,966</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>61</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,550</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest paid</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>210</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>144</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,397</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(768</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>983</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income taxes paid</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>35</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>68</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>738</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>841</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>182</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Consolidated Statement of Cash Flows </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(Guarantor)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">JHUSA</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(Issuer)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">subsidiaries</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidation</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">adjustments</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">MFC</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Operating activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;2,191</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">549</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,230</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,680)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,290</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjustments for non-cash items in net income (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity in net income of unconsolidated subsidiaries</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,051</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(549</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,680</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Increase (decrease) in insurance contract liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,223</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,675</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,452</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Increase (decrease) in investment contract liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">144</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">203</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">(Increase) decrease in reinsurance assets, excluding the impact of Closed Block reinsurance transaction</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">830</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">561</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,391</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Amortization of (premium) discount on invested assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other amortization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">473</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">580</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net realized and unrealized (gains) losses and impairment on assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(191</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">606</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,072</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,487</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Deferred income tax expense (recovery)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">150</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(498</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(343</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Stock option expense</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash provided by operating activities before undernoted items</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,004</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,214</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,166</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dividends from unconsolidated subsidiary</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">398</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">291</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4,689</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash decrease due to Closed Block reinsurance transaction</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,336</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(687</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,023</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in policy related and operating receivables and payables</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">38</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,429</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4,236</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,769</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash provided by (used in) operating activities</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,994</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(513</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,582</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4,689</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,374</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Investing activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Purchases and mortgage advances</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(31,061)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(46,080)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(77,141</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Disposals and repayments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">179</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;29,893</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;36,870</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;66,942</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in investment broker net receivables and payables</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">102</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment in common shares of subsidiaries</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,392</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,392</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net cash decrease from purchase of subsidiaries and businesses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,808</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,808</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Capital contribution to unconsolidated subsidiaries</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(447</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">447</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Return of capital from unconsolidated subsidiaries</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes receivable from parent</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes receivable from subsidiaries</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">180</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(210</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash provided by (used in) investing activities</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,183</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,525</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(12,798</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;2,601</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(13,905</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financing activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">(Decrease) increase in repurchase agreements and securities sold but not yet purchased</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(212</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(212</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Redemption of long-term debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,243</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,243</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issue of capital instruments, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,089</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,089</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Redemption of capital instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(350</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(350</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Funds borrowed (repaid), net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Secured borrowings from securitization transactions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">436</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">436</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in deposits from Bank clients, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(351</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(351</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Shareholders&#146; dividends paid in cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,427</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,427</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">(Distributions to) contributions from non-controlling interests, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Common shares issued, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,392</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,392</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dividends paid to parent</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(291</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4,398</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,689</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gain (loss) on intercompany transaction</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Capital contributions by parent</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">447</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(447</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Return of capital to parent</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes payable to parent</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(180</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">210</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes payable to subsidiaries</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">31</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(31</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash provided by (used in) financing activities</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,952</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(492</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">350</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,088</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,006</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and short-term securities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Increase (decrease) during the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,141</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,530</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(866</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(5,537</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Effect of foreign exchange rate changes on cash and short-term securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,056</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,043</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,102</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, beginning of year</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,260</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,918</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,259</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20,437</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">122</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,444</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,436</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,002</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and short-term securities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Beginning of year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross cash and short-term securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,260</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,311</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,508</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">21,079</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net payments in transit, included in other liabilities</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(393</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(249</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(642</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net cash and short-term securities, beginning of year</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;2,260</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,918</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,259</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20,437</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>End of year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross cash and short-term securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">122</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,938</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,825</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net payments in transit, included in other liabilities</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(494</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(389</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(883</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net cash and short-term securities, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">122</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,444</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,436</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,002</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Supplemental disclosures on cash flow information:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest received</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,512</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,422</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,925</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest paid</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">212</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">131</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,135</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(407</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,071</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income taxes paid</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">767</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">787</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial Statements</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>183</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="fin327881_24"></A>Note 24&nbsp;&nbsp;&nbsp;&nbsp;Comparatives </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Certain comparative amounts have been reclassified to conform to the current year&#146;s presentation. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>184</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Notes&nbsp;to&nbsp;Consolidated&nbsp;Financial&nbsp;Statements</I></FONT></TD></TR></TABLE>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d324094dex992.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Exhibit 99.2 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g327881g85e01.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:120px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:36px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6" COLOR="#1f320c">Manulife Financial Corporation
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="6" COLOR="#1f320c">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="5" COLOR="#1f320c">For the year ended December&nbsp;31, 2016 </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Caution Regarding Forward-Looking Statements </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">From time to time, Manulife Financial Corporation (&#147;MFC&#148;) makes written and/or oral forward-looking statements, including in this document. In addition,
our representatives may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the &#147;safe harbour&#148; provisions of Canadian provincial securities laws and the U.S. Private
Securities Litigation Reform Act of 1995. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The forward-looking statements in this document include, but are not limited to, statements with respect to
core ROE expansion over the medium term and the drivers of such expansion, the contribution of recent major acquisitions and partnerships to annual core earnings over the medium term, the anticipated benefits and costs of the acquisition of Standard
Life, and Manulife&#146;s expected capital position under the new LICAT guideline and also relate to, among other things, our objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by
the use of words such as &#147;may&#148;, &#147;will&#148;, &#147;could&#148;, &#147;should&#148;, &#147;would&#148;, &#147;likely&#148;, &#147;suspect&#148;, &#147;outlook&#148;, &#147;expect&#148;, &#147;intend&#148;, &#147;estimate&#148;,
&#147;anticipate&#148;, &#147;believe&#148;, &#147;plan&#148;, &#147;forecast&#148;, &#147;objective&#148;, &#147;seek&#148;, &#147;aim&#148;, &#147;continue&#148;, &#147;goal&#148;, &#147;restore&#148;, &#147;embark&#148; and &#147;endeavour&#148;
(or the negative thereof) and words and expressions of similar import, and include statements concerning possible or assumed future results. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such
statements involve risks and uncertainties, and undue reliance should not be placed on such statements and they should not be interpreted as confirming market or analysts&#146; expectations in any way. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in
such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to the performance, volatility and
correlation of equity markets, interest rates, credit and swap spreads, currency rates, investment losses and defaults, market liquidity and creditworthiness of guarantors, reinsurers and counterparties); changes in laws and regulations; changes in
accounting standards applicable in any of the territories in which we operate; changes in regulatory capital requirements; our ability to execute strategic plans and changes to strategic plans; downgrades in our financial strength or credit ratings;
our ability to maintain our reputation; impairments of goodwill or intangible assets or the establishment of provisions against future tax assets; the accuracy of estimates relating to morbidity, mortality and policyholder behaviour; the accuracy of
other estimates used in applying accounting policies, actuarial methods and embedded value methods; our ability to implement effective hedging strategies and unforeseen consequences arising from such strategies; our ability to source appropriate
assets to back our long-dated liabilities; level of competition and consolidation; our ability to market and distribute products through current and future distribution channels, including through our collaboration arrangements with Standard Life
plc, bancassurance partnership with DBS Bank Ltd and distribution agreement with Standard Chartered; unforeseen liabilities or asset impairments arising from acquisitions and dispositions of businesses, including with respect to the acquisitions of
Standard Life, New York Life&#146;s Retirement Plan Services business and Standard Chartered&#146;s MPF and Occupational and Retirement Schemes Ordinance (&#147;ORSO&#148;) businesses; the realization of losses arising from the sale of investments
classified as available-for-sale; our liquidity, including the availability of financing to satisfy existing financial liabilities on expected maturity dates when required; obligations to pledge additional collateral; the availability of letters of
credit to provide capital management flexibility; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; the availability, affordability and adequacy of reinsurance; legal and regulatory
proceedings, including tax audits, tax litigation or similar proceedings; our ability to adapt products and services to the changing market; our ability to attract and retain key executives, employees and agents; the appropriate use and
interpretation of complex models or deficiencies in models used; political, legal, operational and other risks associated with our non-North American operations; acquisitions and our ability to complete acquisitions including the availability of
equity and debt financing for this purpose; the failure to realize some or all of the expected benefits of the acquisitions of Standard Life, New York Life&#146;s Retirement Plan Services business and Standard Chartered&#146;s MPF and ORSO
businesses; the disruption of or changes to key elements of the Company&#146;s or public infrastructure systems; environmental concerns; our ability to protect our intellectual property and exposure to claims of infringement; and our inability to
withdraw cash from subsidiaries. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Additional information about material risk factors that could cause actual results to differ materially from
expectations and about material factors or assumptions applied in making forward-looking statements may be found in this document under &#147;Risk Management&#148;, &#147;Risk Factors&#148; and &#147;Critical Accounting and Actuarial Policies&#148;
and in the &#147;Risk Management&#148; note to the consolidated financial statements as well as elsewhere in our filings with Canadian and U.S. securities regulators. The forward-looking statements in this document are, unless otherwise indicated,
stated as of the date hereof and are presented for the purpose of assisting investors and others in understanding our financial position and results of operations, our future operations, as well as our objectives and strategic priorities, and may
not be appropriate for other purposes. We do not undertake to update any forward-looking statements, except as required by law. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Financial
Corporation 2016 Management&#146;s Discussion and Analysis </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="toc"></A>Table of Contents </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>16</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_1"></A>&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_1">Overview</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_2"></A>&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_2">Financial Performance</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>26</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_3"></A>&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_3">Performance by Division</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>26</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_4">Asia Division</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>30</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_5">Canadian Division</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>33</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_6">U.S. Division</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>37</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_7">Corporate and Other</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>39</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_8">Investment Division</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>48</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_9"></A>&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_9">Performance by Business Line</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>51</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_10"></A>&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_10">Risk Management</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>68</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_11"></A>&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_11">Capital Management Framework</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>71</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_12"></A>&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_12">Critical Accounting and Actuarial Policies</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>83</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_13"></A>&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_13">Risk Factors</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>99</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_14"></A>&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_14">Controls and Procedures</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>100</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_15"></A>&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_15">Performance and Non-GAAP Measures</A></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>104</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_16"></A>&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#mdatoc327881_16">Additional Disclosures</A></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Financial
Corporation 2016 Management&#146;s Discussion and Analysis </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Management&#146;s Discussion and Analysis </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">This Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) is current as of February&nbsp;9, 2017. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B><A NAME="mdatoc327881_1"></A>Overview </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Manulife Financial Corporation is a leading international financial services group that helps people achieve their dreams and aspirations by putting customers&#146; needs first and providing the
right advice and solutions. We operate as John&nbsp;Hancock in the United States and Manulife elsewhere.&nbsp;We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the
end of 2016, we had approximately 35,000 employees, 70,000 agents, and thousands of distribution partners, serving more than 22&nbsp;million customers. At the end of 2016, we had $977 billion (US$728 billion) in assets under management and
administration, and in the previous 12&nbsp;months we made almost $26 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global
headquarters in Toronto, Canada, we trade as &#145;MFC&#146; on the Toronto, New York, and the Philippine stock exchanges and under &#145;945&#146; in Hong Kong. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In this document, the terms &#147;Company&#148;, &#147;Manulife&#148;, &#147;we&#148; and &#147;our&#148; mean Manulife Financial Corporation (&#147;MFC&#148;) and its subsidiaries. The term &#147;MLI&#148; means
The Manufacturers Life Insurance Company and its subsidiaries. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Manulife&#146;s net
income attributed to shareholders was $2.9 billion in 2016 compared with $2.2 billion in 2015.</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> Net income attributed to shareholders is comprised of core earnings</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> (consisting of items we believe reflect the underlying earnings capacity of the
business), which amounted to $4.0 billion in 2016 compared with $3.4 billion in 2015, and items excluded from core earnings of $1.1&nbsp;billion of charges in 2016 compared with $1.2 billion of charges in 2015. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">While the overall impact of higher interest rates is highly positive over the long term for our Company, net income attributed to shareholders was negatively
impacted by market movements in the fourth quarter of 2016. For the full year, net income attributed to shareholders was $2.9 billion, an increase of 34% over the prior year. The increase in net income attributed to shareholders reflected growth in
core earnings, and a turnaround in investment-related experience partially offset by an increase in charges related to the direct impact of markets. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; "><FONT
STYLE="font-family:ARIAL" SIZE="2">Fully diluted earnings per common share was $1.41 in 2016, compared with $1.05 in 2015 and return on common shareholders&#146; equity (&#147;ROE&#148;) was 7.3% in 2016, compared with 5.8% for 2015. Fully diluted
core earnings per common share</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> was $1.96 in 2016 compared with $1.68 in 2015
and core return on shareholders&#146; equity (&#147;core ROE&#148;)</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> was 10.1%
in 2016 compared with 9.2% in 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife achieved particularly strong operating results in 2016, ending the year with $4.0 billion in core earnings,
an increase of 17% over the prior year; and achieving the target we set back in 2012. The increase in core earnings was driven by core investment gains of $197 million (compared with nil in 2015), strong new business and in-force growth in Asia, and
the release of tax and related provisions in the U.S. and Corporate and Other segments as a result of the closure of multiple tax years in the U.S., partially offset by higher equity hedging costs and higher interest expense due to recent debt
issuances. The strengthening of the U.S.&nbsp;dollar and the Japanese Yen compared with the Canadian dollar also contributed $149 million to the increase in core earnings. Core earnings in 2016 included net policyholder experience charges of $162
million post-tax ($276 million pre-tax) compared with charges of $205&nbsp;million post-tax ($362 million pre-tax) in 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Core earnings excludes the
direct impact of changes in equity markets and interest rates and changes in actuarial methods and assumptions as well as a number of other items that are considered material and that we do not believe reflect the underlying earnings capacity of the
business. Items excluded from core earnings are: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment-related experience outside of core
earnings<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(530)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">359</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct impact of equity markets and interest rates and variable annuity guarantee liabilities<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(484</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(93)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in actuarial methods and assumptions<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(453</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(451)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(198</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Integration and acquisition costs<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(81</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(149)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other
items<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(74</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(14</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">40</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(1,092</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(1,237</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;613</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">In 2016, we generated investment-related experience gains of $197 million which were included in core earnings in accordance with our definition of core
earnings. The gains were driven by the favourable impact of fixed income reinvestment activities on the measurement of our policy liabilities and credit experience. While we reported lower returns on our alternative long-duration portfolio than
expected in the valuation of our policy liabilities, we reported gains in the second half of the year that partially offset the charges reported in the first half of the year. The $530 million charge reported in 2015 included a charge of $876
million due to the sharp decline in oil and gas prices partially offset by a $346 million gain related to higher than expected returns on other asset classes as well as fixed income reinvestment activities. In accordance with our definition of core
earnings, we included $197 million of investment-related experience gains in core earnings in 2016 and nil in 2015. (See &#147;Performance and Non-GAAP Measures&#148; below.) </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The direct impact of equity markets and interest rates is relative to our policy liability valuation assumptions and includes changes to interest rate
assumptions, as well as experience gains and losses on derivatives associated with our macro equity hedges. We also include gains and losses on the sale of available-for-sale (&#147;AFS&#148;) debt securities as management may have the ability to
partially offset the direct impacts of changes in interest rates reported in the liability segments. Additional information related to the $484 million charge in 2016 is included in the &#147;Analysis of Net Income&#148; and the &#147;Fourth Quarter
Financial Highlights&#148; below. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">As noted in the Critical Accounting and Actuarial Policies section below, a comprehensive review of actuarial methods and assumptions is performed annually. In
2016 we strengthened our reserves to update morbidity, mortality, lapse, future premium and tax cash flow assumptions on our LongTerm Care business and to proactively reduce our ultimate reinvestment rate assumptions ahead of an expected update by
the Actuarial Standards Board in 2017, partially offset by reserve releases related to other updates including policyholder experience assumptions in our U.S. Variable Annuity business. </FONT></P></TD></TR></TABLE>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">This item is a non-GAAP measure. See &#147;Performance and Non-GAAP Measures&#148; below. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>16</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The 2016 charge of $81 million included costs to integrate businesses acquired from Standard Life plc, NYL and Standard Chartered. The 2015 charge of
$149&nbsp;million included integration and acquisition costs of $99 million for the Standard Life transaction and $50 million for the NYL RPS acquisition and closed block reinsurance transaction (&#147;Closed Block&#148;).
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The 2016 charge of $74 million primarily relates to restructuring and impairment charges related to the discontinuance of new sales of our stand-alone individual
long-term care product in the U.S., restructuring costs related to our Indonesia operations and the closure of our technology shared service centre in Malaysia.&nbsp;These items were partially offset by a gain with respect to one of the
Company&#146;s pension plans. In addition, a gain related to the release of tax-related contingencies was largely offset by an update to tax timing assumptions related to the valuation of policy liabilities was included. The 2015 charge of $14
million relates to the settlement cost from the buy-out of the U.K. pension plan and the recapture of a reinsurance treaty in Canada mostly offset by tax rate changes in Canada and Japan. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c">Insurance sales</FONT></B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> were $4.0 billion in 2016, an increase of 11%</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> compared with 2015. In 2016, we achieved record Asia insurance sales, which increased 27% compared with 2015, driven by
broad-based sales growth across the region and strong sales through the bank channel, including the successful launch of our partnership with DBS Bank Ltd. (&#147;DBS&#148;). Canadian insurance sales declined 16% as 2015 included two exceptionally
large group benefits sales. U.S. insurance sales declined 6% as a result of an industry trend to guaranteed products which we have intentionally de-emphasized. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; "><FONT
STYLE="font-family:ARIAL" SIZE="2"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c">Wealth and Asset Management (&#147;WAM&#148;) net flows</FONT></B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1 </SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">were $15.3 billion in 2016, compared with $34.4 billion in 2015. 2016 marked the 7th year of consecutive positive quarterly net
flows in our WAM businesses. The continued positive net flows in 2016 were driven by strong inflows in our institutional advisory business, and mutual funds businesses in Asia and Canada. This was partially offset by outflows in our North American
pension and U.S. mutual fund businesses. U.S. mutual fund outflows were impacted by a challenging sales environment and the underperformance of a few key funds earlier in the year. Net flows were $19.1 billion lower than in 2015, driven by outflows
in U.S. mutual funds compared with strong prior year inflows and lower institutional sales. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2"><B><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c">WAM gross flows</FONT></B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">
were $120.5 billion in 2016, an increase of 3% compared with 2015. Gross flows in the U.S increased 5% to record levels, due to strong mid-market pension sales reflecting a full year of sales from the acquired New York Life business, partially
offset by lower mutual fund sales. Gross flows in Canada increased 3%, driven by continued strong growth in mutual fund sales, partially offset by lower sales in the large case pension segment compared to our record year in 2015. In Asia, gross
flows increased 26% driven by mutual fund sales, including money market, and new fund launches in mainland China. These were partially offset by lower institutional gross flows. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c">Other Wealth sales</FONT></B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> were $8.2 billion in 2016, an increase of 3% compared with 2015. In 2016, Other Wealth sales in Asia increased 14%, driven by new
product launches and increased sales in the bank channel, which more than offset an 11% decline in Canada due to changes to our higher risk segregated fund products earlier this year.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2"><B><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c">Assets under management and administration</FONT></B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"> (&#147;AUMA&#148;) were $977 billion as at December&nbsp;31, 2016, an increase of 6% compared with December&nbsp;31, 2015, driven by investment returns and continued positive customer inflows. Wealth and Asset
Management AUMA increased 8% from December&nbsp;31, 2015 to $544 billion, driven by similar reasons. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c">The Minimum Continuing Capital and Surplus Requirements (&#147;MCCSR&#148;) ratio</FONT></B> for The Manufacturers Life Insurance Company (&#147;MLI&#148;) was 230% as at December&nbsp;31, 2016,
compared with 223% at the end of 2015. The increase in the MCCSR ratio is primarily due to net capital issuances and net income, partially offset by an increase in required capital and the funding of MFC shareholder dividends. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c">MFC&#146;s financial leverage ratio</FONT></B> was 29.5% at December&nbsp;31, 2016 compared with 23.8%
at the end of 2015. The increase is primarily related to net funding issuances in 2016 of $4.3 billion which addressed higher regulatory capital requirements through issuances in several markets as we execute on our global funding diversification
strategy. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The operating divisions delivered $1.8 billion in <B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c">remittances</FONT></B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> to the Group in 2016, compared with $2.2 billion in 2015. Robust remittances from our
Canadian and U.S. subsidiaries were offset by net injections in Asian entities, as capital was needed largely to address the impact of lower interest rates on local capital requirements. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Strategic Direction </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our strategy is aligned with our Corporate Purpose &#150; to help people
achieve their dreams and aspirations, by putting customers&#146; needs first and providing the right advice and solutions. Delivery of our strategy will provide exceptional experiences for our customers and sustainable, long-term growth for our
shareholders. We have three key themes to our strategy: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Developing more holistic and long-lasting customer relationships; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Continuing to build and integrate our global wealth and asset management businesses; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Leveraging skills and experiences across our international operations. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">We continue to see significant opportunities inside our Asia and global Wealth and Asset Management businesses. In Asia, new business value has grown at a rapid pace, helped by the exclusive partnerships we have
signed with other financial institutions in the region. In addition, our Wealth and Asset Management businesses are strongly positioned to grow with sizeable scale, thanks to strong organic growth and a number of acquisitions. </FONT></P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">This item is a non-GAAP measure. See &#147;Performance and Non-GAAP Measures&#148; below. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Growth (declines) in sales, gross flows, premiums and deposits and assets under management and administration are stated on a constant currency basis. Constant currency basis is
a non-GAAP measure. See &#147;Performance and Non-GAAP Measures&#148; below. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">The U.S. Division does not have any products for sale in this category. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Remittances are defined as the cash remitted or payable to the Group from operating subsidiaries and excess capital generated by stand-alone Canadian operations.
</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>17</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Technology is transforming our customers&#146; lives and our industry and successfully investing in innovation is
critical to our success. We use a shareholder value lens to view the investments we make and continue to focus on expense management initiatives to help fund investments. We have invested across the Company to re-engineer our business and
dramatically improve the customer experience. Highlights include: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Across Canada, the U.S. and parts of Asia, our life insurance offerings now include wearable devices to help our customers live healthier lives and save money;
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In Canada, we are using advanced, predictive analytics to simplify insurance underwriting and eliminate unnecessary medical testing;
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In the U.S., we have launched the first phase of our new digital buying platform and made our first foray into digital advice; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In mainland China, we are using the WeChat messaging platform to process claims, reducing processing time from more than one week to as little as one day.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Core ROE was 10.1% in 2016 and we expect core ROE to expand toward 13% or more over the medium term as we execute on our strategy and
investment-related experience normalizes.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> We expect the primary driver of
core ROE expansion to be organic growth of our less capital intensive/higher ROE businesses, particularly our Asia and Wealth and Asset Management businesses, augmented by contributions from recent major acquisitions and by long-term strategic
partnerships in Asia. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_2"></A>Financial Performance </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at and for the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions, unless otherwise stated)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income attributed to shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,191</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,501</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Preferred share dividends</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(133</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(116</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(126</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Common shareholders&#146; net income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,796</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,075</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,375</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Reconciliation of core earnings to net income attributed to shareholders:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Core earnings<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)<B></B></SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,021</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,428</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,888</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment-related experience outside of core earnings</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(530</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">359</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Core earnings and investment-related experience outside of core earnings</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,021</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,898</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,247</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other items to reconcile core earnings to net income attributed to shareholders:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct impact of equity markets and interest rates and variable annuity guarantee liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(484</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in actuarial methods and assumptions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(453</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(451</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(198</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Integration and acquisition costs</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(81</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(149</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other items</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(74</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(14</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">40</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income attributed to shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,191</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,501</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Basic earnings per common share ($)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.42</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Diluted earnings per common share ($)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.41</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Diluted core earnings per common share ($)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.96</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.48</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Return on common shareholders&#146; equity (&#147;ROE&#148;) (%)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7.3%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Core ROE (%)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10.1%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Sales<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,952</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,380</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,544</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and Asset Management gross flows<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;120,450</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;114,686</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;69,164</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and Asset Management net flows<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,265</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34,387</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18,335</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other Wealth products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,159</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,494</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,866</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Premiums and deposits<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>33,594</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">29,509</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24,938</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and Asset Management products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>120,450</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">114,686</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">69,164</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other Wealth products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,034</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,718</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,752</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate and Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>88</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Assets under management and administration ($
billions)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>977</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">935</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">691</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Capital ($ billions)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1) </SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>50.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">49.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">MLI&#146;s MCCSR ratio</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>230%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">223%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">248%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">This item is a non-GAAP measure. For a discussion of our use of non-GAAP measures, see &#147;Performance and Non-GAAP Measures&#148; below.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Analysis of Net Income </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Manulife&#146;s full year 2016 net income attributed to shareholders was $2.9 billion compared with $2.2 billion for full year 2015.</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"> Net income attributed to shareholders is comprised of core earnings (consisting of items we believe reflect the underlying earnings capacity of the business), which amounted to $4.0 billion in 2016 compared with
$3.4 billion in 2015, and items excluded from core earnings, which amounted to a net charge of $1.1 billion in 2016 compared with a net charge of $1.2 billion in 2015. The increase in net income attributed to shareholders reflected strong growth in
core earnings, and a turnaround in investment-related experience partially offset by an increase in charges related to the direct impact of markets. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The
increase in core earnings was driven by core investment gains of $197 million (compared with nil in 2015), strong new business and in-force growth in Asia, and the release of tax and related provisions in the U.S. and Corporate and Other segments as
a result of the closure of multiple tax years in the U.S., partially offset by higher equity hedging costs and higher interest expense due to recent </FONT></P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Caution regarding forward-looking statements&#148; above. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>18</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
debt issuances. The strengthening of the U.S. dollar and the Japanese Yen compared with the Canadian dollar also contributed $149 million to the increase in core earnings. Core earnings in 2016
included net policyholder experience charges of $162 million post-tax ($276 million pre-tax) compared with net charges of $205 million post-tax ($362 million pre-tax) in 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">We evaluate our divisions operating performance based on core earnings. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Asia core earnings was $1,495 million in 2016 compared with $1,234 million in 2015. This represented a 15% increase after adjusting for costs arising from the
expansion of our dynamic hedging program (there is a corresponding decrease in macro hedging costs in the Corporate and Other segment) and the impact of changes in foreign currency rates. The increase in core earnings was driven by solid growth from
in-force business and continued strong growth in new business volumes, partially offset by less favourable policyholder experience and the impact of declining interest rates. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Canada core earnings was $1,384 million compared with $1,252 million in 2015. The 11% increase was primarily due to improved policy holder experience, and higher
fee income on the Company&#146;s wealth and asset management business due to higher asset levels. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">U.S. core earnings was $1,615 million compared with $1,466 million in 2015. This represented a 6% increase after adjusting for the impact of currency rates. The
increase in core earnings was driven by a US$52 million release of tax provision as a result of closing certain tax years and the improved policyholder experience in the second half of 2016 as a result of changes to long-term care assumptions (see
below in &#147;2016 Review of Actuarial Methods and Assumptions&#148;). In addition, lower amortization of deferred acquisition costs on in-force variable annuity business were offset by the impact of lower insurance sales and lower fee income in
WAM businesses due to fee compression in our pension business and changes in business mix. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Corporate and Other core loss excluding the expected cost of macro hedges and core investment gains was $409 million in 2016 compared with $298 million in 2015.
The unfavourable variance of $111 million was due to higher interest expense on debt issuances and lower realized gains on available-for-sale equities, higher interest allocated to the divisions, and higher expenses in Corporate and Other and
strategic investments in our Manulife Asset Management business, partially offset by the release of provisions and interest on uncertain tax positions in the U.S. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The expected cost of macro hedges was $261 million in 2016 compared with $226 million in 2015, an increase of $35 million. The charges were higher in the first
half of 2016, and reduced in the second half related to actions to reduce equity risk. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Investment-related experience in core earnings in 2016 of $197 million reflected the favourable impact of fixed income reinvestment activities on the measurement
of our policy liabilities and credit experience. While we reported lower returns on our alternative long-duration portfolio than expected in the valuation of our policy liabilities, we reported gains in the second half of 2016 that partially offset
the charges reported in the first half of the year. Total investment-related experience in 2015 was a loss and therefore, in accordance with our definition of core earnings, we did not report any investment-related experience in core earnings in
2015. (See section &#147;Performance and Non-GAAP Measures&#148; below) </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Items excluded from core earnings amounted to net charges of
$1.1 billion in 2016 and to $1.2&nbsp;billion in 2015. Additional information is included in the footnotes to the table in the &#147;Overview&#148; section above. Further information with respect to the direct impact of equity markets and interest
rates is described below as well as in the &#147;Fourth Quarter Financial Highlights&#148; below. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>For the years ended December 31,</B></FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment-related experience outside of core earnings</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B>$</B><B></B><B></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B></B><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B></B><B></B>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>(530</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">359</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct impact of equity markets and interest rates and variable annuity guarantee liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(484</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)</B>&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>(93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in actuarial methods and assumptions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(453</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)</B>&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>(451</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(198</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Integration and acquisition costs</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(81</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)</B>&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>(149</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other items</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B>(74</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B>)</B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>(14</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">40</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B>$</B><B></B><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B></B><B></B><B>&nbsp;&nbsp;(1,092</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B></B><B></B><B>)</B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;&nbsp;(1,237</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;613</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The net gain (loss) related to the direct impact of equity markets and interest rates and variable annuity guarantee liabilities in
the table above is attributable to: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>For the years ended December 31,</B></FONT><br><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct impact of equity markets and variable annuity guarantee liabilities<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B><B></B><B></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B>(364</B><B></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B>)</B><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;&nbsp;(299</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(182</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed income reinvestment rates assumed in the valuation of policy liabilities<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B></B><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B>(335</B><B></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B>)</B><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>201</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">729</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Sale of AFS bonds and derivative positions in the Corporate and Other segment<B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B></B><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B>370</B><B></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B></B><B></B>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Risk reduction items<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(155</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)</B>&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B>&#150;</B><B></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B></B>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(95</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Direct impact of equity markets and interest rates and variable annuity guarantee liabilities
</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B>$</B><B></B><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B>&nbsp;&nbsp;(484</B><B></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><B></B><B>)</B><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>(93</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B>)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">412</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Fourth Quarter Financial Highlights&#148; below for additional information with respect to 2016 net charges. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">In 2016, the net charge of $364 million included charges of $205 million from gross equity exposure, $120 million from macro hedge experience and $39 million
from dynamic hedging experience. As at December 31, 2016, the net notional value of shorted equity futures contracts in our macro hedge program was $1.5 billion (2015 &#150; $5.6 billion). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The $335 million charge in 2016 for fixed income reinvestment assumptions was largely driven by the decrease in corporate spreads which resulted in a decline in
the reinvestment yields on future fixed income purchases assumed in the measurement of policy liabilities and a charge to net income attributed to shareholders. This was partially offset by falling swap spreads at the 30-year point, the point in the
curve where we have a large number of our interest rate hedges. The fall in swap rates resulted in an increase in the fair value of our swaps and a gain to net income attributed to shareholders. The $201 million gain 2015 was due to a decrease in
swap spreads partially offset by a decrease in risk-free rates. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>19</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The risk reduction actions in 2016 included selling equity investments supporting our products with guarantee features and increasing the amount of interest rate
hedges.&nbsp;The sale of equity investments resulted in a decrease in our underlying earnings sensitivity before hedging and also reduced the amount of hedging instruments used in the macro hedging program. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The table below reconciles 2016, 2015 and 2014 net income attributed to shareholders to core earnings. </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Core earnings</B><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia Division</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,495</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,234</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,008</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian Division</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,384</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,252</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">927</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. Division</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,615</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,466</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,383</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate and Other (excluding expected cost of macro hedges and core investment gains)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(409</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(298</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(446</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Expected cost of macro hedges<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(261</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(226</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(184</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment-related experience in core earnings<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>197</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">200</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total core earnings</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,021</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,428</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,888</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment-related experience outside of core earnings<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(530</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">359</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Core earnings and investment-related experience outside of core earnings</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;4,021</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;2,898</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3,247</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in actuarial methods and assumptions<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(453</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(451</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(198</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct impact of equity markets and interest rates and variable annuity guarantee liabilities<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3),(5)</SUP> (see table below)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(484</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Integration and acquisition costs<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(81</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(149</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other
items<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(74</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(14</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">40</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income attributed to shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,191</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,501</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">This item is a non-GAAP measure. See &#147;Performance and Non-GAAP Measures&#148; below. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The 2016 net charge from macro equity hedges was $381 million and consisted of a $261 million charge related to the estimated expected cost of the macro equity
hedges relative to our long-term valuation assumptions and a charge of $120 million because actual markets outperformed our valuation assumptions (included in the direct impact of equity markets and interest rates and variable annuity guarantee
liabilities above). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">As outlined under &#147;Critical Accounting and Actuarial Policies&#148; below, net insurance contract liabilities under International Financial Reporting
Standards (&#147;IFRS&#148;) for Canadian insurers are determined using the Canadian Asset Liability Method (&#147;CALM&#148;). Under CALM, the measurement of policy liabilities includes estimates regarding future expected investment income on
assets supporting the policies. Experience gains and losses are reported when current period activity differs from what was assumed in the policy liabilities at the beginning of the period. These gains and losses can relate to both the investment
returns earned in the period, as well as to the change in our policy liabilities driven by the impact of current period investing activities on future expected investment income assumptions. Our definition of core earnings in 2016 and 2015 (see
&#147;Performance and Non-GAAP Measures&#148;) includes up to $400 million (2014 &#150; up to $200 million) of favourable investment-related experience reported in a single year. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Critical Accounting and Actuarial Assumptions &#150; Review of Actuarial Methods and Assumptions&#148; below. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The direct impact of equity markets and interest rates is relative to our policy liability valuation assumptions and includes changes to interest rate
assumptions, as well as experience gains and losses on derivatives associated with our macro equity hedges. We also include gains and losses on the sale of available-for-sale (&#147;AFS&#148;) debt securities as management may have the ability to
partially offset the direct impacts of changes in interest rates reported in the liability segments. See table above for components of this item. Additional information related to the $484 million charge in 2016 is included in the &#147;Fourth
Quarter Financial Highlights&#148; below. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The 2016 charge of $81 million included costs to integrate businesses acquired from Standard Life plc, NYL and Standard Chartered. The 2015 charge of
$149&nbsp;million included integration and acquisition costs of $99 million and $50 million for the Standard Life transaction and NYL RPS acquisition and closed block reinsurance transaction (&#147;Closed Block&#148;), respectively.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The 2016 charge of $74 million primarily relates to restructuring and impairment charges related to the discontinuance of new sales of our stand-alone individual
long-term care product in the U.S., restructuring costs related to our Indonesia operations and the closure of our technology shared service centre in Malaysia.&nbsp;These items were partially offset by a gain with respect to one of the
Company&#146;s pension plans. In addition, a gain related to the release of tax-related contingencies was largely offset by an update to tax timing assumptions related to the valuation of policy liabilities was included.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Earnings per Common Share and Return on Common Shareholders&#146; Equity </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Fully diluted earnings per common share for 2016 was $1.41, compared with $1.05 in 2015. Return on common shareholders&#146; equity for 2016 was 7.3%, compared with
5.8% for 2015. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Revenue </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Revenues
include (i)&nbsp;premiums received on life and health insurance policies and fixed annuity products, net of premiums ceded to reinsurers; (ii)&nbsp;investment income comprised of income earned on general fund assets, credit experience and realized
gains and losses on assets held in the Corporate segment; (iii)&nbsp;fee and other income received for services provided; and (iv)&nbsp;realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on
our macro hedging program. Premium equivalents from administrative services only (&#147;ASO&#148;), as well as deposits received by the Company on investment contracts such as segregated funds, mutual funds and managed funds are not included in
revenue; however, the Company does receive fee income from these products, which is included in revenue. Fees generated from deposits and ASO premium and deposit equivalents are an important part of our business and as a result, revenue does not
fully represent sales and other activity taking place during the respective periods. The premiums and deposits metric below includes these factors. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For
2016, revenue before realized and unrealized losses and premiums ceded under the Closed Block reinsurance transaction was $52.2 billion compared with $45.5 billion in 2015. The increase was driven by business growth as well as the impact of foreign
exchange rates. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2016, the net realized and unrealized gains on assets supporting insurance and investment contract liabilities and on the macro
hedging program were $1.1 billion, primarily driven by gains from the general decrease in U.S. interest rates and higher equity markets, partially offset by net losses on derivatives, including the macro equity hedging program, primarily related to
the losses on interest rate swaps and treasury locks. In 2015, the net realized and unrealized losses on assets supporting insurance and investment </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>20</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
contract liabilities and on the macro hedging program were $3.1 billion, primarily driven by the rise in North American swap rates and interest rates, and partially offset by real estate
revaluation gains, primarily in the U.S. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">See &#147;Impact of Fair Value Accounting&#148; below. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Revenue </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross premiums</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;36,659</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;32,020</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;25,156</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Premiums ceded to
reinsurers<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(9,027</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(8,095</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7,343</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net premiums excluding the impact of the Closed Block reinsurance transaction<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27,632</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23,925</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,813</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,390</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,465</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,744</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other revenue</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,181</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,098</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,739</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total revenue before items noted below</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>52,203</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">45,488</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">37,296</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on macro hedging
program</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,134</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,062</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,092</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Premiums ceded, net of ceded commissions and additional consideration relating to Closed Block
reinsurance transaction<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7,996</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>53,337</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34,430</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">54,388</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">For the purpose of comparable period-over-period reporting, we exclude the $7,996 million impact of the Closed Block reinsurance transaction, which is shown
separately from premiums ceded to reinsurers, for the full year 2015. The net reinsurance premium was fully offset by an increase in the change in reinsurance assets in the Consolidated Statements of Income. For other periods, amounts in this
subtotal equal the &#147;net premiums&#148; in the Consolidated Statements of Income. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Premiums and Deposits
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Premiums and
deposits</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> is an additional measure of our top line growth, as it includes all
customer cash inflows. Premiums and deposits for insurance products were $33.6 billion in 2016, up 10% compared with 2015 on a constant currency basis and excluding the impact of the Closed Block reinsurance transaction. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Premiums and deposits for Wealth and Asset Management products were $120.5 billion in 2016, an increase of $5.8 billion, or 3% on a constant currency basis over
2015. Premiums and deposits for Other Wealth products were $6.0 billion in 2016, a decrease of $0.7 billion, or 13% on a constant currency basis, from 2015. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Assets under Management and Administration (&#147;AUMA&#148;) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2">AUMA</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1 </SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">as at December&nbsp;31, 2016 were a record for Manulife of $977 billion, an increase of
$42 billion, or 6% on a constant currency basis, compared with December&nbsp;31, 2015, driven by investment returns and continued positive customer inflows. The Wealth and Asset Management portion of AUMA as at December 31, 2016 was $544 billion, an
increase of $34 billion, or 8% on a constant currency basis, compared with December 31, 2015, driven by similar reasons. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Assets
under Management and Administration </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">General fund</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;321,869</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;307,506</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;267,801</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds net assets<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>315,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">313,249</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">256,532</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mutual funds, institutional advisory accounts and other<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1),(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>257,576</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">236,512</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">165,287</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets under management</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>894,622</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">857,267</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">689,620</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other assets under administration</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>82,433</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">77,909</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,509</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets under management and administration</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>977,055</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">935,176</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">691,129</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated fund assets, mutual fund assets and other funds are not available to satisfy the liabilities of the Company&#146;s general fund.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Other funds represent pension funds, pooled funds, endowment funds and other institutional funds managed by the Company on behalf of others.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Capital </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT
STYLE="font-family:ARIAL" SIZE="2">Total capital</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> was $50.2 billion as at
December&nbsp;31, 2016 compared with $49.9 billion as at December&nbsp;31, 2015, an increase of $0.3&nbsp;billion. The increase from December&nbsp;31, 2015 was primarily driven by net income attributed to shareholders net of dividends paid of $1.4
billion and net capital issuances of $0.4 billion (does not include the $3.9 billion of senior debt issued net of maturities as it is not in the definition of regulatory capital), partially offset by the unfavourable impact of foreign exchange rates
of $1.0 billion and the unfavourable change in unrealized losses on AFS securities of $0.7 billion. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Impact of Fair Value Accounting
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Fair value accounting policies affect the measurement of both our assets and our liabilities. The difference between the reported amounts of our
assets and liabilities determined as of the balance sheet date and the immediately preceding balance sheet date in accordance with the applicable mark-to-market accounting principles is reported as investment-related experience and the direct impact
of equity markets and interest rates and variable annuity guarantees, each of which impacts net income (see &#147;Analysis of Net Income&#148; above). </FONT></P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">This item is a non-GAAP measure. See &#147;Performance and Non-GAAP Measures&#148; below. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>21</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We reported $1.1 billion of net realized and unrealized gains in investment income in 2016 (2015 &#150; losses of $3.1
billion). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As outlined under &#147;Critical Accounting and Actuarial Policies&#148; below, net insurance contract liabilities under IFRS are determined
using CALM, as required by the Canadian Institute of Actuaries (&#147;CIA&#148;). The measurement of policy liabilities includes the estimated value of future policyholder benefits and settlement obligations to be paid over the term remaining on
in-force policies, including the costs of servicing the policies, reduced by the future expected policy revenues and future expected investment income on assets supporting the policies. Investment returns are projected using the current asset
portfolios and projected reinvestment strategies. Experience gains and losses are reported when current period activity differs from what was assumed in the policy liabilities at the beginning of the period. We classify gains and losses by
assumption type. For example, current period investing activities that increase (decrease) the future expected investment income on assets supporting the policies will result in an investment-related experience gain (loss). </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Public Equity Risk and Interest Rate Risk </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At December&nbsp;31, 2016, the impact of a 10% decline in equity markets was estimated to be a charge of $640 million and the impact of a 50 basis point decline in
interest rates, across all durations and markets, on our earnings was estimated to be a charge of less than $100 million. See &#147;Risk Management&#148; and &#147;Risk Factors&#148; below. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Impact of Foreign Exchange Rates </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We have worldwide operations, including in Canada, the United
States and various countries in Asia, and generate revenues and incur expenses in local currencies in these jurisdictions, all of which are translated into Canadian dollars. The bulk of our exposure to foreign exchange rates is to movements in the
U.S. dollar. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Items impacting our Consolidated Statements of Income are translated to Canadian dollars using average exchange rates for the respective
period. For items impacting our Consolidated Statements of Financial Position, period end rates are used for currency translation purpose. The following table provides the most relevant foreign exchange rates for 2016 and 2015. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Quarterly</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Full Year</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Exchange rate</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4Q16</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">3Q16</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2Q16</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">1Q16</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">4Q15</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Average<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. dollar</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.3343</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3050</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.2889</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3724</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3360</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.3252</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.2786</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Japanese yen</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.0122</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.0128</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.0119</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.0119</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.0110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.0122</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.0106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Hong Kong dollar</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.1720</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.1682</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.1661</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.1765</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.1724</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.1707</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.1649</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Period end</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. dollar</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.3426</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3116</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3009</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.2970</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3841</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.3426</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3841</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Japanese yen</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.0115</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.0130</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.0127</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.0115</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.0115</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.0115</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.0115</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Hong Kong dollar</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.1732</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.1691</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.1677</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.1672</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.1786</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.1732</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.1786</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Average rates for the quarter are from Bank of Canada which are applied against Consolidated Statements of Income items for each period. Average rate for the
full year is a 4 point average of the quarterly average rates. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In general, our net income attributed to shareholders and core earnings
benefit from a weakening Canadian dollar and are adversely affected by a strengthening Canadian dollar. Net income attributed to shareholders and core earnings from the Company&#146;s foreign operations are translated to Canadian dollars. However,
in a period of losses, the weakening of the Canadian dollar has the effect of increasing the losses. The relative impact of foreign exchange in any given period is driven by the movement of currency rates as well as the proportion of earnings
generated in our foreign operations. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Changes in foreign exchange rates, primarily due to the strengthening of the U.S. dollar compared with the Canadian
dollar, increased core earnings by $149 million in 2016 compared with 2015. The impact of foreign currency on items excluded from core earnings does not provide relevant information given the nature of these items. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Fourth Quarter Financial Highlights </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the quarters ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions, except per share amounts)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income attributed to shareholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>63</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">246</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">640</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Core earnings<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1),(2) </SUP>(see next page for
reconciliation)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,287</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">859</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">713</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Diluted earnings per common share ($)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.01</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Diluted core earnings per common share ($)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.63</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Return on common shareholders&#146; equity (annualized)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.3%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Sales<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,074</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,027</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">760</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and Asset Management gross flows<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;38,160</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;31,089</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;17,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and Asset Management net flows<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,073</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,748</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,806</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other Wealth products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,737</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,109</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,109</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Premiums and deposits<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,639</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,759</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,631</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and Asset Management products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>38,160</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">31,089</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other Wealth products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,405</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,963</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">962</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate and Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of currency movement on the fourth quarter of 2016 (&#147;4Q16&#148;) core earnings compared with the fourth quarter of 2015 (&#147;4Q15&#148;) was a $10
million favourable variance. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">This item is a non-GAAP measure. See &#147;Performance and Non-GAAP Measures&#148; below. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>22</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Manulife&#146;s 4Q16 net income attributed to
shareholders was $63 million compared with $246 million in 4Q15.</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> Net income attributed to shareholders is comprised of core earnings (consisting of items we believe reflect the underlying earnings
capacity of the business), which amounted to $1,287 million in 4Q16 compared with $859 million in 4Q15, and items excluded from core earnings, which netted to charges of $1,224 million in 4Q16 compared with charges of $613 million in 4Q15 for a
period-over-period decrease of $611&nbsp;million. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The $428 million increase in core earnings included $180 million in core investment gains (compared
with nil in 4Q15). The remaining $248 million increase was driven by in-force and new business growth in Asia, a reduction in the expected costs of macro hedges and a $142 million release of tax and related provisions in the U.S. and Corporate and
Other segments as a result of the closure of multiple tax years in the U.S. Core earnings in 4Q16 included net policyholder experience charges of $43 million post-tax ($65 million pre-tax) compared with $50 million post-tax ($97 million pre-tax) in
2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The charges for items excluded from core earnings in 4Q16 primarily related to the direct impact of equity markets and interest rates and variable
annuity guarantee liabilities of $1,202 million which more than offset gains of $718 million that we reported in the first three quarters of 2016, resulting in a full year charge of $484 million. The components of the charges for 2016 and 4Q16 are
outlined in the table below, while the footnotes to the table provide additional information on each of these components: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year and quarter ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4Q16</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct impact of interest rates on fixed income reinvestment rates assumed in the valuation of policy liabilities related
to:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">changes in risk-free rates<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(53</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(330</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">decrease in corporate spreads<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(553</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(275</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">decrease (increase) in swap spreads<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>271</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(242</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(335</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(847</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (charges) on sale of AFS bonds and derivative positions in the Corporate and Other segment<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;370</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(142</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct impact of equity markets and variable annuity guarantee liabilities<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(364</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(213</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Risk reduction
items<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(155</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Direct impact of equity markets and interest rates and variable annuity guarantee
liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(484</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(1,202</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The impact of changes in risk-free rates for full year 2016 was largely driven by a fall in Japanese interest rates. The charges in 4Q16 largely came from North
America where interest rates rose and the yield curve steepened, reversing the movements seen in the first three quarters of 2016. The impact of the yield curve steepening resulted in an accounting mismatch between our insurance liabilities and our
interest rate hedges. This occurred because our policy liabilities are valued with reference to actuarial interest rate models, whereas our interest rate hedges are valued at current market rates. This accounting mismatch can be material&nbsp;when
there is a significant change in the shape of the interest rate curve as was the case in 4Q16. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The decrease in corporate spreads in 4Q16 and the full year of 2016 resulted in a decline in the reinvestment yields on future fixed income purchases assumed in
the measurement of policy liabilities and a charge to net income attributed to shareholders. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Swap spreads at the 30-year point, the point on the curve where we have a large number of our interest rate hedges, rose in 4Q16 and fell for the full year of
2016. The 4Q16 rise in swap spreads resulted in a decrease in the fair value of our swaps and a charge to net income attributed to shareholders.&nbsp;The full year fall in swap spreads resulted in an increase in the fair value of our swaps and a
gain to net income attributed to shareholders. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Gains (charges) on sale of AFS bonds and derivative positions in the Corporate and Other segment was a result of realizing gains (charges) at the time of sale.
As at December&nbsp;31,&nbsp;2016, the AFS fixed income assets held in the surplus segment were in a net after-tax unrealized loss position of $683 million. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The direct impact of equity markets was primarily driven by losses in the dynamic hedging program due to basis risk losses in fund manager and hedge asset
performance which was exacerbated by the large change in interest rates during the fourth quarter. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Risk reduction activities: In 3Q16, we reported a charge of $155 million related to actions to reduce our exposure to equity markets and interest rates. The risk
reduction actions in 2016 included selling equity investments supporting our products with guarantee features and increasing the amount of interest rate hedges. The sale of equity investments resulted in a decrease in our underlying earnings
sensitivity before hedging and also reduced the amount of hedging instruments used in the macro hedging program. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The charges for items
excluded from core earnings in 4Q15 included a $361 million charge for investment-related experience, primarily due to the impact of sharply lower oil and gas prices on our investment portfolio, along with a number of smaller items totaling $252
million. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We evaluate our divisions operating performance based on core earnings. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In Asia, core earnings in 4Q16 was $388 million compared with $334 million in 4Q15. This was a 16% increase compared with 4Q15 after adjusting for costs arising
from the expansion of our dynamic hedging program (there is a corresponding decrease in macro hedging costs in the Corporate and Other segment) and the impact of changes in foreign currency rates. The growth in core earnings was driven by solid
growth of in-force business and continued strong growth in new business volumes, partially offset by less favourable policyholder experience and the impact of declining interest rates. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In Canada, core earnings was $359 million in 4Q16 compared with $352 million in 4Q15, an increase of $7 million. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In the U.S, core earnings was $471 million in 4Q16 and $332 million in 4Q15. The $139 million increase in core earnings over the prior year includes a US$52
million release of tax provisions as a result of closing certain tax years, improved policyholder experience in 4Q16 as a result of changes to long-term care assumptions in 3Q16 and lower amortization of deferred acquisition costs on <FONT
STYLE="white-space:nowrap">in-force</FONT> variable annuity business partially offset by lower fee income in WAM businesses driven by fee compression in our pension business and changes in business mix. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Corporate and Other core loss excluding expected cost of macro hedges and core investment gains was $75 million in 4Q16 compared with $85 million in 4Q15. The
$10 million favourable variance in core earnings reflected a $73 million release of provisions and interest on uncertain tax positions in the U.S. partially offset by higher expenses in Corporate and Other and strategic investments in our Manulife
Asset Management business. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>23</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Analysis of Net Income </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The table below reconciles net income attributed to shareholders to core earnings for the periods presented. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the quarters ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4Q16</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">4Q15</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Core earnings<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)<B></B></SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia Division</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>388</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">334</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian Division</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>359</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">352</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. Division</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>471</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">332</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate and Other (excluding expected cost of macro hedges and core investment gains)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(75</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Expected cost of macro hedges<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(36</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment-related experience in core earnings<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Core earnings</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,287</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">859</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment-related experience outside of core earnings<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(361</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Core earnings and investment-related experience outside of core earnings</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,287</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">498</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other items to reconcile core earnings to net income attributed to shareholders:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct impact of equity markets and interest rates and variable annuity guarantee liabilities (see table below)<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3),(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(1,202</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in actuarial methods and assumptions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Integration and acquisition costs<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other items excluded from core earnings<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(87</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income attributed to shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>63</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;246</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">This item is a non-GAAP measure. See &#147;Performance and Non-GAAP Measures&#148; below. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The 4Q16 net charge from macro equity hedges was $110 million and consisted of a $36 million charge related to the estimated expected cost of the macro equity
hedges relative to our long-term valuation assumptions and a charge of $74 million because actual markets outperformed our valuation assumptions (included in direct impact of equity markets and interest rates and variable annuity guarantee
liabilities below). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">As outlined under &#147;Critical Accounting and Actuarial Policies&#148; below, net insurance contract liabilities under IFRS for Canadian insurers are
determined using CALM. Under CALM, the measurement of policy liabilities includes estimates regarding future expected investment income on assets supporting the policies. Experience gains and losses are reported when current period activity differs
from what was assumed in the policy liabilities at the beginning of the period. These gains and losses can relate to both the investment returns earned in the period, as well as to the change in our policy liabilities driven by the impact of current
period investing activities on future expected investment income assumptions. The direct impact of equity markets and interest rates is separately reported. Our definition of core earnings (see &#147;Performance and Non-GAAP Measures&#148;) includes
up to $400 million of favourable investment-related experience reported in a single year. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The direct impact of equity markets and interest rates is relative to our policy liability valuation assumptions and includes changes to interest rate
assumptions, including experience gains and losses on derivatives associated with our macro equity hedges. We also include gains and losses on derivative positions and the sale of AFS bonds in the Corporate and Other segment. See table below for
components of this item. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The 4Q16 charge of $25 million included costs to integrate businesses acquired from Standard Life, New York Life and Standard Chartered.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The 4Q16 gain of $13 million included a gain with respect to one of the Company&#146;s pension plans, partially offset by charges related to restructuring and
impairment charges related to the discontinuance of new sales of our stand-alone individual long-term care product in the U.S. and restructuring costs related to our Indonesia operations and the closure of our technology shared service centre in
Malaysia.</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The gain (charge) related to the direct impact of equity markets and interest rates and variable annuity guarantee
liabilities in the table above is attributable to: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the quarters ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4Q16</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">4Q15</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct impact of equity markets and variable annuity guarantee liabilities<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(213</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed income reinvestment rates assumed in the valuation of policy liabilities<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(847</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Sale of AFS bonds and derivative positions in the Corporate and Other segment</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(142</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(9</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Direct impact of equity markets and interest rates and variable annuity guarantee
liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(1,202</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(29</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">In 4Q16, charges of $2,366 million from dynamic hedging experience and $74 million from macro hedge experience were partially offset by gains of $2,227 million
from gross equity exposure, which resulted in charge of $213 million. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The loss in 4Q16 for fixed income reinvestment assumptions was driven by interest rate movements in North America, where interest rates rose and the yield curve
steepened, decreases in corporate spreads and increases in swap spreads at the 30-year point. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Sales
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Insurance sales</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> were $1.1
billion in 4Q16, an increase of 3% compared with 4Q15. In 4Q16, Asia insurance sales increased 18%, driven by strong double digit growth in Asia Other and strong contributions from the bancassurance partnership with DBS. This increase was partially
offset by the impact of earlier pricing actions in Japan in response to lower interest rates. Canadian insurance sales declined by 22% as group benefits sales in 4Q15 included an exceptionally large sale. U.S. insurance sales declined 6% due to an
industry trend towards products with guarantee features which we have de-emphasized. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Wealth and Asset Management net flows</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> were $6.1 billion in 4Q16, a decrease of $2.7 billion compared with 4Q15. 4Q16 marked the 28</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> consecutive quarter of positive net flows in our WAM businesses. Positive net flows were
driven by strong inflows in our institutional advisory business, as well as in our Asia and Canadian mutual fund businesses, partially offset by outflows in our North American pension businesses and U.S. mutual funds. The less favourable net flows
compared with 4Q15 is a result of outflows in the U.S. which more than offset higher inflows in our institutional advisory business. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Other Wealth sales</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> were $1.7 billion in 4Q16, a decrease of 22% compared with 4Q15. In 4Q16, Other Wealth sales in Asia decreased by 26%
reflecting strong sales in 4Q15 from successful new product launches as well as a slowing of sales momentum in 4Q16. In Canada, sales declined due to product actions to de-emphasize our higher risk segregated fund products. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>24</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Update on Efficiency and Effectiveness Initiative </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our Efficiency and Effectiveness (&#147;E&amp;E&#148;) initiative, announced November 2012, is aimed at leveraging our global scale and capabilities to achieve
operational excellence and cost efficiencies throughout the organization. The annual net pre-tax savings from the 4-year program of our E&amp;E initiative reached over $500 million in 2016, exceeding our target of $400 million.&nbsp;These savings
have enabled us to fund other new initiatives such as those outlined in the &#147;Strategic Direction&#148; section above.&nbsp;Efforts are continuing to identify and execute on additional opportunities to make our operations more efficient and
effective and to fund new investments. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Update on 2016 Targets for Core Earnings and Core ROE </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2012, we stated that we were targeting $4 billion in core earnings and core ROE of 13% in 2016. We reported $4 billion in core earnings and core ROE of 10.1% in
2016. As disclosed above, we expect core ROE to expand toward 13% or more over the medium term.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"> </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Update on Acquisitions and Distribution Agreements </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2">On January&nbsp;30, 2015, the Company completed its acquisition of 100% of the shares of Standard Life Financial Inc. and of Standard Life
Investments Inc., collectively the Canadian-based operations of Standard Life plc (&#147;Standard Life&#148;). The acquisition contributes to our growth strategy, particularly in wealth and asset management. The purchase consideration of $4 billion
was paid in cash. We recognized $1,477 million of tangible net assets, $1,010 million of intangible assets, and $1,513 million of goodwill. At time of acquisition we stated that we expected to achieve $100 million of annual after-tax cost savings
largely by the 3rd year</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> and that we expected total integration costs over the
first three years would be $150 million post-tax</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">. We expect to achieve the
cost savings target and although we anticipate integration costs to be higher than the original estimate, it will be offset by higher revenue synergies. We continue to remain on track to achieve the original earnings targets.</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> As stated in our 2015 MD&amp;A, as a result of merging of the businesses it will not be
possible to segregate the earnings contribution from Standard Life and therefore not possible to report on EPS accretion; however, we expect to achieve these original targets</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> (accretive by approximately $0.03 to earnings per common share (&#147;EPS&#148;) in 2016, 2017 and 2018</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">) and have built them into our plans. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On April&nbsp;14, 2015, the Company completed its acquisition of New York Life&#146;s (&#147;NYL&#148;) Retirement Plan Services (&#147;RPS&#148;) business. The
acquisition of the NYL RPS business supports Manulife&#146;s global growth strategy for wealth and asset management businesses. The purchase consideration of $787 million included conventional financial consideration of $398 million plus $389
million of net impact of the assumption by NYL of our in-force participating life insurance closed block (&#147;Closed Block&#148;) through net 60% reinsurance agreements, effective July&nbsp;1, 2015. We recognized $128 million of intangible assets
and $659 million of goodwill. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Effective January&nbsp;1, 2016, the Company entered into a 15-year regional distribution agreement with DBS covering
Singapore, Hong Kong, mainland China and Indonesia. The arrangement significantly expands our distribution capability in Asia. We recognized $536 million of distribution network intangible assets on the agreement&#146;s effective date. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On November&nbsp;1, 2016, the Company completed its acquisition of Standard Chartered&#146;s Mandatory Provident Fund (&#147;MPF&#148;) and Occupational Retirement
Schemes Ordinance (&#147;ORSO&#148;) businesses in Hong Kong, and the related investment management entity. In addition, on November&nbsp;1, 2016, we commenced our 15-year exclusive MPF distribution partnership with Standard Chartered. Total
consideration of $392 million was paid in cash. These arrangements significantly expand Manulife&#146;s retirement business in Hong&nbsp;Kong. </FONT></P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Caution regarding forward-looking statements&#148; and &#147;Strategic Direction&#148; above. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Caution regarding forward-looking statements&#148; above. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>25</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_3"></A>Performance by Division </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_4"></A>Asia Division </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We are a leading provider of financial protection and wealth and asset management products in most of Asia&#146;s largest and fastest-growing economies, with operations in Japan, Hong Kong,
Macau, mainland China, Taiwan, Indonesia, Singapore, the Philippines, Vietnam, Malaysia, Thailand and Cambodia. We are focused on helping our customers to achieve their dreams and aspirations, and that focus drives our growth strategy and underpins
our commitment to the region. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We offer a broad portfolio of products and services including life and health insurance, annuities,
mutual funds and retirement solutions that cater to the wealth and protection needs of individuals and corporate customers through a multi-channel distribution network, supported by a team of approximately 11,000 employees. Our distribution network
includes more than 69,000 contracted agents, 100 bank partnerships and 1,000 independent agents, financial advisors and brokers selling our products. The bank partnerships include a regional partnership with DBS, which together with 5&nbsp;other
exclusive partnerships give us access to more than 18&nbsp;million bank customers. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2016, Asia Division contributed 24% of the Company&#146;s
total premiums and deposits and, as at December&nbsp;31, 2016, accounted for 12% of the Company&#146;s assets under management and administration. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Financial Performance </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Asia Division reported net income attributed to shareholders of $1,141
million in 2016 compared with $1,105 million in 2015. Net income attributed to shareholders is comprised of core earnings, which was $1,495 million in 2016 compared with $1,234 million in 2015, and items excluded from core earnings, which amounted
to a net charge of $354 million for 2016 compared with a net charge of $129 million in 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Expressed in U.S. dollars, the presentation currency of the
division, net income attributed to shareholders was US$863 million compared with US$865 million in 2015, core earnings was US$1,129 million in 2016 compared with US$963 million in 2015 and items excluded from core earnings amounted to a net charge
of US$266 million in 2016 compared with a net charge of US$98 million in 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Core earnings increased 15%, compared with 2015 after adjusting for costs
arising from the expansion of our dynamic hedging program (there is a corresponding decrease in macro hedging costs in the Corporate and Other segment) and the impact of changes in foreign currency rates. The increase in core earnings was driven by
solid growth from in-force business, and continued strong growth in new business volumes, partially offset by less favourable policyholder experience and the impact of declining interest rates. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The change in items excluded from core earnings primarily related to the direct impact of equity markets and the changes in interest rates in 2016 and to the direct
impact of the decline in equity markets in 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The table below reconciles net income attributed to shareholders to core earnings for the Asia Division
for 2016, 2015 and 2014. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>US $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Core earnings</B><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,495</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,234</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,008</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,129</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">963</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">913</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Items to reconcile core earnings to net income attributed to shareholders:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct impact of equity markets and interest rates and variable annuity guarantee liabilities<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(433</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(174</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">173</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(326</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(134</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">157</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment-related experience related to fixed income trading, market value increases in excess of expected alternative assets investment
returns, asset mix changes and credit experience</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>91</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>69</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>

<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(12</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income attributed to shareholders</B><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP> <B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,141</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,105</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,247</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>863</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;865</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,129</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Core earnings is a non-GAAP measure. See &#147;Performance and Non-GAAP Measures&#148; below. The 2015 earnings on assets backing capital allocated to each
operating segment have been restated to align with the methodology used in 2016. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The direct impact of equity markets and interest rates is relative to our policy liability valuation assumptions and includes changes to interest rate
assumptions. The net charge of $433 million in 2016 (2015 &#150; net charge of $174 million) consisted of a $24 million charge (2015 &#150; $32 million charge) related to variable annuities that are not dynamically hedged, an $80 million charge
(2015 &#150; $89 million charge) on general fund equity investments supporting policy liabilities and on fee income, a $259&nbsp;million charge (2015 &#150; $1 million charge) related to fixed income reinvestment rates assumed in the valuation of
policy liabilities and a $70 million charge (2015&nbsp;&#150;&nbsp;$52 million charge) related to variable annuity guarantee liabilities that are dynamically hedged. The amount of variable annuity guaranteed value that was dynamically hedged at the
end of 2016 was 67% (2015 &#150; 53%). Our variable annuity guarantee dynamic hedging strategy is not designed to completely offset the sensitivity of policy liabilities to all risks associated with the guarantees embedded in these products.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Other in 2016 includes the integration costs in relation to the acquisition of Standard Chartered&#146;s MPF and Occupational and Retirement Schemes Ordinance
businesses in Hong Kong, which completed on November&nbsp;1, 2016 and restructuring costs in Indonesia, partly offset by the impact of tax rate change on the deferred tax liabilities in Japan. Other in 2015 includes the impact of tax rate change on
the deferred tax liabilities. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>26</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Sales </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><I>(all percentages quoted are on a
constant currency basis)</I></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Insurance sales</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> in 2016 were US$2.0 billion, an increase of 27% compared with 2015, driven by double digit sales growth in most of the
territories in which we operate. Sales in Japan of US$632 million were 11% lower than prior year, impacted by the pricing actions in response to the lower interest rate environment. Hong Kong sales of US$465 million increased 23% from 2015,
reflecting the expansion of our bancassurance and broker channels. Asia Other (excludes Japan and Hong Kong) sales of US$905 million increased 89%, included record high sales in all territories except for Thailand, and reflected the activation of
our exclusive partnership with DBS that commenced in 2016. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Other Wealth
sales</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> in 2016 were US$3.7 billion, an increase of 14% compared with 2015. Other Wealth sales growth was mainly driven by Japan and Hong Kong reflecting the success of new product launches and sales
from DBS. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Annualized premium equivalent (&#147;APE&#148;)<FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"> sales</FONT></B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"> in 2016 were a record for Asia Division of US$2,498 million, an increase of 29%. We achieved double digit growth in all territories except for Japan and Thailand. APE sales included insurance sales of US$2,002
million and other wealth APE sales of US$496 million, up 27% and 38%, respectively. Japan APE sales in 2016 were US$1,019 million, an increase of 2%. Strong sales of other wealth products through both bank and independent broker channels were mostly
offset by the impact of pricing actions on insurance products in response to the lower interest rate environment. Hong Kong APE sales in 2016 were US$496 million, an increase of 27%, driven by distribution expansion across all core channels
(bancassurance, broker and agency). Asia Other (excludes Japan and Hong Kong) APE sales in 2016 were US$983 million, an increase of 84%. This was driven by record sales in all territories we operate in, except Thailand. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Wealth and Asset Management (&#147;WAM&#148;) gross flows</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"> in 2016 were US$14.9 billion, an increase of 26% and WAM net flows in 2016 were US$3.9 billion, an increase of US$2.1 billion. Mutual fund sales in mainland China was the most significant driver for the growth in
both gross and net flows. Japan WAM gross flows in 2016 were US$271 million, a decrease of 34% as equity market volatility impacted consumer confidence, resulting in weaker mutual fund sales. Hong Kong WAM gross flows in 2016 were
US$2.6&nbsp;billion, a slight increase over last year. The continued success and growth of our pension business was largely offset by lower mutual fund sales due to negative market sentiment. Asia Other (excludes Japan and Hong Kong) WAM gross flows
in 2016 were US$12.0&nbsp;billion, an increase of 36%. The growth was driven by mainland China, primarily from money market flows and the launch of new funds as well as pension sales in Indonesia and the launch of the first U.S. property REIT in
Singapore. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>US $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance sales</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,651</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,930</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,002</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,507</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,278</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other wealth sales</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,940</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,818</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,726</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,022</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,644</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Annualized premium equivalent (&#147;APE&#148;) sales</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,305</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,354</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,599</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,498</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,836</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,447</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and asset management gross flows</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;19,679</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;15,495</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;9,014</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;14,875</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;12,240</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;8,149</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Revenue </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Total revenue in 2016 of US$14.5 billion increased US$3.6 billion compared with 2015, primarily driven by the strong growth of new business premiums that augmented
the stable growth of in-force business. Revenue before net realized and unrealized investment gains and losses increased by US$3.1 billion driven by the same reasons as total revenue. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Revenue </B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>US $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net premium income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,585</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,495</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,275</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,757</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,953</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,583</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,853</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,519</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,271</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,400</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,188</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,150</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other revenue</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,566</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,434</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,334</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,185</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,121</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,208</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Revenue before net realized and unrealized investment gains and losses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,004</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14,448</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,880</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,342</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,262</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,941</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net realized and unrealized investment gains and losses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>290</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(446</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,078</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>204</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(365</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,867</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;19,294</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;14,002</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;11,958</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;14,546</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;10,897</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;10,808</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Premium and Deposits </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><I>(all percentages quoted are on a constant currency basis)</I></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B> </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Premium and deposits for 2016 were US$28.3 billion, an increase of 25% compared with 2015. Premiums and deposits for insurance products in 2016 were US$9.8 billion,
an increase of 28% compared with 2015, driven by strong sales growth and robust recurring premium growth from in-force business. Wealth and Asset Management premiums and deposits in 2016 were US$14.9&nbsp;billion, an increase of 26%, compared with
2015, reflecting new fund launches, notably in mainland China, the successful launch of the first&nbsp;U.S. property REIT in Singapore and the growth of our pension business and mutual fund sales in Indonesia. Other Wealth premiums and deposits in
2016 were US$3.7 billion and were 13% higher than 2015 driven by the success of new product launches coupled with expanding distribution reach. </FONT></P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Annualized premium equivalent (&#147;APE&#148;) sales is a metric commonly used in Asia and is comprised of Insurance sales plus 100% of regular premiums/ deposits and 10% of
single premiums/ deposits for other wealth products. APE is a non-GAAP measure. See &#147;Performance and Non-GAAP Measures&#148; below. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>27</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Premiums and Deposits </B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>US $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,947</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,431</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,066</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,771</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,356</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,395</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and asset management products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,681</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,494</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,015</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,875</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,241</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,149</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other wealth products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,883</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,875</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,816</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,683</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,015</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,641</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total premiums and deposits</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;37,511</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;28,800</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;17,897</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;28,329</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;22,612</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;16,185</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Assets under Management </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Asia Division assets under management were US$90.2 billion as at December&nbsp;31, 2016, an increase of 17% on a constant currency basis compared with December&nbsp;31, 2015, driven by net customer inflows of
US$12.4 billion, higher investment income during 2016 and the addition of assets from the acquisition of Standard Chartered&#146;s MPF and ORSO businesses in Hong Kong. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Assets under Management </B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>US $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">General fund</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>63,332</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">54,206</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,991</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>47,159</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39,162</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">36,198</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>24,644</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24,384</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22,925</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,341</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,612</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,761</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mutual and other funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>33,236</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27,848</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22,167</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>24,755</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20,121</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,108</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets under management</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;121,212</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;106,438</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;87,083</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;90,255</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;76,895</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;75,067</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Strategic Direction </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Manulife&#146;s Asia strategy focuses on providing Asia&#146;s growing mass affluent and affluent customer base with a premium and differentiated value proposition by integrating life, wealth and health solutions.
Our strategy aligns with the key underlying customer trends and growth opportunities in Asia and draws upon our core strengths. We are well positioned to serve our customers through the delivery of our clearly articulated strategic agenda, including
unsurpassed customer experience, holistic and integrated wealth management solutions, premium agency force, optimized bancassurance and market-leading digital customer engagement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In 2016, we identified and commenced the roll-out of a number of key initiatives in Asia and continued to diversify our distribution channels, introduce new products and enhance our technology capabilities to build
holistic and long-lasting customer relationships. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife&#146;s partnership with DBS launched successfully on January&nbsp;1, 2016 in Singapore, Hong
Kong, Indonesia and mainland China. This partnership has accelerated Manulife&#146;s Asia growth strategy and added scale for our business. We now have a more balanced distribution mix and have advanced our capabilities in technology, operations,
underwriting and digital innovation. The partnership has enhanced our ability to attract both new partners and the highest quality talent to join Manulife in Asia. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Following the successful launch in Hong Kong of our award-winning</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"> ManulifeMOVE, a wellness initiative that rewards customers for living active lifestyles, we extended the roll-out to the Philippines and mainland China. In the Philippines, 70%</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> of enrollees are new to Manulife. In mainland China, the ManulifeMOVE launch was a high
profile event with the participation of the Prime Minister of Canada, Justin Trudeau, as part of his first ever official visit to the country. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As part
of our strategy to provide an unsurpassed customer experience, we introduced eClaims services in mainland China, Vietnam and Indonesia. In mainland China, the eClaims service was launched through WeChat, enabling customers to submit their claims via
the popular messaging app, reducing the submission process from more than 1 week to 1 day. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In Japan, in 2016, we added a number of new bank partners to
our existing bank network to further enhance our distribution reach. We also piloted our agency transformation program, which helps to enable our agents to build long lasting customer relationships as trusted advisors and deliver holistic product
offerings. Building on 2015&#146;s advertising campaign featuring the Mazinger Z robot, we launched a sequel with a focus on raising awareness of the Manulife brand and our retirement solutions. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In Hong Kong, we also commenced our 15-year exclusive Mandatory Provident Fund (&#147;MPF&#148;) distribution partnership with Standard Chartered Bank and completed
the related acquisition of its existing pension businesses. This, combined with continued organic growth, strengthened our market position and in the fourth quarter Manulife became the largest MPF scheme sponsor measured by both assets under
management and net cash flows</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">. To support our advisors and facilitate
holistic sales processes we also launched our digital financial planning and electronic point of sales technology which facilitates end-to-end paperless transactions. </FONT></P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">&#147;Best Integrated Social Campaign&#148; at the 2016 Silver Bowl Awards from the global Life Insurance and Market Research Association (LIMRA). </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">As at 3Q16. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">The Gadbury Group MPF Market Shares Report as of December 2016. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>28</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2">In Singapore, in 2016, with the launch of our exclusive bancassurance partnership with DBS, which
augmented growth in other channels, we achieved 21% market share</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">, and became
the #1 life insurer in bancassurance based on annualized premium equivalent sales</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2">. Our and DBS&#146;s joint focus on customer experience has been underpinned by streamlined new business processes, platform enhancements and integration of digital tools. We also launched the first pure-play U.S.
office REIT listing in Singapore, which has strengthened our brand and banking distribution partnerships. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In Indonesia, in 2016, we introduced the
country&#146;s first fully online end-to-end mutual fund transactions solution to deliver a <FONT STYLE="white-space:nowrap">market-leading</FONT> customer engagement experience. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In Cambodia, in 2016, we have continued to extend our distribution reach with the signing of bancassurance agreements with ABA Bank and Foreign Trade Bank of Cambodia. With the addition of these agreements,
Manulife has activated five bancassurance partnerships in the country since we began operations in 2012. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As noted in the &#147;Capital Management
Framework&#148; section below, we also accessed the Asian capital markets for the first time, including debt issuances in Singapore and Taiwan. </FONT></P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">As at 3Q16. Source: Life Insurance Association Singapore. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>29</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_5"></A>Canadian Division </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Serving one in three adult Canadians, we are a leading financial services organization in Canada. We offer a diverse range of protection, estate
planning, investment and banking solutions through a diversified multi-channel distribution network, meeting the needs of a broad marketplace, supported by a team of more than 10,000 employees. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>In our Insurance business, we offer broad-based insurance solutions to middle- and upper-income individuals, families, and business owners
through a combination of competitive products, professional advice and quality customer service. Products include universal life, term life, whole life and living benefits products. We also provide group life, health and disability insurance
solutions to Canadian employers; more than 21,000 Canadian businesses and organizations entrust their employee benefit programs to Manulife&#146;s Group Benefits. Life, health and specialty products, such as travel insurance, are also offered
through alternative distribution channels, including sponsor groups and associations, as well as direct-to-customer marketing. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Our Wealth business offers a range of investment products and services to customers that span the investor spectrum, from those just starting to
build their financial portfolio to individuals and families with complex retirement and estate planning needs. We provide personalized investment management, private banking and estate solutions to affluent clients. Manulife Bank offers flexible
debt and cash flow management solutions as part of a customer&#146;s financial plan. We also provide Group Retirement solutions to more than 9,000 Canadian employers, through defined contribution plans, deferred profit sharing plans, non-registered
savings plans and employee share ownership plans. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2016, Canadian Division contributed 19% of the Company&#146;s total premiums and deposits and,
as at December&nbsp;31, 2016, accounted for 24% of the Company&#146;s assets under management and administration. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Financial
Performance </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Canadian Division&#146;s net income attributed to shareholders was $1,486 million in 2016 compared with $480 million in 2015. Net income
attributed to shareholders is comprised of core earnings, which was $1,384 million for 2016 compared with $1,252 million for 2015, and items excluded from core earnings, which amounted to a net gain of $102 million for 2016 compared with a net
charge of $772 million in 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The $132 million increase in core earnings over the prior year is primarily due to improved policy holder experience,
and higher fee income on the Company&#146;s wealth and asset management business from higher asset levels. The year-over-year increase of $874&nbsp;million in items excluded from core earnings was primarily driven by the improved impact of
market-related factors including interest rates and equity markets, as well as higher oil and gas prices. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The table below reconciles net income
attributed to shareholders to core earnings for the Canadian Division for 2016, 2015 and 2014. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Core earnings</B><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,384</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,252</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">927</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Items to reconcile core earnings to net income attributed to shareholders:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment-related experience related to fixed income trading, market value increases in excess of expected alternative assets investment
returns, asset mix changes and credit experience</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(114</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(391</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct impact of equity markets and interest rates and variable annuity guarantee liabilities<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2) </SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>270</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(283</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of a recapture of a reinsurance treaty and in-force product changes<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net impact of acquisitions and divestitures</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(54</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Tax items</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income attributed to shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,486</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">480</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,003</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Core earnings is a non-GAAP measure. See &#147;Performance and Non-GAAP Measures&#148; below. The 2015 earnings on assets backing capital allocated to each
operating segment have been restated to align with the methodology used in 2016. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The direct impact of equity markets and interest rates is relative to our policy liability valuation assumptions and includes changes to interest rate
assumptions. The gain of $270 million in 2016 (2015 &#150; $283 million charge) consisted of a $97 million gain (2015 &#150; $81 million charge) on general fund equity investments supporting policy liabilities, a $277 million gain (2015 &#150; $148
million charge) related to fixed income reinvestment rates assumed in the valuation of policy liabilities, nil (2015 &#150;$1 million gain) related to unhedged variable annuities and a $104 million charge (2015 &#150; $55 million charge) related to
variable annuity guarantee liabilities that are dynamically hedged. The amount of variable annuity guaranteed value that was dynamically hedged at the end of 2016 was 85% (2015 &#150; 88%). Our variable annuity guarantee dynamic hedging strategy is
not designed to completely offset the sensitivity of policy liabilities to all risks associated with the guarantees embedded in these products. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The $40 million charge in 2015 relates to the recapture of reinsurance treaties. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Sales </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Insurance
sales</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> were $693 million in 2016, 16% lower than 2015 levels. Retail Insurance sales in 2016 of $235 million increased by 30% compared with 2015 driven by higher universal life sales in anticipation
of regulatory changes. Institutional Markets sales for the full year 2016 of $458 million decreased 29% compared with 2015 primarily due to fewer sales at the large end of the group benefits market. Market activity was down in 2016 whereas there
were two very large sales in 2015. We also experienced lower sales at the small end of the market due to pricing actions we took to address deteriorating claims experience. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Wealth and Asset Management gross flows</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> in 2016 were $17.0 billion, an increase of $0.5 billion
or 3% compared with 2015 reflecting continued strong growth in mutual funds. We reported net flows in 2016 of $3.8 billion, down from $5.5 billion in 2015 due to lower group retirement gross flows and increased mutual fund and group retirement
redemptions. Assets under management for our WAM businesses at December&nbsp;31, 2016 were $110 billion, an increase of 9% compared with December&nbsp;31, 2015, driven by </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>30</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
positive net flows and investment returns over the past year in our mutual fund and Group Retirement Solutions (&#147;GRS&#148;) businesses. Mutual Funds&#146; full year gross flows of $9.8
billion in 2016 increased $1.1 billion or 13% compared with 2015, driven by successful sales campaigns and positive fund performance. GRS gross flows of $7.2 billion in 2016 decreased 8% or $0.6 billion compared with 2015 due to lower sales in the
large case segment compared with our record year in 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Other Wealth
sales</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> were $3.2 billion in 2016, a decrease of $0.4 billion or 11% over 2015, driven by changes in our higher risk segregated fund products earlier this year. As a result of these changes,
segregated fund product</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> sales in 2016 were $2.5 billion, a decrease of 15%
compared with 2015. Fixed product sales in 2016 were $716 million, an increase of 10% compared with 2015, primarily due to higher structured settlement sales. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Manulife Bank</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> net lending assets were $19.5 billion as at December&nbsp;31, 2016, in line with
December 31, 2015, as growth continued to be challenged by competitive pressures in the residential mortgage market. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Sales
</B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Retail markets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>235</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">181</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">167</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Institutional markets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>458</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">644</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">411</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Insurance products</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>693</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">825</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">578</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and asset management gross flows</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;17,023</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;16,474</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;10,477</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other wealth products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,219</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,609</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,048</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Revenue </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Revenue of $12.7 billion in 2016 increased $2.6 billion from $10.1 billion in 2015. Revenue before net realized and unrealized gains and losses of $12.4 billion in
2016 increased $1.6 billion from $10.8 billion in 2015 due to higher premium income. Other income was $3.5 billion, up $0.4 billion from $3.1 billion in 2015, reflecting higher reinsurance treaty revenue. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Revenue </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net premium income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,972</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,430</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,728</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,938</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,247</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,298</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other revenue</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,480</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,124</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,611</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Revenue before net realized and unrealized gains (losses)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,390</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,801</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,637</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net realized and unrealized gains (losses)<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>317</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(736</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,136</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;12,707</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;10,065</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;13,773</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Financial Performance &#150; Impact of Fair Value Accounting&#148; above. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Premiums and Deposits </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Premiums and deposits of $30.0 billion in 2016 were 2% higher than the
2015 level of $29.3 billion, reflecting strong mutual fund deposits and Retail Insurance sales. Insurance products&#146; premiums and deposits in 2016 were $12.4 billion, or 7%, above the prior year due to higher Retail Insurance sales and Group
Benefits single premium deposits. Premiums and deposits for wealth and asset management businesses and other wealth products were $17.0 billion and $3.2 billion, respectively, compared with $16.5 billion and $3.6 billion, respectively, in 2015.
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Premiums and Deposits </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,380</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,551</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,508</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and asset management products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,023</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,474</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,477</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other wealth products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,219</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,609</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,052</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Less: mutual funds held by segregated funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,626</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,290</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,418</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total premiums and deposits</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;29,996</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;29,344</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;21,619</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated fund products include guarantees. These products are also referred to as variable annuities.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>31</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Assets under Management </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Assets under management of $234.8 billion as at December&nbsp;31, 2016 grew by $15.6 billion or 7% from $219.2 billion at December&nbsp;31, 2015, driven by strong growth in wealth and asset management businesses.
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Assets under Management </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">General fund</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>110,343</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">103,496</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">85,070</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>97,220</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">92,447</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">57,028</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mutual and other funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>50,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">44,884</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">33,411</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Less: mutual funds held by segregated funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(22,983</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(21,587</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(16,605</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets under management</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;234,757</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;219,240</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;158,904</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Strategic Direction </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Manulife Canada is focused on building holistic and long-lasting customer relationships to meet customer needs by offering comprehensive solutions. We do this by expanding and integrating our wealth, insurance and
banking solutions and by leveraging the strength of our group business franchise and the breadth of our product portfolio in order to meet consumers&#146; needs. Through data-driven marketing and predictive analytics, we will further enhance our
understanding of customers&#146; needs to deliver an optimized customer experience. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Shifting demographics, increasing use of technology and growing
trends toward wellness programs are redefining the Canadian financial services landscape. We continue to focus on improving customer experience by increasingly engaging customers on digital platforms and simplifying processes. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2016, we launched a number of customer-focused initiatives: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife Vitality, an innovative approach to life insurance, encourages and supports our customers to live healthy lives. Garmin and Goodlife Fitness have
partnered with us to deliver this rewards-based program; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Initiatives to modernize insurance, such as being the first insurance company to offer insurance to Canadians with human immunodeficiency virus (HIV); reducing
the number of medical tests required for Term policy applications, and significantly reducing the proportion of applicants tested for nicotine; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Financial Wellness Assessment, an interactive online experience to help group retirement plan members ensure their finances are ready today and for the future;
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Retirement Redefined supports future retirees in planning for a long and healthy retirement by providing an engaging, interactive digital solution and resources
to plan for their insurance and savings needs; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Our Customer 360 View program was introduced to Manulife Bank, Manulife Securities and Manulife Private Wealth businesses to enhance the single view of our
customers, allowing us to provide more holistic service to our customers based on their needs; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife Group Benefits
DrugWatch</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">TM</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> program was integrated with our Specialty Drug Care and Prior
Authorization programs to better manage higher cost specialty drugs and to help plan sponsors offer them to members at a lower cost; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife Ideal Signature Select, a new segregated fund solution, addresses client needs for asset accumulation and preservation through diversification and
capital and estate protection; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife Securities&#146; Advisor Managed Program, a structured investment money management platform available to approved advisors with Manulife Securities,
where all investments can be held in the same account and there is no need for the client to sign off on trades, so there is significant time savings for clients and advisors; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife Bank&#146;s Touch ID (finger print authentication) and Interac Flash<FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT> access cards allow bank customers easy and convenient access to information and their money. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our purpose is to help people achieve their dreams and aspirations, by putting the customers&#146; needs first and providing the right advice and solutions. To
accomplish this, we continue to develop customer focused initiatives that allow us to deliver on building holistic and long-lasting customer relationships to meet customer needs. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>32</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_6"></A>U.S. Division </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Operating under the John Hancock brand in the U.S., our product suite includes wealth management and insurance products and is distributed
primarily through affiliated and non-affiliated licensed financial advisors. We have a team of approximately 6,700 employees and our affiliated broker/dealer, Signator Investors, Inc., is comprised of a national network of independent firms with
close to 2,200 registered representatives. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>John Hancock Wealth Management offers a broad range of products and services focused
on individuals and business markets, as well as institutional oriented products. John Hancock Investments (&#147;JH Investments&#148;) offers a variety of mutual funds, Undertakings for Collective Investment in Transferrable Securities
(&#147;UCITS&#148;), exchange traded funds (&#147;ETF&#148;), and 529 College Savings plans. John Hancock Retirement Plan Services (&#147;JH RPS&#148;) provides employer sponsored retirement plans for companies ranging from start-ups to some of the
largest corporations in America as well as servicing personal retirement accounts for former client employees. We also manage an in-force block of fixed deferred, variable deferred, and payout annuity products. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>John Hancock Insurance (&#147;JH Insurance&#148;) offers a broad portfolio of insurance products, including universal, variable, whole, and term
life insurance designed to provide estate, business, income protection and retirement solutions for high net worth and emerging affluent markets. We also manage an in-force block of long-term care insurance which is designed to cover the cost of
long-term services and support, including personal and custodial care in a variety of settings such as the home, a community organization, or other facility in the event of an illness, accident, or through the normal effects of aging. Effective
December&nbsp;2, 2016, we discontinued new sales of our stand-alone retail individual <FONT STYLE="white-space:nowrap">long-term</FONT> care product. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2016, U.S. Division contributed 46% of the Company&#146;s total premiums and deposits and, as at December&nbsp;31, 2016, accounted for 56% of the Company&#146;s
assets under management and administration. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Financial Performance </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">U.S. Division reported net income attributed to shareholders of $1,134 million in 2016 compared with $1,460 million in 2015. Net income attributed to shareholders is comprised of core earnings, which was $1,615
million in 2016 compared with $1,466 million in 2015, and items excluded from core earnings, which amounted to a net charge of $481 million in 2016 compared with a net charge of $6 million in 2015. The strengthening of the U.S. dollar compared with
the Canadian dollar accounted for $52 million of the increase in full year core earnings. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Expressed in U.S. dollars, the functional currency of the
division, 2016 net income attributed to shareholders was US$865 million compared with US$1,138 million in 2015, core earnings was US$1,218 million compared with US$1,149 million in 2015, and items excluded from core earnings were a net charge of
US$353 million compared with a net charge of US$11 million in 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Core earnings increased by US$69 million or 6% compared with 2015, primarily driven
by a US$52 million release of tax provisions as a result of closing certain tax years and the improved policyholder experience in the second half of 2016 as a result of changes to long-term care assumptions (see below in &#147;2016 Review of
Actuarial Methods and Assumptions&#148;). In addition, lower amortization of deferred acquisition costs on in-force variable annuity business were partially offset by the impact of lower insurance sales and lower fee income in WAM businesses from
fee compression in our pension business and changes in business mix. The unfavourable variance of US$342 million in items excluded from core earnings related to investment-related experience losses compared with gains in 2015 as well as the
write-off of a distribution network intangible asset in JH LTC. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The table below reconciles net income attributed to shareholders to core earnings for
the U.S. Division for 2016, 2015 and 2014. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>US $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Core earnings</B><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,615</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,466</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,383</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,218</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,149</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,252</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Items to reconcile core earnings to net income attributed to shareholders:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment-related experience related to fixed income trading, market value increases in excess of expected alternative assets investment
returns, asset mix changes and credit experience</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>149</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">482</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>122</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">447</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct impact of equity markets and interest rates and variable annuity guarantee liabilities<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(516</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">164</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">282</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(388</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">117</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">247</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Integration costs and intangible distribution network
<FONT STYLE="white-space:nowrap">write-off</FONT><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(114</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(45</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(87</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(37</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income attributed to shareholders<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><B></B></SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,134</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,460</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;2,147</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;865</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,138</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,946</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Core earnings is a non-GAAP measure. See &#147;Performance and Non-GAAP Measures&#148; below. The 2015 earnings on assets backing capital allocated to each
operating segment have been restated to align with the methodology used in 2016. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The direct impact of equity markets and interest rates is relative to our policy liability valuation assumptions and includes changes to interest rate
assumptions. Our variable annuity guarantee dynamic hedging strategy is not designed to completely offset the sensitivity of policy liabilities to all risks associated with the guarantees embedded in these products. The US$388 million charge in 2016
(2015 &#150; US$117 million gain) consisted of a US$86 million charge (2015 &#150; US$17 million charge) related to variable annuities that are dynamically hedged, a US$5 million gain (2015 &#150; US$71 million charge) on general fund equity
investments supporting policy liabilities, a </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>33</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">
US$16 million charge (2015 &#150; US$76 million charge) related to variable annuities that are not dynamically hedged, and a US$291 million charge (2015 &#150; US$281 million gain) related to
fixed income reinvestment rates assumed in the valuation of policy liabilities. The amount of variable annuity guaranteed value that was dynamically hedged or reinsured at the end of 2016 was 94% (2015 &#150; 94%). </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The 2016 charge of $87 million relates primarily to the intangible asset distribution network write-off in the JH Long Term Care business. The 2015 charge of
US$37 million related to one-time integration costs associated with the acquisition of NYL RPS business. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Sales and
Gross Flows </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Insurance sales in 2016 of US$459 million declined 6% compared with 2015 reflecting continued headwinds from the industry trend back
towards products with guaranteed features which we have purposely de-emphasized in our product portfolio. We recorded strong double digit growth in sales of term and international products, two of our key products emphasized for growth. JH Life
sales of US$417 million in 2016 decreased 7% from the prior year as the competitive pressures highlighted above more than offset growth in term and international sales and the positive trends emerging in Vitality, our innovative health engagement
rider. JH Long Term Care 2016 sales of US$42 million increased 2% from the prior year as sales benefited from the biennial inflation buy-up activity in the U.S.&nbsp;Federal program offset by lower group and retail sales. Effective December&nbsp;2,
2016, we discontinued new sales of our stand-alone retail individual long-term care product. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Wealth and Asset Management gross flows in 2016 were
US$49.4 billion, an increase of 5% compared with 2015, due to strong mid-market pension sales reflecting a full year of sales from the NYL RPS business acquired in April 2015 offset by lower mutual fund sales. Normalizing for the NYL RPS
acquisition, annual gross flows were 1% higher than the prior year. Net outflows were US$1.6 billion for the year, compared with net inflows of US$9.5 billion in 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">JH Investments gross flows of US$26.2 billion in 2016 decreased 7% compared with 2015. While fund performance improved in 4Q16, our overall sales environment was challenged throughout 2016 by the underperformance
of a few key funds earlier in the year, customers&#146; reduced appetite for actively managed solutions, and advisors&#146; focus on impending implementation of the Department of Labor&#146;s (&#147;DOL&#148;) Fiduciary Rule. Net outflows were
US$1.1 billion in 2016 compared with net inflows of US$10.4 billion in 2015 reflecting our lower gross flows and increased redemptions due to the reasons listed above. Assets under management increased 6% from December&nbsp;31, 2015 to US$88.5
billion as at December&nbsp;31, 2016. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">JH Retirement Plan Services gross flows of US$23.2 billion in 2016 were up 22% compared with 2015 or 11% when
normalizing for the NYL RPS acquisition. This was driven primarily by strong mid-market sales, which demonstrated the strength of our expanded capabilities. Net outflows were US$537 million in 2016 compared with net outflows of US$905 million in the
prior year. The improvement reflects strong mid-market sales and ongoing contributions which were more than offset by higher mid-market plan terminations unrelated to the business acquired from NYL due to intense pricing and competitive pressures as
well as changes in plans&#146; trustee and/or advisor. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Sales </B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="53%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>US $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>608</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">554</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>459</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">488</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">501</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and asset management products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;65,448</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;60,567</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;41,488</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;49,364</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;47,180</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;37,570</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Revenue </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Total revenue in 2016 of US$15.5 billion increased US$7.8 billion compared with 2015 primarily driven by the non-recurrence of the Closed Block reinsurance
transaction as well as favourable realized and unrealized gains and losses in 2016 compared with 2015. Revenue before net realized and unrealized investment gains (losses) and the impact of the Closed Block reinsurance transaction was down US$754
million from 2015 as reduced premium income was partially offset by higher other revenue and investment income in Insurance. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Revenue
</B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>US $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net premium income excluding the Closed Block reinsurance
transaction<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,987</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,910</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,733</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,287</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,183</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,092</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,946</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,569</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,198</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,246</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,145</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,610</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other revenue</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,591</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,350</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,531</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,223</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,182</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,102</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Revenue before items noted below</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;19,829</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;17,462</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;14,756</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;15,510</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;15,804</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net realized and unrealized gains (losses)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,034</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,884</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,271</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>790</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,621</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,154</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Premium ceded, net of ceded commissions and additional consideration relating to Closed Block
reinsurance transaction<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7,996</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(6,109</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;20,558</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,949</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28,733</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,546</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,780</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25,958</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">For the purpose of comparable period-over-period reporting, we exclude the $8 billion (US$6.1 billion) impact of the Closed Block reinsurance transaction, which
is shown separately, for full year 2015. For other periods as applicable, amounts in this line equal the &#147;net premium income&#148; in note 19 of the Consolidated Financial Statements. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Financial Performance &#150; Impact of Fair Value Accounting&#148; above. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>34</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Premiums and Deposits </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">U.S. Division total premiums and deposits for 2016 were US$56 billion, an increase of 2% compared with 2015. Premiums and deposits for insurance products of US$6.2 billion decreased 6% compared with 2015 as sales
activity was dampened by competitive pressures. Premiums and deposits for wealth and asset management products were US$49.4 billion, an increase of 5% compared with 2015, reflecting strong deposits in JH RPS from the mid-market business partially
offset by lower mutual fund deposits. In other wealth products, premiums and deposits declined 63% due to our reinsuring the remaining 10% of the fixed deferred annuity block in early 2016. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Premiums and Deposits </B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>US $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance products<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,267</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,528</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,368</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,239</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,667</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,665</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and asset management products</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>65,448</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">60,567</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,488</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>49,364</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">47,180</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">37,570</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other wealth products (Annuities)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>557</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,523</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,297</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>435</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,191</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,176</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total premiums and deposits</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;74,272</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;70,618</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;50,153</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;56,038</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;55,038</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;45,411</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">For the purpose of comparable period-over-period reporting, the impact of the 3Q15 Closed Block reinsurance transaction is excluded from insurance products
premiums in this table. This transaction resulted in a net ceded premium (negative premium) of approximately $8.0 billion (US$6.1 billion) for the full year 2015. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Assets under Management and Administration </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">U.S. Division assets under management and
administration as at December&nbsp;31, 2016 were US$406.2 billion, up 5% from December&nbsp;31, 2015. The increases were driven by investment income and the impact of favourable equity markets on the valuation of mutual fund investments, partially
offset by the continued runoff of our Annuities business. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Assets under Management and Administration </B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>US $</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">General fund</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>152,040</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">149,319</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">135,173</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>113,240</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">107,883</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">116,520</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>191,391</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">194,291</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">174,397</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>142,548</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">140,377</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">150,330</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mutual funds and other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>119,486</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">116,427</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">87,450</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>88,993</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">84,117</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">75,382</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets under management</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>462,917</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">460,037</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">397,020</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>344,781</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">332,377</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">342,232</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other assets under administration</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>82,433</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">77,910</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,509</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>61,396</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">56,290</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,301</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets under management and administration</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;545,350</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;537,947</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;398,529</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;406,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;388,667</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;343,533</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Strategic Direction </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">John Hancock is focused on building out our wealth products and advice services, developing a modernized insurance purchase and ownership experience that appeals to a wider demographic, and engaging with our
customers in client-focused formats that incorporate our digital capabilities and customer insights. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Throughout 2016, John Hancock continued to enhance
our personalized and holistic services to support our clients. This included making certain products available directly to clients, rewarding clients for making healthy decisions, and providing solutions that meet the needs of a broader demographic.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">JH Investments&#146; unique approach to asset management enables us to provide a diverse set of investments backed by some of the world&#146;s best
managers, along with strong risk-adjusted returns across asset classes. Our performance is the result of our manager-of-managers model and our focus on finding and overseeing the best portfolio teams. We also offer ETFs both as a complement to the
actively managed funds and in response to investors&#146; changing preferences. In 2016, JH Investments: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Launched 4 environmental, social and governance (&#147;ESG&#148;) funds for investors that integrate ESG issues with fundamental stock research;
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Added 6 new strategic ETF&#146;s, bringing the total to 12 differentiated multi-factor investment strategies; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Increased the number of platforms through which customers may buy our ETFs; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Started selling a suite of Undertakings for Collective Investments in Transferable Securities (&#147;UCITS&#148;) to make our funds available to non-residents of
the U.S. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">JH RPS successfully expanded to the mid- and large-plan market segments in 2016, enabled by the capabilities acquired through
the successful integration of the New York Life retirement plan services business purchased in 2015. We continued to maintain our focus on the small plan market. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">JH Insurance continued to expand our wellness-linked life insurance program through our exclusive partnership with Vitality, the global leader in integrating wellness benefits with life insurance products. By
making healthy food and activity choices in a process that encourages customer engagement with John Hancock, clients participating in the Vitality program earn rewards towards their </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>35</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
insurance premiums and discounts with health-based retailers. In addition, we launched a lower-cost term life insurance product, which is a direct-to-consumer insurance option for individuals who
are not purchasing through an agent and a product that simplified and expedited the underwriting requirements for eligible clients. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In response to
industry trends and stagnant consumer demand, in the fall of 2016 we announced that we will discontinue new sales of our stand-alone individual long-term care product. This decision does not have a material impact on our on-going earnings. We are
committed to serving our existing customers and honoring our obligations to our over 1.2&nbsp;million long-term care policyholders. We intend to continue to offer long-term care coverage as an accelerated benefit rider to our wide range of life
insurance products, an increasingly popular alternative to stand-alone long-term care insurance policies in recent years. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">John Hancock&#146;s
broker-dealer, Signator Investors, Inc., successfully completed the acquisition of Transamerica Financial Advisors (&#147;TFA&#148;) in 2016, moving Signator into the top 15 broker-dealers in the U.S. by advisor headcount, expanding its customer
reach in every state in the country, and broadening its distribution opportunities through TFA&#146;s established bank-channel relationships. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>36</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_7"></A>Corporate and Other </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Corporate and Other is comprised of investment performance on assets backing capital, net of amounts allocated to operating divisions, financing
costs, Investment Division&#146;s external asset management business (Manulife Asset Management), our Property and Casualty (&#147;P&amp;C&#148;) Reinsurance business; and our run-off reinsurance business lines including variable annuities and
accident and health. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>For segment reporting purposes the impact of updates to actuarial assumptions, settlement costs for macro
equity hedges and other non-operating items are included in this segment&#146;s earnings. This segment is also where we reclassify favourable investment-related experience to core earnings from items excluded from core earnings, subject to certain
limits (see &#147;Performance and Non-GAAP Measures&#148; below). In each of the other segments, we report all investment-related experience in items excluded from core earnings. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In 2016, Corporate and Other contributed 11% of the Company&#146;s premiums and deposits and, as at December&nbsp;31, 2016, accounted for 8% of the Company&#146;s assets under management and administration.
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Financial Performance </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Corporate
and Other reported a net loss attributed to shareholders of $832 million for 2016 compared with a net loss of $854&nbsp;million for 2015. The net loss is comprised of core loss and items excluded from core loss. The core loss was $473 million in
2016 compared with $524 million in 2015; items excluded from core loss amounted to net charges of $359 million in 2016 compared with net charges of $330 million in 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The $51 million decrease in core loss is largely due to the inclusion of $197 million of core investment gains in 2016 compared with nil in 2015 and $73 million in 2016 related to the release of provisions and
interest on uncertain tax positions in the U.S. These gains were partially offset by $86 million lower investment income driven by higher interest expense due to debt issuances over the year and lower realized gains on available-for-sale equities,
$75 million higher interest allocated to the divisions, $35 million higher expected macro hedging costs and higher expenses in Corporate and Other and strategic investments in our Manulife Asset Management business. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The table below reconciles the net loss attributed to shareholders to the core loss for Corporate and Other for 2016, 2015 and 2014. </FONT></P>
<P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Core loss excluding expected cost of macro hedges and core investment gains</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(409</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(298</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(446</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Expected cost of macro hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(261</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(226</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(184</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.50em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment-related experience included in core earnings</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>197</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">200</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total core loss</B><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(473</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(524</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(430</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Items to reconcile core loss to net loss attributed to shareholders:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct impact of equity markets and interest
rates<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>195</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in actuarial methods and assumptions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(453</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(451</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(198</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment-related experience related to mark-to-market
items<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>71</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reclassification to core investment-related experience above</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(197</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of tax changes, integration and acquisition costs</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Restructuring charges and other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net loss attributed to shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(832</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(854)</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(896</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">This item is a non-GAAP measure. See &#147;Performance and Non-GAAP Measures&#148; below. The 2015 earnings on assets backing capital allocated to each operating
segment have been restated to align with the methodology used in 2016. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The direct impact of equity markets and interest rates included a loss of $120 million (2015 &#150; gain of $234 million) on derivatives associated with our
macro equity hedges and a gain of $370 million (2015 &#150; gain of $5 million) on the sale of AFS bonds. Other items in this category netted to a charge of $55 million (2015 &#150; charge of $39 million). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment-related experience includes mark-to-market gains or losses on assets held in the Corporate and Other segment other than gains on AFS equities and seed
money investments in new segregated or mutual funds. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Revenue </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Revenue was $778 million for 2016 compared with $414 million in 2015. The favourable variance was primarily driven by realized gains on available-for-sale bonds,
the release of interest on the resolution of tax related positions, and a consolidation adjustment related to interests in structured entities, partially offset by losses on the macro hedging program. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>37</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Revenue </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net premium income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>87</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment income (loss)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>653</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">130</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other revenue</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>545</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;190</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Revenue before net realized and unrealized investment gains (losses) and on the macro hedge program</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,285</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">410</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">317</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net realized and unrealized gains (losses)<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2) </SUP>and on the macro hedge program</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(507</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(393</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>778</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">414</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(76</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Includes gains of $512 million (2015 &#150; losses of $6 million) on the sale of AFS bonds. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Financial Performance &#150; Impact of Fair Value Accounting&#148; above. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Premiums and Deposits </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Premiums and deposits were $18.4 billion for 2016 compared with $22.2
billion reported in 2015. These amounts primarily relate to Investment Division&#146;s external asset management business. (See &#147;Investment Division&#148; below) </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Premiums and Deposits </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Life Retrocession</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Property and Casualty Reinsurance</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>86</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">88</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Institutional and other deposits</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,300</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22,150</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,185</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total premiums and deposits</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;18,387</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;22,240</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;8,262</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Assets under Management </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Assets under management of $75.7 billion as at December&nbsp;31, 2016 (2015 &#150; $71.6 billion) included assets managed by Manulife Asset Management on behalf of institutional clients of $79.7 billion (2015
&#150; $71.2 billion) and the Company&#146;s own funds of $3.8&nbsp;billion (2015 &#150; $7.6 billion), partially offset by a $7.8 billion (2015 &#150; $7.2 billion) total company adjustment related to the reclassification of derivative positions
net of the cash received as collateral on derivative positions. The decrease in the Company&#146;s own funds primarily reflects the impact of higher assets allocated to the operating divisions and the payment of shareholder dividends, partially
offset by net issuances of subordinated debt and preferred shares during the year. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Assets under Management </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">General fund</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3,847</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">485</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,242</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds &#150; elimination of amounts held by the Company</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(171</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(202</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Institutional advisory accounts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>79,760</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">71,237</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,573</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets under management</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;75,736</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;71,551</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;46,613</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Strategic Direction </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">With respect to our overall Company strategy, we have a matrix organization to ensure that we leverage our global scale and sharing of best practices. As such, we continue to add strength to our Group Functions as
well as in the operating divisions in the areas of innovation, marketing and technology. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">With respect to the businesses whose results are reported in
the Corporate and Other results: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our P&amp;C Reinsurance business provides substantial retrocessional capacity for a very select clientele in the
property and casualty reinsurance market. We continue to manage the risk exposures of this business in relation to the total Company balance sheet risk and volatility as well as the prevailing market pricing conditions. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The strategic direction for our Manulife Asset Management business is included in the &#147;Investment Division&#148; section that follows. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>38</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_8"></A>Investment Division </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Manulife&#146;s Investment Division manages the Company&#146;s general fund assets and, through Manulife Asset Management (&#147;MAM&#148;),
provides comprehensive asset management and asset allocation solutions to institutional clients and investment funds, and investment management services to retail clients through Manulife and John Hancock product offerings. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We have expertise managing a broad range of investments including public and private bonds, public and private equities, commercial mortgages,
real estate, power and infrastructure, timberland, farmland, and oil and gas. With a team of more than 3,400 employees, the Investment Division has a physical presence in key markets, including the United&nbsp;States, Canada, the United Kingdom,
Hong Kong, Japan, and Singapore. In addition, MAM has a joint venture asset management business in mainland China, Manulife TEDA Fund Management Company Ltd. </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>General Fund </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our investment philosophy for the General Fund is to invest in an asset mix that
optimizes our risk adjusted returns and matches the characteristics of our underlying liabilities. We follow a bottom-up approach which combines our strong asset management skills with an in-depth understanding of the characteristics of each
investment. We invest in a diversified mix of assets, including a variety of alternative long-duration asset classes. Our diversification strategy has historically produced superior risk adjusted returns while reducing overall risk. We use a
disciplined approach across all asset classes and we do not chase yield in the riskier end of the fixed income market. This strategy has resulted in a well-diversified, high quality investment portfolio, which has historically delivered strong
investment-related experience through-the-cycle. Our risk management strategy is outlined in the &#147;Risk Management&#148; section below. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>General Fund Assets </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As at December&nbsp;31, 2016, our General Fund invested assets totaled
$321.9 billion compared with $307.5 billion at the end of 2015. The following charts show the asset class composition as at December&nbsp;31, 2016 and December&nbsp;31, 2015. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g327881g37a96.jpg" ALT="LOGO">
 </P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>39</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Investment Income </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="8" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2016</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions, unless otherwise stated)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Yield</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Income</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Yield<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,533</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3.40</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,114</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dividend, rental and other income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,277</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.70</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,893</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impairments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(206</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(0.10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>%)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(633</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other, including gains (losses) on sale of AFS debt securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>786</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.20</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">91</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment income before realized and unrealized gains on assets supporting insurance and
investment contract liabilities and on macro equity hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;13,390</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;11,465</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on macro equity
hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt securities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,662</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,957</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1.30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Public equities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>985</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.30</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(513</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortgages and private placements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>92</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">373</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Alternative long-duration assets and other investments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>976</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.30</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,335</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivatives, including macro equity hedging program</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,581</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(0.80</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>%)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(300</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(0.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,134</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,062</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total investment income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,524</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.70</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,403</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.90</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Yields are based on IFRS income and are calculated using the geometric average of assets held at IFRS carrying value during the reporting period.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2016, the $14.5 billion of investment income (2015 &#150; $8.4 billion) consisted of: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">$13.4 billion of investment income before net realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on
macro equity hedges (2015 &#150; $11.5 billion), and; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">$1.1 billion of net realized and unrealized gains on assets supporting insurance and investment contract liabilities and on macro equity hedges (2015 &#150; loss
of $3.1 billion). </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The $1.9 billion increase in net investment income before unrealized and realized gains was due to higher income of
$0.8 billion primarily from higher interest and dividend income, $0.7 billion higher gains on surplus assets and $0.4 billion mainly from lower impairments on oil and gas properties in 2016. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The change in net realized and unrealized gains related to the changes in interest rates and equity markets. In 2016, the general decrease in the U.S. interest rates resulted in gains of $1.7 billion (2015 &#150;
losses of $4.0 billion) on debt securities. The increase in equity markets in 2016 resulted in gains of $1.0 billion (2015 &#150; losses of $0.5 billion) on public equities supporting insurance and investment contract liabilities. Net losses of $2.6
billion on derivatives in 2016, including the macro equity hedging program, primarily related to losses on short equity contracts as a result of increases in major stock indices during the year. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As the measurement of insurance and investment contract liabilities includes estimates regarding future expected investment income on assets supporting the
insurance and investment contract liabilities, only the difference between the mark-to-market accounting on the measurement of both assets and liabilities impacts net income. Refer to &#147;Financial Performance&#148; above. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Debt Securities and Private Placement Debt </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We manage our high quality fixed income portfolio to optimize yield and quality while ensuring that asset portfolios remain diversified by sector, industry,
duration, issuer, and geography. As at December&nbsp;31, 2016, our fixed income portfolio of $198.4 billion (2015&nbsp;&#150;&nbsp;$185.4 billion) was 97% investment grade and 76% was rated A or higher (2015 &#150; 97% and 77%, respectively). Our
private placement debt holdings provide diversification benefits (issuer, industry, and geography) and, because they often have stronger protective covenants and collateral than debt securities, they typically provide better credit protection and
potentially higher recoveries in the event of default. Geographically, 29% is invested in Canada (2015 &#150; 29%), 47% is invested in the U.S. (2015 &#150; 48%), 3% is invested in Europe (2015 &#150; 4%) and the remaining 21% is invested in Asia
and other geographic areas (2015 &#150; 19%). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>40</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Debt Securities and Private Placement Debt &#150; by Credit Quality<FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#2a517f"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT> </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g327881g26y31.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Reflects credit quality ratings as assigned by Nationally Recognized Statistical Rating Organizations (&#147;NRSRO&#148;) using the following priority sequence
order: Standard&nbsp;&amp; Poor&#146;s, Moody&#146;s, Dominion Bond Rating Service, Fitch, Rating and Investment Information, and Japan Credit Rating. For those assets where ratings by NRSRO are not available, disclosures are based upon internal
ratings as described in the &#147;Risk Management&#148; and &#147;Risk Factors&#148; sections below. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="53%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="12" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="12"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">Per cent of carrying value</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt<BR>securities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Private<BR>placement<BR>debt</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt<BR>securities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Private<BR>placement<BR>debt</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Government and agency</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>43</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>38</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Utilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>49</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Financial</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Industrial</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Consumer (non-cyclical)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Energy &#150; Oil&nbsp;&amp; Gas</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Energy &#150; Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Basic materials</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Consumer (cyclical)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Securitized (MBS/ABS)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Telecommunications</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Technology</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Media and internet and other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total per cent</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>100</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>100</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>100</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total carrying value ($ billions)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;168.6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;29.8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;198.4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;157.8</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;27.6</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;185.4</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As at December&nbsp;31, 2016, gross unrealized losses on our fixed income holdings were $3.5 billion or 2% of the amortized cost of
these holdings (2015 &#150; $3.0 billion or 2%). Of this amount, $35 million (2015 &#150; $55 million) related to debt securities trading below 80% of amortized cost for more than 6 months. Securitized assets represented $23 million of the gross
unrealized losses and $2&nbsp;million of the amounts trading below 80% of amortized cost for more than 6 months (2015 &#150; $18 million and none, respectively). After adjusting for debt securities held in participating policyholder and pass-through
segments and the provisions for credit included in the insurance and investment contract liabilities, the potential impact to shareholders&#146; pre-tax earnings for debt securities trading at less than 80% of amortized cost for greater than 6
months was approximately $34 million as at December&nbsp;31, 2016 (2015 &#150; $46 million). </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Mortgages </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As at December&nbsp;31, 2016, mortgages represented 14% of invested assets (2015 &#150; 14%) with 61% of the mortgage portfolio invested in Canada (2015 &#150; 63%)
and 39% in the U.S. (2015 &#150; 37%). As shown below, the overall portfolio is also diversified by geographic region, property type, and borrower. Of the total mortgage portfolio, 19% is insured (2015 &#150; 20%), primarily by the Canada Mortgage
and Housing Corporation (&#147;CMHC&#148;) &#150; Canada&#146;s AAA rated government backed national housing agency, with 43% of residential mortgages insured (2015 &#150; 45%) and 3% of commercial mortgages insured (2015 &#150; 4%). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>41</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="8" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ billions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">% of total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">% of total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Commercial</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Retail</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Office</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7.3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Multi-family residential</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Industrial</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2.8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other commercial</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2.6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.8</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other mortgages</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25.7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>58</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Bank single-family residential</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17.7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>40</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Agricultural</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.0</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total mortgages</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;44.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>100</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;43.8</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our commercial mortgage loans are originated with a hold-for-investment philosophy. They have low loan-to-value ratios, high
debt-service coverage ratios, and as at December&nbsp;31, 2016 there were no loans in arrears. Geographically, of the total mortgage loans, 37% are in Canada and 63% are in the U.S. (2015 &#150; 40% and 60%, respectively). We are diversified by
property type and largely avoid risky market segments such as hotels, construction loans and second liens. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Non-CMHC Insured Commercial Mortgages<FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT> </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="8" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Canada</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S.</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Loan-to-Value ratio<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>64%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>56%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">62%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">57%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Debt-Service Coverage ratio<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.47x</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.90x</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.56x</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.01x</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Average duration</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.2&nbsp;years</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6.4&nbsp;years</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.7&nbsp;years</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6.2&nbsp;years</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Average loan size ($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$11.4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$17.1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Loans in
arrears<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.00%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.00%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.07%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.00%</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Excludes Manulife Bank commercial mortgage loans of $67 million (2015 &#150; $50 million). </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Loan-to-Value and Debt-Service Coverage are based on re-underwritten cash flows. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Arrears defined as over 90 days past due in Canada and over 60 days past due in the U.S. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>42</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Public Equities </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">As at December&nbsp;31, 2016, public equity holdings of $19.5 billion represented 6% (2015 &#150; $17.0 billion and 5%) of invested assets and, when excluding participating policyholder and pass-through segments,
represented 2% (2015 &#150; 2%) of invested assets. The portfolio is diversified by industry sector and issuer. Geographically, 33% (2015 &#150; 33%) is held in Canada, 37% (2015 &#150; 37%) is held in the U.S., and the remaining 30% (2015 &#150;
30%) is held in Asia, Europe and other geographic areas. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Public Equities &#150; by Segment </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g327881g48z28.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Public equities denoted as pass-through are held by the Company to support the yield credited on equity-linked investment funds for Canadian life insurance
products. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Alternative Long-Duration Assets (&#147;ALDA&#148;) </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our alternative long-duration asset portfolio is comprised of a diverse range of asset classes with varying degrees of correlations. The portfolio typically
consists of private assets representing investments in varied sectors of the economy which act as a natural hedge against future inflation and serve as an alternative source of asset supply to long-term corporate bonds. In addition to being a
suitable match for our long-duration liabilities, these assets provide enhanced long-term yields and diversification relative to traditional fixed income markets. The vast majority of our alternative long-duration assets are managed in-house.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As at December&nbsp;31, 2016, alternative long-duration assets of $33.0 billion represented 10% (2015 &#150; $31.6 billion and 10%) of invested assets.
The fair value of total ALDA was $34.5 billion at December&nbsp;31, 2016 (2015 &#150; $32.7 billion). The carrying value and corresponding fair value by sector and/or asset type as follows: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="8" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December 31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ billions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying&nbsp;value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying&nbsp;value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Fair value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14.1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;15.3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;16.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Power and infrastructure</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6.7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6.7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private equity</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Timberland</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3.7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3.7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Oil &amp; gas</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2.1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2.1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Farmland</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.4</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.4</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total ALDA</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;33.0</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>34.5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;31.6</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">32.7</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>43</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Real Estate </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Our real estate portfolio is diversified by geographic region; of the total fair value of this portfolio, 59% is located in the U.S., 35% in Canada, and 6% in Asia as at December&nbsp;31, 2016 (2015 &#150; 63%,
31%, and 6%, respectively). This high quality portfolio has virtually no leverage and is primarily invested in premium urban office towers, concentrated in cities with stable growth, and highly diverse economies, in North America and Asia. The
portfolio is well positioned with an average occupancy rate of 94% (2015 &#150; 93%) and an average lease term of 6.1 years (2015 &#150; 6.2 years). During 2016, we executed 5 acquisitions, representing $0.4 billion market value of commercial real
estate assets (2015 &#150; 6 acquisitions and $2.2 billion). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The segment composition of our real estate portfolio based on fair value is as follows:
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g327881g48q21.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These figures represent the fair value of the real estate portfolio. The carrying value of the portfolio was $14.1 billion and $15.3 billion at December&nbsp;31,
2016 and December&nbsp;31, 2015, respectively. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Power&nbsp;&amp; Infrastructure </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We invest both directly and through funds in a variety of industry specific asset classes, listed below. The portfolio is well diversified with over 300 portfolio
companies. The portfolio is predominately invested in the U.S. and Canada, but also in the United Kingdom, Europe and Australia. Our power and infrastructure holdings are as follows: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g327881g23l28.jpg" ALT="LOGO">
 </P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>44</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Timberland&nbsp;&amp; Farmland </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Our timberland and farmland assets are managed by a proprietary entity, Hancock Natural Resources Group (&#147;HNRG&#148;). In addition to being the world&#146;s largest timberland investment manager for
institutional investors</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">, with timberland properties in the U.S.,
New&nbsp;Zealand, Australia, Chile, Canada and Brazil, HNRG also manages farmland properties in the U.S., Australia and Canada. In 2011, HNRG established a renewable energy business unit focused on investments in the bio-energy sector. The General
Fund&#146;s timberland portfolio comprised 23% of HNRG&#146;s total timberland assets under management (&#147;AUM&#148;) (2015 &#150; 19%). The farmland portfolio includes annual (row) crops, fruit crops, wine grapes, and nut crops. The General
Fund&#146;s holdings comprised 40% of HNRG&#146;s total farmland AUM (2015 &#150; 42%). </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Private Equities </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our private equity portfolio of $4.6 billion (2015 &#150; $3.8 billion) includes both directly held private equity and private equity funds. Both are diversified
across vintage years and industry sectors. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Oil&nbsp;&amp; Gas </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">This category is comprised of $0.9 billion (2015 &#150; $0.8 billion) in our conventional Canadian oil and gas properties managed by our subsidiary, NAL Resources, and various other oil and gas private equity
interests of $1.2 billion (2015 &#150; $0.9 billion). Production mix for conventional oil and gas assets in 2016 was approximately 40% crude oil, 45% natural gas, and 15% natural gas liquids (2015&nbsp;&#150;&nbsp;44%, 43%, and 13%, respectively).
Private equity interests are a combination of both producing and mid-streaming assets. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2016, the carrying value of our oil and gas holdings,
increased by $0.4 billion and the fair value increased by $0.4 billion, driven by the rebound in commodity prices. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2015, the fair value of our oil
and gas investments declined by $0.6 billion, excluding the impact of currency, and as noted in the &#147;Financial Performance&#148; section, we reported $876 million of post-tax investment-related experience losses related to the sharp decline in
oil and gas prices. The pre-tax investment-related experience loss in 2015 was greater than the fair value decline as the investment-related experience compares actual returns to expected returns used in the valuation of policy liabilities. Refer to
&#147;Critical Accounting and Actuarial Assumptions&#148; below. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Manulife Asset Management </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife Asset Management (&#147;MAM&#148;) provides comprehensive asset management solutions to institutional clients (such as pension plans, foundations,
endowments and financial institutions) and investment funds, and investment management services to retail clients through Manulife and John Hancock product offerings. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">As at December&nbsp;31, 2016, MAM had $460.7 billion of AUM compared with $433.9 billion at the end of 2015. This includes $80.1&nbsp;billion (2015 &#150; $71.5 billion) of comprehensive asset management and asset
allocation solutions to institutional clients and $303.2 billion (2015 &#150; $290.1 billion) of investment funds and investment management services to retail clients through Manulife and John Hancock product offerings, as well as $77.4 billion
(2015 &#150; $72.3 billion) related to our general fund assets. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2016, MAM AUM increased $26.8 billion from 2015 driven by positive market
performance, significant institutional mandate wins and growth in general fund AUM, partially offset by currency translation losses on external clients AUM. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following charts show the movement in AUM over the year as well as by asset class. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>AUM
Movement </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ billions)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">MAM External AUM, Beginning</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;361.6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;277.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Standard Life acquisition</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Standard Chartered Bank&#146;s MPF business acquisition</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.50em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross Institutional flows</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18.3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:4.50em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Institutional redemptions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(9.8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7.7</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net Institutional flows</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8.5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net Affiliate flows<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asset transfers</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2.7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Market impact</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15.4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Currency impact</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(7.3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">44.7</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">MAM External AUM, Ending</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>383.3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">361.6</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">General Fund AUM (managed by MAM), Beginning<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>72.3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">54.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net flows, market and currency impacts</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5.1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17.9</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">General Fund AUM (managed by MAM), Ending<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>77.4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">72.3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total MAM AUM</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>460.7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">433.9</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Affiliate flows and redemptions related to activities of the three operating divisions (U.S., Canada and Asia) </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">2015 beginning and ending General Fund assets have been restated to include the fair value of the real estate portfolios managed by MAM for comparative purposes.
</FONT></P></TD></TR></TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Based on the global timber investment management organization ranking in the <I>RISI International Timberland Ownership and Investment Database.</I> </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>45</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Net Institutional and Affiliate Flows </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In 2016, net institutional flows of $8.5 billion were primarily driven by sales from new and existing institutional clients in Canada, Asia and the U.S. led by strategic fixed income, liability-driven investing
(LDI) and Canadian fixed income strategies. Affiliate net flows of $0.5 billion were primarily driven by strong flows from mutual funds across all regions and strong net flows from Asia retirement products and insurance, partially offset by net
outflows from U.S. variable annuities and retirement products. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>AUM Composition </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1">($ billions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Affiliate / Retail<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>:</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed income</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balanced</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em; text-indent:-1.50em"><FONT
STYLE="font-family:ARIAL" SIZE="1">Equity</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asset allocation<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Alternatives</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>104.1</B></FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>22.0</B></FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>103.4</B></FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>71.2</B></FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2.5</B></FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT><BR>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">93.2</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22.6</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">94.7</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">77.5</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.1</FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>303.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">290.1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Institutional:</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed income</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em; text-indent:-1.50em"><FONT
STYLE="font-family:ARIAL" SIZE="1">Balanced</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asset allocation<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Alternatives</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT><BR>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>48.3</B></FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>1.9</B></FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14.9</B></FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>0.1</B></FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14.9</B></FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT><BR>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">38.7</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.3</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14.3</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.1</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16.1</FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>80.1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">71.5</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>MAM External AUM</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>383.3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">361.6</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">General Fund</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Fixed income<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:3.00em; text-indent:-1.50em"><FONT
STYLE="font-family:ARIAL" SIZE="1">Alternative long-duration assets<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT><BR>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>42.0</B></FONT><BR> <P STYLE="margin-bottom:0px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>14.9</B></FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>20.5</B></FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT><BR>
<P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;<BR>&nbsp;</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">36.6<BR>13.7</FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22.0</FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>General Fund AUM (managed by MAM)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>77.4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">72.3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total MAM AUM</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;460.7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;433.9</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Includes 49% of assets managed by Manulife TEDA Fund Management Company Ltd. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Internally-managed asset-allocation assets included in other asset categories to eliminate double counting: $74.8 billion and $66.7 billion in 2016 and 2015,
respectively, in Affiliate/Retail, and $0.04 billion and $0.4 billion in 2016 and 2015, respectively, in Institutional Advisory. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>December 2015 comparative amounts for General Fund ALDA have been restated to include
the fair value of the real estate portfolios managed by MAM. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Total MAM External AUM by Client Geography
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We operate from offices in 16 countries and territories, managing local and international investment products for our global client&nbsp;base.
</FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1">($ billions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>%</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S.</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;217.4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>57</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;220.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canada</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>100.4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>26</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">87.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia region</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>60.6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">50.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Europe and other region</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4.9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total MAM External AUM</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>383.3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>100</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">361.6</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>46</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Investment Performance </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>% of AUM Outperforming Benchmarks<FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#2a517f"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#2a517f"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)<B></B></SUP><B><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"> </FONT></B></FONT></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD></TR>


<TR>
<TD VALIGN="top">


<IMG SRC="g327881g87o43.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle"><FONT STYLE="font-family:ARIAL" SIZE="5" COLOR="#2a517f">As at December 31, 2016, overall investment performance has consistently exceeded our benchmarks on a 1,&nbsp;3&nbsp;and <FONT STYLE="white-space:nowrap">5-year</FONT>
basis.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle"></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment performance is based on actively managed MAM Public Markets account-based, asset-weighted performance versus their primary internal targets, which
includes accounts managed by portfolio managers of MAM. Some retail accounts are evaluated net of fees versus their respective Morningstar peer group. All institutional accounts and all other retail accounts are evaluated gross of fees versus their
respective index. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Includes balanced funds. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Includes money market funds. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Long-term
investment performance continued to be a differentiator for MAM, with the majority of public asset classes outperforming their benchmarks on a 1-, 3- and 5-year basis. At December&nbsp;31, 2016, MAM had 112 Four- or Five-star Morningstar rated
funds</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">, an increase of 17 funds since December&nbsp;31, 2015. In 2015, the
number of Four- or Five-star Morningstar rated funds increased by 23. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Strategic Direction </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B></B>The demand for multi-asset class solutions, liability-driven investing (&#147;LDI&#148;), real assets, global and
emerging market equities, and public and private fixed income persists as institutional and retail investors continue to seek higher risk-adjusted returns. MAM&#146;s strategic priorities are designed to continue to capitalize on this demand by
closely aligning our global wealth and asset management business and leveraging our skills and expertise across our international operations to build long-lasting customer relationships. MAM increased its ranking amongst global asset managers from
32</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">nd</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"> to 28</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"> largest asset manager by Pension&nbsp;&amp;
Investments&#146; institutional money manager survey as of December&nbsp;31, 2015. The ranking, published in its May&nbsp;30, 2016 issue, covered 604 global asset management firms.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"> <B> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>MAM&#146;s strategy</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> is founded upon key differentiators: offering private and public multi-assets to holistically address client needs,
providing alpha-focused active management in a boutique environment, and leveraging best-in-class global capabilities and expertise. This strategy is integral to Manulife&#146;s overall strategy of continuing to build and integrate our global wealth
and asset management businesses, as well as expand our investment and/or sales offices into key markets, not restricting ourselves to geographies where we currently have, or expect to have, insurance operations. Wealth and Asset Management is a
truly global business &#150; both in demand and supply. Customers in any given location have the desire for globally-sourced product, and customers with our global product will benefit from on-the-ground perspectives generated by our investment
professionals situated in diverse parts of the world, but globally networked and supervised for quality control. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2016, we continued our efforts to
expand our distribution footprint beyond where we have historically had insurance operations. We launched a Singapore-listed real estate investment trust (REIT), an innovative investment solution that leveraged Manulife&#146;s global capabilities
that allowed investors in Asia to access U.S.-based real estate properties. To support expansion into the European and Latin American markets, we expanded our London regional headquarters, including key hires in both the distribution and investment
teams. To lead our expansion into the growing alternative asset space, we have appointed a new head of our liquid alternative investments team to broaden our range of absolute return and outcome-oriented capabilities, including stand-alone and
multi-asset class strategy solutions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">See &#147;Performance by Business Line&#148; section below for additional information with respect to our globally
diversified wealth and asset management franchise. </FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return that accounts for variation in a fund&#146;s
monthly performance (including effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category, the next 22.5%, 35%, 22.5% and bottom 10%
receive 5, 4, 3, 2 or 1 star, respectively. The overall Morningstar Rating for a fund is derived from a weighted average of the performance associated with its 3-, 5- and 10 year (if applicable) Morningstar Rating metrics. Past performance is no
guarantee of future results. The overall rating includes the effects of sales charges, loads and redemption fees, while the load-waived does not. <FONT STYLE="white-space:nowrap">Load-waived</FONT> rating for Class A shares should only be considered
by investors who are not subject to a front-end sales charge. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Based on the institutional trade publication, <I>Pension&nbsp;&amp; Investments</I>. Basis of measurement is institutional AUM. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>47</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_9"></A>Performance by Business Line </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Additional information for Wealth and Asset Management </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Manulife has a globally diversified wealth and asset management (&#147;WAM&#148;) franchise spanning mutual funds, group retirement and savings products, and institutional asset management capabilities across all
major asset classes. We have achieved strong growth through expanding our broad-based extensive distribution platforms in the U.S., Canada, Asia, and now Europe, and leveraging our global asset management expertise. With investment professionals on
the ground in 16 countries, our deep local knowledge, and expertise in sought after asset classes such as alternative long-duration assets, positions us well for continued success. In addition to mutual fund businesses in 11 markets, we have leading
retirement platforms in Canada, the U.S. and Hong Kong, and increased our presence in Indonesia and Malaysia. We continue to invest in these businesses, including the Standard Life and New York Life acquisitions in 2015 and Standard Chartered&#146;s
MPF and ORSO acquisition and distribution agreement in 2016. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We provide additional financial information by line of business, to supplement our existing
primary disclosure based on geographic segmentation. This information is intended to facilitate assessment of the financial performance of our WAM businesses and allows for relevant comparisons to be made with global asset management peers. The
supplemental information for WAM businesses includes an income statement, core earnings, core earnings before interest, taxes, depreciation and amortization (&#147;core EBITDA&#148;), net flows, gross flows and assets under management and
administration (&#147;AUMA&#148;)</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">. Core EBITDA was selected as a key
performance indicator for WAM businesses, as EBITDA is widely used among asset management peers, and core earnings is a primary profitability metric for the Company overall. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Wealth and Asset Management highlights </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions, unless otherwise stated)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Core earnings<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>629</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">630</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">502</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Core EBITDA<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,167</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,224</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">980</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net flows</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,265</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34,387</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18,335</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross flows</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;120,450</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;114,686</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;69,164</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Assets under management (&#147;AUM&#148;) ($ billions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>461</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">433</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">315</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Assets under management and administration (&#147;AUMA&#148;)<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3) </SUP>($ billions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>544</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">510</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">315</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">WAM core earnings by division are outlined in the section &#147;Core earnings by line of business by division&#148; below. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Table below provides a reconciliation of core EBITDA to core earnings. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Table below provides a continuity of AUMA. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Financial performance </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2016, our global WAM businesses contributed $629 million to core
earnings, in line with 2015. The core earnings contribution from higher fee income on higher asset levels as well as higher tax benefits in the U.S. were offset by changes in business mix, fee compression in the U.S. pension business and strategic
investments to optimize our operational infrastructure and to expand our distribution reach in Europe and Asia. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2016, core EBITDA for our global WAM
businesses was $1,167 million, higher than core earnings by $538 million. In 2015, core EBITDA was $1,224 million, higher than core earnings by $594 million. The decrease of $57 million in core EBITDA primarily reflects changes in business mix, fee
compression in the U.S. pension business, and strategic investments to optimize our operational infrastructure and to expand our distribution reach in Europe and Asia, partially offset by higher fee income on higher asset levels. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Core EBITDA </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Core earnings</B><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>629</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">630</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">502</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Amortization of deferred acquisition costs and other depreciation</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>336</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">327</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">237</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Amortization of deferred sales commissions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>103</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Core income tax (expense) recovery</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>99</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">161</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">151</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Core EBITDA</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,167</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,224</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;980</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Core earnings, core EBITDA, net flows, gross flows, assets under management, and assets under management and administration are non-GAAP measures. See &#147;Performance and
Non-GAAP Measures&#148; below. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>48</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>AUMA </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In 2016, AUMA for our wealth and asset management businesses increased from $510 billion to $544 billion. Net flows accounted for $15 billion of the increase and the remaining $17 billion was related to positive
market performance and the acquisition of Standard Chartered&#146;s MPS and ORSO assets in Hong Kong. 2016 marked the 7th year of consecutive positive quarterly net flows in our WAM businesses. The positive net flows in 2016 were driven by our
institutional advisory business and our mutual funds businesses in Asia and Canada, partially offset by outflows in our North American pension businesses as well as a challenging U.S. mutual fund environment and the underperformance of a few key
funds earlier in the year. Net flows were $19 billion lower than in 2015, driven by outflows in U.S. mutual funds and lower institutional sales. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>AUMA </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ billions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance January&nbsp;1,</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>510</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">315</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">259</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Acquisitions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">109</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net flows</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of markets and other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">52</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">38</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance December&nbsp;31,</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;544</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;510</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;315</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Additional information by business line </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following tables provide additional information on our core earnings by WAM, Insurance and Other Wealth for each of the divisions. Other Wealth consists of variable and fixed annuities, single premium products
sold in Asia, and Manulife Bank in Canada</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> and Insurance includes all
individual and group insurance businesses. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Financial Performance </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">As noted above, in 2016 our global WAM businesses contributed $629 million to core earnings, in line with 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Core
earnings in our global insurance businesses in 2016 was $2,492 million, an increase of 19% compared with 2015. The increase was primarily a result of higher sales and in-force growth in Asia and the strengthening of the U.S. dollar and Japanese yen
compared with the Canadian dollar. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Core earnings in our global other wealth businesses in 2016 was $1,368 million, an increase of 10% compared with
2015. The increase was primarily related to strong sales in Asia, lower amortization of deferred acquisition costs and the release of tax and related provisions in the U.S. as well as the strengthening of the U.S. dollar compared with the Canadian
dollar. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Core earnings by line of business </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and Asset Management</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>629</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">630</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">502</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,492</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,097</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,864</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other Wealth</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,368</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,245</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">965</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate and
Other<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(468</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(544</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(443</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total core earnings</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;4,021</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3,428</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;2,888</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Excludes Manulife Asset Management results that are included in WAM. </FONT></P></TD></TR></TABLE>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Bank new loan volumes are no longer being reported as sales. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>49</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Core earnings by line of business by division </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Wealth and Asset Management<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)<B></B></SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>175</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">159</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canada</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>161</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">141</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S.</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>298</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">310</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">263</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate and
Other<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total Wealth and Asset Management</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>629</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">630</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">502</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Insurance</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>994</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">811</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">667</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canada</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>763</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">621</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">471</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S.</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>735</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">665</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">726</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total Insurance</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,492</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,097</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,864</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other Wealth<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)<B></B></SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>327</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">264</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">215</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canada</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.50em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Bank</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>114</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">123</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">123</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.50em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canada excluding Manulife Bank</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>345</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">367</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">233</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total Canada</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>459</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">490</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">356</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S.</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>582</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">491</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">394</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total Other Wealth</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,368</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,245</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">965</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate and
Other<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(468</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(544</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(443</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total core earnings</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;4,021</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3,428</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;2,888</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and Asset Management is comprised of our fee-based global WAM businesses that do not contain material insurance risk including: mutual funds, group
retirement and institutional asset management. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate and Other results are net of internal allocations to other divisions. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Other Wealth includes variable and fixed annuities, single premium products sold in Asia and Manulife Bank. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">A portion of core earnings from Investment Division has been included in Wealth and Asset Management. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>AUMA by line of business </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">AUMA as at
December&nbsp;31, 2016 was a record for Manulife of $977 billion, an increase of $42 billion, or 6% on a constant currency basis, compared with December&nbsp;31, 2015. The WAM portion of AUMA was $544 billion and increased $33.4 billion. The
increase was driven by investment returns and continued positive net flows. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1">($ billions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Wealth and Asset Management</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>543.9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">510.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">314.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>262.8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">246.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">213.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other Wealth</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>174.4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">178.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">157.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate and Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4.0</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5.0</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets under management and administration</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;977.1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;935.2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;691.1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>50</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_10"></A>Risk Management </B></FONT></P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">This section provides an overview of the Company&#146;s overall risk management approach and more specific strategies for our principal risks. A more detailed
description of specific risks which may affect our results of operations or financial condition may be found in the &#147;Risk Factors&#148; section below. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Overview </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">All of the Company&#146;s activities involve elements of risk taking. The objective
is to balance the level of risk with business, growth and profitability goals, in order to provide integrated customer solutions, while achieving consistent and sustainable performance over the long-term that benefits the Company and its
stakeholders. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Enterprise Risk Management (&#147;ERM&#148;) Framework </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g327881g50p39.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our ERM Framework provides a structured approach to implementing risk taking and risk management activities across the
enterprise, supporting our long-term revenue, earnings and capital growth strategy. It is communicated through risk policies and standards which are intended to enable consistent design and execution of strategies across the organization. We have a
common approach to managing all risks to which the Company is exposed, and to evaluating potential directly comparable risk-adjusted returns on contemplated business activities. Our risk policies and standards cover: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Assignment of accountability and delegation of authority for risk oversight and risk management; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The types and levels of risk the Company seeks given its strategic plan and risk appetite; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Risk identification, measurement, assessment and mitigation which enable effective management and monitoring of risk; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Validation, back testing and independent oversight to confirm that the Company generated the risk profile it intended and the root cause analysis of any notable
variation. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our risk management practices are influenced and impacted by internal and external factors (such as economic conditions,
political environments, technology and risk culture) which can significantly impact the levels and types of risks the Company might face in its pursuit to strategically optimize risk taking and risk management. Our ERM Framework incorporates
relevant impacts and mitigating actions as appropriate. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A strong risk culture and a common approach to risk management are integral to Manulife&#146;s
risk management practices. Management is responsible for managing risk within risk appetite and has established risk management strategies and monitoring practices. This includes a &#147;three lines of defence&#148; governance model that segregates
duties between risk taking activities, risk monitoring and risk oversight, and establishes appropriate accountability for those who assume risk versus those who oversee risk. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s first line of defence includes the Chief Executive Officer (&#147;CEO&#148;), Divisional General Managers and Global Function Heads. In our matrix reporting model, the Divisional General Managers
are accountable for their business results, the risks they assume to achieve those results, and for the day-to-day management of the risks and related controls and the Global Function Heads are accountable for the management of the risks and related
controls for their function. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The second line of defence is comprised of the Company&#146;s Chief Risk Officer (&#147;CRO&#148;), the Global Risk
Management (&#147;GRM&#148;) function and other global oversight functions. Collectively, this group provides independent oversight of risk taking and risk management activities across the enterprise. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The third line of defence is Internal Audit, which provides independent assurance that controls are effective and appropriate relative to the risk inherent in the
business, and that risk mitigation programs and risk oversight functions are effective in managing risks. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>51</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Risk Culture </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Manulife strives for a risk aware culture, where individuals and groups are encouraged, feel comfortable and are proactive in making transparent, balanced risk-return decisions that are in the long-term interests
of the Company. Key areas of focus pertaining to risk culture include: aligning individual and Company objectives; identifying and escalating risks before they become significant issues; promoting a cooperative approach that enables appropriate risk
taking; ensuring transparency in identifying, communicating and tracking risks; and systematically acknowledging and surfacing material risks. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Risk Governance </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Board of Directors oversees the Company&#146;s culture of integrity and
ethics, strategic planning, risk management, and corporate governance, among other things. The Board carries out its responsibilities directly and through its four standing committees. The Board Risk Committee oversees the management of our
principal risks, and our programs, policies and procedures to manage those risks. The Board Audit Committee oversees internal control over financial reporting and our finance, actuarial, internal audit and global compliance functions, serves as the
conduct review committee, and reviews our compliance with legal and regulatory requirements and also oversees the external auditors. The Management Resources and Compensation Committee oversees our global human resources strategy, policies,
programs, management succession, executive compensation, and pension plan governance. The Corporate Governance and Nominating Committee develops our governance policies, practices and procedures, among other things. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The CEO is directly accountable to the Board of Directors for the results and operations of the Company and all risk taking activities and risk management practices
required to achieve those results. The CEO is supported by the CRO as well as by the Executive Risk Committee (&#147;ERC&#148;). Together, they shape and promote our risk culture, guide risk taking throughout our global operations and strategically
manage our overall risk profile. The ERC, along with other executive-level risk oversight committees, establishes risk policies, guides risk-taking activity, monitors significant risk exposures and sponsors strategic risk management priorities
throughout the organization. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">GRM, under the direction of the CRO, establishes and maintains our enterprise risk management framework and oversees the
execution of individual risk management programs across the enterprise. GRM seeks to ensure a consistent enterprise-wide assessment of risk, risk-based capital and risk-adjusted returns across all operations. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The ERC approves and oversees the execution of the Company&#146;s enterprise risk management program. It establishes and presents for approval to the Board the
Company&#146;s risk appetite and enterprise-wide risk limits and monitors our overall risk profile, including key and emerging risks and risk management activities. As part of these activities, the ERC monitors material risk exposures, endorses and
reviews strategic risk management priorities, and reviews and assesses the impact of business strategies, opportunities and initiatives on our overall risk position. The ERC is supported by a number of oversight sub-committees including: Credit
Committee, Product Oversight Committee, Global Asset Liability Committee, and the Operational Risk Committee. We also have divisional risk committees as well as a global Wealth and Asset Management Risk Committee, each with mandates similar to the
ERC except with a focus at the divisional and global WAM business line levels, as applicable. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Risk Appetite </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Risk taking activities are managed within the Company&#146;s overall risk appetite, which defines the amount and types of risks the Company is willing to assume in
pursuit of its objectives. It is comprised of three components: risk philosophy, risk appetite statements, and risk limits and tolerances. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">When making
decisions about risk taking and risk management, Manulife places priority on the following risk management objectives: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">To safeguard the commitments and expectations we have established with customers, shareholders and creditors; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">To support the successful design and delivery of customer solutions; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">To prudently and effectively deploy the capital invested in the Company by our shareholders with appropriate risk/return profiles; and
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">To protect and/or enhance the Company&#146;s reputation and brand. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">At least annually, the Company establishes and/or reaffirms its risk appetite to ensure that risk appetite and the Company&#146;s strategy align. The risk appetite statements provide &#145;guideposts&#146; on our
appetite for identified risks, any conditions placed on associated risk taking and direction for where quantitative risk limits should be established. The Company&#146;s risk appetite statements are as follows: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife accepts a total level of risk that provides a very high level of confidence to meeting customer obligations while targeting an appropriate overall
return to shareholders over time; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company targets a credit rating amongst the strongest of its global peers; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife values innovation and encourages initiatives intended to strengthen the customers&#146; experience and enhance competitive advantage;
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital market risks are acceptable when they are managed within specific risk limits and tolerances; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company believes a balanced investment portfolio reduces overall risk and enhances returns; therefore, it accepts credit and ALDA-related risks;
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company pursues insurance risks that add customer and shareholder value where there is competence to assess and monitor them, and for which appropriate
compensation is received; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife accepts that operational risks are an inherent part of the business but will protect its business and customers&#146; assets through cost-effective
operational risk mitigation; and </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>52</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife expects its officers and employees to act in accordance with the Company&#146;s values, ethics and standards and to enhance its brand and reputation.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Risk limits and tolerances are established for risks within our risk classification framework that are inherent in our strategies in
order to define the types and amount of risk the Company will assume. Risk tolerance levels are set for risks deemed to be most significant to the Company and are established in relation to economic capital, earnings-at-risk and regulatory capital
required. The purpose of risk limits is to cascade the total Company risk appetite to a level that can be effectively managed. Manulife establishes standalone risk limits for risk categories to avoid excessive concentration in any individual risk
category and to manage the overall risk profile of the organization. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Risk Identification, Measurement and Assessment </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We have a common approach and process to identify, measure, and assess the risks we assume. We evaluate all potential new business initiatives, acquisitions,
product offerings, reinsurance arrangements, and investment and financing transactions on a comparable risk-adjusted basis. Divisions and functional groups are responsible for identifying and assessing key and emerging risks on an ongoing basis. A
standard inventory of risks is used in all aspects of risk identification, measurement and assessment, and monitoring and reporting. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Risk exposures are
evaluated using a variety of risk measures focused on both short-term net income attributed to shareholders and long-term economic value, with certain measures used across all risk categories, while others apply only to some risks or a single risk
type. Measures include stress tests such as sensitivity tests, scenario impact analyses and stochastic scenario modeling. In addition, qualitative risk assessments are performed, including for those risk types that cannot be reliably quantified.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We perform a variety of stress tests on earnings, regulatory capital ratios, economic capital, earnings-at-risk and liquidity that consider significant,
but plausible events. We also perform other integrated, complex scenario tests to assess key risks and the interaction of these risks. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Economic capital
and earnings-at-risk provide measures of enterprise-wide risk that can be aggregated and compared across business activities and risk types. Economic capital measures the amount of capital required to meet obligations with a high and pre-defined
confidence level. Our earnings-at-risk metric measures the potential variance from quarterly expected earnings at a particular confidence level. Economic capital and earnings-at-risk are both determined using internal models. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Risk Monitoring and Reporting </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Under the
direction of the CRO, GRM oversees a formal process for monitoring and reporting on all significant risks at the Company-wide level. Risk exposures are also discussed at various risk oversight committees, along with any exceptions or proposed
remedial actions, as required. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On at least a quarterly basis, management and the Board of Directors review risk reports that present an overview of our
overall risk profile and exposures across our principal risks. The reports incorporate both quantitative risk exposure measures and sensitivities, and qualitative risk assessments. The reports also highlight key risk management activities and
facilitate monitoring compliance with key risk policy limits. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our Chief Actuary presents the results of the Dynamic Capital Adequacy Test to the Board
of Directors annually. Our Chief Auditor reports the results of internal audits of risk controls and risk management programs to the Audit Committee semi-annually. Management reviews the implementation of key risk management strategies, and their
effectiveness, with the Board Risk Committee annually. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Risk Control and Mitigation </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Risk control activities are in place throughout the Company to seek to mitigate risks within established risk limits. We believe our controls, which include
policies, procedures, systems and processes, are appropriate and commensurate with the key risks faced at all levels across the Company. Such controls are an integral part of day-to-day activity, business management and decision making. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">GRM establishes and oversees formal review and approval processes, involving independent individuals, groups or risk oversight committees, for product offerings,
insurance underwriting, reinsurance, investment activities and other material business activities, based on the nature, size and complexity of the risk taking activity involved. Authorities for assuming risk at the transaction level are delegated to
specific individuals based on their skill, knowledge and experience. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Emerging Risk </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The identification and assessment of our external environment for emerging risks is an important aspect of our enterprise risk management framework, as these risks,
although yet to materialize, could have the potential to have a material impact on our operations. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our Emerging Risk Framework facilitates the ongoing
identification, assessment and monitoring of emerging risks, and includes: maintaining a process that facilitates the ongoing discussion and evaluation of potential emerging risks with senior management and other functions; reviewing and validating
emerging risks with the ERC; creating and executing on responses to each emerging risk based on prioritization; and monitoring and reporting on emerging risks on a regular basis. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>53</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Regulatory Updates </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Office of the Superintendent of Financial Institutions (&#147;OSFI&#148;) will be implementing a revised approach to the regulatory capital framework in Canada to come into effect in 2018. In September 2016,
OSFI released the final Life Insurance Capital Adequacy Test (&#147;LICAT&#148;) guideline that will replace the MCCSR framework in 2018. During 2017, the industry will be completing impact assessments of the guideline, including sensitivity
testing. Based on industry information and analysis, OSFI may amend the guideline to reflect appropriate calibration adjustments. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">With respect to the
impact of LICAT, OSFI has noted that the:</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Overall level of excess capital in the industry under LICAT vs. MCCSR is not expected to change significantly; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">LICAT ratios and MCCSR ratios are not directly comparable; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Impact on individual life insurers will depend on what businesses they are engaged in, risks that they choose to take on and how these risks are managed.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We expect to continue to be in a strong capital position under the new framework.</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>General
Macro-Economic Risk Factors </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The global macro-economic environment has a significant impact on our financial plans and ability to implement our
business strategy. The macro-economic environment can be significantly impacted by the actions of both the government sector (including central banks) and the private sector. The macro-economic environment may also be affected by natural and
man-made catastrophes. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our business strategy and associated financial plans are developed by considering forecasts of economic growth, both globally and
in the specific countries we operate. Actual economic growth can be significantly impacted by the macro-economic environment and can deviate significantly from forecast, thus impacting our financial results and the ability to implement our business
strategy. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Changes in the macro-economic environment can also have a significant impact on financial markets, including movements in interest rates,
spreads on fixed income assets and returns on public equity and ALDA assets. Our financial plan, including income projections, capital projections, and valuation of liabilities are based on certain assumptions with respect to future movements in
interest rates and spreads on fixed income assets, and expected future returns from our public equity and ALDA investments. Actual experience is highly variable and can deviate significantly from our assumptions, thus impacting our financial
results. In addition, actual experience that is significantly different from our assumptions and/or changes in the macro-economic environment may result in changes to the assumptions themselves which would also impact our financial results.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Specific changes in the macro-economic environment can have very different impacts across different parts of the business. For example, a rise in
interest rates is generally beneficial to us in the long-term but can adversely affect valuations of some ALDA assets, especially those that have contractual cash flows. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The spending and savings patterns of our customers could be significantly influenced by the macro-economic environment and could have an impact on the products and services we offer to our customers. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Customer behaviour and emergence of claims on our liabilities can be significantly impacted by the macro-economic environment. For example, a prolonged period of
economic weakness could impact the health and well-being of our customers and that could result in increased claims for certain insurance risks. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The
following sections describe the risk management strategies for each of our six principal risk categories: strategic risk, market risk, liquidity risk, credit risk, insurance risk and operational risk. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Strategic Risk </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Strategic
risk is the risk of loss resulting from the inability to adequately plan or implement an appropriate business strategy, or to adapt to change in the external business, political or regulatory environment. </B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Risk Management Strategy </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The CEO and
Executive Committee establish and oversee execution of business strategies and have accountability to identify and manage the risks embedded in these strategies. They are supported by a number of processes: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Strategic business, risk and capital planning that is reviewed with the Board of Directors, Executive Committee, and the ERC; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Performance and risk reviews of all key businesses with the CEO and annual reviews with the Board of Directors; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Risk-based capital attribution and allocation designed to encourage a consistent decision-making framework across the organization; and
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Review and approval of acquisitions and divestitures by the CEO and, where appropriate, the Board of Directors. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The CEO and Executive Committee are ultimately responsible for our reputation; however, our employees and representatives are responsible for conducting their
business activities in a manner that upholds our reputation. This responsibility is executed through an </FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">Slides 21 and 22, OSFI LICAT Webcast Information Session held on September&nbsp;15, 2016. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Caution regarding forward-looking statements&#148; above. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>54</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">
enterprise-wide reputation risk policy that specifies the oversight responsibilities of the Board of Directors and the responsibilities of executive management, communication to and education of
all directors, officers, employees and representatives, including our Code of Business Conduct and Ethics, and application of guiding principles in conducting all our business activities. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>IFRS 7 Disclosures </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT
STYLE="font-family:ARIAL" SIZE="2">The shaded text and tables in the following sections of this MD&amp;A represent our disclosure on market and liquidity risk in accordance with IFRS 7, &#147;Financial Instruments &#150; Disclosures,&#148; and
include a discussion on how we measure risk and our objectives, policies and methodologies for managing these risks. Therefore, the following shaded text and tables represent an integral part of our audited annual Consolidated Financial Statements
for the years ended December&nbsp;31, 2016 and December&nbsp;31, 2015. The fact that certain text and tables are considered an integral part of the Consolidated Financial Statements does not imply that the disclosures are of any greater importance
than the sections not part of the disclosure. Accordingly, the &#147;Risk Management&#148; disclosure should be read in its entirety. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Market Risk </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Market risk is the risk of loss resulting from
market price volatility, interest rate change, credit and swap spread changes, and from adverse foreign currency rate movements. Market price volatility primarily relates to changes in prices of publicly traded equities and alternative long-duration
assets. </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Market Risk Management Strategy </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">Market risk is governed by the Global Asset Liability Committee which oversees the overall market and liquidity risk
program. Our overall strategy to manage our market risks incorporates several component strategies, each targeted to manage one or more of the market risks arising from our businesses. At an enterprise level, these strategies are designed to manage
our aggregate exposures to market risks against economic capital, regulatory required capital and earnings-at-risk limits. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following table outlines our key market risks and identifies the risk management strategies which contribute to managing these risks. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Risk Management Strategy</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Key Market Risk</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Publicly<BR>Traded&nbsp;Equity<BR>Performance<BR>Risk</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Interest&nbsp;Rate<BR>and Spread<BR>Risk</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Alternative<BR>Long-<BR>Duration<BR>Asset<BR>Performance<BR>Risk</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Foreign<BR>Exchange&nbsp;Risk</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Product design and pricing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">X</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">X</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">X</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">X</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Variable annuity guarantee dynamic hedging</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">X</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">X</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">X</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Macro equity risk hedging</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">X</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">X</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asset liability management</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">X</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">X</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">X</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">X</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Foreign exchange management</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">X</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> </div> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">To reduce publicly traded equity performance risk, we primarily use a variable annuity guarantee dynamic
hedging strategy which is complemented by a general macro equity risk hedging strategy. Our strategies employed for variable annuity guarantee dynamic hedging and macro equity risk hedging expose the Company to additional risks. See &#147;Risk
Factors&#148; below. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">In general, to seek to reduce interest rate risk, we lengthen the duration of our fixed income investments in our
liability and surplus segments by executing lengthening interest rate swaps. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">Our foreign exchange risk management strategy is designed
to hedge the sensitivity of our regulatory capital ratios to movements in foreign exchange rates. Our policy is to generally match the currency of our assets with the currency of the liabilities they support, and similarly, to generally match the
currency of the assets in our shareholders&#146; equity account to the currency of our required capital. Where assets and liabilities are not matched, we seek to stabilize our capital ratios through the use of financial instruments such as
derivatives. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>55</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Product Design and Pricing Strategy </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">Our policies, standards and standards of practice with respect to product design and pricing are designed with the
objective of aligning our product offerings with our risk-taking philosophy and risk appetite, and in particular, that incremental risk generated from new sales aligns with our strategic risk objectives and risk limits. The specific design features
of our product offerings, including level of benefit guarantees, policyholder options, fund offerings and availability restrictions as well as our associated investment strategies, help to mitigate the level of underlying risk. We regularly review
and modify key features within our product offerings, including premiums and fee charges with a goal of meeting profit targets and staying within risk limits. Certain of our general fund adjustable benefit products have minimum rate guarantees. The
rate guarantees for any particular policy are set at the time the policy is issued and governed by insurance regulation in each jurisdiction where the products are sold. The contractual provisions allow crediting rates to be re-set at
pre-established intervals subject to the established minimum crediting rate guarantees. The Company may partially mitigate the interest rate exposure by setting new rates on new business and by adjusting rates on in-force business where permitted.
In addition, the Company partially mitigates this interest rate risk through its asset liability management process, product design elements, and crediting rate strategies. New product initiatives, new reinsurance arrangements and material insurance
underwriting initiatives must be reviewed and approved by the CRO or key individuals within risk management functions. </FONT></P></div> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Hedging Strategies for Variable Annuity and Other Equity Risks </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s exposure to movement in public equity market values primarily arises from variable annuity
guarantees and to a smaller extent from asset-based fees and general fund public equity holdings. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">Dynamic hedging is the
primary hedging strategy for variable annuity market risks. Dynamic hedging is employed for new variable annuity guarantees business when written or as soon as practical thereafter. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">We seek to manage public equity risk arising from other sources (not dynamically hedged) through our macro equity
risk hedging strategy. We seek to manage interest rate risk arising from variable annuity business not dynamically hedged within our asset liability management strategy. </FONT></P></div> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Variable Annuity Dynamic Hedging Strategy </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">The variable annuity dynamic hedging strategy is designed to hedge the sensitivity of variable annuity guarantee
policy liabilities and available capital to fund performance (both public equity and bond funds) and interest rate movements. The objective of the variable annuity dynamic hedging strategy is to offset, as closely as possible, the change in the
economic value of guarantees with the profit and loss from our hedge asset portfolio. The economic value of guarantees moves in close tandem, but not exactly, with our variable annuity guarantee policy liabilities, as it reflects best estimate
liabilities and does not include any liability provisions for adverse deviations. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">Our current variable annuity guarantee
dynamic hedging approach is to short exchange-traded equity index and government bond futures and execute currency futures and lengthening interest rate swaps to hedge sensitivity of policy liabilities to fund performance and interest rate movements
arising from variable annuity guarantees. We dynamically rebalance these hedge instruments as market conditions change, in order to maintain the hedged position within established limits. Other derivative instruments (such as equity and interest
rate options) are also utilized and we may consider the use of additional hedge instruments opportunistically in the future. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:1%;margin-right:1%"><FONT
STYLE="font-family:ARIAL" SIZE="2">Our variable annuity guarantee dynamic hedging strategy is not designed to completely offset the sensitivity of policy liabilities to all risks associated with the guarantees embedded in these products. The profit
(loss) on the hedge instruments will not completely offset the underlying losses (gains) related to the guarantee liabilities hedged because: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Policyholder behaviour and mortality experience are not hedged; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Provisions for adverse deviation in the policy liabilities are not hedged; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A portion of interest rate risk is not hedged; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Credit spreads widen and actions are not taken to adjust accordingly; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Fund performance on a small portion of the underlying funds is not hedged due to lack of availability of effective exchange-traded hedge instruments;
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Performance of the underlying funds hedged may differ from the performance of the corresponding hedge instruments; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Correlations between interest rates and equity markets could lead to unfavourable material impacts; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Unfavourable hedge rebalancing costs can be incurred during periods of high volatility from equity markets, bond markets and/or interest rates. The impact is
magnified when these impacts occur concurrently; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Not all other risks are hedged. </FONT></P></TD></TR></TABLE></div>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>56</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Macro Equity Risk Hedging Strategy </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">The objective of the macro equity risk hedging program is to maintain our overall earnings sensitivity to public
equity market movements within our Board approved risk appetite limits. The macro equity risk hedging program is designed to hedge earnings sensitivity due to movements in public equity markets arising from all sources (outside of dynamically hedged
exposures). Sources of equity market sensitivity addressed by the macro equity risk hedging program include: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Residual equity and currency exposure from variable annuity guarantees not dynamically hedged; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">General fund equity holdings backing non-participating liabilities; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Variable life insurance; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Unhedged provisions for adverse deviation related to variable annuity guarantees dynamically hedged; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Variable annuity fees not associated with guarantees and fees on segregated funds without guarantees, mutual funds and institutional assets managed.
</FONT></P></TD></TR></TABLE></div> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Asset Liability Management Strategy </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">Our asset liability management strategy is designed to help ensure that the market risks embedded in our assets and
liabilities held in the Company&#146;s general fund are effectively managed and that risk exposures arising from these assets and liabilities are maintained below targeted levels. The embedded market risks include risks related to the level and
movement of interest rates and credit spreads, public equity market performance, ALDA performance and foreign exchange rate movements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><FONT
STYLE="font-family:ARIAL" SIZE="2">General fund product liabilities are segmented into groups with similar characteristics that are supported by specific asset segments. We seek to manage each segment to a target investment strategy appropriate for
the premium and benefit pattern, policyholder options and guarantees, and crediting rate strategies of the products they support. Similar strategies are established for assets in the Company&#146;s surplus account. The strategies are set using
portfolio analysis techniques intended to optimize returns, subject to considerations related to regulatory and economic capital requirements, and risk tolerances. They are designed to achieve broad diversification across asset classes and
individual investment risks while being suitably aligned with the liabilities they support. The strategies encompass asset mix, quality rating, term profile, liquidity, currency, and industry concentration targets. </FONT></P></div>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">Products which feature guaranteed liability cash flows (i.e. where the projected net flows are not materially dependent upon economic scenarios) are
managed to a target return investment strategy. The products backed by this asset segment include: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Accumulation annuities (other than annuities with pass-through features), which are primarily short-to-medium-term obligations and offer interest rate guarantees
for specified terms on single premiums. Withdrawals may or may not have market value adjustments. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Payout annuities, which have no surrender options and include predictable and very long-dated obligations. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Insurance products, with recurring premiums extending many years in the future, and which also include a significant component of very long-dated obligations.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">We seek to manage the assets backing these long-dated benefits to achieve a target return sufficient to support the
obligations over their lifetime, subject to established risk tolerances, by investing in a basket of diversified ALDA with the balance invested in fixed income. Utilizing ALDA to partially support these products is intended to enhance long-term
investment returns and reduce aggregate risk through diversification. The size of the target ALDA portfolio is dependent upon the size and term of each segment&#146;s liability obligations. We seek to manage fixed income assets to a benchmark
developed to minimize interest rate risk against the residual liabilities and to achieve target returns/spreads required to preserve long-term interest rate investment assumptions used in liability pricing. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">For insurance and annuity products where significant pass-through features exist, a total return strategy approach is used, generally combining
fixed income and ALDA. ALDA may be included to enhance long-term investment returns and reduce aggregate risk through diversification. Target investment strategies are established using portfolio analysis techniques that seek to optimize long-term
investment returns while considering the risks related to embedded product guarantees and policyholder withdrawal options, the impact of regulatory and economic capital requirements and management tolerances with respect to short-term income
volatility and long-term tail risk exposure. Shorter duration liabilities such as fixed deferred annuities generally do not incorporate ALDA in their target asset mixes. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:0%"><FONT
STYLE="font-family:ARIAL" SIZE="2">In our general fund, we seek to limit concentration risk associated with ALDA performance by investing in a diversified basket of assets including public and private equities, commercial real estate,
infrastructure, timber, farmland real estate, and oil and gas assets. We further diversify risk by managing publicly traded equities and ALDA investments against established limits, including for industry type and corporate connection, commercial
real estate type and geography, and timber and farmland property geography and crop type. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">Authority to manage our investment portfolios
is delegated to investment professionals who manage to benchmarks derived from the target investment strategies established for each segment, including interest rate risk tolerances. Interest rate risk exposure measures are monitored and
communicated to portfolio managers with frequencies ranging from daily to annually, depending on the type of liability. Asset portfolio rebalancing, accomplished using cash investments or derivatives, may occur at frequencies ranging from daily to
monthly, depending on our established risk tolerances and the potential for changes in the profile of the assets and liabilities. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>57</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">Our asset liability management strategy incorporates a wide variety of risk measurement, risk
mitigation and risk management, and hedging processes. The liabilities and risks to which the Company is exposed, however, cannot be completely matched or hedged due to both limitations on instruments available in investment markets and uncertainty
of impact on liability cash flows from policyholder experience/behaviour. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Foreign Exchange Risk Management Strategy
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">Our foreign exchange risk management strategy is designed to hedge the sensitivity of our regulatory capital ratios
to movements in foreign exchange rates. In particular, the objective of the strategy is to offset within acceptable tolerance levels, changes in required capital with changes in available capital that result from currency movements. These changes
occur when assets and liabilities related to business conducted in currencies other than Canadian dollars are translated to Canadian dollars at period ending exchange rates. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">Our policy is to generally match the currency of our assets with the currency of the liabilities they support,
and similarly, to generally match the currency of the assets in our shareholders&#146; equity account to the currency of our required capital. Where assets and liabilities are not matched, we would seek to stabilize our capital ratios through the
use of forward contracts and currency swaps. </FONT></P></div> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">Risk exposure limits are measured in terms of potential changes in capital ratios due
to foreign exchange rate movements, determined to represent a specified likelihood of occurrence based on internal models. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Market Risk Sensitivities and Market Risk Exposure Measures </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Variable Annuity and Segregated Fund Guarantees Sensitivities and Risk Exposure Measures </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">Guarantees on variable annuity products and segregated funds may include one or more of death, maturity, income and
withdrawal guarantees. Variable annuity and segregated fund guarantees are contingent and only payable upon the occurrence of the relevant event, if fund values at that time are below guaranteed values. Depending on future equity market levels,
liabilities on current in-force business would be due primarily in the period from 2017 to 2038. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">We seek to mitigate a
portion of the risks embedded in our retained (i.e. net of reinsurance) variable annuity and segregated fund guarantee business through the combination of our dynamic and macro hedging strategies (see &#147;Publicly Traded Equity Performance
Risk&#148; below). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">The table below shows selected information regarding the Company&#146;s variable
annuity and segregated fund investment-related guarantees gross and net of reinsurance. </FONT></P></div> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Variable annuity and segregated fund
guarantees, net of reinsurance </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="12" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="12"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P> <P><FONT
STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Guarantee<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Fund value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Amount<BR>at&nbsp;
risk<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4),(5)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Guarantee<BR>value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Fund value</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Amount<BR>at&nbsp;risk<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4),(5)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Guaranteed minimum income benefit<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,987</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,432</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,570</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,642</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,909</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,740</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Guaranteed minimum withdrawal benefit</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>68,594</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>59,593</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,135</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">73,232</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">65,090</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,231</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Guaranteed minimum accumulation benefit</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,482</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,989</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,608</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23,231</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">72</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross living benefits<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>94,063</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>84,014</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,732</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">99,482</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">93,230</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,043</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Gross death
benefits<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16,614</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,350</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,693</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,158</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,704</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total gross of reinsurance</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;106,263</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;100,628</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;12,082</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;113,175</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;106,388</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;12,747</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Living benefits reinsured</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,241</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,903</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,349</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,795</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,312</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,486</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Death benefits reinsured</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,429</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,202</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>564</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,874</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,501</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">682</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total reinsured</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,670</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,105</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,913</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,669</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,813</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,168</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total, net of reinsurance</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>97,593</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>93,523</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,169</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">103,506</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">98,575</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,579</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Contracts with guaranteed long-term care benefits are included in this category. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Where a policy includes both living and death benefits, the guarantee in excess of the living benefit is included in the death benefit category.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Death benefits include stand-alone guarantees and guarantees in excess of living benefit guarantees where both death and living benefits are provided on a
policy. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Amount at risk (in-the-money amount) is the excess of guarantee values over fund values on all policies where the guarantee value exceeds the fund value. This
amount is not currently payable. For guaranteed minimum death benefit, the amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance. For guaranteed minimum income benefit, the amount at risk
is defined as the excess of the current annuitization income base over the current account value. For all guarantees, the amount at risk is floored at zero at the single contract level. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The amount at risk net of reinsurance at December&nbsp;31, 2016 was $10,169 million (2015 &#150; $10,579 million) of which: US$6,008 million (2015 &#150;
US$6,046 million) was on our U.S. business, $1,499 million (2015 &#150; $1,564 million) was on our Canadian business, US$206 million (2015 &#150; US$190 million) was on our Japan business and US$244 million (2015 &#150; US$277 million) was related
to Asia (other than Japan) and our run-off reinsurance business. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">The policy
liabilities established for variable annuity and segregated fund guarantees were $6,249 million at December&nbsp;31, 2016 (2015 &#150; $7,469 million). This included policy liabilities of $828 million (2015 &#150; $840 million) for non-dynamically
hedged business and $5,421 million (2015 &#150; $6,629 million) for dynamically hedged business. </FONT></P></div>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>58</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">The decrease in the total policy liabilities for variable annuity and segregated fund guarantees since
December&nbsp;31, 2015 is primarily due to the annual review of actuarial methods and assumptions (see &#147;Critical Accounting and Actuarial Policies&#148; below) and favourable equity markets in the U.S. and Canada. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Investment categories for variable contracts with guarantees </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:6px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">Variable contracts with guarantees are invested, at the policyholder&#146;s discretion subject to contract
limitations, in various fund types within the segregated fund accounts and other investments. The account balances by investment category are set out below. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Investment category</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>41,805</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">42,915</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balanced funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>57,571</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">61,657</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Bond funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,585</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Money market funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,127</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,304</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other fixed interest rate investments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,800</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,216</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;114,888</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;120,842</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> </div> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Caution Related to Sensitivities </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">In the sections that follow, we provide sensitivities and risk exposure measures for certain risks. These include
sensitivities due to specific changes in market prices and interest rate levels projected using internal models as at a specific date, and are measured relative to a starting level reflecting the Company&#146;s assets and liabilities at that date
and the actuarial factors, investment activity and investment returns assumed in the determination of policy liabilities. The risk exposures measure the impact of changing one factor at a time and assume that all other factors remain unchanged.
Actual results can differ significantly from these estimates for a variety of reasons including the interaction among these factors when more than one changes; changes in actuarial and investment return and future investment activity assumptions;
actual experience differing from the assumptions, changes in business mix, effective tax rates and other market factors; and the general limitations of our internal models. For these reasons, the sensitivities should only be viewed as directional
estimates of the underlying sensitivities for the respective factors based on the assumptions outlined below. Given the nature of these calculations, we cannot provide assurance that the actual impact on net income attributed to shareholders
</FONT></P></div> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">or on MLI&#146;s MCCSR ratio will be as indicated. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Publicly Traded Equity Performance Risk Sensitivities and Exposure Measures </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">As
outlined above, the macro hedging strategy is designed to mitigate public equity risk arising from variable annuity guarantees not dynamically hedged and from other products and fees. In addition, our variable annuity guarantee dynamic hedging
strategy is not designed to completely offset the sensitivity of policy liabilities to all risks associated with the guarantees embedded in these products. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">The table below shows the potential impact on net income attributed to shareholders resulting from an immediate 10,
20 and 30% change in market values of publicly traded equities followed by a return to the expected level of growth assumed in the valuation of policy liabilities. If market values were to remain flat for an entire year, the potential impact would
be roughly equivalent to an immediate decline in market values equal to the expected level of annual growth assumed in the valuation of policy liabilities. Further, if after market values dropped 10, 20 or 30% they continued to decline, remained
flat, or grew more slowly than assumed in the valuation the potential impact on net income attributed to shareholders could be considerably more than shown. Refer to &#147;Sensitivity of Earnings to Changes in Assumptions&#148; for more information
on the level of growth assumed and on the net income sensitivity to changes in these long-term assumptions. The potential impact is shown after taking into account the impact of the change in markets on the hedge assets. While we cannot reliably
estimate the amount of the change in dynamically hedged variable annuity guarantee liabilities that will not be offset by the profit or loss on the dynamic hedge assets, we make certain assumptions for the purposes of estimating the impact on net
income attributable to shareholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">This estimate assumes that the performance of the dynamic hedging program would not
completely offset the gain/loss from the dynamically hedged variable annuity guarantee liabilities. It assumes that the hedge assets are based on the actual position at the period end, and that equity hedges in the dynamic program are rebalanced at
5% intervals. In addition, we assume that the macro hedge assets are rebalanced in line with market changes. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">It is also
important to note that these estimates are illustrative, and that the hedging program may underperform these estimates, particularly during periods of high realized volatility and/or periods where both interest rates and equity market movements are
unfavourable. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Standards of Practice for the valuation of insurance contract liabilities and
guidance published by the CIA constrain the investment return assumptions for public equities and certain ALDA assets based on historical return benchmarks for public equities. The potential impact on net income attributed to shareholders does not
take into account possible changes to investment return assumptions resulting from the impact of declines in public equity market values on these historical return benchmarks. </FONT></P></div>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>59</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Potential immediate impact on net income attributed to shareholders arising
from changes to public equity returns<FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1),(2),(3)<B></B></SUP><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"> </FONT></B></FONT></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at
December&nbsp;31, 2016</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">-30%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">-20%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">-10%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">10%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">20%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">30%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Underlying sensitivity to net income attributed to
shareholders</B><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Variable annuity guarantees</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(4,830</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(2,920</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(1,290</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,690</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,170</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asset based fees</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(410</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(280</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(140</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>140</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>280</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>410</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">General fund equity
investments<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(910</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(590</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(270</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>240</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>490</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>750</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total underlying sensitivity before hedging</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(6,150</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3,790</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,700</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,380</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,460</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,330</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of macro and dynamic hedge assets<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,050</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,440</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,060</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(910</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,610</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,160</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net potential impact on net income after impact of hedging</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2,100</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,350</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(640</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>470</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>850</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,170</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2015</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">-30%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">-20%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">-10%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">10%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">20%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">30%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Underlying sensitivity to net income attributed to shareholders</B><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP><B></B></FONT></P></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B></B><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP><B>&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Variable annuity guarantees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(5,180</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,140</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,410</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,080</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,860</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,420</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asset based fees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(470</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(310</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(160</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">160</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">310</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">470</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">General fund equity
investments<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,030</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(680</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(340</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">330</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">670</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,020</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total underlying sensitivity before hedging</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(6,680</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4,130</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,910</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,570</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,840</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,910</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of macro and dynamic hedge assets<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,750</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,920</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,360</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(1,240</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(2,250</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(3,090</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net potential impact on net income after impact of hedging</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,930</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,210</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(550</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">330</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">590</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">820</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Caution Related to Sensitivities&#148; above. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The tables above show the potential impact on net income attributed to shareholders resulting from an immediate 10, 20 and 30% change in market values of
publicly traded equities followed by a return to the expected level of growth assumed in the valuation of policy liabilities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Please refer to &#147;Sensitivity of Earnings to Changes in Assumptions&#148; for more information on the level of growth assumed and on the net income
sensitivity to changes in these long-term assumptions. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Defined as earnings sensitivity to a change in public equity markets including settlements on reinsurance contracts, but before the offset of hedge assets or
other risk mitigants. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">This impact for general fund equities is calculated as at a point-in-time and does not include: (i)&nbsp;any potential impact on public equity weightings;
(ii)&nbsp;any gains or losses on AFS public equities held in the Corporate and Other segment; or (iii)&nbsp;any gains or losses on public equity investments held in Manulife Bank. The participating policy funds are largely self-supporting and
generate no material impact on net income attributed to shareholders as a result of changes in equity markets. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Includes the impact of rebalancing equity hedges in the macro and dynamic hedging program. The impact of dynamic hedge rebalancing represents the impact of
rebalancing equity hedges for dynamically hedged variable annuity guarantee best estimate liabilities at 5% intervals, but does not include any impact in respect of other sources of hedge ineffectiveness e.g. fund tracking, realized volatility and
equity, interest rate correlations different from expected among other factors. </FONT></P></TD></TR></TABLE></div> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">Changes in equity markets impact
our available and required components of the MCCSR ratio. The following table shows the potential impact to MLI&#146;s MCCSR ratio resulting from changes in public equity market values, assuming that the change in the value of the hedge assets does
not completely offset the change of the related variable annuity guarantee liabilities. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Potential immediate impact on MLI&#146;s MCCSR ratio arising from public equity returns different than the
expected return for policy liability valuation</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1),(2)</SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">,(3) </SUP></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Impact on MLI&#146;s MCCSR ratio</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Percentage points</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">-30%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">-20%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">-10%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">10%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">20%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">30%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>December&nbsp;31, 2016</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(12</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">December&nbsp;31, 2015</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(14</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="0%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Caution Related to Sensitivities&#148; above. In addition, estimates exclude changes to the net actuarial gains/losses with respect to the
Company&#146;s pension obligations as a result of changes in equity markets, as the impact on the quoted sensitivities is not considered to be material. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="0%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The potential impact is shown assuming that the change in value of the hedge assets does not completely offset the change in the dynamically hedged variable
annuity guarantee liabilities. The estimated amount that would not be completely offset relates to our practices of not hedging the provisions for adverse deviation and of rebalancing equity hedges for dynamically hedged variable annuity liabilities
at 5% intervals. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="0%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">OSFI rules for segregated fund guarantees reflect full capital impacts of shocks over 20 quarters within a prescribed range. As such, the deterioration in equity
markets could lead to further increases in capital requirements after the initial shock. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Interest
Rate and Spread Risk Sensitivities and Exposure Measures </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">At December&nbsp;31, 2016, we estimated the sensitivity of our net income attributed to shareholders to a 50 basis
point parallel change in interest rates to be minimal. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">The table below shows the potential impact on
net income attributed to shareholders from a 50 basis point parallel move in interest rates. This includes a change of 50 basis points in current government, swap and corporate rates for all maturities across all markets with no change in credit
spreads between government, swap and corporate rates, and with a floor of zero on government rates where government rates are not currently negative, relative to the rates assumed in the valuation of policy liabilities, including embedded
derivatives. For variable annuity guarantee liabilities that are dynamically hedged, it is assumed that interest rate hedges are rebalanced at 20 basis point intervals. </FONT></P></div>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>60</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">As the sensitivity to a 50 basis point change in interest rates includes any associated change in the applicable
reinvestment scenarios, the impact of changes to interest rates for less than, or more than 50 basis points is unlikely to be linear. Furthermore, our sensitivities are not consistent across all regions in which we operate, and the impact of yield
curve changes will vary depending upon the geography that the change occurs in. Reinvestment assumptions used in the valuation of policy liabilities tend to amplify the negative effects of a decrease in interest rates, and dampen the positive
effects of interest rate increases. This is because the reinvestment assumptions used in the valuation of our insurance liabilities are based on interest rate scenarios and calibration criteria set by the Actuarial Standards Board, while our
interest rate hedges are valued using current market interest rates. Therefore, in any particular quarter, changes to the reinvestment assumptions are not fully aligned to changes in current market interest rates especially when there is a
significant change in the shape of the interest rate curve. As a result, the impact from non-parallel movements may be materially different from the estimated impact of parallel movements. For example, if long-term interest rates increase more than
short-term interest rates (sometimes referred to as a steepening of the yield curve) in North America, the decrease in the value of our swaps may be greater than the decrease in the value of our insurance liabilities. This could result in a charge
to net income attributed to shareholders in the short-term even though the rising and steepening, if sustained, may have a positive long-term economic impact. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:1%;margin-right:1%"><FONT
STYLE="font-family:ARIAL" SIZE="2">The potential impact on net income attributed to shareholders does not take into account any future potential changes to our URR assumptions or calibration criteria for stochastic risk-free rates or other potential
impacts of lower interest rate levels, for example, increased strain on the sale of new business or lower interest earned on our surplus assets. The impact also does not reflect any unrealized gains or losses on AFS fixed income assets held in our
surplus segment. Changes in the market value of these assets may provide a natural economic offset to the interest rate risk arising from our product liabilities. In order for there to also be an accounting offset, the Company would need to realize
a portion of the AFS fixed income asset unrealized gains or losses. It is not certain we would crystallize any of the unrealized gains or losses available. As at December&nbsp;31, 2016, the AFS fixed income assets held in the surplus segment were in
a net after-tax unrealized loss position of $683 million. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">The impact does not reflect any potential effect of changing
interest rates to the value of our ALDA assets. Rising interest rates could negatively impact the value of our ALDA assets (see &#147;Critical Accounting and Actuarial Policies &#150; Fair Value of Invested Assets&#148;, below). More information on
ALDA can be found under the section &#147;Alternative Long-Duration Asset Performance Risk Sensitivities and Exposure Measures&#148;. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following table shows the potential impact on net income attributed to shareholders including the change in the market value of fixed income assets held in our surplus segment, which could be realized through
the sale of these assets. </FONT></P></div> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Potential impact on net income attributed to shareholders and
MLI&#146;s MCCSR ratio of an immediate parallel change in interest rates relative to rates assumed in the valuation of policy liabilities<FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1),(2),(3),(4),(5)<B></B></SUP><B><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"> </FONT></B></FONT></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">-50bp</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">+50bp</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">-50bp</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">+50bp</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income attributed to shareholders </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Excluding change in market value of AFS fixed income assets held in the surplus segment</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">From fair value changes in AFS fixed income assets held in surplus, if realized</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(900</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR></TABLE> </div>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="97%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>

<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>MLI&#146;s MCCSR ratio </B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">(Percentage points)</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Before impact of change in market value of AFS fixed income assets held in the surplus<BR>segment<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">From fair value changes in AFS fixed income assets held in surplus, if realized</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</B></FONT></TD>

<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Caution Related to Sensitivities&#148; above. In addition, estimates exclude changes to the net actuarial gains/losses with respect to the
Company&#146;s pension obligations as a result of changes in interest rates, as the impact on the quoted sensitivities is not considered to be material. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Includes guaranteed insurance and annuity products, including variable annuity contracts as well as adjustable benefit products where benefits are generally
adjusted as interest rates and investment returns change, a portion of which have minimum credited rate guarantees. For adjustable benefit products subject to minimum rate guarantees, the sensitivities are based on the assumption that credited rates
will be floored at the minimum. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The amount of gain or loss that can be realized on AFS fixed income assets held in the surplus segment will depend on the aggregate amount of unrealized gain or
loss. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Sensitivities are based on projected asset and liability cash flows at the beginning of the quarter adjusted for the estimated impact of new business, investment
markets and asset trading during the quarter. Any true-up to these estimates, as a result of the final asset and liability cash flows to be used in the next quarter&#146;s projection, are reflected in the next quarter&#146;s sensitivities. Impact of
realizing fair value changes in AFS fixed income is as of the end of the quarter. </FONT></P></TD></TR></TABLE></div>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The impact on MLI&#146;s MCCSR ratio includes both the impact of lower earnings on available capital as well as the increase in required capital that results
from a decline in interest rates. The potential increase in required capital accounted for 5 of the 6 points impact of a 50 basis point decline in interest rates on MLI&#146;s MCCSR ratio in 4Q16. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">The $100 million decrease in sensitivity to a 50 basis point decline in interest rates from December&nbsp;31, 2015 was primarily due to normal
rebalancing as part of our interest risk hedging program, partially offset by updates to our valuation assumptions as a result of our annual review of actuarial methods and assumptions. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>61</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">The following tables show the potential impact on net income attributed to shareholders resulting from
a change in corporate spreads and swap spreads over government bond rates for all maturities across all markets with a floor of zero on the total interest rate, relative to the spreads assumed in the valuation of policy liabilities. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Potential impact on net income attributed to shareholders arising from changes to corporate spreads<FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1),(2),(3),(4)<B></B></SUP><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"> </FONT></B></FONT></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">-50bp</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">+50bp</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">-50bp</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">+50bp</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Corporate spreads</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(800)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;700</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(700)</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;700</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Caution Related to Sensitivities&#148; above. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The impact on net income attributed to shareholders assumes no gains or losses are realized on our AFS fixed income assets held in the surplus segment and
excludes the impact arising from changes in off-balance sheet bond fund value arising from changes in credit spreads. The participating policy funds are largely self-supporting and generate no material impact on net income attributed to shareholders
as a result of changes in corporate spreads. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Sensitivities are based on projected asset and liability cash flows at the beginning of the fourth quarter adjusted for the estimated impact of new business,
investment markets and asset trading during the quarter. Any true-up to these estimates, as a result of the final asset and liability cash flows to be used in the next quarter&#146;s projection, are reflected in the next quarter&#146;s
sensitivities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate spreads are assumed to grade to the long-term average over 5 years. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">As the sensitivity to a 50 basis point decline in corporate spreads includes the impact of a change in
deterministic reinvestment scenarios where applicable, the impact of changes to corporate spreads for less than, or more than, the amounts indicated are unlikely to be linear. </FONT></P></div>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">The $100 million increase in sensitivity to a 50 basis point decline in corporate spreads from December&nbsp;31, 2015 was primarily due to updates
to our valuation assumptions as a result of our annual review of actuarial methods and assumptions. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Potential impact on net income attributed to shareholders arising from changes to swap spreads</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1),(2),(3)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"> <B> </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">-20bp</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">+20bp</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">-20bp</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">+20bp</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Swap spreads</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;500</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(500)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;500</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(500)</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Caution Related to Sensitivities&#148; above. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The impact on net income attributed to shareholders assumes no gains or losses are realized on our AFS fixed income assets held in the surplus segment and
excludes the impact arising from changes in off-balance sheet bond fund value arising from changes in credit spreads. The participating policy funds are largely self-supporting and generate no material impact on net income attributed to shareholders
as a result of changes in swap spreads. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Sensitivities are based on projected asset and liability cash flows at the beginning of the fourth quarter adjusted for the estimated impact of new business,
investment markets and asset trading during the quarter. Any true-up to these estimates, as a result of the final asset and liability cash flows to be used in the next quarter&#146;s projection, are reflected in the next quarter&#146;s
sensitivities. </FONT></P></TD></TR></TABLE></div> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">Swap spreads remain at historically low levels, and if they were to rise, this could generate
material charges to net income attributed to shareholders. We have reported gains in 2015 and the first three quarters of 2016 totaling almost $1 billion as a result of falling swap spreads during that time. As noted in &#147;Fourth Quarter
Financial Highlights&#148; above, we reported a charge of $242 million in 4Q16 when swap rates rose. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Alternative
Long-Duration Asset Performance Risk Sensitivities and Exposure Measures </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table shows the potential impact on net income attributed to shareholders resulting from an immediate
10% change in market values of ALDA followed by a return to the expected level of growth assumed in the valuation of policy liabilities. If market values were to remain flat for an entire year, the potential impact would be roughly equivalent to an
immediate decline in market values equal to the expected level of annual growth assumed in the valuation of policy liabilities. Further, if after market values dropped 10% they continued to decline, remained flat, or grew more slowly than assumed in
the valuation of policy liabilities, the potential impact on net income attributed to shareholders could be considerably more than shown. Refer to &#147;Sensitivity of Earnings to Changes in Assumptions&#148; for more information on the level of
growth assumed and on the net income sensitivity to changes in these long-term assumptions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">ALDA
includes commercial real estate, timber and farmland real estate, oil and gas direct holdings, and private equities, some of which relate to oil and gas. </FONT></P></div>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>62</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Potential impact on net income attributed to shareholders
arising from changes in ALDA returns<FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1),(2),(3),(4),(5)<B></B></SUP><B><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"> </FONT></B></FONT></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">-10%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">10%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">-10%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">10%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Real estate, agriculture and timber assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,300</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Private equities and other ALDA</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Alternative long-duration assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(2,500</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;2,400</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(2,300</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;2,300</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Caution Related to Sensitivities&#148; above. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">This impact is calculated as at a point-in-time impact and does not include: (i)&nbsp;any potential impact on ALDA weightings; (ii)&nbsp;any gains or losses on
ALDA held in the Corporate and Other segment; or (iii)&nbsp;any gains or losses on ALDA held in Manulife Bank. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The participating policy funds are largely self-supporting and generate no material impact on net income attributed to shareholders as a result of changes in
ALDA returns. For some classes of ALDA, where there is not an appropriate long-term benchmark available, the return assumptions used in valuation are not permitted by the Standards of Practice and CIA guidance to result in a lower reserve than an
assumption based on a historical return benchmark for public equities in the same jurisdiction. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income impact does not consider any impact of the market correction on assumed future return assumptions. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Please refer to &#147;Sensitivity of Earnings to Changes in Assumptions&#148; for more information on the level of growth assumed and on the net income
sensitivity to changes in these long-term assumptions. </FONT></P></TD></TR></TABLE></div> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Foreign Exchange Risk Sensitivities
and Exposure Measures </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company generally matches the currency of its assets with the currency of the insurance and investment contract
liabilities they support, with the objective of mitigating risk of loss arising from currency exchange rate changes. As at December&nbsp;31, 2016, the Company did not have a material unmatched currency exposure. </FONT></P></div>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table shows the potential impact on core earnings of a 10% change in the Canadian dollar relative to our key operating currencies.
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Potential impact on core earnings<FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1),(2)<B></B></SUP><B><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"> </FONT></B></FONT></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="8" BGCOLOR="#dde0da"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">+10%<BR>strengthening</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">-10%<BR>weakening</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">+10%<BR>strengthening</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">-10%<BR>weakening</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">10% change in the Canadian dollar relative to the U.S. dollar and the Hong Kong dollar</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(230</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;230</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(230</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;230</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">10% change in the Canadian dollar relative to the Japanese yen</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(50</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">50</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">This item is a non-GAAP measure. See &#147;Performance and Non-GAAP Measures&#148; below. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See &#147;Caution Related to Sensitivities&#148; above. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Liquidity Risk </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Liquidity risk is the risk of not having
access to sufficient funds or liquid assets to meet both expected and unexpected cash and collateral demands. </B></FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Liquidity Risk Management Strategy </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">Global liquidity management policies and procedures are designed to provide adequate liquidity to cover cash and
collateral obligations as they come due, and to sustain and grow operations in both normal and stressed conditions. They reflect legal, regulatory, tax, operational or economic impediments to inter-entity funding. The asset mix of our balance sheet
takes into account the need to hold adequate unencumbered and appropriate liquid assets to satisfy the requirements arising under stressed scenarios and to allow our liquidity ratios to remain strong. We manage liquidity centrally and closely
monitor the liquidity positions of our principal subsidiaries. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">We seek to mitigate liquidity risk by diversifying our
business across different products, markets, geographical regions and policyholders. We design insurance products to encourage policyholders to maintain their policies in-force, to help generate a diversified and stable flow of recurring premium
income. We design the policyholder termination features of our wealth management products and related investment strategies with the goal of mitigating the financial exposure and liquidity risk related to unexpected policyholder terminations. We
establish and implement investment strategies intended to match the term profile of the assets to the liabilities they support, taking into account the potential for unexpected policyholder terminations and resulting liquidity needs. Liquid assets
represent a large portion of our total assets. We aim to reduce liquidity risk in our deposit funded businesses by diversifying our funding sources and appropriately managing the term structure of our funding. We forecast and monitor daily operating
liquidity and cash movements in various individual entities and operations as well as centrally, aiming to ensure liquidity is available and cash is employed optimally. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">We also maintain centralized cash pools and access to other sources of liquidity and contingent liquidity such as
repurchase funding agreements. Our centralized cash pool consists of cash or near-cash, high quality short-term investments that are continually monitored for their credit quality and market liquidity. </FONT></P></div>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>63</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">We have established a variety of contingent funding sources. We maintain a $500 million committed unsecured
revolving credit facility with certain Canadian chartered banks available for MFC, and a US$500 million committed unsecured revolving credit facility with certain U.S. banks available for MFC and certain of its subsidiaries. There were no
outstanding borrowings under these credit facilities as of December&nbsp;31, 2016. In addition, JHUSA is a member of the regional Federal Home Loan Bank of Indianapolis (&#147;FHLBI&#148;), which enables the Company to obtain loans from FHLBI as an
alternative source of liquidity that is collateralized by qualifying mortgages or U.S. Treasury securities. Based on regulatory limitations, as of December&nbsp;31, 2016, JHUSA had an estimated maximum borrowing capacity of US$4.4 billion under the
FHLBI facility, with no amounts outstanding. </FONT></P></div><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table outlines the maturity of the Company&#146;s significant financial liabilities. </FONT></P></div>
<P STYLE="margin-top:14px;margin-bottom:0px; margin-left:0%;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Maturity of financial liabilities</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B> </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31, 2016</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Less than<BR>1 year</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">1&nbsp;to&nbsp;3&nbsp;years</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">3&nbsp;to&nbsp;5&nbsp;years</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Over<BR>5&nbsp;years</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Long-term debt</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>999</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>669</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,021</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,696</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Capital instruments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Derivatives</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>593</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>595</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>511</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;12,452</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;14,151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Deposits from Bank clients<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;15,157</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,936</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;826</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,919</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Lease obligations</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>135</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>188</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>138</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>505</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT><BR></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>966</B></FONT><BR></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT><BR></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The amounts shown above are net of the related unamortized deferred issue costs. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Carrying value and fair value of deposits from Bank clients as at December&nbsp;31, 2016 was $17,919 million and $17,978 million, respectively (2015 &#150;
$18,114 million and $18,226 million, respectively). Fair value is determined by discounting contractual cash flows, using market interest rates currently offered for deposits with similar terms and conditions. All deposits from Bank clients were
categorized in Level 2 of the fair value hierarchy (2015 &#150; Level 2). </FONT></P></TD></TR></TABLE></div><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">Through the normal course of business, pledging of assets is required to comply with jurisdictional regulatory and other
requirements including collateral pledged to partially mitigate derivative counterparty credit risk, assets pledged to exchanges as initial margin and assets held as collateral for repurchase funding agreements. Total unencumbered assets were $396.3
billion as at December&nbsp;31, 2016 (2015 &#150; $385.3 billion). </FONT></P></div> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Liquidity Risk Exposure Measures </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><div style="width:100%;margin-left:-1%; margin-right:-1%;background-color:#e9edf2;padding-top:2px;padding-bottom:3px">
<P STYLE="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">We manage liquidity levels of the consolidated group and key subsidiaries against established thresholds. We measure
liquidity under both immediate (within one month) and ongoing (within one year) stress scenarios. Our policy is to maintain the ratio of assets to liabilities, both adjusted for their liquidity values, above the pre-established limit. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><FONT STYLE="font-family:ARIAL" SIZE="2">Increased use of derivatives for hedging purposes has necessitated greater emphasis on measurement and management
of contingent liquidity risk related to these instruments. The market value of our derivative portfolio is therefore regularly stress tested to assess the potential collateral and cash settlement requirements under various market conditions.
</FONT></P></div> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:0%"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife Bank has a standalone liquidity risk management policy framework. The framework includes stress testing, cash flow
modeling, a funding plan and a contingency plan. The Bank has an established securitization infrastructure which enables the Bank to access a range of funding and liquidity sources. The Bank models extreme but plausible stress scenarios that
demonstrate that the Bank has a sufficient pool of highly liquid money market securities and holdings of sovereign bonds, near-sovereign bonds and other liquid marketable securities, which when combined with the Bank&#146;s capacity to securitize
residential mortgage assets provides sufficient liquidity to meet potential requirements under these stress scenarios. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Credit Risk
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Credit risk is the risk of loss due to the inability or unwillingness of a borrower or counterparty to fulfill its payment
obligations. </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Credit Risk Management Strategy </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Credit risk is governed by the Credit Committee which oversees the overall credit risk management program. The Company has established objectives for overall quality and diversification of our general fund
investment portfolio and criteria for the selection of counterparties, including derivative counterparties, reinsurers and insurance providers. Our policies establish exposure limits by borrower, corporate connection, quality rating, industry, and
geographic region, and govern the usage of credit derivatives. Corporate connection limits vary according to risk rating. Our general fund fixed income investments are primarily public and private investment grade bonds and commercial mortgages. We
have a program for selling Credit Default Swaps (&#147;CDS&#148;) that employs a highly selective, diversified and conservative approach. CDS decisions follow the same underwriting standards as our cash bond portfolio and the addition of this asset
class allows us to better diversify our overall credit portfolio. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our credit granting units follow a defined evaluation process that provides an
objective assessment of credit proposals. We assign a risk rating based on a detailed examination of the borrower that includes a review of business strategy, market competitiveness, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>64</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
industry trends, financial strength, access to funds, and other risks facing the organization. We assess and update risk ratings regularly, based on a standardized 22-point scale consistent with
those of external rating agencies. For additional input to the process, we also assess credit risks using a variety of industry standard market-based tools and metrics. We map our risk ratings to pre-established probabilities of default and loss
given defaults, based on historical industry and Company experience, and to resulting default costs. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We establish delegated credit approval authorities
and make credit decisions on a case-by-case basis at a management level appropriate to the size and risk level of the transaction, based on the delegated authorities that vary according to risk rating. Major credit decisions are approved by the
Credit Committee and the largest decisions are approved by the CEO and, in certain cases, by the Board of Directors. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We limit the types of authorized
derivatives and applications and require pre-approval of all derivative application strategies and regular monitoring of the effectiveness of derivative strategies. Derivative counterparty exposure limits are established based on a minimum
acceptable counterparty credit rating (generally A- from internationally recognized rating agencies). We measure derivative counterparty exposure as net potential credit exposure, which takes into consideration mark-to-market values of all
transactions with each counterparty, net of any collateral held, and an allowance to reflect future potential exposure. Reinsurance counterparty exposure is measured reflecting the level of ceded liabilities. The creditworthiness of all reinsurance
counterparties is reviewed internally on a regular basis. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Regular reviews of the credits within the various portfolios are undertaken with the goal of
identifying changes to credit quality, and where appropriate, taking corrective action. Prompt identification of problem credits is a key objective. Credit Risk Management provides independent credit risk oversight by reviewing assigned risk
ratings, and monitoring problem and potential problem credits. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We establish an allowance for losses on a loan when it becomes impaired as a result of
deterioration in credit quality, to the extent there is no longer assurance of timely realization of the carrying value of the loan and related investment income. We reduce the carrying value of an impaired loan to its estimated net realizable value
when we establish the allowance. We establish an allowance for losses on reinsurance contracts when a reinsurance counterparty becomes unable or unwilling to fulfill its contractual obligations. We base the allowance for loss on current recoverables
and ceded policy liabilities. There is no assurance that the allowance for losses will be adequate to cover future potential losses or that additional allowances or asset write-downs will not be required. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Policy liabilities include general provisions for credit losses from future asset impairments. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Our credit policies, procedures and investment strategies are established under a strong governance framework and are designed to ensure that risks are identified, measured and monitored consistent with our risk
appetite. We seek to actively manage credit exposure in our investment portfolio to reduce risk and minimize losses, and derivative counterparty exposure is managed proactively. In 2016, credit defaults and downgrade charges (changes in credit
ratings impact the measurement of our policy liabilities &#150; see Critical Accounting and Actuarial Policies below) were generally in line with our historical averages. However, we still expect volatility on a quarterly basis and losses could
potentially rise above long-term expected and historical levels. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Credit Risk Exposure Measures </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As at December&nbsp;31, 2016 and December&nbsp;31, 2015, for every 50% that credit defaults over the next year exceed the rates provided for in policy liabilities,
net income attributed to shareholders would be reduced by $54 million and $57 million in each year, respectively. Downgrades could also be higher than assumed in policy liabilities resulting in policy liability increases and a reduction in net
income attributed to shareholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The table below shows net impaired assets and allowances for loan losses. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Net Impaired Assets and Loan Losses </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1">($ millions, unless otherwise stated)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net impaired fixed income assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>224</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">161</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net impaired fixed income assets as a % of total invested assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.070%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.052%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Allowance for loan losses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>118</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">101</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Insurance Risk </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Insurance risk is the risk of loss due to actual experience emerging differently than assumed when a product was designed and priced with respect to mortality and morbidity claims, policyholder
behaviour and expenses. </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Insurance Risk Management Strategy </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Insurance risk is governed by the Product Oversight Committee which oversees the overall insurance risk management program. The committee has established a broad framework for managing insurance risk under a set of
policies, standards and guidelines, to ensure that our product offerings align with our risk taking philosophy and risk limits, and achieve acceptable profit margins. These cover: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">product design features </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">use of reinsurance </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">pricing models and software </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">internal risk-based capital allocations </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">target profit objectives
</FONT></P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">pricing methods and assumption setting </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">stochastic and stress scenario testing </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">required documentation </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">review and approval processes </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="11" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">experience monitoring programs
</FONT></P></TD></TR></TABLE></DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>65</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In each business unit that sells products with insurance risks, we designate individual pricing officers who are
accountable for pricing activities, chief underwriters who are accountable for underwriting activities and chief claims risk managers who are accountable for claims activities. Both the pricing officer and the general manager of each business unit
approve the design and pricing of each product, including key claims, policyholder behaviour, investment return and expense assumptions, in accordance with global policies and standards. Risk management functions provide additional oversight, review
and approval of all product and pricing initiatives, as well as material underwriting initiatives. Actuarial functions provide oversight review and approval of policy liability valuation methods and assumptions. In addition, both risk and actuarial
functions review and approve new reinsurance arrangements. We perform annual risk and compliance self-assessments of the product development, pricing, underwriting and claims activities of all businesses. To leverage best practices, we facilitate
knowledge transfer between staff working with similar businesses in different geographies. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We utilize a global underwriting manual intended to ensure
insurance underwriting practices for direct written life business are consistent across the organization while reflecting local conditions. Each business unit establishes underwriting policies and procedures, including criteria for approval of risks
and claims adjudication policies and procedures. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We apply retention limits per insured life that are intended to reduce our exposure to individual large
claims which are monitored in each business unit. These retention limits vary by market and jurisdiction. We reinsure exposure in excess of these limits with other companies. Our current global life retention limit is US$30 million for individual
policies (US$35 million for survivorship life policies) and is shared across businesses. We apply lower limits in some markets and jurisdictions. We aim to further reduce exposure to claims concentrations by applying geographical aggregate retention
limits for certain covers. Enterprise-wide, we aim to reduce the likelihood of high aggregate claims by operating globally and insuring a wide range of unrelated risk events. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">We seek to actively manage the Company&#146;s aggregate exposure to each of policyholder behaviour risk and claims risk against enterprise-wide economic capital and earnings-at-risk limits. Policyholder behaviour
risk limits cover the combined risk arising from policy lapses and surrenders, withdrawals and other policyholder driven activity. The claims risk limits cover the combined risk arising from mortality, longevity and morbidity. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Internal experience studies, as well as trends in our experience and that of the industry, are monitored to update current and projected claims and policyholder
behaviour assumptions, resulting in updates to policy liabilities as appropriate. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Operational Risk </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Operational risk is the risk of loss resulting from inadequate or failed internal processes, systems failures, human-performance failures or from
external events. </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Operational Risk Management Strategy </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Our corporate governance practices, corporate values, and integrated enterprise-wide approach to managing risk set the foundation for mitigating operational risks. This base is further strengthened by internal
controls and systems, compensation programs, and seeking to hire and retain trained and competent people throughout the organization. We align compensation programs with business strategy, long-term shareholder value and good governance practices,
and we benchmark these compensation practices against peer companies. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We have an enterprise operational risk management framework that sets out the
processes we use to identify, assess, manage, mitigate and report on significant operational risk exposures. Execution of our operational risk management strategy focuses on change management and working to achieve a cultural shift toward greater
awareness and understanding of operational risk. We have an Operational Risk Committee, which is the main decision-making committee for all operational risk matters, and which has oversight responsibility for operational risk strategy, management
and governance. We have enterprise-wide risk management programs for specific operational risks that could materially impact our ability to do business or impact our reputation. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Legal and Regulatory Risk Management Strategy </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Global Compliance oversees our regulatory
compliance program and function, supported by designated Chief Compliance Officers in every Division. The program is designed to promote compliance with regulatory obligations worldwide and to assist in making the Company aware of the laws and
regulations that affect us, and the risks associated with failing to comply. Divisional compliance groups monitor emerging legal and regulatory issues and changes, and prepare us to address new requirements. Global Compliance also independently
assesses and monitors the effectiveness of a broad range of regulatory compliance processes and business practices against potential legal, regulatory, fraud and reputation risks, and allows significant issues to be escalated and proactively
mitigated. Among these processes and business practices are: privacy (i.e. handling of personal and other confidential information), sales and marketing practices, sales compensation practices, asset management practices, fiduciary responsibilities,
employment practices, underwriting and claims processing, product design, and regulatory filings. In addition, we have policies, processes and controls in place to help protect the Company, our customers and other related third parties from acts of
fraud and from risks associated with money laundering and terrorist financing. Audit Services, Global Compliance and divisional compliance personnel periodically assess the effectiveness of the control environment. For further discussion of
government regulation and legal proceedings, refer to &#147;Government Regulation&#148; in MFC&#146;s Annual Information Form dated February&nbsp;9, 2017 and &#147;Legal and Regulatory Proceedings&#148; below. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>66</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Technology, Information Security and Business Continuity Risk Management Strategy </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We have an enterprise-wide business continuity and disaster recovery program. This includes policies, plans and procedures that seek to minimize the impact of
natural or man-made disasters, and is designed to ensure that key business functions can continue normal operations in the event of a major disruption. Each business unit is accountable for preparing and maintaining detailed business continuity
plans and processes. The global program incorporates periodic scenario analysis designed to validate the assessment of both critical and non-critical units, as well as the establishment and testing of appropriate business continuity plans for all
critical functions. The business continuity team establishes and regularly tests crisis management plans and global crisis communications protocols. We maintain off-site backup facilities and failover capability designed to minimize downtime and
accelerate system recovery. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our Technology Risk Management Function provides strategy, direction, and oversight, and facilitates governance for all
technology risk domain activities across Manulife. The scope of this function includes: reducing information risk exposures by introducing a robust enterprise information risk management framework and supporting infrastructure for proactively
identifying, managing, monitoring and reporting on critical information risk exposures; promoting transparency and informed decision-making by building and maintaining information risk profiles and risk dashboards for Global Information Services and
Divisions aligned with enterprise and operational risk reporting; providing advisory services to Global Services and the Divisions around current and emerging technology risks and their impact to the Company&#146;s information risk profile; and
reducing vendor information risk exposures by incorporating sound information risk management practices into sourcing, outsourcing and offshoring initiatives and programs. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The enterprise-wide information security program, which is overseen by the Chief Information Risk Officer, seeks to mitigate information security risks. This program establishes the information security framework
for the Company, including governance, policies and standards, and appropriate controls to protect information and computer systems. We also have annual security awareness training sessions for all employees. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Many jurisdictions in which we operate are implementing more stringent privacy legislation. Our global privacy program, overseen by our Chief Privacy Officer, seeks
to manage the risk of privacy breaches. It includes policies and standards, ongoing monitoring of emerging privacy legislation, and a network of privacy officers. Processes have been established to provide guidance on handling personal information
and for reporting privacy incidents and issues to appropriate management for response and resolution. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In addition, the Chief Information Risk Officer,
the Chief Privacy Officer, and their teams work closely on information security and privacy matters. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Human Resource Risk Management
Strategy </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We have a number of human resource policies, practices and programs in place that seek to manage the risks associated with attracting and
retaining top talent, including recruiting programs at every level of the organization, training and development programs for our individual contributor and leadership segments globally, employee engagement surveys, and competitive compensation
programs that are designed to attract, motivate and retain high-performing and high potential employees. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Model Risk Management
Strategy </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We have designated model risk management teams working closely with model owners and users that seek to manage model risk. Our model risk
oversight program includes processes intended to ensure that our critical business models are conceptually sound and used as intended, and to assess the appropriateness of the calculations and outputs. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Third-Party Risk Management Strategy </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our
governance framework to address third-party risk includes appropriate policies (such as our Global Outsourcing Policy and Global Procurement Policy), standards and procedures, and monitoring of ongoing results and contractual compliance of
third-party arrangements. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Project Risk Management Strategy </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">To seek to ensure that key projects are successfully implemented and monitored by management, we have a Global Project Management Centre of Expertise, which is responsible for establishing policies and standards
for project management. Our policies, standards and practices are benchmarked against leading practices. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Environmental Risk
Management Strategy </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our Environmental Risk Policy reflects the Company&#146;s commitment to conducting all business activities in a manner that
recognizes the need to preserve the quality of the natural environment. Our Environmental Risk Policy has been designed to monitor and manage environmental risk and to seek to achieve compliance with all applicable environmental laws and regulations
for business units, affiliates and subsidiaries. Business unit environmental procedures, protocols and due diligence standards are in place to help identify, monitor and manage environmental issues in advance of acquisition of property, to help to
mitigate environmental risks. Historical and background investigation and subsequent soil and ground water subsurface testing may be conducted as required to assess manageable environmental risk. Regular property inspections and limitations on
permitted activities further help to manage environmental liability or financial risk. Other potentially significant financial risks for individual assets, such as fire and earthquake, have generally been insured where practicable. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>67</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_11"></A>Capital Management Framework </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife seeks to manage its capital with the objectives of: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Operating with sufficient capital to be able to honour all commitments to its policyholders and creditors with a high degree of confidence;
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Retaining the ongoing confidence of regulators, policyholders, rating agencies, investors and other creditors in order to ensure access to capital markets; and
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Optimizing return on capital to meet shareholders&#146; expectations subject to constraints and considerations of adequate levels of capital established to meet
the first two objectives. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital is managed and monitored in accordance with the Capital Management Policy. The Policy is reviewed
and approved by the Board of Directors annually and is integrated with the Company&#146;s risk and financial management frameworks. It establishes guidelines regarding the quantity and quality of capital, internal capital mobility, and proactive
management of ongoing and future capital requirements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our capital management framework takes into account the requirements of the Company as a whole as
well as the needs of each of our subsidiaries. Internal capital targets are set above regulatory requirements, and consider a number of factors, including expectations of regulators and rating agencies, results of sensitivity and stress testing and
our own risk assessments. We monitor against these internal targets and initiate actions appropriate to achieving our business objectives. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We
periodically assess the strength of our capital position under various stress scenarios. The annual Dynamic Capital Adequacy Testing (&#147;DCAT&#148;) typically quantifies the financial impact of economic events arising from shocks in public equity
and other markets, interest rates and credit, amongst others. Our 2016 DCAT results demonstrate that we would have sufficient assets, under the various adverse scenarios tested, to discharge our policy liabilities. This conclusion was also supported
by a variety of other stress tests conducted by the Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We use an Economic Capital (&#147;EC&#148;) framework to inform our internal view of the
level of required capital and available capital. The EC framework is a key component of the Own Risk and Solvency Assessment (&#147;ORSA&#148;) process, which ties together our risk management, strategic planning and capital management practices to
confirm that our capital levels continue to be adequate from an economic perspective. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Capital management is also integrated into our product planning
and performance management practices. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In order to mitigate the impact of currency movements on the consolidated capital ratios, the currency mix of
assets supporting capital is managed in relation to the Company&#146;s global capital requirements. As a result, both available and required capital increase (decrease) when the Canadian dollar weakens (strengthens). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The composition of capital between equity and other capital instruments impacts the financial leverage ratio which is an important consideration in determining the
Company&#146;s financial strength and credit ratings. The Company monitors and rebalances its capital mix through capital issuances and redemptions. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Capital and Funding Activities </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2016, Manulife commenced its global funding strategy to
diversify funding source and broaden our investor base. We raised $5.4&nbsp;billion of funding in Canada, the U.S., and various markets in Asia. During the year ended December&nbsp;31, 2016, $1.1 billion of securities matured or were redeemed.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table provides our funding activity for the year ended December&nbsp;31, 2016 </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)(1)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Redeemed&nbsp;or&nbsp;matured</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Preferred shares<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2),(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>900</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Subordinated debentures<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4),(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>464</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>950</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Senior
debt<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6),(7)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,055</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>150</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;5,419</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,100</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Amounts have been translated to Canadian dollar equivalents using the December&nbsp;31, 2016 exchange rate. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">A total of $900 million of preferred shares were issued during the year: MFC issued 16&nbsp;million Non-cumulative 5-Year Rate Reset Class 1 Shares, Series 21
(&#147;Series 21 Shares&#148;) for gross proceeds of $400 million on February&nbsp;25, 2016 and an additional 1&nbsp;million Series 21 Shares for gross proceeds of $25 million on March&nbsp;3, 2016; MFC issued 19&nbsp;million Non-cumulative 5-Year
Rate Reset Class 1 Shares, Series 23 for gross proceeds of $475 million on November&nbsp;22, 2016. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Excludes 1,664,169 Non-cumulative Rate Reset Class 1 Shares, Series 3 (&#147;Series 3 Shares&#148;) issued by MFC which were converted on a one-for-one basis
into Non-cumulative Floating Rate Class 1 Shares, Series 4 (&#147;Series 4 Shares&#148;) issued by MFC. For further details on the preferred share conversions, refer to Note 13 Share Capital and Earnings Per Share. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Issued SG$500 million (3.85%)&nbsp;of MFC subordinated debentures on May&nbsp;25, 2016. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">A total of $950 million of subordinated debentures were redeemed during the year: $550 million (4.21%)&nbsp;MLI subordinated debentures on November&nbsp;18, 2016
and $400&nbsp;million (Floating) JHFC subordinated notes on December&nbsp;15, 2016. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">A total of US$3.02 billion of MFC senior notes were issued during the year: US$750 million (5.375%)&nbsp;and US$1 billion (4.150%)&nbsp;on March&nbsp;4, 2016,
US$1 billion (4.70%)&nbsp;on June&nbsp;23, 2016 and US$270 million (3.527%)&nbsp;on December&nbsp;2, 2016. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">$150 million promissory note due to Manulife Finance (Delaware) L.P. matured on December&nbsp;15, 2016. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>68</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following measure of capital reflects our capital management activities at the MFC level. </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P>
<P><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-controlling interests</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>743</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">592</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">464</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Participating policyholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>248</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">187</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">156</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Preferred shares</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,577</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,693</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,693</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Common shareholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>38,255</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">38,466</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30,613</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total equity<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>42,823</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,938</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">33,926</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjusted for accumulated other comprehensive loss on cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(232</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(264</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(211</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total equity excluding accumulated other comprehensive loss on cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>43,055</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">42,202</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34,137</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Liabilities for preferred shares and capital instruments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,695</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,426</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total capital</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;50,235</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;49,897</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;39,563</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Total equity includes unrealized gains and losses on AFS debt securities and AFS equities, net of taxes. The unrealized gain or loss on AFS debt securities are
excluded from the OSFI definition of regulatory capital. As at December&nbsp;31, 2016, the unrealized loss on AFS debt securities, net of taxes, $634 million (2015 &#150; $81 million unrealized gain). </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The &#147;Total capital&#148; referred to in the table above does not include $5.7 billion (2015 &#150; $1.9 billion, 2014 &#150; $3.9 billion) of senior
indebtedness issued by MFC because this form of financing does not meet OSFI&#146;s definition of regulatory capital at the MFC level. The Company has down-streamed the proceeds from this financing into operating entities in a form that qualifies as
regulatory capital at the subsidiary level. Total capital in 2014 also does not include liabilities for subscription receipts issued in 2014 as part of the financing of the Standard Life acquisition. For regulatory purposes, capital is further
adjusted for various additions or deductions, as mandated by the guidelines issued by OSFI. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Total capital was $50.2 billion as at December&nbsp;31, 2016
compared with $49.9 billion as at December&nbsp;31, 2015, an increase of $0.3&nbsp;billion. The increase from December&nbsp;31, 2015 was primarily driven by net income attributed to shareholders net of dividends paid of $1.4 billion and net capital
issuances of $0.4 billion (does not include the $3.9 billion of senior debt issued net of maturities, as it is not in the definition of regulatory capital), partially offset by the unfavourable impact of foreign exchange rates of $1.0 billion and
the unfavourable change in unrealized losses on AFS debt securities of $0.7 billion. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Financial Leverage Ratio </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">MFC&#146;s financial leverage ratio increased to 29.5% at year-end 2016 from 23.8% a year ago. The 5.7 point increase primarily related to net capital issuances in
2016 of $4.3 billion which addressed higher regulatory capital requirements through issuances in several markets as we execute on our global funding diversification strategy. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Common Shareholder Dividends </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The declaration and payment of shareholder dividends and the
amount thereof are at the discretion of the Board of Directors and depend upon various factors, including the results of operations, financial condition, cash requirements and future prospects of the Company and regulatory restrictions on the
payment of shareholder dividends, as well as any other factors deemed relevant by the Board of Directors. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Common Shareholder
Dividends Paid </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December 31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c">$ per share</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dividends paid</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;0.740</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;0.665</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;0.570</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company offers a Dividend Reinvestment Program (&#147;DRIP&#148;) whereby shareholders may elect to automatically reinvest
dividends in the form of MFC common shares instead of receiving cash. The offering of the program and its terms of execution are subject to the Board of Directors&#146; discretion. In 2016, common shares in connection with DRIP were purchased on the
open market with no applicable discount. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Regulatory Capital Position<FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#2a517f"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">MFC monitors and manages its consolidated capital in compliance with
the applicable OSFI guideline. Under this regime our consolidated available capital is measured against a required amount of risk capital determined in accordance with the guideline. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">MFC&#146;s operating activities are mostly conducted within MLI or its subsidiaries. MLI is regulated by OSFI and is subject to consolidated risk-based capital requirements using the OSFI MCCSR framework. Some
affiliate reinsurance business is undertaken outside the MLI consolidated framework. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our MCCSR ratio for MLI was 230% as at December&nbsp;31, 2016,
compared with 223% at the end of 2015, and is well in excess of OSFI&#146;s Supervisory Target ratio of 150% and Regulatory Minimum ratio of 120%. The increase in the MCCSR ratio is primarily due to </FONT></P>
<P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The &#147;Risk Factors&#148; section of the MD&amp;A outlines a number of regulatory capital risks.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>69</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
increased capital from net capital issuances and net income, partially offset by increases in required capital and the funding of MFC shareholder dividends. MFC&#146;s MCCSR ratio was 199% as at
December&nbsp;31, 2016. The difference between the MLI and MFC ratios was largely due to the $5.7 billion of MFC senior debt outstanding that, under OSFI rules, does not qualify as available capital at the MFC level. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As at December&nbsp;31, 2016, MLI&#146;s non-consolidated operations and subsidiaries all maintained capital levels in excess of local requirements. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">OSFI will be implementing a revised approach to the regulatory capital framework in Canada to come into effect in 2018. See &#147;Risk Management &#150; Regulatory
Updates&#148; above. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Remittability of Capital </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">As part of its capital management, Manulife promotes internal capital mobility so that Manulife&#146;s parent company has access to funds to meet its obligations and to optimize the use of excess capital. Cash
remittance is defined as the cash remitted or payable to the Group from operating subsidiaries and excess capital generated by stand-alone Canadian operations. It is one of the key performance indicators used by management to evaluate our financial
flexibility. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2016, MFC subsidiaries delivered $1.8 billion in remittances, which was $400 million lower compared with the 2015 level. Robust
remittances from our Canadian and U.S. subsidiaries were offset by capital injections to our Asian subsidiaries, which were needed largely to address the impact of lower interest rates on local capital requirements. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Credit Ratings </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife&#146;s operating
companies have strong financial strength ratings from credit rating agencies. Maintaining strong ratings on debt and capital instruments issued by MFC and its subsidiaries allows us to access capital markets at competitive pricing levels. Ratings
are important factors in establishing the competitive position of insurance companies and maintaining public confidence in products being offered. Should these credit ratings decrease materially, our cost of financing may increase and our access to
funding and capital through capital markets could be reduced. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">During 2016, Moody&#146;s, DBRS, Fitch and A.M. Best maintained their assigned ratings of
MFC and its primary insurance operating companies. S&amp;P maintained their assigned ratings of MFC and all primary operating companies, with the exception of Manulife Life Insurance Company, our Japan subsidiary (&#147;Manulife Japan&#148;). On
March&nbsp;18, 2016, S&amp;P placed the AA- insurer financial strength rating of Manulife Japan on Creditwatch with negative implications after the identification of a misapplication of its guarantee criteria. On June&nbsp;14, 2016, S&amp;P removed
the Creditwatch on Manulife Japan&#146;s financial strength rating and downgraded the rating one notch, reflecting the A+ rating ceiling for the Japan sovereign. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following table summarizes the financial strength and claims paying ability ratings of MLI and certain of its subsidiaries as at February&nbsp;3, 2017. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Financial Strength Ratings </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-TOP:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c; padding-left:8px">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-TOP:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">S&amp;P</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-TOP:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Moody&#146;s</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-TOP:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">DBRS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-TOP:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Fitch</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-TOP:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #1f320c; BORDER-RIGHT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="1">A.M. Best</FONT></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">The Manufacturers Life Insurance
Company</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>AA-</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>A1</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>AA(Low)</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>AA-</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>A+ (Superior)</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">John Hancock Life Insurance Company
(U.S.A.)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>AA-</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>A1</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Not Rated</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>AA-</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>A+ (Superior)</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife (International) Limited</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>AA-</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Not Rated</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Not Rated</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Not Rated</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Not&nbsp;Rated</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c; padding-left:8px"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife Life Insurance Company</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>A+</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Not&nbsp;Rated&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Not&nbsp;Rated&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Not&nbsp;Rated&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1f320c; BORDER-BOTTOM:1px solid #1f320c; padding-right:8px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Not&nbsp;Rated&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As at February&nbsp;3, 2017, S&amp;P, Moody&#146;s, DBRS, Fitch, and A.M. Best had a stable outlook on these ratings. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>70</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_12"></A>Critical Accounting and Actuarial Policies </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The preparation of financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the reported amounts and
disclosures made in the Consolidated Financial Statements and accompanying notes. These estimates and assumptions are based on historical experience, management&#146;s assessment of current events and conditions and activities that the Company may
undertake in the future as well as possible future economic events. Actual results could differ from these estimates. The estimates and assumptions described in this section depend upon subjective or complex judgments about matters that may be
uncertain, and changes in these estimates and assumptions could materially impact the Consolidated Financial Statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our significant accounting
policies are described in note 1 to the Consolidated Financial Statements. Significant estimation processes relate to the determination of insurance and investment contract liabilities, assessment of relationships with other entities for
consolidation, fair value of certain financial instruments, derivatives and hedge accounting, provisioning for asset impairment, determination of pension and other post-employment benefit obligations and expenses, income taxes and uncertain tax
positions, valuation and impairment of goodwill and intangible assets and the measurement and disclosure of contingent liabilities as described below. In addition, in the determination of the fair values of invested assets, where observable market
data is not available, management applies judgment in the selection of valuation models. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Policy Liabilities (Insurance and
Investment Contract Liabilities) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Policy liabilities for IFRS are valued in Canada under standards established by the Actuarial Standards Board.
These standards are designed to ensure we establish an appropriate liability on the Consolidated Statements of Financial Position to cover future obligations to all our policyholders. The assumptions underlying the valuation of policy liabilities
are required to be reviewed and updated on an ongoing basis to reflect recent and emerging trends in experience and changes in risk profile of the business. In conjunction with prudent business practices to manage both product and asset related
risks, the selection and monitoring of appropriate valuation assumptions is designed to minimize our exposure to measurement uncertainty related to policy liabilities. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Determination of Policy Liabilities </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Policy liabilities have two major components: a best
estimate amount and a provision for adverse deviation. The best estimate amount represents the estimated value of future policyholder benefits and settlement obligations to be paid over the term remaining on in-force policies, including the costs of
servicing the policies. The best estimate amount is reduced by the future expected policy revenues and future expected investment income on assets supporting the policies, before any consideration for reinsurance ceded. To determine the best
estimate amount, assumptions must be made for a number of key factors, including future mortality and morbidity rates, investment returns, rates of policy termination, and premium persistency, operating expenses, certain taxes (other than income
taxes, and includes temporary tax timing and permanent tax rate differences on the cash flows available to satisfy policy obligations) and foreign currency. Reinsurance is used to transfer part or all of a policy liability to another insurance
company at terms negotiated with that insurance company. A separate asset for reinsurance ceded is calculated based on the terms of the reinsurance treaties that are in-force, with deductions taken for the credit standing of the reinsurance
counterparties where appropriate. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">To recognize the uncertainty involved in determining the best estimate actuarial liability assumptions, a provision
for adverse deviation (&#147;PfAD&#148;) is established. The PfAD is determined by including a margin of conservatism for each assumption to allow for possible mis-estimation of, or deterioration in, future experience in order to provide greater
comfort that the policy liabilities will be sufficient to pay future benefits. The CIA establishes suggested ranges for the level of margins for adverse deviation based on the risk profile of the business. Our margins are set taking into account the
risk profile of our business. The effect of these margins is to increase policy liabilities over the best estimate assumptions. The margins for adverse deviation decrease the income that is recognized at the time a new policy is sold and increase
the income recognized in later periods as the margins release as the remaining policy risks reduce. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Best Estimate Assumptions
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We follow established processes to determine the assumptions used in the valuation of our policy liabilities. The nature of each risk factor and the
process for setting the assumptions used in the valuation are discussed below. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Mortality </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Mortality relates to the occurrence of death. Mortality assumptions are based on our internal as well as industry past and emerging experience and are
differentiated by sex, underwriting class, policy type and geographic market. We make assumptions about future mortality improvements using historical experience derived from population data. Reinsurance is used to offset some of our direct
mortality exposure on in-force life insurance policies with the impact of the reinsurance directly reflected in our policy valuation for the determination of policy liabilities net of reinsurance. Actual mortality experience is monitored against
these assumptions separately for each business. The results are favourable where mortality rates are lower than assumed for life insurance and where mortality rates are higher than assumed for payout annuities. Overall 2016 experience was
unfavourable (2015 &#150; unfavourable) when compared with our assumptions. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Morbidity </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Morbidity relates to the occurrence of accidents and sickness for the insured risks. Morbidity assumptions are based on our internal as well as industry past and
emerging experience and are established for each type of morbidity risk and geographic market. For our </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>71</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
JH Long Term Care business we make assumptions about future morbidity changes. Actual morbidity experience is monitored against these assumptions separately for each business. Our morbidity risk
exposure relates to future expected claims costs for long-term care insurance, as well as for group benefits and certain individual health insurance products we offer. Overall 2016 experience was unfavourable (2015 &#150; unfavourable) when compared
with our assumptions. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Property and Casualty </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Our Property and Casualty Reinsurance business insures against catastrophic losses from natural and human disasters. Policy liabilities are held for incurred claims including provision for anticipated development
and for premiums received and not yet earned. Overall 2016 claims loss experience was in line with expectations (2015 &#150; in line with expectations) with respect to the provisions that were established. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Policy Termination and Premium Persistency </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Policy termination includes lapses and surrenders, where lapses represent the termination of policies due to non-payment of premiums and surrenders represent the
voluntary termination of policies by policyholders. Premium persistency represents the level of ongoing deposits on contracts where there is policyholder discretion as to the amount and timing of deposits. Policy termination and premium persistency
assumptions are primarily based on our recent experience adjusted for expected future conditions. Assumptions reflect differences by type of contract within each geographic market and actual experience is monitored against these assumptions
separately for each business. Overall 2016 experience was unfavourable (2015 &#150; unfavourable) when compared with our assumptions. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Expenses and Taxes </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Operating expense
assumptions reflect the projected costs of maintaining and servicing in-force policies, including associated overhead expenses. The expenses are derived from internal cost studies and are projected into the future with an allowance for inflation.
For some developing businesses, there is an expectation that unit costs will decline as these businesses mature. Actual expenses are monitored against assumptions separately for each business. Overall maintenance expenses for 2016 were unfavourable
(2015 &#150; unfavourable) when compared with our assumptions. Taxes reflect assumptions for future premium taxes and other non-income related taxes. For income taxes, policy liabilities are adjusted only for temporary tax timing and permanent tax
rate differences on the cash flows available to satisfy policy obligations. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Investment Returns </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We segment assets to support liabilities by business segment and geographic market and establish investment strategies for each liability segment. The projected
cash flows from these assets are combined with projected cash flows from future asset purchases/sales to determine expected rates of return for future years. The investment strategies for future asset purchases and sales are based on our target
investment policies for each segment and the reinvestment returns are derived from current and projected market rates for fixed interest investments and our projected outlook for non-fixed interest assets. Credit losses are projected based on our
own and industry experience, as well as specific reviews of the current investment portfolio. Investment return assumptions for each asset class also incorporate expected investment management expenses that are derived from internal cost studies. In
2016, actual investment returns were unfavourable (2015 &#150; unfavourable) when compared with our assumptions. Investment-related experience and the direct impact of interest rates and equity markets are discussed in the &#147;Financial
Performance&#148; section above. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Segregated Funds </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">We offer segregated funds to policyholders that offer certain guarantees, including guaranteed returns of principal on maturity or death, as well as guarantees of minimum withdrawal amounts or income benefits. The
on-balance sheet liability for these benefits is the expected cost of these guarantees including appropriate valuation margins for the various contingencies including mortality and lapse. The dominant driver of the cost of guarantees is the return
on the underlying funds in which the policyholders invest. See &#147;Risk Management &#150; Market Risk &#150; Hedging Strategies for Variable Annuity and Other Equity Risks&#148; and the &#147;Financial Performance &#150; Analysis of Net
Income&#148; sections above. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Foreign Currency </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Foreign currency risk results from a mismatch of the currency of the policy liabilities and the currency of the assets designated to support these obligations. We generally match the currency of our assets with the
currency of the liabilities they support, with the objective of mitigating the risk of loss arising from movements in currency exchange rates. Where a currency mismatch exists, the assumed rate of return on the assets supporting the liabilities is
reduced to reflect the potential for adverse movements in exchange rates. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Experience Adjusted Products </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Where policies have features that allow the impact of changes in experience to be passed on to policyholders through policy dividends, experience rating refunds,
credited rates or other adjustable features, the projected policyholder benefits are adjusted to reflect the projected experience. Minimum contractual guarantees and other market considerations are taken into account in determining the policy
adjustments. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>72</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Provision for Adverse Deviation </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The aggregate provision for adverse deviation is the sum of the provisions for adverse deviation for each risk factor. Margins for adverse deviation are established by product type and geographic market for each
assumption or factor used in the determination of the best estimate actuarial liability. The margins are established based on the risk characteristics of the business being valued. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Margins for interest rate risk are included by testing a number of scenarios of future interest rates. The margin can be established by testing a limited number of scenarios, some of which are prescribed by
Canadian Actuarial Standards of Practice, and determining the liability based on the worst outcome. Alternatively, the margin can be set by testing many scenarios, which are developed according to actuarial guidance. Under this approach the
liability would be the average of the outcomes above a percentile in the range prescribed by the Canadian Actuarial Standards of Practice. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In addition
to the explicit margin for adverse deviation, the valuation basis for segregated fund liabilities explicitly limits the future revenue recognition in the valuation basis to the amount necessary to offset acquisition expenses, after allowing for the
cost of any guarantee features. The fees that are in excess of this limitation are reported as an additional margin and are shown in segregated fund non-capitalized margins. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The provision for adverse deviation and the future revenue deferred in the valuation due to the limitations on recognition of future revenue in the valuation of segregated fund liabilities are shown in the table
below. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Best estimate actuarial liability</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;207,573</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;196,098</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Provision for adverse deviation</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance risks (mortality/morbidity)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>16,553</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,087</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Policyholder behaviour (lapse/surrender/premium persistency)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,416</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,204</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Expenses</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,498</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment risks (non-credit)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>26,202</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27,793</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment risks (credit)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,862</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,715</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds guarantees</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,462</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,565</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total provision for adverse deviation
(&#147;PfAD&#148;)</B><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP><B></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>53,695</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">53,862</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Segregated funds &#150; additional margins</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,167</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,656</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total of PfAD and additional segregated fund margins</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>63,862</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">64,518</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Reported net actuarial liabilities (excluding the $5,918 million (2015 &#150; $6,354 million) reinsurance asset related to the Company&#146;s in-force
participating life insurance closed block that is retained on a funds withheld basis as part of the NYL transaction) as at December&nbsp;31, 2016 of $261,268 million (2015 &#150; $249,960 million) are comprised of $207,573 million (2015 &#150;
$196,098 million) of best estimate actuarial liabilities and $53,695 million (2015 &#150; $53,862 million) of PfAD. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The change in the
PfAD from period to period is impacted by changes in liability and asset composition, by currency and interest rate movements and by material changes in valuation assumptions. The overall increase in PfAD for insurance risks and policyholder
behaviour was primarily due to our annual review of actuarial valuation methods and assumptions. The overall decrease in PfAD for non-credit investment risks primarily resulted from our annual review of actuarial valuation methods and assumptions.
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Sensitivity of Earnings to Changes in Assumptions </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">When the assumptions underlying our determination of policy liabilities are updated to reflect recent and emerging experience or change in outlook, the result is a change in the value of policy liabilities which in
turn affects net income attributed to shareholders. The sensitivity of net income attributed to shareholders to changes in non-economic and certain asset related assumptions underlying policy liabilities is shown below, and assumes that there is a
simultaneous change in the assumptions across all business units. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For changes in asset related assumptions, the sensitivity is shown net of the
corresponding impact on income of the change in the value of the assets supporting liabilities. In practice, experience for each assumption will frequently vary by geographic market and business, and assumption updates are made on a
business/geographic specific basis. Actual results can differ materially from these estimates for a variety of reasons, including the interaction among these factors when more than one changes, changes in actuarial and investment return and future
investment activity assumptions, actual experience differing from the assumptions, changes in business mix, effective tax rates and other market factors, and the general limitations of our internal models. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>73</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:0px; "><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Potential impact on net income attributed to shareholders arising from changes
to non-economic assumptions</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>
</B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Decrease in net income<BR>attributable&nbsp;to&nbsp;shareholders</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Policy related assumptions</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">2% adverse change in future mortality
rates<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2),(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Products where an increase in rates increases insurance contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(400</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Products where a decrease in rates increases insurance contract liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(500</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">5% adverse change in future morbidity
rates<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3),(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(3,700</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(3,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">10% adverse change in future termination
rates<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,900</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">5% increase in future expense levels</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(500</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(400</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The participating policy funds are largely self-supporting and generate no material impact on net income attributed to shareholders as a result of changes in
non-economic assumptions. Experience gains or losses would generally result in changes to future dividends, with no direct impact to shareholders. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">An increase in mortality rates will generally increase policy liabilities for life insurance contracts whereas a decrease in mortality rates will generally
increase policy liabilities for policies with longevity risk such as payout annuities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">No amounts related to morbidity risk are included for policies where the policy liability provides only for claims costs expected over a short period, generally
less than one year, such as Group Life and Health. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The impacts of the sensitivities on LTC for morbidity, mortality and lapse are assumed to be moderated by partial offsets from the Company&#146;s ability to
contractually raise premium rates in such events, subject to state regulatory approval. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The increase in morbidity sensitivity between
December&nbsp;31, 2015 and December&nbsp;31, 2016 is primarily due to updates to our valuation assumptions as a result of the Long Term Care triennial review. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Potential impact on net income attributed to shareholders arising from changes to asset related assumptions supporting actuarial liabilities </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="3" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions) </FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="16" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Increase (decrease) in after-tax income</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Increase</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Decrease</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Increase</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Decrease</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Asset related assumptions updated periodically in valuation basis changes</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">100 basis point change in future annual returns for public
equities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>500</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(500</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">100 basis point change in future annual returns for
ALDA<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;2,900</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3,500</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;3,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(3,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">100 basis point change in equity volatility assumption for stochastic segregated fund modelling<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(300</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">300</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The sensitivity to public equity returns above includes the impact on both segregated fund guarantee reserves and on other policy liabilities. For a 100 basis
point increase in expected growth rates, the impact from segregated fund guarantee reserves is a $200 million increase (2015 &#150; $200 million increase). For a 100 basis point decrease in expected growth rates, the impact from segregated fund
guarantee reserves is a $200 million decrease (2015 &#150; $200 million decrease). Expected long-term annual market growth assumptions for public equities pre-dividends for key markets are based on long-term historical observed experience and
compliance with actuarial standards. The pre-dividend growth rates for returns in the major markets used in the stochastic valuation models for valuing segregated fund guarantees are 7.5%&nbsp;per annum in Canada, 7.6%&nbsp;per annum in the U.S. and
5.2%&nbsp;per annum in Japan. Growth assumptions for European equity funds are market-specific and vary between 5.8% and 7.85%. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">ALDA include commercial real estate, timber and farmland real estate, direct oil and gas properties, and private equities, some of which relate to oil and gas.
Expected long-term return assumptions are set in accordance with the Standards of Practice for the valuation of insurance contract liabilities and guidance published by the CIA. The guidance requires that the investment return assumption for these
assets should not be higher than the historical long-term average returns of an appropriate broad-based index. Where such experience is not available, investment return assumptions should not result in a lower reserve than an assumption based on a
historical return benchmark for public equities in the same jurisdiction. Annual best estimate return assumptions for ALDA and public equity including market growth rates and annual income, such as rent, production proceeds and dividends, vary
between 5.25% and 12%, with an average of 9.7% based on the current asset mix backing our guaranteed insurance and annuity business as of December 31, 2016. The annual return assumptions for ALDA and public equity, including margins for adverse
deviations in our valuation which take into account the uncertainty of achieving the returns, will vary based on our holding period. On average, for a 20-year horizon, the assumption varies between 2.5% and 7.5%. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Volatility assumptions for public equities are based on long-term historical observed experience and compliance with actuarial standards. The resulting
volatility assumptions are 17.0%&nbsp;per annum in Canada and 17.15%&nbsp;per annum in the U.S. for large cap public equities, and 19%&nbsp;per annum in Japan. For European equity funds, the volatility varies between 16.25% and 18.4%.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Review of Actuarial Methods and Assumptions </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">A comprehensive review of actuarial methods and assumptions is performed annually. The review is designed to reduce the Company&#146;s exposure to uncertainty by ensuring assumptions for both asset related and
liability related risks remain appropriate. This is accomplished by monitoring experience and selecting assumptions which represent a current best estimate view of expected future experience, and margins that are appropriate for the risks assumed.
While the assumptions selected represent the Company&#146;s current best estimates and assessment of risk, the ongoing monitoring of experience and changes in the economic environment are likely to result in future changes to the valuation
assumptions, which could be material. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>74</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>2016 Review of Actuarial Methods and Assumptions </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The 2016 full year review of actuarial methods and assumptions resulted in an increase in insurance and investment contract liabilities of $655 million, net of
reinsurance, and a decrease in net income attributed to shareholders of $453 million. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2016</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Change&nbsp;in&nbsp;gross<BR>insurance and<BR>investment<BR>contract&nbsp;liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Change&nbsp;in&nbsp;net&nbsp;insurance<BR>and&nbsp;investment<BR>contract&nbsp;liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Change&nbsp;in&nbsp;net&nbsp;income<BR>attributed&nbsp;to<BR>shareholders</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">JH Long Term Care triennial review</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>696</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>696</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(452</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortality and morbidity updates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(12</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(53</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>76</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Lapse and policyholder behavior</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. Variable Annuities guaranteed minimum withdrawal benefit incidence and utilization</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,024</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,024</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;665</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.50em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other lapses and policyholder behaviour</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>516</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(356</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Economic reinvestment assumptions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>459</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>443</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(313</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other updates</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>719</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>162</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net impact</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;1,354</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>655</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(453</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>JH Long Term Care triennial review </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">U.S. Insurance completed a comprehensive long-term care experience study. This included a review of mortality, morbidity and lapse experience, as well as the reserve for in-force rate increases filed as a result of
the 2013 review. In addition, the Company implemented refinements to the modelling of future tax cash flows for long-term care. The net impact of the review was a $452&nbsp;million charge to net income attributed to shareholders for the year ended
December&nbsp;31, 2016. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Expected future claims costs increased primarily due to claims periods being longer than expected in policy liabilities, and a
reduction in lapse and mortality rates. This increase in expected future claims costs was partially offset by a number of items, including expected future premium increases resulting from this year&#146;s review and a decrease in the margin for
adverse deviations related to the rate of inflation embedded in our benefit utilization assumptions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The review of premium increases assumed in the
policy liabilities resulted in a benefit to earnings of $1.0 billion for the year ended December&nbsp;31, 2016; this includes future premium increases that are due to our 2016 review of morbidity, mortality and lapse assumptions, and outstanding
amounts from our 2013 state filings. Premium increases averaging approximately 20% will be sought on the vast majority of the in-force business, excluding the carryover of 2013 amounts requested. Our assumptions reflect the estimated timing and
amount of state approved premium increases. Our actual experience obtaining price increases could be materially different than we have assumed, resulting in further increases or decreases in policy liabilities, which could be material. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Mortality and morbidity updates </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Mortality
and morbidity assumptions were updated across several business units to reflect recent experience, including updates to morbidity assumptions for certain medical insurance products in Japan, leading to a $76 million benefit to net income attributed
to shareholders for the year ended December&nbsp;31, 2016. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Updates to lapses and policyholder behaviour </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">U.S. Variable Annuities guaranteed minimum withdrawal benefit incidence and utilization assumptions were updated to reflect recent experience which led to a $665
million benefit to net income attributed to shareholders for the year ended December&nbsp;31, 2016. We updated our incidence assumptions to reflect the favourable impact of policyholders taking withdrawals later than expected. This was partially
offset by an increase in our utilization assumptions. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In Japan, lapse rates for term life insurance products were increased at certain durations which
led to a $228 million charge to net income attributed to shareholders for the year ended December&nbsp;31, 2016. Other updates to lapse and policyholder behavior assumptions were made across several product lines, including term products in Canada,
which led to a $128 million charge to net income attributed to shareholders for the year ended December&nbsp;31, 2016. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Updates to
economic reinvestment assumptions </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company updated economic reinvestment assumptions for risk-free rates used in the valuation of policy
liabilities which resulted in a $313 million charge to net income attributed to shareholders for the year ended December&nbsp;31, 2016. These updates included a proactive 10 basis point reduction to our URR assumptions and a commensurate change in
our calibration criteria for stochastic risk-free rates. These updates reflect the fact that interest rates are lower than they were when the current prescribed URR and calibration criteria for stochastic risk-free rates were promulgated by the
Actuarial Standards Board (&#147;ASB&#148;) in 2014. The ASB has indicated that it will update the promulgation periodically, when necessary. We expect the promulgation to be updated in 2017 and, if required, we will make further updates to our
economic reinvestment assumptions at that time. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>75</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Other updates </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Other model refinements related to the projection of both asset and liability cash flows across several business units led to a $73&nbsp;million charge to net income attributed to shareholders for the year ended
December&nbsp;31, 2016. This included a charge due to refinements to our CALM models and assumptions offset by a benefit due to refinements to the modelling of future tax cash flows for certain assets in the U.S. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>2015 Review of Actuarial Methods and Assumptions </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The 2015 full year review of actuarial methods and assumptions resulted in an increase in insurance and investment contract liabilities of $558 million, net of reinsurance, and a decrease in net income attributed
to shareholders of $451 million for the year ended December&nbsp;31, 2015. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2015</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Change&nbsp;in&nbsp;gross<BR>insurance and<BR>investment<BR>contract&nbsp;liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Change&nbsp;in&nbsp;net&nbsp;insurance<BR>and&nbsp;investment<BR>contract&nbsp;liabilities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Change&nbsp;in&nbsp;net&nbsp;income<BR>attributed to<BR>shareholders</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mortality and morbidity updates</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(191</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(146</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;168</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Lapses and policyholder behaviour</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;953</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;571</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(446</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other updates</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(584</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">133</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(173</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net impact</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">178</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">558</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(451</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Updates to mortality and morbidity </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Assumptions were updated across several business units to reflect recent experience. In Japan, a reduction to the margin for adverse deviations applied to the best estimate morbidity assumptions for certain medical
insurance products resulted in a $237 million increase in net income attributed to shareholders for the year ended December&nbsp;31, 2015. The reduction in this margin is a result of emerging experience being aligned with expectations leading to a
decrease in the level of conservatism required for this assumption. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Other mortality and morbidity updates led to a $69 million decrease in net income
attributed to shareholders for the year ended December&nbsp;31, 2015. This included a refinement to the modelling of mortality improvement on a portion of the Canadian retail insurance business that led to an increase to net income attributed to
shareholders. This was more than offset by a review of the Company mortality assumption for some of the JH Annuities business and a number of other updates across several business units. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Updates to lapses and policyholder behaviour </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Lapse rates were updated across several business
units to reflect recent experience. Lapse rates for JH universal life and variable universal life products were updated which led to a net $235 million decrease in net income attributed to shareholders for the year ended December&nbsp;31, 2015.
Lapse rates for the low cost universal life products were reduced which led to a decrease in net income attributed to shareholders; this was partially offset by a reduction in lapse rates for the variable universal life products which led to an
increase in net income attributed to shareholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Other updates to lapse and policyholder behavior assumptions were made across several product lines
including term and whole life insurance products in Japan, which led to a $211 million decrease in net income attributed to shareholders for the year ended December&nbsp;31, 2015. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Other updates </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company implemented a refinement to the modelling of asset and liability
cash flows associated with inflation-linked benefit options in the Long Term Care business, which led to a $264 million increase in net income attributed to shareholders for the year ended December&nbsp;31, 2015. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company implemented a refinement to the projection of the term policy conversion options in Canadian retail insurance which led to a $200 million decrease in
net income attributed to shareholders for the year ended December&nbsp;31, 2015. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Other model refinements related to the projection of both asset and
liability cash flows across several business units led to a $237&nbsp;million decrease in net income attributed to shareholders for the year ended December&nbsp;31, 2015. This included several items such as refinements to the modelling of
reinsurance contracts in North America, updates to the future investment expense assumptions, updates to the future ALDA investment return assumptions and updates to certain future expense assumptions in JH&nbsp;Insurance. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>76</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Change in net insurance contract liabilities </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The change in net insurance contract liabilities can be attributed to several sources: new business, acquisitions, in-force movement and currency impact. Changes in
net insurance contract liabilities are substantially offset in the financial statements by premiums, investment income, policy benefits and other policy related cash flows. The changes in net insurance contract liabilities by business segment are
shown below: </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>2016 Net Insurance Contract Liability Movement Analysis </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2016</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia<BR>Division</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian<BR>Division</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S.<BR>Division</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate<BR>and<BR>Other</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, January&nbsp;1</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;45,986</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;71,473</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>132,906</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(503</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>249,862</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">New business<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1),(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,857</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>253</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(493</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,617</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">In-force movement<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1),(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,051</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,636</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,061</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(75</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,673</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in methods and assumptions<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>108</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>549</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(24</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>655</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Currency
impact<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,435</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3,831</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(5,254</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>54,567</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>73,384</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;135,192</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;(590</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;262,553</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The $17,172 million increase reported as the change in insurance contract liabilities and change in reinsurance assets on the 2016 Consolidated Statements of
Income primarily consists of changes due to normal in-force movement, new policies and changes in methods and assumptions. These three items net to an increase of $17,945 million, of which $16,906 million is included in the income statement increase
in insurance contract liabilities and change in reinsurance assets, and $1,039 million is included in net claims and benefits. The Consolidated Statements of Income change in insurance contract liabilities also includes the change in embedded
derivatives associated with insurance contracts. Of the $17,290 million net increase in insurance contract liabilities related to new business and in-force movement, $16,196 million was an increase in actuarial liabilities. The remaining amount was
an increase of $1,094 million in other insurance contract liabilities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">New business policy liability impact is positive/(negative) when estimated future premiums, together with future investment income, are expected to be
more/(less) than sufficient to pay estimated future benefits, policyholder dividends and refunds, taxes (excluding income taxes) and expenses on new policies issued. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The net in-force movement over the year was an increase of $13,673 million, reflecting expected growth in insurance contract liabilities in all three divisions.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The decrease in policy liabilities from currency impact reflects the appreciation of the Canadian dollar relative to the U.S. dollar, Hong Kong dollar and
Japanese yen. To the extent assets are currency matched to liabilities, the increase in insurance contract liabilities due to currency impact is offset by a corresponding increase from currency impact in the value of assets supporting those
liabilities. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>2015 Net Insurance Contract Liability Movement Analysis </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the year ended December&nbsp;31, 2015</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia<BR>Division</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian<BR>Division</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S.<BR>Division</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate<BR>and<BR>Other</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, January&nbsp;1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;33,662</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;54,488</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;121,671</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(351</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;209,470</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Acquisitions<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,411</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(13,375</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,036</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">New business<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2),(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,044</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">104</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,057</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,205</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">In-force movement<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2),(4),(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,173</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">419</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">135</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,736</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in methods and assumptions<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">452</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">279</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(219</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">558</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Currency
impact<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,061</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22,855</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(68</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28,857</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">45,986</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">71,473</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">132,906</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;(503</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">249,862</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">In 2015, the Company acquired Standard Life and NYL assumed the Company&#146;s in-force participating life insurance closed block through net 60% reinsurance
agreements. The U.S. division acquisition amount of $(13,375 million) consists of $(5,785 million) premium ceded and $(7,590 million) reinsurance asset. See note 3 to the 2016 Consolidated Financial Statements. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The $642 million increase reported as the change in insurance contract liabilities and change in reinsurance assets on the 2015 Consolidated Statements of Income
primarily consists of changes due to normal in-force movement, new policies and changes in methods and assumptions, including the $(7,590) million change in reinsurance asset related to the NYL reinsurance. These four items net to an increase of
$909 million, of which $702 million is included in the income statement increase in insurance contract liabilities and change in reinsurance assets, and $207 million is included in net claims and benefits. The Consolidated Statements of Income
change in insurance contract liabilities also includes the change in embedded derivatives associated with insurance contracts. Of the $7,941 million net increase in insurance contract liabilities related to new business and in-force movement, $7,710
million was an increase in actuarial liabilities. The remaining amount was an increase of $231&nbsp;million in other insurance contract liabilities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">New business policy liability impact is positive/(negative) when estimated future premiums, together with future investment income, are expected to be
more/(less) than sufficient to pay estimated future benefits, policyholder dividends and refunds, taxes (excluding income taxes) and expenses on new policies issued. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The net in-force movement over the year was $5,736 million, reflecting expected growth in insurance contract liabilities in all three divisions. This was largely
offset in the U.S. and Canada by changes in interest rates and the resulting impact on the fair value of assets which back those policy liabilities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">See Financial Performance &#150; Impact of Fair Value Accounting above. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The increase in policy liabilities from currency impact reflects the depreciation of the Canadian dollar relative to the U.S. dollar, Hong Kong dollar and
Japanese yen. To the extent assets are currency matched to liabilities, the increase in insurance contract liabilities due to currency impact is offset by a corresponding increase from currency impact in the value of assets supporting those
liabilities. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Consolidation </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company is required to consolidate the financial position and results of entities it controls. Control exists when the Company: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">has the power to govern the financial and operating policies of the entity; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">is exposed to a significant portion of the entity&#146;s variable returns; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">is able to use its power to influence variable returns from the entity. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>77</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company uses the same principles to assess control over any entity it is involved with. In evaluating control,
potential factors assessed include the effects of: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">substantive potential voting rights that are currently exercisable or convertible; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">contractual management relationships with the entity; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">rights and obligations resulting from policyholders to manage investments on their behalf; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the effect of any legal or contractual restraints on the Company from using its power to affect its variable returns from the entity.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">An assessment of control is based on arrangements in place and the assessed risk exposures at inception. Initial evaluations are
reconsidered at a later date if: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the Company acquires additional interests in the entity or its interests in an entity are diluted; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the contractual arrangements of the entity are amended such that the Company&#146;s involvement with the entity changes; or </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the Company&#146;s ability to use its power to affect its variable returns from the entity changes. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Subsidiaries are consolidated from the date on which control is obtained by the Company and cease to be consolidated from the date that control ceases. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Fair Value of Invested Assets </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A large
portion of the Company&#146;s invested assets are recorded at fair value. Refer to note 1 to the 2016 Consolidated Financial Statements for a description of the methods used in determining fair values. When quoted prices in active markets are not
available for a particular investment, significant judgment is required to determine an estimated fair value based on market standard valuation methodologies including discounted cash flow methodologies, matrix pricing, consensus pricing services,
or other similar techniques. The inputs to these market standard valuation methodologies include: current interest rates or yields for similar instruments, credit rating of the issuer or counterparty, industry sector of the issuer, coupon rate, call
provisions, sinking fund requirements, tenor (or expected tenor) of the instrument, management&#146;s assumptions regarding liquidity, volatilities and estimated future cash flows. Accordingly, the estimated fair values are based on available market
information and management&#146;s judgments about the key market factors impacting these financial instruments. Financial markets are susceptible to severe events evidenced by rapid depreciation in asset values accompanied by a reduction in asset
liquidity. The Company&#146;s ability to sell assets, or the price ultimately realized for these assets, depends upon the demand and liquidity in the market and increases the use of judgment in determining the estimated fair value of certain assets.
</FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Evaluation of Invested Asset Impairment </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">AFS fixed income and equity securities are carried at fair market value, with changes in fair value recorded in Other Comprehensive Income (&#147;OCI&#148;) with the exception of unrealized gains and losses on
foreign currency translation of AFS fixed income securities which are included in net income attributed to shareholders. Securities are reviewed on a regular basis and any fair value decrement is transferred out of Accumulated Other Comprehensive
Income (&#147;AOCI&#148;) and recorded in net income attributed to shareholders when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of a fixed income security or when fair value
of an equity security has declined significantly below cost or for a prolonged period of time. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Provisions for impairments of mortgage loans and private
placement loans are recorded with losses reported in earnings when there is no longer reasonable assurance as to the timely collection of the full amount of the principal and interest. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Significant judgment is required in assessing whether an impairment has occurred and in assessing fair values and recoverable values. Key matters considered include economic factors, Company and industry specific
developments, and specific issues with respect to single issuers and borrowers. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Changes in circumstances may cause future assessments of asset
impairment to be materially different from current assessments, which could require additional provisions for impairment. Additional information on the process and methodology for determining the allowance for credit losses is included in the
discussion of credit risk in note 10 to the 2016 Consolidated Financial Statements. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Derivative Financial Instruments </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company uses derivative financial instruments (&#147;derivatives&#148;) including swaps, forwards and futures agreements, and options to help manage current and
anticipated exposures to changes in interest rates, foreign exchange rates, commodity prices and equity market prices, and to replicate permissible investments. Refer to note 5 to the 2016 Consolidated Financial Statements for a description of the
methods used to determine the fair value of derivatives. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The accounting for derivatives is complex and interpretations of the primary accounting
guidance continue to evolve in practice. Judgment is applied in determining the availability and application of hedge accounting designations and the appropriate accounting treatment under such accounting guidance. Differences in judgment as to the
availability and application of hedge accounting designations and the appropriate accounting treatment may result in a differing impact on the Consolidated Financial Statements of the Company from that previously reported. Assessments of hedge
effectiveness and measurements of ineffectiveness of hedging relationships are also subject to interpretations and estimations. If it was determined that hedge accounting designations were not appropriately applied, reported net income attributed to
shareholders could be materially affected. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>78</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Employee Future Benefits </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company maintains defined contribution and defined benefit pension plans and other post-employment plans for employees and agents, including registered (tax qualified) pension plans that are typically funded,
as well as supplemental non-registered (non-qualified) pension plans for executives, retiree welfare plans and disability welfare plans that are typically not funded. The largest of the defined benefit pension and retiree welfare plans in the U.S.
and Canada are the material plans that are discussed herein and that are the subject of the disclosures in note 16 to the 2016 Consolidated Financial Statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Due to the long-term nature of defined benefit pension and retiree welfare plans, the calculation of the defined benefit obligation and net benefit cost depends on various assumptions such as discount rates, salary
increase rates, cash balance interest crediting rates, health care cost trend rates and rates of mortality. These assumptions are determined by management and are reviewed annually. Changes in assumptions and differences between actual and expected
experience give rise to actuarial gains and losses that affect the amount of the defined benefit obligation and other comprehensive income (&#147;OCI&#148;). During 2016, the actual experience resulted in a gain of $136 million (2015 &#150; gain of
$39 million) for the defined benefit pension plans and a gain of $6 million (2015 &#150; gain of $5&nbsp;million) for the retiree welfare plans. These gains were fully recognized in OCI in 2016. The key assumptions, as well as the sensitivity of the
defined benefit obligation to changes in these assumptions, are presented in note 16 to the 2016 Consolidated Financial Statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Contributions to the
registered (tax qualified) defined benefit pension plans are made in accordance with the applicable U.S. and Canadian regulations. During 2016, the Company contributed $42 million (2015 &#150; $46 million) to these plans. As at
December&nbsp;31,&nbsp;2016, the difference between the fair value of assets and the defined benefit obligation for these plans was a surplus of $292 million (2015 &#150; surplus of $133 million). For 2017, the contributions to the plans are
expected to be approximately $33&nbsp;million. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s supplemental pension plans for executives are not funded; benefits under these plans
are paid as they become due. During 2016, the Company paid benefits of $65 million (2015 &#150; $73 million) under these plans. As at December&nbsp;31, 2016, the defined benefit obligation for these plans amounted to $782 million (2015 &#150; $834
million). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s retiree welfare plans are partially funded, although there are no regulations or laws governing or requiring the funding of
these plans. As at December&nbsp;31, 2016, the difference between the fair value of plan assets and the defined benefit obligation for these plans was a deficit of $79 million (2015 &#150; deficit of $78 million). </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Income Taxes </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company is subject to
income tax laws in various jurisdictions. Tax laws are complex and potentially subject to different interpretations by the taxpayer and the relevant tax authority. The provision for income taxes represents management&#146;s interpretation of the
relevant tax laws and its estimate of current and future income tax implications of the transactions and events during the period. A deferred tax asset or liability results from temporary differences between carrying values of the assets and
liabilities and their respective tax basis. Deferred tax assets and liabilities are recorded based on expected future tax rates and management&#146;s assumptions regarding the expected timing of the reversal of such temporary differences. The
realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carry forward periods under the tax law in the applicable tax jurisdiction. A deferred tax asset is recognized to the extent that
future realization of the tax benefit is probable. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the tax benefit will be realized. Factors in management&#146;s determination
include, among other things, the following: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">future taxable income exclusive of reversing temporary differences and carry forwards; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">future reversals of existing taxable temporary differences; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">taxable income in prior carryback years; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">tax planning strategies. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company may be
required to change its provision for income taxes if the ultimate deductibility of certain items is successfully challenged by taxing authorities or if estimates used in determining the amount of deferred tax assets to recognize change
significantly, or when receipt of new information indicates the need for adjustment in the recognition of deferred tax assets. Additionally, future events, such as changes in tax laws, tax regulations, or interpretations of such laws or regulations,
could have an impact on the provision for income tax, deferred tax balances, actuarial liabilities (see &#147;Critical Accounting and Actuarial Policies &#150; Expenses and Taxes&#148; above) and the effective tax rate. Any such changes could
significantly affect the amounts reported in the Consolidated Financial Statements in the year these changes occur. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Goodwill and
Intangible Assets </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Under IFRS, goodwill is tested at the cash generating unit level (&#147;CGU&#148;) or group of CGUs level. A CGU comprises the
smallest group of assets that are capable of generating largely independent cash flows and is either a business segment or a level below. The tests performed in 2016 demonstrated that there was no impairment of goodwill or intangible assets with
indefinite lives. Changes in discount rates and cash flow projections used in the determination of embedded values or reductions in market-based earnings multiples may result in impairment charges in the future, which could be material. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Impairment charges could occur in the future as a result of changes in economic conditions. The goodwill testing for 2017 will be updated based on the conditions
that exist in 2017 and may result in impairment charges, which could be material. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2016, we reported a $97 million charge to write-off a finite
intangible asset related to our John Hancock Long Term Care (&#147;JH LTC&#148;) distribution network. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>79</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Future Accounting and Reporting Changes </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">There are a number of new accounting and reporting changes issued under IFRS including those still under development by the International Accounting Standards Board
(&#147;IASB&#148;) that will impact the Company beginning in 2016. Summaries of each of the most recently issued key accounting standards are presented below. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(a) Changes effective in 2016 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(I) Amendments to IAS 16 &#147;Property,
Plant and Equipment&#148; and IAS 38 &#147;Intangible Assets&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Effective January&nbsp;1, 2016, the Company adopted the amendments issued to IAS
16 &#147;Property, Plant and Equipment&#148; and IAS 38 &#147;Intangible Assets&#148; which were issued in May 2014. These amendments were applied prospectively. The amendments clarified that depreciation or amortization of assets accounted for
under these two standards should reflect a pattern of consumption of the assets rather than reflect economic benefits expected to be generated from the assets. Adoption of these amendments did not have a significant impact on the Company&#146;s
Consolidated Financial Statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(II) Amendments to IAS 41 &#147;Agriculture&#148; and IAS 16 &#147;Property, Plant and
Equipment&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Effective January&nbsp;1, 2016, the Company adopted the amendments to IAS 41 &#147;Agriculture&#148; and IAS 16 &#147;Property,
Plant and Equipment&#148; which were issued in June 2014. These amendments were applied retrospectively. These amendments require that &#147;bearer plants&#148; (that is, plants used in the production of agricultural produce and not intended to be
sold as a living plant except for incidental scrap sales) should be considered as property, plant and equipment in the scope of IAS 16 and should be measured either at cost or revalued amount with changes recognized in OCI. Previously these plants
were in the scope of IAS 41 and were measured at fair value less cost to sell. These amendments only apply to the accounting requirements of a bearer plant and not agricultural land properties. The Company chose to carry bearer plants at cost.
Adoption of these amendments did not have a significant impact on the Company&#146;s Consolidated Financial Statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(III)
Amendments to IFRS 10 &#147;Consolidated Financial Statements&#148;, IFRS 12 &#147;Disclosure of Interests in Other Entities&#148;, and IAS 28 &#147;Investments in Associates and Joint Ventures&#148; </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Effective January&nbsp;1, 2016, the Company adopted amendments to IFRS 10 &#147;Consolidated Financial Statements&#148;, IFRS 12 &#147;Disclosure of Interests in
Other Entities&#148;, and IAS 28 &#147;Investments in Associates and Joint Ventures&#148; which were issued in December 2014. These amendments were applied retrospectively. The amendments clarify the requirements when applying the investment
entities consolidation exception. Adoption of these amendments did not have a significant impact on the Company&#146;s Consolidated Financial Statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(b) Accounting and reporting changes issued with an effective date later than 2016 </B></FONT></P> <P STYLE="margin-top:9px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(I) Annual Improvements 2014-2016 Cycle </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Annual Improvements 2014-2016 Cycle were issued in
December 2016 resulting in minor amendments to three standards and are effective for the Company starting January&nbsp;1, 2017. The Company is assessing the impact of these amendments. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(II) IFRS 16 &#147;Leases&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IFRS 16 &#147;Leases&#148; was issued in January 2016 and is
effective for years beginning on or after January&nbsp;1, 2019, to be applied retrospectively or on a modified retrospective basis. It will replace IAS 17 &#147;Leases&#148; and IFRIC 4 &#147;Determining whether an arrangement contains a
lease&#148;. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, the customer (&#147;lessee&#148;) and the supplier (&#147;lessor&#148;). The standard brings most
leases on-balance sheet for lessees under a single model, eliminating the previous classifications of operating and finance leases. Exemptions to this treatment are for lease contracts with low value assets or leases with duration less than one
year. The on-balance sheet treatment will result in the grossing up of the balance sheet due to right-of-use assets being recognized with offsetting liabilities. Lessor accounting will remain largely unchanged with previous classifications of
operating and finance leases being maintained. The Company is assessing the impact of this standard. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(III) Amendments to IAS 7
&#147;Statement of Cash Flows&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Amendments to IAS 7 &#147;Statement of Cash Flows&#148; were issued in January 2016 and are effective for annual
periods beginning on or after January 1, 2017, to be applied prospectively. These amendments require companies to provide information about changes in their financing liabilities. Adoption of these amendments is not expected to have a significant
impact on the Company&#146;s Consolidated Financial Statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(IV) IFRIC 22 Foreign Currency Transactions and Advance Consideration
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IFRIC 22 &#147;Foreign Currency Transactions and Advance Consideration&#148; was issued in December 2016, will be effective for annual periods
beginning on or after January&nbsp;1, 2018 and may be applied retrospectively or prospectively. IFRIC 22 addresses which foreign exchange rate to use to measure a foreign currency transaction when advance payments are made or received and
non-monetary assets or liabilities are recognized prior to recognition of the underlying transaction. IFRIC 22 does not relate to goods or services accounted for at fair value or at the fair value of consideration paid or received at a date other
than the date of initial recognition of the non-monetary asset or liability, or to income taxes, insurance contracts or reinsurance contracts. The foreign exchange rate on the day of the advance payment is used to measure the foreign currency
transaction. If multiple advance payments are made or received, each payment is measured separately. The Company is assessing the impact of this standard. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(V) IFRS 9 &#147;Financial Instruments&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IFRS 9 &#147;Financial Instruments&#148; was
issued in November 2009 and amended in October 2010,&nbsp;November 2013 and July 2014, and is effective for years beginning on or after January&nbsp;1, 2018, to be applied retrospectively, or on a modified retrospective basis. It is intended to
replace IAS 39 &#147;Financial Instruments: Recognition and Measurement&#148;. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>80</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The project has been divided into three phases: classification and measurement, impairment of financial assets, and
hedge accounting. IFRS 9&#146;s current classification and measurement methodology provides that financial assets are measured at either amortized cost or fair value on the basis of the entity&#146;s business model for managing the financial assets
and the contractual cash flow characteristics of the financial assets. The classification and measurement for financial liabilities remains generally unchanged; however, for a financial liability designated as at fair value through profit or loss,
revisions have been made in the accounting for changes in fair value attributable to changes in the credit risk of that liability. Gains or losses caused by changes in an entity&#146;s own credit risk on such liabilities are no longer recognized in
profit or loss but instead are reflected in OCI. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Revisions to hedge accounting were issued in November 2013 as part of the overall IFRS 9 project. The
amendment introduces a new hedge accounting model, together with corresponding disclosures about risk management activity for those applying hedge accounting. The new model represents a substantial overhaul of hedge accounting that will enable
entities to better reflect their risk management activities in their financial statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Revisions issued in July 2014 replace the existing incurred
loss model used for measuring the allowance for credit losses with an expected loss model. Changes were also made to the existing classification and measurement model designed primarily to address specific application issues raised by early adopters
of the standard. They also address the income statement accounting mismatches and short-term volatility issues which have been identified as a result of the insurance contracts project. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company expects to defer IFRS 9 until January&nbsp;1, 2021 as allowed under the amendments to IFRS 4 &#147;Insurance Contracts&#148; outlined below. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(VI) Amendments to IFRS 4 &#147;Insurance Contracts&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Amendments to IFRS 4 &#147;Insurance
Contracts&#148; were issued in September 2016, which will be effective for annual periods beginning on or after January&nbsp;1, 2018. The amendments introduce two approaches to address the concerns about the differing effective dates of IFRS 9
&#147;Financial Instruments&#148; and the forthcoming new insurance contracts standard: the overlay approach and the deferral approach. The overlay approach provides an option for all issuers of insurance contracts to adjust profit or loss for
eligible financial assets by removing any additional accounting volatility that may arise from applying IFRS 9 before the new insurance contracts standard. The deferral approach provides companies whose activities are predominantly related to
insurance an optional temporary exemption from applying IFRS 9 until January&nbsp;1, 2021. The Company expects to defer IFRS 9 until January&nbsp;1, 2021. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(VII) Amendments to IAS 12 &#147;Income Taxes&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Amendments to IAS 12 &#147;Income
Taxes&#148; were issued in January 2016 are effective for years beginning on or after January&nbsp;1, 2017 and to be applied retrospectively. The amendments clarify recognition of deferred tax assets relating to unrealized losses on debt instruments
measured at fair value. A deductible temporary difference arises when the carrying amount of the debt instrument measured at fair value is less than the cost for tax purposes, irrespective of whether the debt instrument is held for sale or held to
maturity. The recognition of the deferred tax asset that arises from this deductible temporary difference is considered in combination with other deferred taxes applying local tax law restrictions where applicable. In addition, when estimating
future taxable profits, consideration can be given to recovering more than the asset&#146;s carrying amount where probable. Adoption of these amendments is not expected to have a significant impact on the Company&#146;s Consolidated Financial
Statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(VIII) Amendments to IFRS 2 &#147;Share-Based Payment&#148; </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Amendments to IFRS 2 &#147;Share-Based Payment&#148; were issued in June 2016, and are effective for annual periods beginning on or after January&nbsp;1, 2018. The amendments clarify the effects of vesting and
non-vesting conditions on the measurement of cash-settled share-based payments; provide guidance on the classification of share-based payment transactions with net settlement features for withholding tax obligations; and clarify accounting for
modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. Adoption of these amendments is not expected to have a significant impact on the Company&#146;s
Consolidated Financial Statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>(IX) Amendments to IFRS 15 &#147;Revenue from Contracts with Customers&#148; </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In May 2014, IFRS 15 &#147;Revenue from Contracts with Customers&#148; was issued, and replaces IAS 11 &#147;Construction Contracts,&#148; IAS 18
&#147;Revenue&#148; and several interpretations. Amendments to IFRS 15 were issued in April 2016. IFRS 15 as amended is effective for annual periods beginning on or after January&nbsp;1, 2018, to be applied as described below. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">IFRS 15 clarifies revenue recognition principles, provides a robust framework for recognizing revenue and cash flows arising from contracts with customers and
enhances qualitative and quantitative disclosure requirements. IFRS 15 does not apply to insurance contracts, financial instruments and lease contracts. Accordingly, the adoption of IFRS 15 may impact the revenue recognition related to the
Company&#146;s asset management and service contracts and may result in additional financial statement disclosure. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The amendments clarify when a
promised good or service is separately identifiable from other promises in a contract; provide clarifications on how to apply the principal versus agent application guidance; and provide clarifications on how an entity will evaluate the nature of a
promise to grant a license of intellectual property to determine whether the promise is satisfied over time or at a point in time. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The amendments
provide two practical expedients to alleviate transition burden. An entity that uses the full retrospective approach may apply IFRS 15 only to contracts that are not completed as at the beginning of the earliest period presented. An entity may
determine the aggregate effect of all of the modifications that occurred between contract inception and the earliest date presented, rather than accounting for the effects of each modification separately. The Company is assessing the impact of this
standard. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>81</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Differences between IFRS and Hong Kong Financial Reporting Standards </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife&#146;s Consolidated Financial Statements are presented in accordance with IFRS. IFRS differs in certain respects from Hong Kong Financial Reporting
Standards (&#147;HKFRS&#148;). Until IFRS 17 &#147;Insurance Contracts&#148; is issued and becomes effective, IFRS 4 &#147;Insurance Contracts&#148; permits the use of the insurance standard in effect at the time an issuer adopts IFRS. IFRS
insurance contract liabilities are valued in Canada under standards established by the Canadian Actuarial Standards Board. In certain interest rate environments, insurance contract liabilities determined in accordance with HKFRS may be higher than
those computed in accordance with current IFRS. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>IFRS and Hong Kong Regulatory Requirements </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Insurers in Hong Kong are required by the Office of the Commissioner of Insurance to meet minimum solvency requirements. As at December&nbsp;31, 2016, the
Company&#146;s business that falls within the scope of these requirements has sufficient assets to meet the minimum solvency requirements under both Hong Kong regulatory requirements and IFRS. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>82</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_13"></A>Risk Factors </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our insurance, wealth and asset management and other financial services businesses subject Manulife to a broad range of risks. Management has identified the
following risks and uncertainties to which our businesses, operations and financial condition are subject. The risks and uncertainties described below are not the only ones facing us. Additional risks not presently known to us or that we currently
deem immaterial could also impair our businesses, operations and financial condition. If any of such risks should occur, the trading price of our securities, including common shares, preferred shares and debt securities, could decline, and you may
lose all or part of your investment. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Strategic Risk Factors </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">We operate in highly competitive markets and compete for customers with both insurance and non-insurance financial services companies. Customer loyalty and retention, and access to distributors, are important to
the Company&#146;s success and are influenced by many factors, including our distribution practices and regulations, product features, service levels, prices, and our financial strength ratings and reputation. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We may not be successful in executing our business strategies or these strategies may not achieve our objectives. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Refer to &#147;Risk Management &#150; Strategic Risk&#148; above. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The economic environment could be volatile and our regulatory environment will continue to evolve, potentially with higher capital requirements which could
materially impact our competitiveness. Further, the attractiveness of our product offerings relative to our competitors will be influenced by competitor actions as well as our own, and the requirements of the applicable regulatory regimes. For these
and other reasons, there is no certainty that we will be successful in implementing our business strategies or that these strategies will achieve the objectives we target. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Macro-economic factors may result in our inability to achieve business strategies and plans. Of note, economic factors such as flat or declining equity markets,
equity market volatility, or a period of prolonged low interest rates could impact our ability to achieve business objectives. Other factors, such as management actions taken to bolster capital and manage the Company&#146;s risk profile, including
new or amended reinsurance agreements, and additional actions that the Company may take to help manage near-term regulatory capital ratios or help mitigate equity market and interest rate exposures, could adversely impact our longer term earnings
potential. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Our insurance businesses are heavily regulated, and changes in regulation may reduce our profitability
and limit our growth. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Our insurance operations are subject to a wide variety of insurance and other laws and regulations. Insurance and securities regulators in Canada, the United
States, Asia and other jurisdictions regularly re-examine existing laws and regulations applicable to insurance companies, investment advisors, brokers-dealers and their products. Compliance with applicable laws and regulations is time consuming and
personnel-intensive, and changes in these laws and regulations or in the interpretation or enforcement thereof, may materially increase our direct and indirect compliance costs and other expenses of doing business, thus having a material adverse
effect on our results of operations and financial condition. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In addition, international regulators as well as domestic financial authorities and regulators in many countries have been reviewing their capital requirements
and are implementing, or are considering implementing, changes aimed at strengthening risk management and capitalization of financial institutions. Future regulatory capital, actuarial and accounting changes, including changes with a retroactive
impact, could have a material adverse effect on the Company&#146;s consolidated financial condition, results of operations and regulatory capital both on transition and going forward. In addition, such changes could have a material adverse effect on
the Company&#146;s position relative to that of other Canadian and international financial institutions with which Manulife competes for business and capital. See &#147;Risk Management &#150; Regulatory Updates&#148; section above for changes
related to a revised regulatory capital framework in Canada effective 2018. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In Canada, MFC and its principal operating subsidiary, MLI, are governed by the Insurance Companies Act (Canada)(&#147;ICA&#148;). The ICA is administered, and
the activities of the Company are supervised, by the Office of the Superintendent of Financial Institutions (&#147;OSFI&#148;). MLI is also subject to regulation and supervision under the insurance laws of each of the provinces and territories of
Canada. Regulatory oversight is vested in various governmental agencies having broad administrative power with respect to, among other things, dividend payments, capital adequacy and risk-based capital requirements, asset and reserve valuation
requirements, permitted investments and the sale and marketing of insurance contracts. These regulations are intended to protect policyholders and beneficiaries rather than investors and may adversely impact shareholder value.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Some recent examples of regulatory and professional standard developments which could impact our net income attributed to shareholders and/or capital position
are provided below. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The International Accounting Standards Board (&#147;IASB&#148;) issued an exposure draft of new accounting standard for insurance contracts in June 2013. The
standard is expected to be issued in 2017 with an effective date of 2021. For further discussion on the IASB exposure draft, refer to the risk factor entitled &#147;International Financial Reporting Standards will have a material impact on our
financial results&#148;. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">As outlined in the &#147;Risk Management &#150; Regulatory Updates&#148; section above, OSFI will be implementing a revised approach to the regulatory capital
framework in Canada to come into effect in 2018. The development of a new required capital framework for segregated funds (variable annuities) is progressing separately and will have a later implementation date. In addition, OSFI is considering
stand-alone capital requirements for Canadian operating life insurance companies, such as MLI. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>83</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In 2013, the International Association of Insurance Supervisors (&#147;IAIS&#148;) committed to the completion of several capital initiatives that would apply to
select global insurance groups to reflect their systemic importance to the international financial system, including Basic Capital Requirements introduced in 2015, and the Higher Loss Absorbency requirements to be implemented in 2019. The most
relevant for the Company is the IAIS plan to adopt a global Insurance Capital Standard in 2019 that will apply to all large internationally active insurance groups. It is not yet known how the proposals will affect capital requirements and the
competitive position of the Company. In addition, IAIS designates annually a group of Global Systemically Important Insurers (&#147;GSII&#148;) that are subject to incremental capital and oversight requirements. While Manulife was not named a GSII
in the past, there remains a risk of such a designation. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The National Association of Insurance Commissioners (&#147;NAIC&#148;) has been reviewing reserving and capital methodologies as well as the overall risk
management framework. These reviews will affect U.S. life insurers, including John Hancock, and could lead to increased reserving and/or capital requirements for our business in the United States. In addition, the NAIC is continuing to explore the
development of a group capital calculation tool; however, the scope of any such tool has not yet been determined. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The Actuarial Standards Board (&#147;ASB&#148;) promulgates Mortality improvement rates and the Ultimate Reinvestment Rate (&#147;URR&#148;) referenced in the
CIA Standards of Practice for the valuation of insurance contract liabilities. These promulgations are updated periodically and both are expected to be updated in 2017. In the event that new promulgations are published, they will apply to the
determination of actuarial liabilities and both may lead to a material increase in actuarial liabilities and a reduction in net income attributed to shareholders. In 2016, the Company updated economic reinvestment assumptions for risk-free rates
used in the valuation of policy liabilities which included a proactive 10 basis point reduction to our URR assumptions and a commensurate change in our calibration criteria for stochastic risk-free rates. If required, we will make further updates to
our economic reinvestment assumptions in 2017. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In the United States, state insurance laws regulate most aspects of our business, and our U.S. insurance subsidiaries are regulated by the insurance departments
of the states in which they are domiciled and the states in which they are licensed. State laws grant insurance regulatory authorities broad administrative powers with respect to, among other things: licensing companies and agents to transact
business; calculating the value of assets to determine compliance with statutory requirements; mandating certain insurance benefits; regulating certain premium rates; reviewing and approving policy forms; regulating unfair trade and claims
practices, including through the imposition of restrictions on marketing and sales practices, distribution arrangements and payment of inducements; regulating advertising; protecting privacy; establishing statutory capital and reserve requirements
and solvency standards; fixing maximum interest rates on insurance policy loans and minimum rates for guaranteed crediting rates on life insurance policies and annuity contracts; approving changes in control of insurance companies; restricting the
payment of dividends and other transactions between affiliates; and regulating the types, amounts and valuation of investments. Changes in any such laws and regulations, or in the interpretation or enforcement thereof by regulators, could
significantly affect our business, results of operations and financial condition. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Currently, the U.S. federal government does not directly regulate the business of insurance. However, federal legislation and administrative policies in several
areas can significantly and adversely affect state regulated insurance companies. These areas include financial services regulation, securities regulation, pension regulation, privacy, tort reform legislation and taxation. In addition, under the
Dodd-Frank Wall Street Reform and Consumer Protection Act (&#147;Dodd-Frank&#148;), the U.S. Board of Governors of the Federal Reserve has supervisory powers over non-bank financial companies that are determined to be systemically important,
including certain insurance companies. For further discussion on Dodd-Frank, refer to the risk factor entitled &#147;Dodd-Frank could adversely impact our results of operations and our liquidity&#148;. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Insurance guaranty associations in Canada and the United States have the right to assess insurance companies doing business in their jurisdiction for funds to
help pay the obligations of insolvent insurance companies to policyholders and claimants. Because the amount and timing of an assessment is beyond our control, the liabilities that we have currently established for these potential liabilities may
not be adequate. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">While many of the laws and regulations to which we are subject are intended to protect policyholders, beneficiaries, depositors and investors in our products and
services, others also set standards and requirements for the governance of our operations. Failure to comply with applicable laws or regulations could result in financial penalties or sanctions, and damage our reputation.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">From time to time, regulators raise issues during examinations or audits of Manulife that could have a material adverse impact on us. We cannot predict whether
or when regulatory actions may be taken that could adversely affect our operations. For further discussion of government regulation and legal proceedings refer to &#147;Government Regulation&#148; in MFC&#146;s Annual Information Form dated
February&nbsp;9, 2017 and &#147;Legal and Regulatory Proceedings&#148; below. Refer to the risk factor &#147;Our non-North American operations face political, legal, operational and other risks that could negatively affect those operations or our
results of operations and financial condition&#148; for further discussion on the impact to our operations. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Dodd-Frank could adversely impact our results of operations and our liquidity. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Dodd-Frank establishes a framework for regulation of over-the-counter (&#147;OTC&#148;) derivatives which affects activities of the Company that use derivatives
for various purposes, including hedging equity market, interest rate and foreign currency exposures. Regulations promulgated by the U.S. Commodities Futures Trading Commission and the U.S. Securities and Exchange Commission (&#147;SEC&#148;) under
Dodd-Frank require certain types of OTC derivative transactions to be executed through a centralized exchange or regulated facility and be cleared through a regulated clearinghouse. These rules impose additional costs on the Company.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Derivative transactions executed through exchanges or regulated facilities attract incremental collateral requirements in the form of initial margin, and require
variation margin to be cash settled on a daily basis which increases liquidity risk for the Company. The increase in margin requirements (relative to bilateral agreements) combined with a more restricted list of securities that qualify as eligible
collateral requires us to hold larger positions in cash and treasuries, which could reduce net income attributed to shareholders. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>84</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In-force OTC derivative transactions are grandfathered and will migrate to being cleared through exchanges over time, or the Company may elect to accelerate the
migration. As such, this may not become a significant risk for Manulife until a large portion of our derivatives have transitioned to clearinghouses (expected in the 2019 to 2022 timeframe) and market conditions adverse to liquidity (material
increases in interest rates and/or equity markets) have been experienced. However, in certain situations such as ratings downgrade, our counterparties may be able to accelerate the transition by exercising any potential rights to terminate the
contract.&nbsp;Some OTC derivative contracts also give Manulife and its counterparties the right to cancel the contract after specific dates.&nbsp;Any such cancellation by our counterparties could accelerate the transition to clearing.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Other jurisdictions in which Manulife operates in are expected to enact similar regulations within the next few years for cleared transactions as well as new
upfront collateral and more restrictive collateral (relative to the current OTC market) to cover changes in derivative values for non-cleared transactions. We cannot predict the effect of the legislation on our hedging costs, our hedging strategy or
its implementation, or whether Dodd-Frank and similar regulations in other jurisdictions will lead to an increase or decrease in or change in composition of the risks we seek to hedge. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>International Financial Reporting Standards will have a material impact on our financial results. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The IASB has stated that it expects to issue a new accounting standard for insurance contracts in 2017, with an effective date of 2021. Until this standard is
completed and becomes effective, IFRS does not currently prescribe an insurance contract measurement model and therefore, as permitted by IFRS 4 &#147;Insurance Contracts&#148;, insurance contract liabilities continue to be measured using CALM.
Under CALM, the measurement of actuarial liabilities is based on projected liability cash flows, together with estimated future premiums and net investment income generated from assets held to support those liabilities. </FONT></P></TD></TR></TABLE>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">This new standard will build upon an exposure draft of a new accounting standard for insurance contracts that the IASB issued in June 2013. The comment period on
that exposure draft ended on October&nbsp;25, 2013. We, along with other international companies in the industry, provided feedback on the significant issues we identified in relation to that exposure draft. This was supported by comprehensive field
testing of the proposal within the exposure draft response period, results of which were shared with the IASB. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">As drafted in 2013, the standard would create material volatility in our financial results and capital position; and could result in a lower discount rate used
for the determination of actuarial liabilities, thereby increasing our actuarial liabilities and reducing our equity. The Company&#146;s capital position (see note below) and income for accounting purposes could be highly correlated to prevailing
market conditions, resulting in material volatility of reported results, that may necessitate changes to business strategies. Note: The regulatory capital framework in Canada is currently aligned with IFRS. In Canada, OSFI will decide on the
appropriate recognition of the accounting outcomes within the regulatory capital framework. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Additionally, other jurisdictions may not adopt the standard as issued or on the same timeline as published by the IASB, and there is a possibility that Canada
will be the first to adopt the standard. Adopting the standard in Canada before it is adopted elsewhere could increase our cost of capital compared with global competitors and the banking sector in Canada. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Any mismatch between the underlying economics of our business and the new accounting standard could have significant unintended negative consequences on our
business model; and potentially affect our customers, shareholders and the capital markets. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Changes in tax laws,
tax regulations, or interpretations of such laws or regulations could make some of our products less attractive to consumers, could increase our corporate taxes or cause us to change the value of our deferred tax assets and liabilities as well as
our tax assumptions included in the valuation of our policy liabilities. This could have a material adverse effect on our business, results of operations and financial condition. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Many of the products that the Company sells benefit from one or more forms of preferred tax treatment under current income tax regimes. For example, the Company
sells life insurance policies that benefit from the deferral or elimination of taxation on earnings accrued under the policy, as well as permanent exclusion of certain death benefits that may be paid to policyholders&#146; beneficiaries. We also
sell annuity contracts that allow the policyholders to defer the recognition of taxable income earned within the contract. Other products that the Company sells, such as certain employer-paid health and dental plans, also enjoy similar, as well as
other, types of tax advantages. The Company also benefits from certain tax benefits, including tax-exempt interest, dividends-received deductions, tax credits (such as foreign tax credits), and favourable tax rates and/or income measurement rules
for tax purposes. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">There is risk that tax legislation could be enacted that would lessen or eliminate some or all of the tax advantages currently benefiting the Company or its
policyholders or its other clients. This could occur in the context of deficit reduction or other tax reforms. The effects of any such changes could result in materially lower product sales, lapses of policies currently held, and/or our incurrence
of materially higher corporate taxes, any of which could have a material adverse effect on our business, results of operations and financial condition. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Additionally, the Company may be required to change its provision for income taxes or carrying amount of deferred tax assets or liabilities if the
characterization of certain items is successfully challenged by taxing authorities or if future transactions or events, which could include changes in tax laws, tax regulations or interpretations of such laws or regulations, occur. Any such changes
could significantly affect the amounts reported in the consolidated financial statements in the year these changes occur. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Tax reform in the U.S. is a current topic. A reduction to the corporate tax rate would result in a write down in the value of our net deferred tax asset and
change to our assumptions, followed by a reduction in our ongoing effective tax rate. We estimate that a 1% reduction in the U.S. corporate tax rate would result in a one-time charge of approximately US$60 million related to our net deferred tax
asset position and assumptions in our policy liabilities and an annual benefit to tax expense reported in core earnings of US$15 million. Other tax reform changes could reduce or eliminate the annual benefit of the lower rate.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>85</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Access to capital may be negatively impacted by market conditions. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Disruptions, uncertainty or volatility in the financial markets may limit our access to capital required to operate our business. Such market conditions may
limit our ability to satisfy regulatory capital requirements, to access the capital necessary to grow our business and meet our refinancing requirements. Under extreme conditions, we may be forced, among other things, to delay raising capital, issue
different types of capital than we would otherwise, less effectively deploy such capital, issue shorter term securities than we prefer, or issue securities that bear an unattractive cost of capital which could decrease our profitability, dilute our
existing shareholders, and significantly reduce our financial flexibility. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We may experience future downgrades in
our financial strength or credit ratings, which may materially adversely impact our financial condition and results of operations. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Credit rating agencies publish financial strength ratings on life insurance companies that are indicators of an insurance company&#146;s ability to meet contract
holder and policyholder obligations. Credit rating agencies also assign credit ratings, which are indicators of an issuer&#146;s ability to meet the terms of its obligations in a timely manner, and are important factors in a company&#146;s overall
funding profile and ability to access external capital. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Ratings are important factors in establishing the competitive position of insurance companies, maintaining public confidence in products being offered, and
determining the cost of capital. A ratings downgrade, or the potential for such a downgrade could, among other things: increase our cost of capital and limit our access to the capital markets; cause some of our existing liabilities to be subject to
acceleration, additional collateral support, changes in terms, or additional financial obligations; result in the termination of our relationships with broker-dealers, banks, agents, wholesalers and other distributors of our products and services;
unfavourably impact our ability to execute on our hedging strategies; materially increase the number of surrenders, for all or a portion of the net cash values, by the owners of policies, contracts and general account guaranteed interest contracts
(&#147;GICs&#148;) we have issued, and materially increase the number of withdrawals by policyholders of cash values from their policies; and reduce new sales, particularly with respect to general account GICs purchased by pension plans and other
institutions. Any of these consequences could adversely affect our results of operations and financial condition. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Credit rating agencies remain concerned with: our capital and net earnings volatility associated with fair-value accounting; net residual exposures to equity
markets and lower interest rates; challenges associated with managing in-force long-term care, universal life with secondary guarantees and variable annuity products in the U.S. Some credit rating agencies also view our financial leverage and
earnings coverage metrics as not meeting expectations. There can be no guarantee that downgrades will not occur. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">It is possible that there will be changes in the benchmarks for capital, liquidity, earnings and other factors used by these credit rating agencies that are
important to a ratings assignment at a particular rating level. Any such changes could have a negative impact on our ratings, which could adversely impact our results of operations, financial condition and access to capital markets.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Competitive factors may adversely affect our market share and profitability. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The insurance, wealth and asset management industries are highly competitive. Our competitors include other insurers, securities firms, investment advisors,
mutual funds, banks and other financial institutions. Our competitors compete with us for customers, access to distribution channels such as brokers and independent agents, and for employees. In some cases, competitors may be subject to less onerous
regulatory requirements, have lower operating costs or have the ability to absorb greater risk while maintaining their financial strength ratings, thereby allowing them to price their products more competitively or offer features that make their
products more attractive. These competitive pressures could result in increased pricing pressures on a number of our products and services and may harm our ability to maintain or increase our profitability. Because of the highly competitive nature
of the financial services industry, there can be no assurance that we will continue to effectively compete with our industry rivals and competitive pressure may have a material adverse effect on our business, results of operations and financial
condition. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We may experience difficulty in marketing and distributing products through our current and future
distribution channels. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We distribute our insurance and wealth management products through a variety of distribution channels, including brokers, independent agents, broker-dealers,
banks, wholesalers, affinity partners, other third-party organizations and our own sales force in Asia. We generate a significant portion of our business through individual third-party arrangements. We periodically negotiate provisions and renewals
of these relationships, and there can be no assurance that such terms will remain acceptable to us or relevant third parties. An interruption in our continuing relationship with certain of these third parties could significantly affect our ability
to market our products and could have a material adverse effect on our business, results of operations and financial condition. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Industry trends could adversely affect the profitability of our businesses. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Our business segments continue to be influenced by a variety of trends that affect our business and the financial services industry in general. The impact of the
volatility and instability of the financial markets on our business is difficult to predict. The Company&#146;s business plans, financial condition and results of operations have been, in the recent past, and may in the future, be negatively
impacted or affected. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>86</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We may face unforeseen liabilities or asset impairments arising from possible acquisitions and
dispositions of businesses or difficulties integrating acquired businesses. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We have engaged in acquisitions and dispositions of businesses in the past, and expect to continue to do so in the future as we may deem appropriate. There could
be unforeseen liabilities or asset impairments, including goodwill impairments that arise in connection with the businesses that we may sell, have acquired, or may acquire in the future. In addition, there may be liabilities or asset impairments
that we fail, or are unable, to discover in the course of performing due diligence investigations on acquisition targets. Furthermore, the use of our own funds as consideration in any acquisition would consume capital resources that would no longer
be available for other corporate purposes. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Our ability to achieve some or all of the benefits we anticipate from any acquisitions of businesses will depend in large part upon our ability to successfully
integrate the businesses in an efficient and effective manner. We may not be able to integrate the businesses smoothly or successfully, and the process may take longer than expected. The integration of operations may require the dedication of
significant management resources, which may distract management&#146;s attention from our day-to-day business. Acquisitions of operations outside of North America, especially any acquisition in a jurisdiction in which we do not currently operate,
may be particularly challenging or costly to integrate. If we are unable to successfully integrate the operations of any acquired businesses, we may be unable to realize the benefits we expect to achieve as a result of the acquisitions and the
results of operations may be less than expected. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>If our businesses do not perform well, or if the outlook for our
businesses is significantly lower than historical trends, we may be required to recognize an impairment of goodwill or intangible assets or to establish a valuation allowance against our deferred tax assets, which could have a material adverse
effect on our results of operations and financial condition. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Goodwill represents the excess of the amounts we paid to acquire subsidiaries and other businesses over the fair value of their net identifiable assets at the
date of acquisition. Intangible assets represent assets that are separately identifiable at the time of an acquisition and provide future benefits such as the John Hancock brand. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Goodwill and intangible assets with indefinite lives are tested at least annually for impairment. Goodwill is tested at the cash generating unit
(&#147;CGU&#148;) or group of CGUs level, representing the smallest group of assets that is capable of generating largely independent cash flows. The Company completed its 2016 goodwill and intangible asset tests in the fourth quarter of 2016, and
as a result, management concluded that there was no impairment of goodwill or intangible assets with indefinite lives. Going forward, as a result of the impact of economic conditions and changes in product mix and the granular level of goodwill
testing under IFRS, additional impairment charges could occur in the future. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">At December&nbsp;31, 2016, under IFRS we had $5,884 million of goodwill and $4,223 million of intangible assets. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">If market conditions deteriorate in the future and, in particular, if MFC&#146;s common share price is low relative to book value per share, if the
Company&#146;s actions to limit risk associated with its products or investments cause a significant change in any one CGU&#146;s recoverable amount, or if the outlook for a CGU&#146;s results deteriorate, the Company may need to reassess the value
of goodwill and/or intangible assets which could result in impairments during 2017 or subsequent periods. Such impairments could have a material adverse effect on our results of operations and financial condition. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Deferred income tax balances represent the expected future tax effects of the differences between the book and tax basis of assets and liabilities, loss carry
forwards and tax credits. Deferred tax assets are recorded when the Company expects to claim deductions on tax returns in the future for expenses that have already been recorded in the financial statements. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The availability of those deductions is dependent on future taxable income against which the deductions can be made. Deferred tax assets are assessed
periodically by management to determine if they are realizable. Factors in management&#146;s determination include the performance of the business including the ability to generate gains from a variety of sources and tax planning strategies. If
based on information available at the time of the assessment, it is determined that the deferred tax asset will not be realized, then the deferred tax asset is reduced to the extent that it is no longer probable that the tax benefit will be
realized. At December&nbsp;31,&nbsp;2016, we had $4,439 million of deferred tax assets. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We may not be able to
protect our intellectual property and may be subject to infringement claims. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We rely on a combination of contractual rights and copyright, trademark, patent and trade secret laws to establish and protect our intellectual property. In
particular, we have invested considerable resources in promoting the brand names &#147;Manulife&#148; and &#147;John Hancock&#148; and expect to continue to do so. Although we use a broad range of measures to protect our intellectual property
rights, third parties may infringe or misappropriate our intellectual property. We may have to litigate to enforce and protect our copyrights, trademarks, patents, trade secrets and know-how or to determine their scope, validity or enforceability,
which represents a diversion of resources that may be significant in amount and may not prove successful. The loss of intellectual property protection or the inability to secure or enforce the protection of our intellectual property assets could
have a material adverse effect on our business and our ability to compete. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We also may be subject to costly litigation in the event that another party alleges our operations or activities infringe upon its intellectual property rights.
Third parties may have, or may eventually be issued, patents that could be infringed by our products, methods, processes or services. Any party that holds such a patent could make a claim of infringement against us. We may also be subject to claims
by third parties for breach of copyright, trademark, trade secret or license usage rights. Any such claims and any resulting litigation could result in significant liability for damages. If we were found to have infringed a third-party patent or
other intellectual property rights, we could incur substantial liability, and in some circumstances could be enjoined from providing certain products or services to our customers or utilizing and benefiting from certain methods, processes,
copyrights, trademarks, trade </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>87</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:ARIAL" SIZE="2">
secrets or licenses, or alternatively could be required to enter into costly licensing arrangements with third parties, all of which could have a material adverse effect on our business, results
of operations and financial condition. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Applicable laws may discourage takeovers and business combinations that
common shareholders of MFC might consider in their best interests. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The ICA contains restrictions on the purchase or other acquisition, issue, transfer and voting of the shares of an insurance company. In addition, under
applicable U.S. insurance laws and regulations in states where certain of our insurance company subsidiaries are domiciled, no person may acquire control of MFC without obtaining prior approval of those states&#146; insurance regulatory authorities.
These restrictions may delay, defer, prevent, or render more difficult a takeover attempt that common shareholders of MFC might consider in their best interests. For instance, they may prevent shareholders of MFC from receiving the benefit from any
premium to the market price of MFC&#146;s common shares offered by a bidder in a takeover context. Even in the absence of a takeover attempt, the existence of these provisions may adversely affect the prevailing market price of MFC&#146;s common
shares if they are viewed as discouraging takeover attempts in the future. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Entities within the MFC Group are
interconnected which may make separation difficult. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">MFC operates in local markets through subsidiaries and branches of subsidiaries. These local operations are financially and operationally interconnected to
lessen expenses, share and reduce risk, and efficiently utilize financial resources. In general, external capital required for companies in the Manulife group has been raised at the MFC or MLI level and then transferred to other entities as equity
or debt capital as appropriate. Other linkages include the use of loans, guarantees, capital maintenance agreements, derivatives, shared services and reinsurance. Accordingly, the risks undertaken by a subsidiary may be transferred to or shared by
affiliates through financial and operational linkages. Some of the consequences of this are: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Financial difficulties at a subsidiary may not be isolated and could cause material adverse effects on affiliates and the group as a whole.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Linkages may make it difficult to dispose of or separate a subsidiary or business within the group by way of a spin-off or similar transaction and the
disposition or separation of a subsidiary or business may not fully eliminate the liability of the Company and its remaining subsidiaries for shared risks. Issues raised by such a transaction could include, (i)&nbsp;MFC and its remaining
subsidiaries may continue to have residual risk under guarantees and reinsurance arrangements that could not be terminated; (ii)&nbsp;internal capital mobility and efficiency could be limited; (iii)&nbsp;significant potential tax consequences;
(iv)&nbsp;uncertainty about the accounting and regulatory outcomes of such a transaction; (v)&nbsp;there may be a requirement for significant capital injections; and (vi)&nbsp;the transaction may result in increased sensitivity of net income
attributed to shareholders and capital of MFC and its remaining subsidiaries to market declines. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Market Risk
Factors </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Our most significant source of publicly traded equity risk arises from variable annuity and segregated funds with
guarantees, where the guarantees are linked to the performance of the underlying funds. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Publicly traded equity performance risk arises from a variety of sources, including guarantees associated with certain variable annuity and segregated fund
products, asset based fees, and investments in publicly traded equities supporting both our general fund products and our surplus segment. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Guaranteed benefits are contingent and payable upon death, maturity, permitted withdrawal or annuitization. If equity markets decline or even if they increase by
an amount lower than that assumed in our actuarial valuation, additional liabilities may need to be established to cover the contingent liabilities, resulting in a reduction in net income attributed to shareholders and regulatory capital ratios.
Further, if equity markets do not recover to the amount of the guarantees, by the dates the liabilities are due, the accrued liabilities will need to be paid out in cash. In addition, sustained flat or declining public equity markets would likely
reduce asset based fee revenues related to variable annuities and segregated funds with guarantees and related to other wealth and insurance products. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Where publicly traded equity investments are used to support policy liabilities, the policy valuation incorporates projected investment returns on these assets.
If actual returns are lower than the expected returns, the Company&#146;s policy liabilities will increase, reducing net income attributed to shareholders. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">For products where the investment strategy applied to future cash flows in the policy valuation includes investing a specified portion of future cash flows in
publicly traded equities, a decline in the value of publicly traded equities relative to other assets could require us to change the investment mix assumed for future cash flows, which may increase policy liabilities and reduce net income attributed
to shareholders. A reduction in the outlook for expected future returns for publicly traded equities, which could result from a fundamental change in future expected economic growth, would increase policy liabilities and reduce net income attributed
to shareholders. Furthermore, to the extent publicly traded equities are held as AFS, other than temporary impairments that arise will reduce income. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Expected long-term annual market growth assumptions for public equities for key markets are based on long-term historical observed experience. In the stochastic
valuations of our segregated fund guarantee business, those rates inclusive of dividends are 9.5%&nbsp;per annum in Canada, 9.6%&nbsp;per annum in the U.S., 6.2%&nbsp;per annum in Japan and vary between 7.8% and 9.85% for European equity funds. The
calibration of the economic scenario generators that are used to value segregated fund guarantee business complies with current CIA Standards of Practice for the valuation of these products. Implicit margins, determined through stochastic valuation
processes, lower net yields used to establish policy liabilities. Assumptions used for public equities backing </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>88</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:ARIAL" SIZE="2">
liabilities are also developed based on historical experience but are constrained by different CIA Standards of Practice and differ slightly from those used in stochastic valuation. Alternative
asset return assumptions vary based on asset class but are largely consistent, after application of valuation margins and differences in taxation, with returns assumed for public equities. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We experience interest rate and spread risk within the general fund primarily due to the uncertainty of future returns on investments.
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Interest rate and spread risk arises from general fund guaranteed benefit products, general fund adjustable benefit products with minimum rate guarantees,
general fund products with guaranteed surrender values, segregated fund products with minimum benefit guarantees and from surplus fixed income investments. The risk arises within the general fund primarily due to the uncertainty of future returns on
investments to be made as assets mature and as recurring premiums are received and invested or reinvested to support longer dated liabilities. Interest rate risk also arises due to minimum rate guarantees and guaranteed surrender values on products
where investment returns are generally passed through to policyholders. In order to reduce interest rate risk, the duration of fixed income investments in liability and surplus segments is lengthened by entering into interest rate hedges.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The valuation of policy liabilities reflects assumptions for the yield on future investments and the projected cash flows associated with interest rate hedges. A
general decline in interest rates, without a change in corporate bond spreads and swap spreads, will reduce the assumed yield on future investments but favourably impact the value of lengthening interest rate hedges. Conversely, a general increase
in interest rates, without a change in corporate bond spreads and swap spreads, will increase the assumed yield on future investments, but unfavourably impact the value of lengthening interest rate hedges. The Company&#146;s disclosed estimated
impact from interest rate movements reflects a parallel increase and decrease in interest rates of specific amounts. The reinvestment assumptions used in the valuation of our insurance liabilities are based on interest rate scenarios and calibration
criteria set by the Actuarial Standards Board, while our interest rate hedges are valued using current market interest rates. Therefore, in any particular quarter, changes to the reinvestment assumptions are not fully aligned to changes in current
market interest rates especially when there is a significant change in the shape of the interest rate curve. As a result, the impact from non-parallel movements may be materially different from the estimated impact of parallel movements<I>.</I>
Furthermore, changes in interest rates could change the reinvestment scenarios used in the calculation of our actuarial liabilities. The reinvestment scenario changes tend to amplify the negative effects of a decrease in interest rates, and dampen
the positive effects of interest rate increases. In addition, decreases in corporate bond spreads or increases in swap spreads will result in an increase in policy liabilities and a reduction in net income attributed to shareholders, while an
increase in corporate bond spreads or a decrease in swap spreads will have the opposite impact. The impact of changes in interest rates and in spreads may be partially offset by changes to credited rates on adjustable products that pass through
investment returns to policyholders. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">For segregated fund and variable annuity products, a sustained increase in interest rate volatility or a decline in interest rates would also likely increase the
costs of hedging the benefit guarantees provided. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We experience ALDA performance risk when actual returns are lower
than expected returns. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">ALDA performance risk arises from general fund investments in commercial real estate, timber properties, farmland properties, infrastructure, oil and gas
properties, and private equities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Where these assets are used to support policy liabilities, the policy valuation incorporates projected investment returns on these assets. ALDA assumptions vary
by asset class and generally have a similar impact on policy liabilities as public equities would. If actual returns are lower than the expected returns, the Company&#146;s policy liabilities will increase, reducing net income attributed to
shareholders. A reduction in the outlook for expected future returns for ALDA, which could result from a variety of factors such as a fundamental change in future expected economic growth or declining risk premiums due to increased competition for
such assets, would increase policy liabilities and reduce net income attributed to shareholders. Further, if returns on certain external asset benchmarks used to determine permissible assumed returns under the CIA Standards of Practice are lower
than expected, the Company&#146;s policy liabilities will increase, reducing net income attributed to shareholders. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In recent periods, the value of oil and gas assets has been negatively impacted by the decline in energy prices and could be further negatively affected by
additional declines in energy prices as well as by a number of other factors including production declines, adverse operating results, the impact of weather conditions on seasonal demand, our ability to execute on capital programs, incorrect
assessments of the value of acquisitions, uncertainties associated with estimating oil and natural gas reserves, difficult economic conditions and geopolitical events. Changes in government regulation of the oil and gas industry, including
environmental regulation, carbon taxes and changes in the royalty rates resulting from provincial royalty reviews, could also adversely affect the value of our oil and gas investments. The negative impact of changes in these factors can take time to
be fully reflected in the valuations of these investments, especially if the change is large and rapid. It can take time for market participants to adjust their forecasts and better understand the potential medium to long term impact of the changes.
As a result, valuation changes in any given period may reflect the delayed impact of events that occurred in prior periods. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Difficult economic conditions could result in higher vacancy, lower rental rates and lower demand for real estate investments, all of which would negatively
impact the value of our real estate investments. Difficult economic conditions could also prevent companies in which we have made private equity investments from achieving their business plans and could cause the value of these investments to fall,
or even cause the companies to fail entirely. Declining valuation multiples in the public equity market would also likely cause values to decline in our private equity portfolio. The timing and amount of investment income from private equity
investments is difficult to predict, and investment income from these investments can vary from quarter to quarter. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In addition, a rising interest rate environment could result in the value of some of our ALDA investments declining, particularly those with fixed contractual
cash flows such as real estate. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>89</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We rely on a diversified portfolio of ALDA assets to generate returns. Diversification benefits may go down over time, especially during a period of economic
stress, which would adversely affect portfolio returns. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company determines investment return assumptions for alternative long-duration assets in accordance with the Standards of Practice for the valuation of
insurance contract liabilities and guidance published by the CIA. The guidance requires that the investment return assumption for these assets should not be higher than the historical long-term average returns of an appropriate broad-based index.
Where such experience is not available, the investment return assumption for these assets should not result in a lower reserve than an assumption based on a historical return benchmark for public equities in the same jurisdiction. As a result, the
impact of changes in the historical returns for public equity benchmarks may result in an update to our investment return assumptions. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Our liabilities are valued based on an assumed asset investment strategy over the long-term. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We assume an investment strategy for the assets that back our liabilities. The strategy involves making assumptions on the kind of assets we will invest and the
returns such assets will generate. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We may not be able to implement our investment strategy as assumed due to a lack of assets available at the returns we assume. This may result in a change in
investment strategy and/or assumed future returns, thus adversely impacting our financial results. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We experience
foreign exchange risk as a substantial portion of our business is transacted in currencies other than Canadian dollars. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Our financial results are reported in Canadian dollars. A substantial portion of our business is transacted in currencies other than Canadian dollars, mainly
U.S. dollars, Hong Kong dollars and Japanese yen. If the Canadian dollar strengthens relative to these currencies, net income attributed to shareholders would decline and our reported shareholders&#146; equity would decline. Further, to the extent
that the resultant change in available capital is not offset by a change in required capital, our regulatory capital ratios would be reduced. A weakening of the Canadian dollar against the foreign currencies in which we do business would have the
opposite effect, and would increase net income attributed to shareholders and shareholders&#146; equity and would potentially increase our regulatory capital ratios. See &#147;Impact of Foreign Exchange Rates&#148; above.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>The Company&#146;s hedging strategies will not fully reduce the market risks related to the product guarantees and
fees being hedged, hedging costs may increase and the hedging strategies expose the Company to additional risks. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s market risk hedging strategies include a variable annuity guarantee dynamic hedging strategy and a macro equity risk hedging strategy. The
variable annuity dynamic hedging strategy is designed to hedge the sensitivity of variable annuity guarantee policy liabilities to fund performance (both public equity and bond funds) and interest rate movements. The macro equity risk hedging
strategy is designed to hedge a portion of our earnings sensitivity to public equity market movements arising from variable annuity guarantees not dynamically hedged, directly held exposures, and from other products and fees. Some of the limitations
and risks associated with each strategy are described below. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Our hedging strategies rely on the execution of derivative transactions in a timely manner. Therefore, hedging costs and the effectiveness of the strategy may be
negatively impacted if markets for these instruments become illiquid. The Company is subject to the risk of increased funding and collateral demands which may become significant as equity markets increase. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company is also subject to counterparty risks arising from the derivative instruments and to the risk of increased funding and collateral demands which may
become significant as equity markets and interest rates increase. The strategies are highly dependent on complex systems and mathematical models that are subject to error and rely on forward-looking long-term assumptions that may prove inaccurate,
and which rely on sophisticated infrastructure and personnel which may fail or be unavailable at critical times. Due to the complexity of the strategies there may be additional, unidentified risks that may negatively impact our business and future
financial results. In addition, rising equity markets and interest rates that would otherwise result in profits on variable annuities will be offset by losses from our hedging positions. Refer to the risk factor &#147;If a counterparty fails to
fulfill its obligations, we may be exposed to risks we had sought to mitigate&#148; for further information pertaining to counterparty risks. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Under certain market conditions, which include a sustained increase in realized equity and interest rate volatilities, a decline in interest rates, or an
increase in the correlation between equity returns and interest rate declines, the costs of hedging the benefit guarantees provided in variable annuities may increase or become uneconomic. In addition, there can be no assurance that our dynamic
hedging strategy will fully offset the risks arising from the variable annuities being hedged. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Policy liabilities and MCCSR required capital for variable annuity guarantees are determined using long-term forward-looking estimates of volatilities. These
long-term forward-looking volatilities assumed for policy liabilities and required capital meet the CIA and OSFI calibration standards. To the extent that realized equity or interest rate volatilities in any quarter exceed the assumed long-term
volatilities, or correlations between interest rate changes and equity returns are higher, there is a risk that rebalancing will be greater and more frequent, resulting in higher hedging costs. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The level of guarantee claims ultimately paid will be impacted by policyholder longevity and policyholder activity including the timing and amount of
withdrawals, lapses and fund transfers. The sensitivity of liability values to equity market and interest rate movements that we hedge are based on long-term expectations for longevity and policyholder activity, since the impact of actual longevity
and policyholder experience variances cannot be hedged using capital markets instruments. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>90</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Changes in market interest rates may impact our net income attributed to shareholders and capital
ratios. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A prolonged low interest rate environment may result in charges related to lower fixed income reinvestment assumptions and an increase in new business strain
until products are repositioned for the lower rate environment. Other potential consequences of low interest rates include: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Low interest rates could negatively impact sales; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Lower risk-free rates tend to increase the cost of hedging, and as a result the offering of guarantees could become uneconomic; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The reinvestment of cash flows into low yielding AFS bonds could result in lower future earnings on surplus; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A lower interest rate environment could be correlated with other macro-economic factors including unfavourable economic growth and lower returns on other asset
classes; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Lower interest rates could contribute to potential impairments of goodwill; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Lower interest rates could lead to lower mean bond parameters used for the stochastic valuation of segregated fund guarantees, resulting in higher policy
liabilities; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Lower interest rates would also reduce expected earnings on in-force policies, which would reduce core earnings, lower net income attributed to shareholders and
may increase new business strain until products are repositioned for the lower rate environment; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A prolonged low interest environment may also result in the Actuarial Standard Board lowering the promulgated Ultimate Reinvestment Rate (&#147;URR&#148;) and
require us to increase our provisions; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The difference between the current investable returns and the returns used in pricing new business are generally capitalized when new business is written. Lower
interest rates result in higher new business strain until products are re-priced or interest rates increase; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Fixed income reinvestment rates other than the URR are based on current market rates. The net income sensitivity to changes in current rates is outlined in the
section &#147;Interest Rate and Spread Risk Sensitivities and Exposure Measures&#148; above. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>AFS investments are
recorded at fair value, but losses arising on those investments may not have been recorded in income. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Some of our investments are classified as AFS. AFS debt securities are recorded at fair value, but unrealized gains and losses are recorded in a separate
component of equity and are not charged to net income attributed to shareholders. Unrealized gains are recorded in net income attributed to shareholders when the related asset is sold. Unrealized losses are recorded in net income attributed to
shareholders either when the related asset is sold or when the related asset is considered impaired and the impairment is not considered to be temporary. Should market levels decline, impairments may be judged to be other than temporary and part or
all of any unrealized losses may be charged against future income as a result. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Our valuation of certain financial instruments may include methodologies, estimations and assumptions which are subjective in nature. Changes to investment
valuations may arise in the future which materially adversely affect our results of operations and financial condition. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The fair value for certain of our investments that are not actively traded is determined using models and other valuation techniques. These values therefore
incorporate considerable judgment and involve making estimates including those related to the timing and amounts of expected future cash flows and the credit standing of the issuer or counterparty. The use of different methodologies and assumptions
may have a material effect on the estimated fair value amounts. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Significant market disruption could result in rapidly widening credit spreads and illiquidity, volatile markets and for some instruments significantly reduced
trading activity. It has been, and may continue to be difficult to value certain of our securities if trading is less active and/or market data is harder to observe. Consequently, valuations may include inputs and assumptions that are less
observable or require greater estimation thereby resulting in values which may differ materially from the value at which the investments may be ultimately sold. Further, rapidly changing credit and equity market conditions could materially impact
the valuation of securities as reported within our Consolidated Financial Statements and the period-to-period changes in value could vary significantly. Decreases in value that become recognizable in future periods could have a material adverse
effect on our results of operations and financial condition. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Liquidity Risk Factors </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife is exposed to liquidity risk in each of our operating companies and in our holding company. In the operating companies, expected cash and collateral
demands arise day-to-day to fund anticipated policyholder benefits, withdrawals of customer deposit balances, reinsurance settlements, derivative instrument settlements/collateral pledging, expenses, investment and hedging activities. Under stressed
conditions, unexpected cash and collateral demands could arise primarily from a change in the level of policyholders either terminating policies with large cash surrender values or not renewing them when they mature, withdrawals of customer deposit
balances, borrowers renewing or extending their loans when they mature, derivative settlements or collateral demands, and reinsurance settlements or collateral demands. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Adverse capital and credit market conditions may significantly affect our liquidity risk. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Reduced asset liquidity may restrict our ability to sell certain types of assets for cash without taking significant losses. If providers of credit preserve
their capital, our access to borrowing from banks and others or access to other types of credit such as letters of credit, may be reduced. If investors have a negative perception of our creditworthiness, this may reduce access to wholesale
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>91</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:ARIAL" SIZE="2">
borrowing in the debt capital markets, or increase borrowing costs. Should large and unexpected cash outflows occur, exceeding our worst case stress testing, we may be forced to sell assets at a
loss or raise additional funds at significant cost in order to meet our liquidity needs. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We are dependent on cash flow from operations, a pool of highly liquid money market securities and holdings of sovereign bonds, near-sovereign bonds and other
liquid marketable securities to provide liquidity. We need liquidity to meet our payment obligations including those related to insurance and annuity benefits, cashable liabilities, our operating expenses, interest on our debt, dividends on our
equity capital, and to replace maturing and certain callable liabilities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Liquid assets are also required to pledge as collateral to support activities such as the use of derivatives for hedging purposes and to cover cash settlement
associated with exchange-traded derivatives that are settled with exchanges. The implementation of Dodd-Frank in the United States increased the amount of derivatives executed through centralized exchanges and cleared through regulated
clearinghouses and therefore increased related liquidity risk. Other jurisdictions in which we operate could enact similar regulations within the next few years for cleared transactions as well as new upfront collateral and more restrictive
collateral (relative to the current OTC market) to cover changes in derivative values for non-cleared transactions. The principal sources of our liquidity are cash and our assets that are readily convertible into cash, including insurance and
annuity premiums, fee income earned on AUM, money market securities, and cash flow from our investment portfolio. The issuance of long-term debt, common and preferred shares and other capital securities may also increase our available liquid assets
or be required to replace certain maturing or callable liabilities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In the event we seek additional financing, the availability and terms of such financing will depend on a variety of factors including market conditions, the
availability of credit to the financial services industry, our credit ratings and credit capacity, as well as the possibility that customers, lenders or investors could develop a negative perception of our long-term or short-term financial prospects
if we incur large financial losses or if the level of our business activity decreases further due to a significant market downturn. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We are exposed to re-pricing risk on letters of credit. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In the normal course of business, third-party banks issue letters of credit on our behalf. In lieu of posting collateral, our businesses utilize letters of
credit for which third parties are the beneficiaries, as well as for affiliate reinsurance transactions between subsidiaries of MFC. Letters of credit and letters of credit facilities must be renewed periodically. At time of renewal, the Company is
exposed to re-pricing risk and under adverse conditions increases in costs may be realized. In the most extreme scenarios, letters of credit capacity could become constrained due to non-renewals which would restrict our flexibility to manage
capital. This could negatively impact our ability to meet local capital requirements or our sales of products in jurisdictions in which our operating companies have been affected. As at December&nbsp;31, 2016, letters of credit for which third
parties are beneficiary, in the amount of $83 million, were outstanding. There were no assets pledged against these outstanding letters of credit as at December&nbsp;31, 2016. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Our obligations to pledge collateral or make payments related to declines in value of specified assets may adversely affect our liquidity.
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In the normal course of business, we are obligated to pledge assets to comply with jurisdictional regulatory and other requirements including collateral pledged
in relation to derivative contracts and assets held as collateral for repurchase funding agreements. The amount of collateral we may be required to post under these agreements, and the amount of payments we are required to make to our
counterparties, may increase under certain circumstances, including a sustained or continued decline in the value of our derivative contracts. Such additional collateral requirements and payments could have an adverse effect on our liquidity. As at
December&nbsp;31, 2016, total pledged assets were $6,182 million, compared with $6,071 million in 2015. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Our banking
subsidiary relies on confidence sensitive deposits and this increases our liquidity risk. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife Bank is a wholly-owned subsidiary of our Canadian life insurance operating company, MLI. The Bank is principally funded by retail deposits. A real or
perceived problem with the Bank or its parent companies could result in a loss of confidence in the Bank&#146;s ability to meet its obligations, which in turn may trigger a significant withdrawal of deposit funds. A substantial portion of the
Bank&#146;s deposits are demand deposits that can be withdrawn at any time, while the majority of the Bank&#146;s assets are first residential mortgages in the form of home equity lines of credit, which represent long-term funding obligations. If
deposit withdrawal speeds exceed our extreme stress test assumptions the Bank may be forced to sell assets at a loss to third parties, call the home equity lines of credit or the Bank may request support from MLI. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>As a holding company, MFC depends on the ability of its subsidiaries to transfer funds to it to meet MFC&#146;s obligations and pay dividends.
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">MFC is a holding company and relies on dividends and interest payments from our insurance and other subsidiaries as the principal source of cash flow to meet
MFC&#146;s obligations and pay dividends. As a result, MFC&#146;s cash flows and ability to service its obligations are dependent upon the earnings of its subsidiaries and the distribution of those earnings and other funds by its subsidiaries to
MFC. Substantially all of MFC&#146;s business is currently conducted through its subsidiaries. In addition, OSFI is considering capital requirements for MLI on a stand-alone basis that could further restrict dividends and other distributions to MFC.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The ability of our holding company to fund its cash requirements depends upon it receiving dividends, distributions and other payments from our operating
subsidiaries. The ability of MFC&#146;s insurance subsidiaries to pay dividends to MFC in the future will depend on their earnings and regulatory restrictions. These subsidiaries are subject to a variety of insurance and other laws and regulations
that vary by jurisdiction and are intended to protect policyholders and beneficiaries in that jurisdiction first and foremost, rather than investors. These subsidiaries are generally required to maintain solvency and capital standards as set by
their local </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>92</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:ARIAL" SIZE="2">
regulators and may also be subject to other regulatory restrictions, all of which may limit the ability of subsidiary companies to pay dividends or make distributions to MFC. Such limits could
have a material adverse effect on MFC&#146;s liquidity, including its ability to pay dividends to shareholders and service its debt. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The potential changes to regulatory capital and actuarial and accounting standards could also limit the ability of the insurance subsidiaries to pay dividends or
make distributions and could have a material adverse effect on MFC&#146;s liquidity and on internal capital mobility, including on MFC&#146;s ability to pay dividends to shareholders and service its debt. We may be required to raise additional
capital, which could be dilutive to existing shareholders, or to limit the new business we write, or to pursue actions that would support capital needs but adversely impact our subsequent earnings potential. In addition, the timing and outcome of
these initiatives could have a significantly adverse impact on our competitive position relative to that of other Canadian and international financial institutions with which we compete for business and capital. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The payment of dividends to MFC by MLI is subject to restrictions set out in the ICA. The ICA prohibits the declaration or payment of any dividend on shares of
an insurance company if there are reasonable grounds for believing: (i)&nbsp;the company does not have adequate capital and adequate and appropriate forms of liquidity; or (ii)&nbsp;the declaration or the payment of the dividend would cause the
company to be in contravention of any regulation made under the ICA respecting the maintenance of adequate capital and adequate and appropriate forms of liquidity, or of any direction made to the company by the Superintendent. All of our U.S. and
Asian operating life insurance companies are subsidiaries of MLI. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Certain of MFC&#146;s U.S. insurance subsidiaries also are subject to insurance laws in Michigan, New York, Massachusetts, and Vermont, the jurisdictions in
which these subsidiaries are domiciled, which impose general limitations on the payment of dividends and other upstream distributions by these subsidiaries to MLI. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Our Asian insurance subsidiaries are also subject to restrictions in the jurisdictions in which these subsidiaries are domiciled which could affect their ability
to pay dividends to MLI in certain circumstances. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company seeks to maintain capital in its insurance subsidiaries in excess of the minimum required in all jurisdictions in which the Company does business.
The minimum requirements in each jurisdiction may increase due to regulatory changes and we may decide to maintain additional capital in our operating subsidiaries to fund expected growth of the business or to deal with changes in the risk profile
of such subsidiaries. Any such increases in the level of capital may reduce the ability of the operating companies to pay dividends and have a material adverse effect on MFC&#146;s liquidity. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>The declaration and payment of dividends and the amount thereof is subject to change. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The holders of common shares are entitled to receive dividends as and when declared by the Board of Directors of MFC, subject to the preference of the holders of
Class&nbsp;A Shares, Class 1 Shares, Class B Shares (collectively, the &#147;Preferred Shares&#148;) and any other shares ranking senior to the common shares with respect to priority in payment of dividends. The declaration and payment of dividends
and the amount thereof is subject to the discretion of the Board of Directors of MFC and is dependent upon the results of operations, financial condition, cash requirements and future prospects of, and regulatory restrictions on the payment of
dividends by MFC and other factors deemed relevant by the Board of Directors of MFC. Although MFC has historically declared quarterly cash dividends on the common shares, MFC is not required to do so and the Board of Directors of MFC may reduce,
defer or eliminate MFC&#146;s common share dividend in the future. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The foregoing risk disclosure in respect of the declaration and payment of dividends on the common shares applies equally in respect of the declaration and
payment of dividends on the Preferred Shares, notwithstanding that the Preferred Shares have a fixed rate of dividend. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">See &#147;Government Regulation&#148; and &#147;Dividends&#148; in MFC&#146;s Annual Information Form dated February&nbsp;9, 2017 for a summary of additional
statutory and contractual restrictions concerning the declaration of dividends by MFC. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Credit Risk Factors
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Worsening regional and global economic conditions or the rise in interest rates could result in borrower or counterparty defaults or downgrades, and
could lead to increased provisions or impairments related to our general fund invested assets and off-balance sheet derivative financial instruments, and an increase in provisions for future credit impairments to be included in our policy
liabilities. Any of our reinsurance providers being unable or unwilling to fulfill their contractual obligations related to the liabilities we cede to them could lead to an increase in policy liabilities. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our invested assets primarily include investment grade bonds, private placements, commercial mortgages, asset-backed securities, and consumer loans. These assets
are generally carried at fair value, but changes in value that arise from a credit-related impairment are recorded as a charge against income. The return assumptions incorporated in actuarial liabilities include an expected level of future asset
impairments. There is a risk that actual impairments will exceed the assumed level of impairments in the future and earnings could be adversely impacted. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Defaults and downgrade charges on our invested assets were generally in line with our historical average in 2016; however, we still expect volatility on a quarterly
basis and losses could potentially rise above long-term expected levels. Net impaired fixed income assets were $224 million, representing 0.07% of total general fund invested assets as at December&nbsp;31, 2016, compared with $161 million,
representing 0.05% of total general fund invested assets as at December&nbsp;31, 2015. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>93</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>If a counterparty fails to fulfill its obligations, we may be exposed to risks we had sought to
mitigate. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company uses derivative financial instruments to mitigate exposures to public equity, foreign currency, interest rate and other market risks arising from
on-balance sheet financial instruments, guarantees related to variable annuity products, selected anticipated transactions and certain other guarantees. The Company may be exposed to counterparty risk if a counterparty fails to pay amounts owed to
us or otherwise perform its obligations to us. Counterparty risk increases during economic downturns because the probability of default increases for most counterparties. If any of these counterparties default, we may not be able to recover the
amounts due from that counterparty. As at December&nbsp;31, 2016, the largest single counterparty exposure without taking into account the impact of master netting agreements or the benefit of collateral held, was $3,891 million (2015 &#150;
$4,155&nbsp;million). The net exposure to this counterparty, after taking into account master netting agreements and the fair value of collateral held, was nil (2015 &#150; nil). As at December&nbsp;31, 2016, the total maximum credit exposure
related to derivatives across all counterparties, without taking into account the impact of master netting agreements and the benefit of collateral held, was $24,603&nbsp;million (2015 &#150; $25,332 million) compared with $190 million after taking
into account master netting agreements and the benefit of fair value of collateral held (2015 &#150; $68 million). The exposure to any counterparty would grow if, upon the counterparty&#146;s default, markets moved such that our derivatives with
that counterparty gain in value. Until we are able to replace that derivative with another counterparty, the gain on the derivatives subsequent to the counterparty&#146;s default would not be backed by collateral. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company reinsures a portion of the business we enter into; however, we remain legally liable for contracts that we had reinsured. In the event that any of
our reinsurance providers were unable or unwilling to fulfill their contractual obligations related to the liabilities we cede to them, we would need to increase actuarial reserves, adversely impacting our net income attributed to shareholders and
capital position. In addition, the Company has over time sold certain blocks of business to third-party purchasers using reinsurance. To the extent that the reinsured contracts are not subsequently novated to the purchasers, we remain legally liable
to the insureds. Should the purchasers be unable or unwilling to fulfill their contractual obligations under the reinsurance agreement, we would need to increase policy liabilities resulting in a charge to net income attributed to shareholders. To
reduce credit risk, the Company may require purchasers to provide collateral for their reinsurance liabilities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We participate in a securities lending program whereby blocks of securities are loaned to third parties, primarily major brokerage firms and commercial banks.
Collateral, which exceeds the market value of the loaned securities, is retained by the Company until the underlying security has been returned. If any of our securities lending counterparties default and the value of the collateral is insufficient,
we would incur losses. As at December&nbsp;31, 2016, the Company had loaned securities (which are included in invested assets) valued at approximately $1,956 million, compared with $648 million at December&nbsp;31, 2015.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>The determination of allowances and impairments on our investments is subjective and changes could materially
impact our results of operations or financial position. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The determination of allowances and impairments is based upon a periodic evaluation of known and inherent risks associated with the respective security.
Management considers a wide range of factors about the security and uses its best judgment in evaluating the cause of the decline, in estimating the appropriate value for the security and in assessing the prospects for near-term recovery. Inherent
in management&#146;s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations in the impairment evaluation process include: (i)&nbsp;the severity of the impairment;
(ii)&nbsp;the length of time and the extent to which the market value of a security has been below its carrying value; (iii)&nbsp;the financial condition of the issuer; (iv)&nbsp;the potential for impairments in an entire industry sector or
sub-sector; (v)&nbsp;the potential for impairments in certain economically depressed geographic locations; (vi)&nbsp;the potential for impairments of securities where the issuer, series of issuers or industry has suffered a catastrophic type of loss
or has exhausted natural resources; (vii)&nbsp;our ability and intent to hold the security for a period of time sufficient to allow for the recovery of its value to an amount equal to or greater than cost or amortized cost; (viii)&nbsp;unfavourable
changes in forecasted cash flows on mortgage-backed and asset-backed securities; and (ix)&nbsp;other subjective factors, including concentrations and information obtained from regulators and rating agencies. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Such evaluations and assessments are revised as conditions change and new information becomes available. We update our evaluations regularly and reflect changes
in allowances and impairments as such evaluations warrant. The evaluations are inherently subjective, and incorporate only those risk factors known to us at the time the evaluation is made. There can be no assurance that management has accurately
assessed the level of impairments that have occurred. Additional impairments will likely need to be taken or allowances provided for in the future as conditions evolve. Historical trends may not be indicative of future impairments or allowances.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Insurance Risk Factors </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">We make a variety of assumptions related to the future level of claims, policyholder behaviour, expenses and sales levels when we design and price products, and when we establish policy liabilities. Assumptions for
future claims are generally based on both Company and industry experience, and assumptions for future policyholder behaviour and expenses are generally based on Company experience. Assumptions for future policyholder behaviour include assumptions
related to the retention rates for insurance and wealth products. Assumptions for expenses include assumptions related to future maintenance expense levels and volume of the business. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Losses may result should actual experience be materially different than that assumed in the valuation of policy liabilities. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Such losses could have a significant adverse effect on our results of operations and financial condition. In addition, we periodically review the assumptions we
make in determining our policy liabilities and the review may result in an increase in policy liabilities and </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>94</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:ARIAL" SIZE="2">
a decrease in net income attributed to shareholders. Such assumptions require significant professional judgment, and actual experience may be materially different than the assumptions we make.
(see &#147;Critical Accounting and Actuarial Policies&#148; above) </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We may be unable to obtain necessary price
increases on our in-force long-term care business, or may face delays in implementation. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We continue to seek state regulatory approvals for price increases on existing long-term care business in the United States. We cannot be certain whether or when
each approval will be granted. Our policy liabilities reflect our estimates of the impact of these price increases, but should we be less successful than anticipated in obtaining them, then policy liabilities could increase accordingly and reduce
net income attributed to shareholders. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Evolving legislation related to genetic testing could adversely impact our
underwriting abilities. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Current or future legislation in jurisdictions where Manulife operates may restrict its right to underwrite based on access to genetic test results. Without the
obligation of disclosure, the asymmetry of information shared between applicant and insurer could increase anti-selection in both new business and in-force policyholder behaviour. The impact of restricting insurers&#146; access to this information
and the associated problems of anti-selection becomes more acute where genetic technology leads to advancements in diagnosis of life threatening conditions that are not matched by improvements in treatment. We cannot predict the potential financial
impact that this would have on the Company or the industry as a whole. In addition, there may be further unforeseen implications as genetic testing continues to evolve and becomes more established in mainstream medical practice.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Life and health insurance claims may be impacted unexpectedly by changes in the prevalence of diseases or
illnesses, medical and technology advances, lifestyle changes, natural disasters, large-scale man-made disasters and acts of terrorism. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The cost of health insurance benefits may be impacted by unforeseen trends in the incidence, termination and severity rates of claims. The ultimate level of
lifetime benefits paid to policyholders may be increased by an unexpected increase in life expectancy. For example, advances in technology could lead to longer lives&nbsp;through better medical treatment or better disease prevention. Policyholder
behaviour including premium payment patterns, policy renewals, lapse rates and withdrawal and surrender activity are influenced by many factors including market and general economic conditions, and the availability and relative attractiveness of
other products in the marketplace. For example, a weak or declining economic environment could increase the value of guarantees associated with variable annuities or other embedded guarantees and contribute to adverse policyholder behaviour
experience. As well, adverse claims experience could result from systematic anti-selection, which could arise from the development of investor owned and secondary markets for life insurance policies, anti-selective lapse behaviour, underwriting
process failures, or other factors. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>External market conditions determine the availability, terms and cost of the
reinsurance protection for new business. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We purchase reinsurance protection on certain risks underwritten by our various business segments. Typically, reinsurance agreements are intended to bind the
reinsurer for the term of the business reinsured at a fixed price but circumstances may call for increases to be agreed upon. Accordingly, we may incur additional costs for reinsurance or may not be able to obtain sufficient reinsurance on
acceptable terms. This could result in accounting charges and the assumption of more risk on business already reinsured and could adversely affect our ability to write future business or result in the assumption of more risk with respect to those
policies we issue. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Operational Risk Factors </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Operational risk is naturally present in all of our business activities and encompasses a broad range of risks, including regulatory compliance failures, legal disputes, technology failures, business interruption,
information security and privacy breaches, human resource management failures, processing errors, modelling errors, business integration, theft and fraud, and damage to physical assets. Exposures can take the form of financial losses, regulatory
sanctions, loss of competitive positioning, or damage to our reputation. Operational risk is also embedded in all the practices we use to manage other risks; therefore, if not managed effectively, operational risk can impact our ability to manage
other key risks such as credit risk, market risk, liquidity risk and insurance risk. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Adverse publicity, litigation or regulatory
action resulting from our business practices or actions by our employees, representatives and/or business partners, could erode our corporate image and damage our franchise value and/or create losses. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Manulife&#146;s reputation is one of its most valuable assets. Harm to a company&#146;s reputation is often a consequence of risk control failure, whether
associated with complex financial transactions or relatively routine operational activities. Manulife&#146;s reputation could also be harmed by the actions of third parties with whom we do business. Our representatives include affiliated
broker-dealers, agents, wholesalers and independent distributors, such as broker-dealers and banks, whose services and representations our customers rely on. Business partners include, among others, third parties to whom we outsource certain
functions and that we rely on to fulfill various obligations. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">If any of these representatives or business partners fail to adequately perform their responsibilities, or monitor its own risk, these failures could affect our
business reputation and operations. While we seek to maintain adequate internal risk management policies and procedures and protect against performance failures, events may occur that could cause us to lose customers or suffer legal or regulatory
sanctions, which could have a material adverse effect on our reputation, our business, and our results of operations. For </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>95</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:ARIAL" SIZE="2">
further discussion of government regulation and legal proceedings refer to &#147;Government Regulation&#148; in MFC&#146;s Annual Information Form dated February&nbsp;9, 2017 and &#147;Legal and
Regulatory Proceedings&#148; below. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>If we are not able to attract, motivate and retain agency leaders and
individual agents, our competitive position, growth and profitability will suffer. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We must attract and retain sales representatives to sell our products. Strong competition exists among financial services companies for efficient and effective
sales representatives. We compete with other financial services companies for sales representatives primarily on the basis of our financial position, brand, support services and compensation and product features. Any of these factors could change
either because we change the Company or our products, or because our competitors change theirs and we are unable or unwilling to adapt. If we are unable to attract and retain sufficient sales representatives to sell our products, our ability to
compete and revenues from new sales would suffer, which could have a material adverse effect on our business, results of operations and financial condition. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>If we are unable to complete key projects on time, on budget, and capture planned benefits, our business strategies and plans, and operations may be impaired. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We must successfully deliver a number of key projects in order to implement our business strategies and plans. If we are unable to complete these projects in
accordance with planned schedules, and to capture projected benefits, there could be a material adverse effect on our business and financial condition. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>The inter-connectedness of our operations and risk management strategies could expose us to risk if all factors are not appropriately considered and communicated. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Our business operations, including strategies and operations related to risk management, asset liability management and liquidity management, are interconnected
and increasingly complex. Changes in one area may have a secondary impact in another area of our operations. For example, risk management actions, such as the increased use of interest rate swaps, could have implications for the Company&#146;s
Investment Division or its Treasury function, as this strategy could result in the need to post additional amounts of collateral. Failure to appropriately consider these inter-relationships, or effectively communicate changes in strategies or
activities across our operations, could have a negative impact on the strategic objectives or operations of another group. Further, failure to consider these inter-relationships in our modeling and financial and strategic decision making processes
could have a negative impact on our operations. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Our risk management policies, procedures and strategies may leave
us exposed to unidentified or unanticipated risks, which could negatively affect our business, results of operations and financial condition. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We have devoted significant resources to develop our risk management policies, procedures and strategies and expect to continue to do so in the future.
Nonetheless, our policies, procedures and strategies may not be comprehensive. Many of our methods for measuring and managing risk and exposures are based upon the use of observed historical market behaviour or statistics based on historical models.
Future behavior may be very different from past behavior, especially if there are some fundamental changes that affect future behavior. As an example, the increased occurrence of negative interest rates can make it difficult to model future interest
rates as interest rate models have been generally developed for an environment of positive interest rates. As a result, these methods may not fully predict future exposures, which can be significantly greater than our historical measures indicate.
Other risk management methods depend upon the evaluation and/or reporting of information regarding markets, clients, client transactions, catastrophe occurrence or other matters publicly available or otherwise accessible to us. This information may
not always be accurate, complete, up-to-date or properly evaluated or reported. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We are subject to tax audits, tax
litigation or similar proceedings, and as a result we may owe additional taxes, interest and penalties in amounts that may be material. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We are subject to income and other taxes in the jurisdictions in which we do business. In determining our provisions for income taxes and our accounting for
tax-related matters in general, we are required to exercise judgment. We regularly make estimates where the ultimate tax determination is uncertain. There can be no assurance that the final determination of any tax audit, appeal of the decision of a
taxing authority, tax litigation or similar proceedings will not be materially different from that reflected in our historical financial statements. The assessment of additional taxes, interest and penalties could be materially adverse to our
current and future results of operations and financial condition. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Our non-North American operations face political,
legal, operational and other risks that could negatively affect those operations or our results of operations and financial condition. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A substantial portion of our revenue and net income attributed to shareholders is derived from our operations outside of North&nbsp;America, primarily in key
Asian markets. Some of these key geographical markets are developing and are rapidly growing countries and markets that present unique risks that we do not face, or are negligible, in our operations in Canada or the United States. Our operations
outside of North America face the risk of discriminatory regulation, political and economic instability, market volatility and significant inflation, limited protection for, or increased costs to protect intellectual property rights, inability to
protect and/or enforce contractual or legal rights, nationalization or expropriation of assets, price controls and exchange controls or other restrictions that prevent us from transferring funds from these operations out of the countries in which
they operate or converting local currencies we hold into Canadian or U.S. dollars. Failure to manage these risks could have a significant negative impact on our operations and profitability. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>96</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We are currently planning to expand our global operations in markets where we operate and potentially in new markets. This may require considerable management
time, as well as start-up expenses for market development before any significant revenues and earnings are generated. Operations in new foreign markets may achieve low margins or may be unprofitable, and expansion in existing markets may be affected
by local economic and market conditions. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>We are regularly involved in litigation. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We are regularly involved in litigation, both as a plaintiff or defendant. These cases could result in an unfavourable resolution, and could have a material
adverse effect on our results of operations and financial condition. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>A technology failure, cyber-attack,
information security or privacy breach of ours or of a third party, as well as other types of business disruptions such as natural or man-made disasters, could significantly disrupt our business, impede our ability to conduct business and adversely
impact our business, results of operations, financial condition, and reputation. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Technology is used in virtually all aspects of our business and operations; in addition, part of our strategy involves the expansion of our digital customer
interfaces. Our technology infrastructure, information services and applications are governed and managed according to policies and standards for operational integrity, resiliency, data integrity, confidentiality and information security.
Disruption, privacy breaches, or security breaches due to system failure, denial of service attacks, human errors, natural disasters, man-made disasters, criminal activity, fraud, cyber-attacks, pandemics, or other events beyond our control, could
prevent us from effectively operating our business, subject us to regulatory sanctions and legal claims, lead to a loss of customers, assets and revenues, result in unauthorized disclosures of personal or confidential information, or otherwise
adversely affect us from a financial, operational and reputational perspective. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">It is possible that the Company may not be able to anticipate or to implement effective preventive measures against all disruptions or privacy and security
breaches, especially because the techniques used change frequently, generally increase in sophistication, often are not recognized until launched, and because cyber-attacks can originate from a wide variety of sources, including organized crime,
hackers, terrorists, activists, and other external parties, including parties sponsored by hostile foreign governments. Those parties may also attempt to fraudulently induce employees, customers, third-party service providers or other users of the
Company&#146;s systems to disclose sensitive information in order to gain access to the Company&#146;s data or that of its customers or clients. We, our customers, regulators and other third parties have been subject to, and are likely to continue
to be the target of, cyber-attacks, including computer viruses, malicious or destructive code, phishing attacks, denial of service and other security incidents, that could result in the unauthorized release, gathering, monitoring, misuse, loss or
destruction of personal, confidential, proprietary and other information of the Company, our employees, our customers or of third parties, or otherwise materially disrupt our or our customers&#146; or other third parties&#146; network access or
business operations. The Company maintains cyber risk insurance, but this insurance may not cover all costs associated with the financial, operational and reputational consequences of personal, confidential or proprietary information being
compromised. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In particular, our computer networks are subject to the risk of so-called Advanced Persistent Threats (&#147;APT&#148;). An APT attack is a type of sophisticated
attack that has become more pervasive and frequent within the financial services sector. An APT attack is a network attack in which an unauthorized person or persons attempt(s) to gain undetected access to a network and maintain that access over a
period of time. The intention of an APT attack is to steal data rather than to cause other damage to the network or organization. APT attacks target organizations in sectors with high-value information, such as national defense, manufacturing and
the financial industry. The Company has an Information Risk Management Program, which includes information and cyber security defenses, to protect our networks and systems from attacks; however, there can be no assurance that these counter measures
will be successful in every instance in protecting our networks against APT or other types of attacks. An APT attack that results in access to our network could adversely impact us from a financial, operational and reputational perspective.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">DDoS (Distributed Denial of Service) attacks are increasing in frequency and severity, and are gaining recognition as a top method of business disruption. They
leverage the massive, distributed, and stolen computing power from infected computers to flood target webservers with traffic. The goal of a DDoS attack is to disrupt the online operations of the target organization by consuming all available
network bandwidth and server resources. DDoS attacks are now common occurrences, with some research labs reporting thousands of attacks per day. A DDoS attack that results in a disruption of our online operations may result in financial, operational
or reputational damage to us. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Ransomware has become a common attack vector in the financial services sector. It is a type of malware that prevents or limits users from accessing their system,
either by locking the system&#146;s screen or by locking the users&#146; files, and requires a ransom payment to unlock these files. Critical data could be lost if it became unavailable due to a ransomware attack, which could cause a disruption to
our business and could impact us from a financial, operational, and reputational perspective. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Competition for the
best people is intense and an inability to recruit qualified individuals may negatively impact our ability to execute on business strategies or to conduct our operations. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We compete with other insurance companies and financial institutions for qualified executives, employees and agents. We must attract and retain top talent to
maintain our competitive advantage. Failure to attract and retain the best people could adversely impact our business. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>97</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Model risk may arise from the inappropriate use or interpretation of models or their output, or the
use of deficient models, data or assumptions. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We are relying on some highly complex models for pricing, valuation and risk measurement, and for input to decision making. Consequently, the risk of
inappropriate use or interpretation of our models or their output, or the use of deficient models, could have a material adverse effect on our business. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">We have embarked on a multi-year initiative to enhance our valuation models and processes across the organization. We do not expect this initiative to result in
significant reserve adjustments. However, as we systematically review our models, there could be updates to our assumptions and methodologies that result in reserve changes. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Environmental risk may arise related to our commercial mortgage loan portfolio and owned property or from our business operations. </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Environmental risk may originate from investment properties that are subject to natural or man-made environmental risk. Real estate assets may be owned, leased
and/or managed, as well as mortgaged by Manulife and we might enter into the chain of liability due to foreclosure ownership when in default. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Liability under environmental protection laws resulting from our commercial mortgage loan portfolio and owned property (including commercial real estate, oil and
gas, timberland and farmland properties) may adversely impact our reputation, results of operations and financial condition. Under applicable laws, contamination of a property with hazardous materials or substances may give rise to a lien on the
property to secure recovery of the costs of cleanup. In some instances, this lien has priority over the lien of an existing mortgage encumbering the property. The environmental risk may result from on-site or off-site (adjacent) due to migration of
regulated pollutants or contaminates with financial or reputational environmental risk and liability consequences by virtue of strict liability. Environmental risk could also arise from natural disasters (e.g., weather, fire, earthquake, floods,
pests) or human activities (use of chemicals, pesticides) conducted within the site or when impacted from adjacent sites. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Additionally, as lender, we may incur environmental liability (including without limitation liability for clean-up, remediation and damages incurred by third
parties) similar to that of an owner or operator of the property, if we or our agents exercise sufficient control over the operations at the property. We may also have liability as the owner and/or operator of real estate for environmental
conditions or contamination that exist or occur on the property, or affecting other property. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">In addition, failure to adequately prepare for the potential impacts of climate change may have a negative impact on our financial position or our ability to
operate. Potential impacts may be direct or indirect and may include business losses or disruption resulting from extreme weather conditions; the impact of changes in legal or regulatory framework made to address climate change; or increased
mortality or morbidity resulting from environmental damage or climate change. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Additional Risk Factors That May
Affect Future Results </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#1f320c"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#8718;</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Other factors that may affect future results include changes in government trade policy, monetary policy or fiscal policy; political conditions and developments
in or affecting the countries in which we operate; technological changes; public infrastructure disruptions; changes in consumer spending and saving habits; the possible impact on local, national or global economies from public health emergencies,
such as an influenza pandemic, and international conflicts and other developments including those relating to terrorist activities. Although we take steps to anticipate and minimize risks in general, unforeseen future events may have a negative
impact on our business, financial condition and results of operations. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We caution that the preceding discussion of risks that may
affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to our Company, investors and others should carefully consider the foregoing risks, as well as other uncertainties and potential
events, and other external and Company specific risks that may adversely affect the future business, financial condition or results of operations of our Company. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>98</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_14"></A>Controls and Procedures </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Disclosure Controls and Procedures </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our
disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us is recorded, processed, summarized, and reported accurately and completely and within the time periods specified under
Canadian and U.S. securities laws. Our process includes controls and procedures that are designed to ensure that information is accumulated and communicated to management, including the CEO and CFO, to allow timely decisions regarding required
disclosure. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As of December&nbsp;31, 2016, management evaluated the effectiveness of its disclosure controls and procedures as defined under the rules
adopted by the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities. This evaluation was performed under the supervision of the Audit Committee, the CEO and CFO. Based on that evaluation, the CEO and CFO
concluded that our disclosure controls and procedures were effective as at December&nbsp;31, 2016. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">MFC&#146;s Audit Committee has reviewed this MD&amp;A
and the 2016 Consolidated Financial Statements and MFC&#146;s Board of Directors approved these reports prior to their release. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Management&#146;s Report on Internal Control over Financial Reporting </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company&#146;s internal control system was designed to provide reasonable assurance to management
and the Board of Directors regarding the preparation and fair presentation of published financial statements in accordance with generally accepted accounting principles. All internal control systems, no matter how well designed, have inherent
limitations due to manual controls. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Management maintains a comprehensive system of controls intended to ensure that transactions are executed in accordance with management&#146;s authorization, assets
are safeguarded, and financial records are reliable. Management also takes steps to ensure that information and communication flows are effective and to monitor performance, including performance of internal control procedures. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Management assessed the effectiveness of the Company&#146;s internal control over financial reporting as of December&nbsp;31, 2016 based on the criteria set forth
by the Committee of Sponsoring Organizations of the Treadway Commission (&#147;COSO&#148;) 2013 framework in Internal Control &#150; Integrated Framework. Based on this assessment, management believes that, as of December&nbsp;31, 2016, the
Company&#146;s internal control over financial reporting is effective. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The effectiveness of the Company&#146;s internal control over financial reporting
as of December&nbsp;31, 2016 has been audited by Ernst&nbsp;&amp; Young LLP, the Company&#146;s independent registered public accounting firm that also audited the Consolidated Financial Statements of the Company for the year ended December&nbsp;31,
2016. Their report expressed an unqualified opinion on the effectiveness of the Company&#146;s internal control over financial reporting as of December&nbsp;31, 2016. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Changes in Internal Control over Financial Reporting </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">No changes were made in our internal
control over financial reporting during the year ended December&nbsp;31, 2016 that have significantly affected, or are reasonably likely to significantly affect, our internal control over financial reporting. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>99</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_15"></A>Performance and Non-GAAP Measures </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We use a number of non-GAAP financial measures to measure overall performance and to assess each of our businesses. A financial measure is considered a non-GAAP
measure for Canadian securities law purposes if it is presented other than in accordance with generally accepted accounting principles used for the Company&#146;s audited financial statements. Non-GAAP measures include: Core Earnings (Loss); Core
ROE; Diluted Core Earnings per Common Share; Core Earnings Before Income Taxes, Depreciation and Amortization (&#147;core EBITDA&#148;); Core Investment Gains, Constant Currency Basis (measures that are reported on a constant currency basis include
percentage growth in Sales, Gross Flows, Premiums and Deposits, Core EBITDA, New Business Value, and Assets under Management and Administration); Assets under Administration; Premiums and Deposits; Assets under Management and Administration; Assets
under Management; Capital; Embedded Value; New Business Value, Sales; Gross Flows and Net Flows. Non-GAAP financial measures are not defined terms under GAAP and, therefore, are unlikely to be comparable to similar terms used by other issuers.
Therefore, they should not be considered in isolation or as a substitute for any other financial information prepared in accordance with GAAP. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Core
earnings (loss)</B> is a non-GAAP measure which we believe aids investors in better understanding the long-term earnings capacity and valuation of the business. Core earnings allows investors to focus on the Company&#146;s operating performance by
excluding the direct impact of changes in equity markets and interest rates, changes in actuarial methods and assumptions as well as a number of other items, outlined below, that we believe are material, but do not reflect the underlying earnings
capacity of the business. For example, due to the long-term nature of our business, the mark-to-market movements of equity markets, interest rates, foreign currency exchange rates and commodity prices from period-to-period can, and frequently do,
have a substantial impact on the reported amounts of our assets, liabilities and net income attributed to shareholders. These reported amounts are not actually realized at the time and may never be realized if the markets move in the opposite
direction in a subsequent period. This makes it very difficult for investors to evaluate how our businesses are performing from period-to-period and to compare our performance with other issuers. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We believe that core earnings better reflects the underlying earnings capacity and valuation of our business. We use core earnings as the basis for management
planning and reporting and, along with net income attributable to shareholders, as a key metric used in our short and mid-term incentive plans at the total Company and operating segment level. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">While core earnings is relevant to how we manage our business and offers a consistent methodology, it is not insulated from macro-economic factors which can have a significant impact. See &#147;Quarterly Financial
Information&#148; below for reconciliation of core earnings to net income attributed to shareholders. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Any other future changes to the core earnings
definition referred to below, will be disclosed. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Items included in core earnings: </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Expected earnings on in-force policies, including expected release of provisions for adverse deviation, fee income, margins on group business and spread business such as Manulife
Bank and asset fund management. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Macro hedging costs based on expected market returns. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">New business strain. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Policyholder experience gains or losses. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Acquisition and operating expenses compared with expense assumptions used in the measurement of policy liabilities. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Up to $400 million of net favourable investment-related experience reported in a single year, which are referred to as &#147;core investment gains&#148;. This means up to $100
million in the first quarter, up to $200 million on a year-to-date basis in the second quarter, up to $300 million on a year-to-date basis in the third quarter and up to $400 million on a full year basis in the fourth quarter. Any investment-related
experience losses reported in a quarter will be offset against the net year-to-date investment-related experience gains with the difference being included in core earnings subject to a maximum of the year-to-date core investment gains and a minimum
of zero, which reflects our expectation that investment-related experience will be positive through-the-business cycle. To the extent any investment-related experience losses cannot be fully offset in a quarter they will be carried forward to be
offset against investment-related experience gains in subsequent quarters in the same year, for purposes of determining core investment gains. The $400 million threshold represents our through-the-business cycle estimate of net favourable
investment-related experience that we reasonably expect to achieve annually based on historical experience even if we exceed or do not achieve this threshold in any given period. We monitor the appropriateness of the threshold and would adjust it,
either to a higher or lower amount, in the future if we believed that our investment-related experience warranted such an adjustment. See also item 2 in &#147;Items excluded from core earnings&#148; below. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Earnings on surplus other than mark-to-market items. Gains on available-for-sale (&#147;AFS&#148;) equities and seed money investments are included in core earnings.
</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Routine or non-material legal settlements. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">9.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">All other items not specifically excluded. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">10.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Tax on the above items. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">11.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">All tax related items except the impact of enacted or substantially enacted income tax rate changes. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>100</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Items excluded from core earnings: </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">The direct impact of equity markets and interest rates and variable annuity guarantee liabilities includes the items listed below. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The earnings impact of the difference between the net increase (decrease) in variable annuity liabilities that are dynamically hedged and the performance of the
related hedge assets. Our variable annuity dynamic hedging strategy is not designed to completely offset the sensitivity of insurance and investment contract liabilities to all risks or measurements associated with the guarantees embedded in these
products for a number of reasons, including; provisions for adverse deviation, fund performance, the portion of the interest rate risk that is not dynamically hedged, realized equity and interest rate volatilities and changes to policyholder
behaviour. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Gains (charges) on variable annuity guarantee liabilities not dynamically hedged. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Gains (charges) on general fund equity investments supporting policy liabilities and on fee income. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Gains (charges) on macro equity hedges relative to expected costs. The expected cost of macro hedges is calculated using the equity assumptions used in the
valuation of insurance and investment contract liabilities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Gains (charges) on higher (lower) fixed income reinvestment rates assumed in the valuation of insurance and investment contract liabilities.
</FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#161;</FONT></SUP>&nbsp;
</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Gains (charges) on sale of AFS bonds and open derivatives not in hedging relationships in the Corporate and Other segment. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Net favourable investment-related experience in excess of $400 million per annum or net unfavourable investment-related experience on a year-to-date basis. As noted above, the
$400 million threshold represents our through-the-business cycle estimate of net favourable investment-related experience we reasonably expect to achieve annually based on historical experience. Investment-related experience relates to fixed income
trading, alternative long-duration asset returns, credit experience and asset mix changes. This favourable and unfavourable investment-related experience is a combination of reported investment experience as well as the impact of investing
activities on the measurement of our policy liabilities. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Mark-to-market gains or losses on assets held in the Corporate and Other segment other than gains on AFS equities and seed money investments in new segregated or mutual funds.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Changes in actuarial methods and assumptions. As noted in the Critical Accounting and Actuarial Policies section above, policy liabilities for IFRS are valued in Canada under
standards established by the Actuarial Standards Board. The standards require a comprehensive review of actuarial methods and assumptions to be performed annually. The review is designed to reduce the Company&#146;s exposure to uncertainty by
ensuring assumptions for both asset related and liability related risks remain appropriate and is accomplished by monitoring experience and selecting assumptions which represent a current best estimate view of expected future experience, and margins
that are appropriate for the risks assumed. By excluding the results of the annual reviews, core earnings assists investors in evaluating our operational performance and comparing our operational performance from period to period with other global
insurance companies because the associated gain or loss is not reflective of current year performance and not reported in net income in most actuarial standards outside of Canada. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">The impact on the measurement of policy liabilities of changes in product features or new reinsurance transactions, if material. </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Goodwill impairment charges. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Gains or losses on disposition of a business. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Material one-time only adjustments, including highly unusual/extraordinary and material legal settlements or other items that are material and exceptional in nature.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">9.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Tax on the above items. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">10.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Impact of enacted or substantially enacted income tax rate changes. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Core return on common shareholders&#146; equity (&#147;core ROE</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2">&#148;<B>)</B> is a non-GAAP profitability measure that presents core earnings available to common shareholders as a percentage of the capital deployed to earn the core earnings. The Company calculates core ROE
using average common shareholders&#146; equity. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Diluted core earnings per common
share</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> is core earnings available to common shareholders expressed per diluted weighted average common share outstanding. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company also uses financial performance measures that are prepared on a </FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>constant currency basis</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2">, which are non-GAAP measures that exclude the impact of currency fluctuations (from local currency to Canadian dollars at a total company level and from local currency to U.S. dollars in Asia). Amounts stated on a
constant currency basis in this report are calculated, as appropriate, using the income statement and balance sheet exchange rates effective for the fourth quarter of 2016. Measures that are reported on a constant currency basis include growth in
sales, gross flows and assets under management and administration. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Premiums and
deposits</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> is a non-GAAP measure of top line growth. The Company calculates premiums and deposits as the aggregate of (i)&nbsp;general fund premiums, net of reinsurance, reported as premiums on the
Consolidated Statements of Income and investment contract deposits, (ii)&nbsp;segregated fund deposits, excluding seed money, (&#147;deposits from policyholders&#148;), (iii)&nbsp;mutual fund deposits, (iv)&nbsp;deposits into institutional advisory
accounts, (v)&nbsp;premium equivalents for &#147;administration services only&#148; group benefit contracts (&#147;ASO premium equivalents&#148;), (vi)&nbsp;premiums in the Canadian Group Benefits reinsurance ceded agreement, and (vii)&nbsp;other
deposits in other managed funds. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>101</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Premiums and deposits </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Quarterly Results</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Full Year Results</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4Q16</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">4Q15</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net premium income and investment contract deposits</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,019</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,740</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27,795</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24,125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Deposits from policyholders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,620</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,740</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>30,504</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30,495</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mutual fund deposits</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>20,806</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18,361</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>75,040</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">66,104</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Institutional advisory account deposits</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,711</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,972</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,280</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22,148</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">ASO premium equivalents</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>833</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">833</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,318</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,325</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Group Benefits ceded premiums</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,095</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,051</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,693</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,296</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other fund deposits</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>143</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">140</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>536</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">510</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total premiums and deposits</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>48,227</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">40,837</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>160,166</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">151,003</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Currency impact</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>473</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,073</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Constant currency premiums and deposits</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;48,227</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;40,872</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;160,639</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;155,076</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Assets under management and administration (&#147;AUMA&#148;)
</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">is a non-GAAP measure of the size of the Company. It is comprised of the non-GAAP measures assets under management (&#147;AUM&#148;), which includes both assets of general account and external
client assets for which we provide investment management services, and assets under administration (&#147;AUA&#148;), which includes assets for which we provide administrative services only. Assets under management and administration is a common
industry metric for WAM businesses. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Assets under management and administration </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total invested assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;321,869</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;307,506</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Segregated funds net assets</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>315,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">313,249</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Assets under management per financial statements</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>637,046</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">620,755</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Mutual funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>170,930</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">160,020</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Institutional advisory accounts (excluding segregated funds)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>77,661</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">68,940</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other funds</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,985</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,552</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets under management</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>894,622</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">857,267</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other assets under administration</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>82,433</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">77,909</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Currency impact</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(17,459</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Constant currency assets under management and administration</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;977,055</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">917,717</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Capital</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> The
definition we use for capital, a non-GAAP measure, serves as a foundation of our capital management activities at the MFC level. For regulatory reporting purposes, the numbers are further adjusted for various additions or deductions to capital as
mandated by the guidelines used by OSFI. Capital is calculated as the sum of: (i)&nbsp;total equity excluding accumulated other comprehensive income (&#147;AOCI&#148;) on cash flow hedges; and (ii)&nbsp;liabilities for preferred shares and capital
instruments. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Capital </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at December&nbsp;31,</B></FONT></P>
<P><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total equity</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;42,823</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;41,938</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjusted for AOCI loss on cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(232</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(264</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total equity excluding AOCI on cash flow hedges</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>43,055</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">42,202</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Add liabilities for capital instruments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,695</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total capital</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;50,235</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;49,897</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Core EBITDA</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">
is a non-GAAP measure which Manulife uses to better understand the long-term earnings capacity and valuation of the business on a more comparable basis to how global asset managers are measured. Core EBITDA presents core earnings before the impact
of interest, taxes, depreciation, and amortization. Core EBITDA was selected as a key performance indicator for WAM businesses, as EBITDA is widely used among asset management peers, and core earnings is a primary profitability metric for the
Company overall. </FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Wealth and Asset Management </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>For the years ended December&nbsp;31,</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Core EBITDA</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;1,167</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;1,224</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Amortization of deferred acquisition costs and other depreciation</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>336</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">327</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Amortization of deferred sales commissions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>103</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">106</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Core earnings before income taxes</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>728</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">791</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Core income tax (expense) recovery</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(99</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(161</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Core earnings</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;629</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;630</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>102</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Embedded value (&#147;EV&#148;)</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"> is a measure of the present value of shareholders&#146; interests in the expected future distributable earnings on in-force business reflected in the Consolidated Statement of Financial Position of Manulife,
excluding any value associated with future new business. EV is calculated as the sum of the adjusted net worth and the value of in-force business. The adjusted net worth is the IFRS shareholders&#146; equity adjusted for goodwill and intangibles,
fair value of surplus assets, the carrying value of debt and preferred shares, and local statutory balance sheet, regulatory reserve, and capital for Manulife&#146;s Asian business. The value of in-force business in Canada and the U.S. is the
present value of expected future IFRS earnings on in-force business less the present value of the cost of holding capital to support the in-force business under the MCCSR framework. The value of in-force business in Asia reflects local statutory
earnings and capital requirements. The value of in-force excludes Manulife&#146;s WAM, Bank and Property and Casualty Reinsurance businesses. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>New business value (&#147;NBV&#148;)</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> is the change in embedded value as a result of sales in the reporting period. NBV is calculated as the
present value of shareholders&#146; interests in expected future distributable earnings, after the cost of capital, on actual new business sold in the period using assumptions that are consistent with the assumptions used in the calculation of
embedded value. NBV excludes businesses with&nbsp;immaterial insurance risks, such as Manulife&#146;s wealth and asset management businesses and Manulife Bank and the short-term Property and Casualty Reinsurance business. NBV is a useful metric to
evaluate the value created by the Company&#146;s new business franchise. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>New business value margin</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"> is calculated as NBV divided by annualized premium equivalents (&#147;APE&#148;) excluding non-controlling interests. APE is calculated as 100% of annualized first year premiums for recurring premium products, and
as 10% of single premiums for single premium products. Both NBV and APE used in the NBV margin calculation are after non-controlling interests and exclude wealth and asset management, Bank and Property and Casualty Reinsurance businesses. The NBV
margin is a useful metric to help understand the profitability of our new business.</FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Sales are measured according to product type: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For individual insurance, sales include 100% of
new annualized premiums and 10% of both excess and single premiums. For individual insurance, new annualized premiums reflect the annualized premium expected in the first year of a policy that requires premium payments for more than one year. Single
premium is the lump sum premium from the sale of a single premium product, e.g. travel insurance. Sales are reported gross before the impact of reinsurance. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">For group insurance, sales include new annualized premiums and administrative services only premium equivalents on new cases, as well as the addition of new coverages and amendments to contracts, excluding rate
increases. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For Asia, annualized premium equivalent (&#147;APE&#148;) sales is comprised of 100% of regular premiums/deposits and 10% of single
premiums/deposits for both insurance and other wealth products. APE sales are presented for our Asia division as this metric is widely used by insurance companies in Asia. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Other Wealth sales include all new deposits into variable and fixed annuity contracts. As we discontinued sales of new Variable Annuity contracts in the U.S. in 1Q13, subsequent deposits into existing U.S. Variable
Annuity contracts are not reported as sales. Asia variable annuity deposits are included in APE sales. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Bank new lending volumes include bank loans and
mortgages authorized in the period. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Gross flows</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="2"> is a new business measure presented for WAM businesses and includes all deposits into the Company&#146;s mutual funds, college savings 529 plans, group pension/retirement savings products, private wealth and
institutional asset management products. Gross flows is a common industry metric for WAM businesses as it provides a measure of how successful the businesses are at attracting assets. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Net flows</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"> is presented for our WAM businesses and includes gross flows less redemptions for our
mutual funds, college savings 529&nbsp;plans, group pension/retirement savings products, private wealth and institutional asset management products. Net flows is a common industry metric for WAM businesses as it provides a measure of how successful
the businesses are at attracting and retaining assets. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>103</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B><A NAME="mdatoc327881_16"></A>Additional Disclosures </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Contractual Obligations </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the normal course
of business, the Company enters into contracts that give rise to obligations fixed by agreement as to the timing and dollar amount of payment. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As at
December&nbsp;31, 2016, the Company&#146;s contractual obligations and commitments are as follows: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="53%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>Payments due by period</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:ARIAL" SIZE="1">($ millions)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">Less than<BR>1 year</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">1 to 3<BR>years</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">3 to 5<BR>years</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1">After<BR>5&nbsp;years</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Long-term debt<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,139</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>299</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,522</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,076</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,242</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Liabilities for capital instruments<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>14,413</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>271</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>520</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>472</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,150</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment commitments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,505</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,933</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,164</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,312</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,096</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Operating leases</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>966</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>135</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>188</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>138</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>505</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance contract liabilities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>729,227</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9,913</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13,490</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18,071</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>687,753</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment contract liabilities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,575</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>301</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>558</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>519</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,197</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Deposits from Bank clients</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17,919</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15,157</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,936</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>826</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,599</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>408</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>350</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,632</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>209</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total contractual obligations</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;789,343</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;29,417</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;20,728</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;25,046</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;714,152</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The contractual payments include principal, interest and distributions. The contractual payments reflect the amounts payable from January&nbsp;1, 2017 up to and
including the final contractual maturity date. In the case of floating rate obligations, the floating rate index is based on the interest rates as at December&nbsp;31, 2016 and is assumed to remain constant to the final contractual maturity date.
The Company may have the contractual right to redeem or repay obligations prior to maturity and if such right is exercised, total contractual obligations paid and the timing of payment could vary significantly from the amounts and timing included in
the table. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Insurance contract liabilities cash flows include estimates related to the timing and payment of death and disability claims, policy surrenders, policy
maturities, annuity payments, minimum guarantees on segregated fund products, policyholder dividends, commissions and premium taxes offset by contractual future premiums on in-force contracts. These estimated cash flows are based on the best
estimate assumptions used in the determination of insurance contract liabilities. These amounts are undiscounted and reflect recoveries from reinsurance agreements. Due to the use of assumptions, actual cash flows may differ from these estimates
(see &#147;Policy Liabilities&#148;). Cash flows include embedded derivatives measured separately at fair value. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Legal and Regulatory Proceedings </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The
Company is regularly involved in legal actions, both as a defendant and as a plaintiff. The legal actions where the Company is a party ordinarily involve its activities as a provider of insurance protection and wealth management products, relating
to reinsurance, or in its capacity as an investment adviser, employer and taxpayer. Other life insurers and asset managers, operating in the jurisdictions in which the Company does business, have been subject to a wide variety of other types of
actions, some of which resulted in substantial judgments or settlements against the defendants; it is possible that the Company may become involved in similar actions in the future. In addition, government and regulatory bodies in Canada, the United
States, Asia and other jurisdictions where the Company conducts business regularly make inquiries and, from time to time, require the production of information or conduct examinations concerning the Company&#146;s compliance with, among other
things, insurance laws, securities laws, and laws governing the activities of broker-dealers. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Two class actions against the Company were certified and
pending in Quebec and Ontario. The actions were based on allegations that the Company failed to meet its disclosure obligations related to its exposure to market price risk in its segregated funds and variable annuity guaranteed products. On January
31, 2017, we announced we reached an agreement to settle both of these class actions for a total payment of $69 million. The entire payment is covered by insurance and the Company made no admission of liability. The settlement agreement is subject
to approval by both the Ontario and Quebec Courts. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Two putative class actions against JHUSA are pending, one in New York and one in California in which
claims are made that JHUSA breached, and continues to breach, the contractual terms of certain universal life policies issued between approximately 1990 and 2006 by including impermissible charges in its cost of insurance (&#147;COI&#148;)
calculations. The Company believes that its COI calculations have been, and continue to be, in accordance with the terms of the policies and intends to vigorously defend these actions. Both cases are in the discovery stage and it is premature to
attempt to predict any likely outcome or range of outcomes for these matters. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>104</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Quarterly Financial Information </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The following table provides summary information related to our eight most recently completed quarters: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at and for the three months ended</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">($ millions, except per share amounts or otherwise</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="1">stated)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Dec 31,<BR>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Sept 30,<BR>2016</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Jun 30,<BR>2016</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Mar 31,<BR>2016</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Dec 31,<BR>2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Sept&nbsp;30,<BR>2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Jun 30,<BR>2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">Mar 31,<BR>2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Premium income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Life and health insurance</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,093</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,950</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,497</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,728</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,331</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,092</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,708</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,589</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Annuities and pensions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>908</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,247</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,209</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,381</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,141</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">869</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">814</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Premiums ceded, net of ceded commission and additional consideration relating to Closed Block
reinsurance transaction</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7,996</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net premium income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,001</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,197</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,706</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,728</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,712</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,763</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,577</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,403</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment income</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,309</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,568</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,213</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,899</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,708</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,216</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,642</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(16,421</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">771</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,922</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,862</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,916</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,672</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(10,161</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,343</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other revenue</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,637</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,921</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,794</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,829</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,694</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,487</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,491</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,426</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(3,474</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;14,457</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;20,635</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;21,719</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;10,389</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;7,104</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;1,123</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;15,814</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income (loss) before income taxes</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(285</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,314</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">947</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,353</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">136</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">988</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">650</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">844</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Income tax (expense) recovery</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>450</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(117</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(231</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(298</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">76</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(316</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(116</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>165</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,197</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">716</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,055</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">212</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">672</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">678</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">728</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income attributed to shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>63</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,117</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">704</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,045</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">246</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">622</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">600</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">723</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Reconciliation of core earnings to net income attributed to shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Total core earnings<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,287</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">996</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">833</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">905</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">859</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">870</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">902</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">797</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other items to reconcile net income attributed to shareholders to core earnings<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Investment-related experience in excess of amounts included in core earnings</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">280</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(340</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(361</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(169</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Direct impact of equity markets, interest rates and variable annuity guarantee liabilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(1,202</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">414</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(170</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">474</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">232</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(309</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Impact of major reinsurance transactions, in-force product changes and recapture of reinsurance treaties</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Change in actuarial methods and assumptions</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(455</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(285</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net impact of acquisitions and divestitures</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Tax-related items</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other items</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(97</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(37</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income attributed to shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>63</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,117</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">704</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,045</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">246</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">622</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">600</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">723</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Basic earnings per common share</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.01</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.55</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.34</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.51</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.11</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.30</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.29</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.36</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Diluted earnings per common share</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.01</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.55</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.34</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.51</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.11</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.30</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.29</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.36</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Segregated funds deposits</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,247</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,291</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,899</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,693</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,324</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,401</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,790</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,270</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets (in billions)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>721</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">742</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">725</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">696</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">703</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">682</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">657</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">687</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Weighted average common shares (in millions)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,974</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,973</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,972</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,972</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,972</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,971</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,971</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,936</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Diluted weighted average common shares (in&nbsp;millions)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1,980</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,976</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,976</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,976</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,977</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,977</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,992</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,959</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Dividends per common share</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.185</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.185</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.185</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.185</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.170</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.170</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.170</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.155</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>CDN$ to US$1 &#150; Statement of Financial Position</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.3426</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3116</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3009</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.2970</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3841</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3394</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.2473</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.2682</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>CDN$ to US$1 &#150; Statement of Income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.3343</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3050</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.2889</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3724</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3360</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.3089</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.2297</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.2399</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">For fixed income assets supporting insurance and investment contract liabilities and for equities supporting pass-through products and derivatives related to
variable hedging programs, the impact of realized and unrealized gains (losses) on the assets is largely offset in the change in insurance and investment contract liabilities. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Core earnings is a non-GAAP measure. See &#147;Performance and Non-GAAP Measures&#148; above. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>105</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="3" COLOR="#1f320c"><B>Selected Annual Financial Information </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>As at and for the years ended December&nbsp;31,</B></FONT></P> <P><FONT
STYLE="font-family:ARIAL" SIZE="1">($ millions, except per share amounts)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Asia Division</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19,294</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14,002</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,958</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Canadian Division</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,707</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,065</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,773</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">U.S. Division</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>20,558</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,949</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28,733</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Corporate and Other</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>778</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">414</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(76</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>53,337</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34,430</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">54,388</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;720,681</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;702,871</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;579,406</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Long-term financial liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Long-term debt</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>5,696</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,853</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,885</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Liabilities for preferred shares and capital instruments</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,695</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,426</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total financial liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12,876</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,548</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,311</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dividend per common share</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.74</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.665</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class&nbsp;A Share, Series 1<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)
</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.5125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.025</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class&nbsp;A Share, Series 2</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.1625</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.1625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.16252</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class&nbsp;A Share, Series 3</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.125</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class&nbsp;A Share, Series
4<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.825</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class 1 Share, Series 1<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class 1 Share, Series 3<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.7973</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class 1 Share, Series 4<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.2431</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class 1 Share, Series 5</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class 1 Share, Series 7</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class 1 Share, Series 9</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class 1 Share, Series 11</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.00</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class 1 Share, Series 13</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.95</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class 1 Share, Series 15</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.975</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.975</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.792021</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class 1 Share, Series 17</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.975</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.975</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.336575</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class 1 Share, Series 19</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>0.95</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.9884</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class 1 Share, Series 21<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1.1411</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #1f320c"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash dividend per Class 1 Share, Series 23<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#dde0da" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" BGCOLOR="#dde0da"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #1f320c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">On June&nbsp;19, 2015, MFC redeemed all of its 14&nbsp;million outstanding Class&nbsp;A Shares Series 1. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">On June&nbsp;19, 2014, MFC redeemed all of its 18&nbsp;million outstanding Class&nbsp;A Shares Series 4. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">On September&nbsp;19, 2014, MFC redeemed all of its 14&nbsp;million outstanding Class 1 Shares Series 1. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">1,664,169 of 8,000,000 Series 3 Shares were converted, on a one-for-one basis, into Series 4 Shares on June&nbsp;20, 2016. 6,335,831 Series 3 Shares remain
outstanding. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">On February&nbsp;25, 2016, MFC issued 16&nbsp;million of Series 21 Shares and on March&nbsp;3, 2016, MFC issued an additional 1&nbsp;million Series 21 Shares
pursuant to the exercise in full by the underwriters of their option to purchase additional Series 21 Shares. </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">On November&nbsp;22, 2016, MFC issued 19&nbsp;million of Non-cumulative Rate Reset Class 1 Shares Series 23. No dividends were paid in 2016.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Additional Information Available </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Additional information relating to Manulife, including MFC&#146;s Annual Information Form, is available on the Company&#146;s website at <U>www.manulife.com</U> and on SEDAR at <U>www.sedar.com</U>. </FONT></P>
<P STYLE="margin-top:14px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#2a517f"><B>Outstanding Shares &#150; Selected Information </B></FONT></P> <P STYLE="margin-top:14px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#1f320c"><B>Common Shares </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As at February&nbsp;3, 2017, MFC had 1,975,685,118 common shares outstanding.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="58%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1f320c"><B>106</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Manulife&nbsp;Financial&nbsp;Corporation</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1">2016&nbsp;Annual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #1f320c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Management&#146;s&nbsp;Discussion&nbsp;and&nbsp;Analysis</I></FONT></TD></TR></TABLE>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>d324094dex993.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>M<SMALL>ANULIFE</SMALL> F<SMALL>INANCIAL</SMALL> C<SMALL>ORPORATION</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Annual Information Form </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;9, 2017 </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table of Contents </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Annual<BR>Information<BR>Form</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Management&#146;s<BR>Discussion &amp;<br>Analysis dated<BR>February&nbsp;9,<BR>2017</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>GLOSSARY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>FINANCIAL PRESENTATION AND EXCHANGE RATE INFORMATION</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>DOCUMENTS INCORPORATED BY REFERENCE</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CAUTION REGARDING FORWARD-LOOKING STATEMENTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CORPORATE STRUCTURE</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CORPORATE STRATEGY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>GENERAL DEVELOPMENT OF THE BUSINESS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>BUSINESS OPERATIONS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Selected Financial Statistics by Division</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Asia Division</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26&nbsp;-29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Canadian Division</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30 - 32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U.S. Division</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33 - 36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Corporate and Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investment Division</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39 - 47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Public Accountability Statement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>RISK FACTORS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83 - 98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>GOVERNMENT REGULATION</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>GENERAL DESCRIPTION OF CAPITAL STRUCTURE</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>DIVIDENDS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CONSTRAINTS ON OWNERSHIP OF SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>RATINGS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>MARKET FOR SECURITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>LEGAL PROCEEDINGS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>DIRECTORS AND EXECUTIVE OFFICERS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>TRANSFER AGENT AND REGISTRAR</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>MATERIAL CONTRACTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>INTERESTS OF EXPERTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>AUDIT COMMITTEE</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>PERFORMANCE AND <FONT STYLE="white-space:nowrap">NON-GAAP</FONT> MEASURES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">100&nbsp;-&nbsp;103</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ADDITIONAL INFORMATION</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>SCHEDULE 1 &#150; AUDIT COMMITTEE CHARTER</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GLOSSARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In this annual information form (&#147;AIF&#148;), unless otherwise indicated or unless the context otherwise requires: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">all references to &#147;MFC&#148; and &#147;Manufacturers Life&#148; refer to Manulife Financial Corporation and The Manufacturers Life Insurance Company, respectively, not including their subsidiaries;
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">MFC and its subsidiaries, including Manufacturers Life, are collectively referred to as &#147;Manulife&#148;; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">references to &#147;Company&#148;, &#147;we&#148;, &#147;us&#148; and &#147;our&#148; refer to Manulife. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
following are brief explanations of certain terms as used in this AIF. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>accepted actuarial practices </B>&#151; Canadian accepted actuarial practices
as promulgated by the Actuarial Standards Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>annuities</B> &#151; contracts that provide income payments at regular intervals, usually for a
specified period (an annuity certain) or for the lifetime of the annuitant (a life annuity). Annuity contracts are offered on both an immediate and a deferred basis. Under immediate annuities, the payment of income commences at, or very shortly
after, the date of issue of the contract. Under deferred annuity contracts, the payment of income commences on some specified future date, such as five years after the contract is issued. Contracts can be fixed or variable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>AUMA </B>&#151;<B> </B>assets under management and administration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>bancassurance </B>&#151; the sale of insurance and similar products through a bank&#146;s distribution channels. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>cash value</B> &#151; the gross value for which an <FONT STYLE="white-space:nowrap">in-force</FONT> policy can be surrendered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COLI</B> (corporate owned life insurance) &#151; a specialized insurance product which provides <FONT STYLE="white-space:nowrap">tax-efficient</FONT>
funding vehicles for employee deferred compensation programs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ETF</B> &#151; exchange traded fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>529 College Savings plan</B> &#150; a mutual fund that offers a tax advantaged way for families to save on qualified higher education costs.&nbsp;Earnings
in the mutual fund are tax free if withdrawn for the benefit of the payment of qualified higher education costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GAAP</B> &#151; Canadian generally
accepted accounting principles as promulgated by CPA Canada, which for the Company is IFRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>general fund</B> &#151; those assets and liabilities which
a life insurance company reports on its consolidated statement of financial position and for which a life insurance company bears the investment risk. Products treated as part of the general fund include participating whole life insurance, universal
life insurance, term life insurance, group life and health insurance and fixed-rate insurance, annuity and pension products, as well as reinsurance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GIC</B> &#151; guaranteed interest contract (except where used in the context of products offered by Manulife Bank of Canada and Manulife Trust Company
where GIC means &#147;guaranteed investment certificate&#148;) &#150; an investment guaranteed to receive a set interest rate over a predetermined term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>group life and health insurance</B> &#151; insurance which insures the lives of a group of people (group life) or provides coverage for medical and dental
costs, and income replacement for disabilities to a group of people (group health) under a master contract. Typically used by employers to provide coverage for their employees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ICA </B>&#151; the <I>Insurance Companies Act </I>(Canada), as amended, including the regulations thereunder which apply to insurance companies that are
incorporated under Canadian federal law and to foreign insurance companies that operate in Canada on a branch basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IFRS </B>(International Financial
Reporting Standards) &#151; as promulgated by the International Accounting Standards Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">in-force</FONT>
</B>&#151; an insurance or annuity contract which has not expired or otherwise been terminated. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>individual life insurance </B>&#151; insurance which pays a stipulated sum in the event of the death of a
named individual. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Letters Patent of Conversion </B>&#151; the letters patent issued under the ICA to effect the conversion proposal of Manufacturers
Life from a mutual company to a company with common shares effective September&nbsp;23, 1999. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MCCSR </B>(Minimum Continuing Capital and Surplus
Requirements) &#151; regulatory capital requirements imposed by OSFI for Canadian federally regulated life insurance companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Minister of Finance
</B>&#151; the Minister of Finance (Canada) or any Minister of State who has been delegated any of the Minister&#146;s powers, duties and functions under the ICA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NAIC </B>(National Association of Insurance Commissioners) &#151; an association of the chief insurance supervisory officials of each state, territory or
possession of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>OSFI</B> &#151; the Office of the Superintendent of Financial Institutions (Canada), the primary regulator of federal
financial institutions and federal pension plans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>policy loan</B> &#151; a loan made to a policyholder based on the security of the cash value of a
policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>policyholder</B> &#151; the person who owns an insurance or annuity policy. Although the policyholder is usually the insured, in the case of
group insurance the policyholder is usually the employer rather than the employee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>producer</B> <B>group</B> &#151; groups of agents and brokers who
deal collectively with insurance companies in the areas of products, underwriting and compensation. A producer group also offers marketing and sales support to its members, as well as continuing education. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>reinsurance</B> &#151; the acceptance by one or more insurers, called reinsurers, of a portion of the risk underwritten by another insurer which has
directly contracted to provide the coverage. The legal rights of the policyholder are not affected by the reinsurance transaction and the insurer issuing the insurance contract remains primarily liable to the policyholder for payment of policy
benefits. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>retrocession</B> &#151; a form of reinsurance that involves the assumption of risk from a reinsurer rather than the direct writer of the
policy or policies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SCDA </B>&#151; The Standard Life Assurance Company of Canada. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SEC </B>&#151; the U.S. Securities and Exchange Commission, an agency of the United States federal government that has primary responsibility for enforcing
federal securities laws and regulating the securities industry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SEDAR </B>&#151; the System for Electronic Document Analysis and Retrieval, found at
<U>www.sedar.com</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>segregated fund</B> &#151; a fund, having its own portfolio of investments, kept separate from the general fund of a life
insurance company in connection with one or more insurance policies or annuity contracts under which the company&#146;s liability to the policyholders varies with the performance of the fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Superintendent</B> &#151; the Superintendent of Financial Institutions (Canada). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>term life insurance</B> &#151; a life insurance policy which pays a stipulated sum on the death of the individual life insured, provided that death occurs
within a specified number of years. There is usually no cash value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>third party administrator</B> &#151; a company that provides administrative
support, including regulatory compliance, reporting and document processing, to sponsors of group plans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>UCITS</B> &#151; Undertakings for Collective
Investment in Transferable Securities &#150; securities that enable <FONT STYLE="white-space:nowrap">non-residents</FONT> of the U.S. to purchase JH Investments&#146; mutual fund offerings </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>underwriting</B> &#151; the process by which an insurance company assesses the risk inherent in an application for insurance prior to acceptance and
issuance of a policy. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>universal life insurance</B> &#151; a life insurance policy in which premiums, less expense charges, are
credited to a policy account from which periodic charges for life insurance are deducted and to which interest and investment income are credited. Universal life insurance accumulates a cash value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>variable product</B> &#151; an insurance, annuity or pension product contract for which the reserves and/or benefits may vary in amount with the market
value of a specified group of assets held in a segregated fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>whole life insurance</B> &#151; a life insurance policy payable upon the death of the
insured, with a fixed premium and accumulating cash values. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FINANCIAL PRESENTATION AND EXCHANGE RATE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company maintains its financial books and records in Canadian dollars and presents its financial statements in accordance with IFRS as applied to life
insurance enterprises in Canada and the accounting requirements of the Superintendent. None of the accounting requirements of the Superintendent is an exception to IFRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unless otherwise indicated, references in this AIF to &#147;$,&#148; &#147;Cdn.$&#148; or &#147;dollars&#148; are to Canadian dollars.</B> Principal
exchange rates used for currency conversion to Canadian dollars for financial statements in this AIF are summarized in the following table: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;at&nbsp;and&nbsp;for&nbsp;the&nbsp;year&nbsp;ended&nbsp;December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt"><B>U.S. dollar</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Statement of financial position</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.343</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.384</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.160</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Statement of income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.325</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.279</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Japanese yen</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Statement of financial position</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0097</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Statement of income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Notes:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) Rates shown are the Canadian dollar price per U.S. dollar and Japanese yen. In accordance with IFRS, statement of financial position
amounts are converted at rates on the dates indicated therein, while statement of income amounts are converted using the average rate for each quarter. The rate of exchange disclosed above for the annual statement of income is based on the rates in
each quarter&#146;s statement of income. The annual rate is approximated as the average of the quarterly rates.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(2) Rates are based upon noon rates of
exchange published by the Bank of Canada.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We do business in various jurisdictions outside Canada. Fluctuations between the Canadian dollar and foreign currencies have
the effect of increasing or decreasing amounts presented in our financial statements. We present certain financial performance measures on a constant currency basis<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> to exclude the effect of
fluctuations in these currencies versus the Canadian dollar. Amounts stated in this AIF on a constant currency basis are calculated, as appropriate, using the statement of financial position exchange rates as at December&nbsp;31, 2016 and the
statement of income exchange rates effective for the fourth quarter of 2016. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DOCUMENTS INCORPORATED BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following documents are incorporated by reference in and form part of this AIF: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">MFC&#146;s Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2016, and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">MFC&#146;s audited annual consolidated financial statements and accompanying notes as at and for the year ended December&nbsp;31, 2016. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These documents have been filed with securities regulators in Canada and with the SEC and may be accessed at <U>www.sedar.com</U> and <U>www.sec.gov</U>,
respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any website address included in this AIF is an inactive textual reference only and information appearing on such website is not part of,
and is not incorporated by reference in, this AIF. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">This item is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure. See &#147;Performance and <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Measures&#148; below. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CAUTION REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From time to time, the Company makes written and/or oral forward-looking statements, including in this document and the documents incorporated by reference in
this document. In addition, the Company&#146;s representatives may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the &#147;safe harbour&#148; provisions of Canadian
provincial securities laws and the U.S. <I>Private Securities Litigation Reform Act of 1995</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The forward-looking statements in this document and the
documents incorporated by reference in this document include, but are not limited to, statements with respect to the Company&#146;s possible or assumed future results set out under &#147;Corporate Strategy&#148;, &#147;General Development of the
Business&#148;, &#147;Business Operations&#148; and &#147;Government Regulation&#148;, core return on shareholders&#146; equity expansion over the medium term and the drivers of such expansion, the contribution of recent major acquisitions and
partnerships to annual core earnings over the medium term, the anticipated benefits and costs of the acquisition of Standard Life, and Manulife&#146;s expected capital position under the new Life Insurance Capital Adequacy Test (&#147;LICAT&#148;)
guideline and also relate to, among other things, our objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as &#147;may&#148;, &#147;will&#148;,
&#147;could&#148;, &#147;should&#148;, &#147;would&#148;, &#147;likely&#148;, &#147;suspect&#148;, &#147;outlook&#148;, &#147;expect&#148;, &#147;intend&#148;, &#147;estimate&#148;, &#147;anticipate&#148;, &#147;believe&#148;, &#147;plan&#148;,
&#147;forecast&#148;, &#147;objective&#148;, &#147;seek&#148;, &#147;aim&#148;, &#147;continue&#148;, &#147;goal&#148;, &#147;restore&#148;, &#147;embark&#148; and &#147;endeavour&#148; (or the negative thereof) and words and expressions of similar
import, and include statements concerning possible or assumed future results. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance
should not be placed on such statements and they should not be interpreted as confirming market or analysts&#146; expectations in any way. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain
material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially
from expectations include, but are not limited to, the factors identified under &#147;Risk Management&#148;, &#147;Risk Factors&#148; and &#147;Critical Accounting and Actuarial Policies&#148; in MFC&#146;s Management&#146;s Discussion and Analysis
for the year ended December&nbsp;31, 2016, in the &#147;Risk Management&#148; note to MFC&#146;s consolidated financial statements for the year ended December&nbsp;31, 2016 and elsewhere in MFC&#146;s filings with Canadian and U.S. securities
regulators. The forward-looking statements in this document or in the documents incorporated by reference in this document are, unless otherwise indicated, stated as of the date hereof or the date of the document incorporated by reference, as the
case may be, and are presented for the purpose of assisting investors and others in understanding the Company&#146;s financial position and results of operations, our future operations, as well as the Company&#146;s objectives and strategic
priorities, and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statements, except as required by law. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CORPORATE STRUCTURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>History and Incorporation </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Manulife
Financial Corporation is a life insurance company incorporated under the ICA. MFC was incorporated under the ICA on April&nbsp;26, 1999 for the purpose of becoming the holding company of Manufacturers Life following its demutualization.
Manufacturers Life was incorporated on June&nbsp;23, 1887, by a Special Act of Parliament of the Dominion of Canada. Pursuant to the provisions of the <I>Canadian and British Insurance Companies Act</I> (Canada), the predecessor legislation to the
ICA, Manufacturers Life undertook a plan of mutualization and became a mutual life insurance company on December&nbsp;19, 1968. As a mutual life insurance company, Manufacturers Life had no common shareholders and its board of directors was elected
by its participating policyholders in accordance with the ICA. Pursuant to Letters Patent of Conversion, effective September&nbsp;23, 1999, Manufacturers Life implemented a plan of demutualization under the ICA and converted to a life insurance
company with common shares and became the wholly owned subsidiary of MFC. Following completion of MFC&#146;s merger with John Hancock Financial Services, Inc. (&#147;JHFS&#148;) on April&nbsp;28, 2004, Manufacturers Life and JHFS became sister
companies. MFC owns all of the outstanding common shares of Manufacturers Life and, following the merger with JHFS, MFC indirectly owned all of the outstanding shares of common stock of JHFS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;31, 2009, MFC consolidated its U.S. operating life insurance company subsidiaries and merged JHFS into The Manufacturers Investment
Corporation, an indirect wholly owned subsidiary of Manufacturers Life. Also on December&nbsp;31, 2009, John Hancock Life Insurance Company and John Hancock Variable Life Insurance Company, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
both Massachusetts domiciled insurers and subsidiaries of JHFS, merged into John Hancock Life Insurance Company (U.S.A.) (&#147;John Hancock USA&#148;), an indirect wholly owned subsidiary of
Manufacturers Life domiciled in Michigan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;30, 2015, Manufacturers Life acquired the Canadian-based operations of Standard Life plc.<B>
</B>On July&nbsp;1, 2015, SCDA was <FONT STYLE="white-space:nowrap">wound-up</FONT> into Manufacturers Life. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC&#146;s head office and registered office
is located at 200 Bloor Street East, Toronto, Canada, M4W 1E5. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Intercorporate Relationships </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company conducts its business activities through subsidiary companies in Canada, the United States, Barbados, Japan, the Philippines, Singapore,
Indonesia, Taiwan, Thailand, Vietnam and Cambodia. The Company operates through branches of subsidiaries in Hong Kong, Macau, Barbados and Bermuda. In mainland China, the Company operates through joint ventures established with local companies. In
Malaysia, the Company operates through a publicly traded corporation, which is approximately 59% owned by the Company. The Company also has asset management operations through subsidiary entities in England, Australia, New Zealand, and Brazil, as
well as in certain of the other jurisdictions referred to above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The significant subsidiaries of MFC, including direct and indirect subsidiaries, and
MFC&#146;s direct and indirect voting interest therein, are listed in Note 21 (Subsidiaries) of MFC&#146;s consolidated financial statements for the year ended December&nbsp;31, 2016. These companies are incorporated in the jurisdiction in which
their head office or registered office is located. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CORPORATE STRATEGY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our strategy is aligned with our Corporate Purpose &#150; to help people achieve their dreams and aspirations, by putting customers&#146; needs first and
providing the right advice and solutions. Delivery of our strategy will provide exceptional experiences for our customers and sustainable, long-term growth for our shareholders. Manulife&#146;s corporate strategy includes three key themes: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Developing more holistic and long-lasting customer relationships; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Continuing to build and integrate our global wealth and asset management businesses; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Leveraging skills and experiences across our international operations. </TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL DEVELOPMENT
OF THE BUSINESS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Three Year History </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2014, the Company announced two strategic acquisitions. In Canada, the Company announced an agreement to acquire the Canadian-based operations of Standard
Life plc, which increased the Company&#146;s presence in Quebec and accelerated its growth strategy in Canada, particularly for its wealth and asset management businesses, including group retirement. The $4&nbsp;billion acquisition was partially
financed through the issuance of $2,260&nbsp;million of subscription receipts, which automatically exchanged on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">one-for-one</FONT></FONT> basis for common shares of the Company when
the acquisition closed on January&nbsp;30, 2015. In the U.S., the Company announced an agreement to acquire the retirement plan services business of New York Life with New York Life net reinsuring 60% of the legacy John Hancock par life insurance
block. By combining New York Life&#146;s strength and expertise in the <FONT STYLE="white-space:nowrap">mid-case</FONT> and large-case retirement plan markets with the Company&#146;s leadership in the small-case plan market, the Company
significantly expanded its market presence and become one of the major plan providers in the U.S. In Asia, the Company entered into several new bancassurance agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2015, the Company closed the previously announced transactions with Standard Life plc. and New York Life. Additionally, we announced two strategic
partnerships in Asia. The first strategic partnership announced was a <FONT STYLE="white-space:nowrap">15-year</FONT> regional life bancassurance agreement with DBS Bank Ltd (&#147;DBS&#148;). Effective January&nbsp;1, 2016, the Company became the
exclusive provider of bancassurance solutions to DBS&#146;s six million retail, wealth and small and <FONT STYLE="white-space:nowrap">medium-sized</FONT> enterprises (&#147;SME&#148;) customers in four mutually significant markets, namely Singapore,
Hong Kong, Indonesia and mainland China. Under the agreement, initial payments were made by Manulife to DBS totaling US$1.2&nbsp;billion with the final instalment made on January&nbsp;4, 2016, all of which Manulife funded from internal resources.
The second strategic partnership announced was a <FONT STYLE="white-space:nowrap">15-year</FONT> pension distribution partnership with Standard Chartered, which provides the Company the exclusive right to offer its Mandatory Provident Fund
(&#147;MPF&#148;) product to Standard </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Chartered&#146;s customers in Hong Kong. As part of the arrangement, the Company acquired Standard Chartered&#146;s MPF and Occupational Retirement Schemes Ordinance (&#147;ORSO&#148;)
businesses. This arrangement significantly expanded the Company&#146;s pension business in Hong Kong, and strengthened its position as the second largest MPF provider as measured by assets under management and as the largest MPF provider as measured
by net cash flows<SUP STYLE="font-size:85%; vertical-align:top">2</SUP>. The Company also announced several smaller bancassurance agreements in Asia. In 2015, in addition to the common shares issued for the Standard Life acquisition, the Company
issued $2.1&nbsp;billion of subordinated debentures, and $2.6&nbsp;billion of preferred shares and senior and medium term notes were redeemed or matured. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2016, the Company completed the previously announced Standard Chartered pension acquisition on November&nbsp;1, 2016 and commenced the related <FONT
STYLE="white-space:nowrap">15-year</FONT> MPF distribution partnership. In addition, the previously announced exclusive distribution partnership with DBS was launched. The Company also announced several smaller bancassurance agreements in Asia. In
2016, Manulife commenced its global funding strategy to diversify funding sources and broaden our investor base. Manulife raised $5.4&nbsp;billion of capital in Canada, the U.S., and various Asian markets. In 2016, $1.1&nbsp;billion of securities
were redeemed or matured. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BUSINESS OPERATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information about the Company&#146;s business and operating segments is discussed below. Additional information about the Company&#146;s business and
operating segments is contained in MFC&#146;s Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2016, on pages 26 to 47 inclusive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company is a leading international financial services group that helps people achieve their dreams and aspirations by putting customers&#146; needs first
and providing the right advice and solutions. We operate as John Hancock in the United States and Manulife elsewhere.&nbsp;We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and
institutions.&nbsp;Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years.<B><I> </I></B>Manulife also provides investment management services with respect to the Company&#146;s
general fund assets, segregated fund assets, mutual funds, and to institutional customers. The Company also offers specialized property and aviation retrocession products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As at December&nbsp;31, 2016, the Company had more than 34,000 employees and operated in more than 20 countries and territories. The Company&#146;s business
is organized into three major operating divisions: Asia Division, Canadian Division and U.S. Division. Asset management services are also provided by the Company&#146;s Investment Division, through Manulife Asset Management<I>. </I>Each division has
profit and loss responsibility and develops products, services, distribution and marketing strategies based on the profile of its business and the needs of its market. The Investment Division&#146;s external asset management business is included
under the Corporate and Other reporting segment. The Company&#146;s property and casualty reinsurance business line is reported under the Corporate and Other reporting segment. This business line is a well-established participant in the highly
specialized property retrocession market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The approximate number of employees for each of the Company&#146;s divisions and reporting segments as at
December&nbsp;31, 2016 was as set out below<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Asia Division</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Canadian Division</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,200</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U.S. Division</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,700</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Corporate and Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investment Division</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SELECTED FINANCIAL STATISTICS BY DIVISION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table provides a breakdown by operating division of the Company&#146;s net income (loss) attributed to shareholders, core earnings (loss)<SUP
STYLE="font-size:85%; vertical-align:top">4</SUP>, premiums and deposits<SUP STYLE="font-size:85%; vertical-align:top">4</SUP> and assets under management and administration<SUP STYLE="font-size:85%; vertical-align:top">4</SUP> as at and for the
years ended December&nbsp;31, 2016 and December&nbsp;31, 2015. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Based on The Gadbury Group MPF Market Shares Report as of September 2016. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Divisional numbers include Global Resourcing employees, who are located primarily in the Philippines, Malaysia and China and are assigned to the Divisions. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">This item is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure. See &#147;Performance and <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Measures&#148; below. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Division</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:37.40pt; font-size:8pt; font-family:Times New Roman"><B></B>($ millions)<B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net Income</B><br><B>(Loss)<BR>Attributed to<BR>Shareholders</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Core</B><br><B>Earnings&nbsp;(Loss)</B><SUP STYLE="font-size:85%; vertical-align:top">4</SUP><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Premiums</B><br><B>and</B><br><B>Deposits</B><SUP STYLE="font-size:85%; vertical-align:top">4</SUP><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Assets</B><br><B>Under Management<BR>and</B><br><B>Administration<SUP STYLE="font-size:85%; vertical-align:top"></SUP></B><SUP
STYLE="font-size:85%; vertical-align:top"></SUP><FONT STYLE="font-size:5pt"><SUP STYLE="font-size:85%; vertical-align:top">4<B></B></SUP><B></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Asia Division</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,141</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,495</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,234</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,511</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,800</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">121,212</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">106,438</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Canadian Division</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,486</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">480</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,384</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,996</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,344</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">234,757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">219,240</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U.S. Division</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,615</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,466</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74,272</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70,618</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">545,350</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">537,947</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Corporate and Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(832</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(854</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(473</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(524</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,387</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,240</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75,736</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71,551</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,929</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,191</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,428</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">160,166</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151,002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">977,055</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">935,176</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ASIA DIVISION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are a
leading provider of financial protection and wealth and asset management products in most of Asia&#146;s largest and fastest-growing economies, with operations in Japan, Hong Kong, Macau, mainland China, Taiwan, Indonesia, Singapore, the
Philippines, Vietnam, Malaysia, Thailand and Cambodia. We are focused on helping our customers to achieve their dreams and aspirations, and that focus drives our growth strategy and underpins our commitment to the region. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We offer a broad portfolio of products and services including life and health insurance, annuities, mutual funds and retirement solutions that cater to the
wealth and protection needs of individuals and corporate customers through a multi-channel distribution network, supported by a team of approximately 11,000 employees. Our distribution network includes more than 69,000 contracted agents, 100 bank
partnerships and 1,000 independent agents, financial advisors and brokers selling our products. The bank partnerships include a regional partnership with DBS, which together with 5 other exclusive partnerships give us access to more than
18&nbsp;million bank customers. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Hong Kong and Macau </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Insurance and Other Wealth </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company provides a
comprehensive range of insurance solutions, including individual and group life products, to customers in Hong Kong and Macau. Individual products include life insurance, living benefits and wealth accumulation plans with insurance protection that
can be tailored to meet customers&#146; medium and long-term financial planning needs; while group products include group term life insurance and major medical and outpatient plans, which are provided mainly to small and <FONT
STYLE="white-space:nowrap">medium-sized</FONT> businesses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our insurance products are marketed through the Company&#146;s agency, bank and independent
broker channels. The exclusive agency force continues to be the most significant distribution channel for the Company in the individual and group businesses. As at December&nbsp;31, 2016, the Company had over 7,000 agents in Hong Kong and Macau. In
tandem with continued growth in the agency channel, the Company is also actively expanding into other distribution channels including bancassurance and brokerage. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Wealth and Asset Management </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wealth and Asset
Management operations offer pension products and mutual funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our group pension business launched the MPF business line in 2000, and the Company
continues to expand its MPF customer base, to both group and individual customers. The group pension business has developed primarily based on service rendered by our exclusive agents and a fund spectrum built on a multi-manager platform, along with
our comprehensive <FONT STYLE="white-space:nowrap">e-administration</FONT> service suite and focused marketing to individual MPF accounts. We also market our pension products in Macau through our exclusive agents located there. In 2016, we expanded
the distribution of the MPF business to bank channels through our partnerships with DBS and Standard Chartered Bank. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Leveraging the global strength and investment expertise of the Company and working closely with specially
appointed investment experts, the wealth and asset management operations also provide a diverse suite of funds to investors with various risk appetites, geographical, sector and asset class preferences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company continues to focus on growing its wealth and asset management business by maintaining and strengthening existing distribution relationships
through banks, brokers and our agency force and capitalizing on new distribution opportunities as they arise. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Japan </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Japanese market, characterized by an aging population, is a mature insurance market with a number of large international and domestic competitors. In
Japan, the Company particularly focuses on meeting the needs of <FONT STYLE="white-space:nowrap">pre-retirees</FONT> and retirees through advice-based, holistic planning across savings, investment and insurance. Product offerings are marketed
through over 2,300 proprietary sales agents and over 1,000 independent agencies or managing general agents (&#147;MGA&#148;) and bank partners. The Company uses technology to simplify the sales process and introduce innovative customer-focused
solutions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Insurance and Other Wealth </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Company continues to invest in the corporate and retail insurance business through a multi-channel distribution strategy. Corporate products are mainly sold through MGAs. A portfolio of retail product solutions is offered to meet various needs of
customers across all of the Company&#146;s distribution channels. The introduction of an innovative self-disclosure underwriting solution has made the application process easier for customers and distributors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company also continues to expand and enhance the other wealth product solutions by offering a variety of highly-regarded foreign currency denominated
single and regular premium products. Distribution partners include many of the largest national (mega banks) and regional banks, securities firms as well as proprietary sales agents and MGAs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Wealth and Asset Management </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our wealth and asset
management operations consist of asset management and mutual fund distribution. Leveraging the access to Manulife&#146;s global asset management expertise, our asset management business has accumulated third party assets by offering competitive
fixed income portfolios for institutional investors and the mutual fund business continues to expand its product offerings and distribution partners. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Markets </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Indonesia, the Philippines, Singapore,
Taiwan, mainland China, Vietnam, Malaysia, Cambodia and Thailand (collectively, &#147;Asia Other Territories&#148;), the Company distributes a broad range of insurance and wealth accumulation and wealth and asset management products through a
multi-channel distribution network. Products are marketed through approximately 60,000 exclusive agents, bank channels, including six exclusive partnerships, brokerage, independent financial advisors and telemarketing. In Singapore, we launched
Manulife Financial Advisers in 2015, which provides a wide range of offerings for customers&#146; life insurance, savings and retirement needs on behalf of Manulife as well as other trusted providers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Asia Other Territories, the Company continues to invest in its professional agency force. We are also focused on diversifying our distribution channels,
strengthening bank partner relationships, improving our product competitiveness, broadening product offerings and developing our wealth and asset management businesses in order to provide solutions to address our customers&#146; needs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Insurance and Other Wealth </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company offers a
range of individual life and health insurance protection products. Sharia insurance products are offered in Indonesia to cater to the needs of the Muslim population. Group life and health insurance are also sold in Indonesia, the Philippines and
mainland China. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other Wealth includes single premium unit linked and individual annuity products with insurance protection to cater to the growing wealth
accumulation needs of our customers in Indonesia, the Philippines, Singapore, Malaysia, and Thailand. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Insurance and other wealth products are marketed in Asia Other Territories through our multi-channel distribution
network. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Wealth and Asset Management </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Company offers group retirement and savings products in Indonesia and mainland China and commenced the private retirement scheme business in Malaysia in 2012. Leveraging access to Manulife&#146;s global asset management expertise, mutual funds are
also offered in Indonesia, Taiwan, Singapore, Malaysia, Vietnam, Thailand and mainland China. The mutual funds offered include a mix of investment strategies such as money market, equity, fixed income, Sharia and balanced funds in order to meet
customers&#146; risk appetite and wealth management needs. These products are marketed in Asia Other Territories through our multi-channel distribution network. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Competition </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The life insurance industry in Asia remains
competitive. Most Asian territories have concentrated markets with the top three players having over 40% market share of total premium income. As one of the few foreign insurance companies with a broad Asian footprint and scale in both the developed
insurance markets and developing insurance markets, management believes that the Company is well positioned to benefit from the potential in the region. The Company&#146;s competitive advantages include: strong focus on customer experience,
distinctive wealth and asset management capabilities enabling us to offer integrated solutions, large and growing proprietary agency force, growing distribution relationships with leading banks, and strong focus on digital customer engagement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CANADIAN DIVISION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Serving one in three adult Canadians,
we are a leading financial services organization in Canada. We offer a diverse range of protection, estate planning, investment and banking solutions through a diversified multi-channel distribution network, meeting the needs of a broad marketplace,
supported by a team of more than 10,000 employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our Insurance business, we offer broad-based insurance solutions to middle- and upper-income
individuals, families, and business owners through a combination of competitive products, professional advice and quality customer service. Products include universal life, term life, whole life and living benefits products. We also provide group
life, health and disability insurance solutions to Canadian employers; more than 21,000 Canadian businesses and organizations entrust their employee benefit programs to Manulife&#146;s Group Benefits. Life, health and specialty products, such as
travel insurance, are also offered through alternative distribution channels, including sponsor groups and associations, as well as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">direct-to-customer</FONT></FONT> marketing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Wealth business offers a range of investment products and services to customers that span the investor spectrum, from those just starting to build their
financial portfolio to individuals and families with complex retirement and estate planning needs. We provide personalized investment management, private banking and estate solutions to affluent clients. Manulife Bank offers flexible debt and cash
flow management solutions as part of a customer&#146;s financial plan. We also provide Group Retirement solutions to Canadian employers, through defined contribution plans, deferred profit sharing plans,
<FONT STYLE="white-space:nowrap">non-registered</FONT> savings plans and employee share ownership plans. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Insurance </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Retail Insurance </I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Retail Insurance offers broad-based insurance solutions to middle- and
upper-income individuals, families, and business owners through a combination of competitive products, professional advice and quality customer service. We service more than 1.5&nbsp;million <FONT STYLE="white-space:nowrap">in-force</FONT> policies
with a commitment of approximately $450&nbsp;billion in death benefits. Products include universal life, term life, whole life and living benefits products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Retail Insurance products are distributed primarily through independent advisors who sell our products, as well as those of other life insurance companies. A
network of regional offices provides product, marketing and sales support, tax and estate planning expertise and financial planning tools to support independent advisors across Canada. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Group Benefits </I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Group Benefits offers a range of group life and health insurance products and
services to more than 21,000 Canadian businesses and organizations of all sizes. Group Benefits helps protect the health and well-being of almost six million Canadians, offering traditional and flexible benefit programs that include features such as
short-term and long-term disability protection, absence management solutions, critical illness, dental coverage, supplementary health and hospital coverage, drug plan coverage and accidental death and dismemberment protection. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Group Benefits is focused on four market segments: large, medium, small and trusteed plans. Group Benefits products are distributed through a number of
distribution channels, including a national network of regional offices that serves major centres across Canada providing local services to clients and distribution partners. Effective client relationship management is key to building customer
satisfaction and loyalty, and the Group Benefits distribution model is aligned to meet this objective. Account executives work with a network of consultants, brokers and advisors who have been contracted by client companies to analyze and recommend
an appropriate benefits solution and provider. Client managers, supported by service representatives in each regional office, facilitate the implementation of new business and are responsible for ongoing relationship management. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Group Benefits focuses on delivering benefit solutions to meet the needs of its customers. For many employers, this means balancing the objective of providing
their employees with highly valued benefits plans with the cost of those benefits. This is achieved by providing flexible, customized solutions that address employer concerns while improving the health and productivity of employees. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Affinity Markets </I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company is a leading provider of life, living benefits, health and travel
insurance to affinity organizations in Canada, including professional, alumni and retiree associations and financial and retail institutions. Its products are also marketed directly to consumers, as well as through advisors and other intermediaries,
such as travel agents and mortgage brokers. Affinity Markets insured approximately three million customers as at December&nbsp;31, 2016. Sales and marketing approaches include<B> </B>direct mail, television advertising, response advertising and the
internet. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Affinity Markets includes the International Group Program (&#147;IGP<B>&#148;)</B> which provides international group employee benefits
management for multinational corporations<B>.</B> IGP reinsures a portion of the group insurance contracts issued to subsidiaries and affiliates of multinational organizations through its global network of life insurance companies, called
&#147;Network Partners&#148; and pools the profit and loss experience of these contracts. IGP has a leading position in the North American market and is seeking to grow in Europe and Asia. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Insurance Industry Competition </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Canadian life and
health insurance industry is led by larger insurance companies. Smaller competitors and niche players keep pressure on prices in the more commodity-like products as they attempt to gain market share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Retail Insurance&#146;s primary competitors include major Canadian insurance companies and branches of other companies outside of Canada, with growing
competition from banks. In the group benefits marketplace, the major competitors are large insurance companies. Regional carriers are also extremely competitive in some parts of the country, and small carriers that specialize in a particular niche
product or segments, as well as third-party administrators, have increased their presence in the marketplace. Affinity Market&#146;s competition is mainly from large Canadian insurance companies as well as specialty insurers who offer expertise in
various product lines. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Wealth and Asset Management </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Mutual Funds </I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mutual funds offered under the Manulife Investments brand are targeted to middle-
and upper-income investors both in the <FONT STYLE="white-space:nowrap">pre-retirement</FONT> and retirement years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mutual funds are sold through
advisors regulated by the Mutual Fund Dealers Association (&#147;MFDA&#148;) or the Investment Industry Regulatory Organization of Canada (&#147;IIROC&#148;). As of December&nbsp;31, 2016, the Company had relationships with approximately 4,300
independent advisors, as well as approximately 27,700 general agency brokers and more than 43,400 full service brokers with investment dealer firms. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Manulife Investments&#146; objective is to continue to grow our retail and institutional mutual fund business
through diversified fund selection and strong fund performance, and by expanding our distribution partnerships. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Group Retirement </I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Group Retirement offers a breadth of flexible retirement savings solutions for
more than 9,000 Canadian employers, including a well-diversified choice of investment managers and funds that includes multi-manager mandates; an array of reports and automated tools targeted at helping plan sponsors manage their programs easily
while fulfilling governance requirements; and robust education, information and reporting tools for individual members. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The products offered include
defined contribution pension plans, deferred profit sharing plans, <FONT STYLE="white-space:nowrap">non-registered</FONT> savings plans, investment-only services for defined benefit plans, and employee share ownership plans. Product classification
as Wealth and Asset Management compared with Other Wealth is primarily dependent on the underlying investments in the plans. If the investments are in guaranteed interest accounts, they are classified as Other Wealth while all other investments are
classified as Wealth and Asset Management. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Group Retirement works with a network of market sources, typically brokers and consultants, to meet the needs
of clients across the marketplace. Brokers concentrate on small and <FONT STYLE="white-space:nowrap">mid-sized</FONT> enterprises, but occasionally represent larger customers, while consultants almost exclusively focus on large and <FONT
STYLE="white-space:nowrap">jumbo-sized</FONT> client companies. For brokers, the combination of a diverse fund <FONT STYLE="white-space:nowrap">line-up,</FONT> internet presence and strong governance support makes Group Retirement a competitive
presence in a growing market. Consultants have access to flexible plan design supported by a growing number of automated services and a proven implementation approach with custom education programs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Group Retirement is focused on the development and enhancement of solutions to support the accumulation of retirement assets and uses of those assets to
provide income in retirement. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Advisory Services</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Advisory Services supports the Canadian Division through approximately 3,000
independent advisors located across Canada, who provide counsel for over $40&nbsp;billion of clients&#146; wealth assets and $100&nbsp;billion in face value of insurance policies. Approximately 1,750 independent insurance advisors have direct
contracts with Manufacturers Life for sales of insurance policies and 1,275 independent advisors are licensed through Manulife Securities, regulated by either the MFDA or IIROC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Manulife Private Wealth (&#147;MPW&#148;) provides affluent clients with an integrated approach to wealth management through branch locations in Toronto,
Vancouver and, most recently, Hong Kong to serve high net worth investors in the process of emigrating to Canada. MPW provides high net wealth clients with a high level of personalized service from investment counselors and private bankers,
leveraging the investment experience of Manulife Asset Management, banking products and services of Manulife Bank, products and services from Manulife Capital Markets, as well as strategies from Manulife&#146;s Tax and Estate Group. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Wealth, including Banking </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Retail Segregated Funds and Fixed Products</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other wealth savings and retirement solutions offered
under the Manulife Investments brand include segregated fund products, fixed<B> </B>annuities, GICs and structured products. The target market for Manulife Investments is middle- and upper-income individuals in the
<FONT STYLE="white-space:nowrap">pre-retirement</FONT> and retirement years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s segregated fund product offerings allow investors to
build customized portfolios to meet financial goals through a series of flexible options for income, estate planning and investment needs with an investment <FONT STYLE="white-space:nowrap">line-up</FONT> that includes 243 funds. Fixed rate products
such as annuities and GICs are designed to provide individuals with a regular retirement income stream from funds deposited to their accounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Annuity
products and GICs are distributed through independent advisors, advisors in general agencies and licensed representatives in full service brokerage firms. Mutual funds are sold through advisors regulated by the MFDA or IIROC. Structured products are
sold by full service brokers who are regulated by IIROC. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Group Retirement Fixed Products</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As noted above, investments in guaranteed interest accounts
within Group Retirement are classified as Other Wealth. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>Banking</I></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Manulife Bank is a leader in banking solutions offered primarily through financial
advisors, including savings and chequing accounts, GICs, lines of credit, investment loans, mortgages and other specialized lending programs. Its flagship product, Manulife One, enables customers to consolidate their personal finances into a single <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">all-in-one</FONT></FONT> financial account. This account combines savings and chequing with a traditional mortgage and home equity line of credit, offering customers the potential to pay
down their debts more quickly and generate additional cash flow. The Bank&#146;s distribution network was recently restructured and consists of a team of highly trained District Vice Presidents, Business Development Consultants, Retail Lending
Specialists, Business Banking Specialists, and an Inside Sales Team, who support advisors in providing customers with access to solutions-based banking products as part of a comprehensive financial planning strategy. At December&nbsp;31, 2016,
Manulife Bank had $22.4&nbsp;billion in total assets and was Canada&#146;s ninth<SUP STYLE="font-size:85%; vertical-align:top">5</SUP> largest domestic bank. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Wealth Management Market Competition </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The wealth
management market in Canada continues to be led by larger companies, with more than 60% of the mutual fund market controlled by the top ten companies based upon assets under management as of December 31, 2016; Manulife Investments ranked eighth
according to this measure<SUP STYLE="font-size:85%; vertical-align:top">6</SUP>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Key competitors for wealth management products and services (including
Manulife Bank) are the other Canadian insurance companies, as well as mutual fund companies and banks. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>U.S. DIVISION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operating under the John Hancock brand in the U.S., our product suite includes wealth management and insurance products and is distributed primarily through
affiliated and <FONT STYLE="white-space:nowrap">non-affiliated</FONT> licensed financial advisors. We have a team of approximately 6,700 employees and our affiliated broker/dealer, Signator Investors, Inc., is comprised of a national network of
independent firms with close to 2,200 registered representatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Hancock Wealth Management offers a broad range of products and services focused on
individuals and business markets, as well as institutional oriented products. John Hancock Investments (&#147;JH Investments&#148;) offers a variety of mutual funds, UCITS, exchange traded funds (&#147;ETF&#148;), and 529 College Savings plans. John
Hancock Retirement Plan Services (&#147;JH RPS&#148;) provides employer sponsored retirement plans for companies ranging from <FONT STYLE="white-space:nowrap">start-ups</FONT> to some of the largest corporations in America as well as servicing
personal retirement accounts for former client employees. We also manage an <FONT STYLE="white-space:nowrap">in-force</FONT> block of fixed deferred, variable deferred and payout annuity products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Hancock Insurance (&#147;JH Insurance&#148;) offers a broad portfolio of insurance products, including universal, variable, whole, and term life
insurance designed to provide estate, business, income protection and retirement solutions for high net worth and emerging affluent markets. We also manage an <FONT STYLE="white-space:nowrap">in-force</FONT> block of long-term care insurance which
is designed to cover the cost of long-term services and support, including personal and custodial care in a variety of settings such as the home, a community organization, or other facility in the event of an illness, accident, or through the normal
effects of aging. Effective December&nbsp;2, 2016, JH Long-Term Care (&#147;JH LTC&#148;) discontinued new sales of our stand-alone retail individual long-term care product. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>JH Insurance </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JH Insurance provides life insurance
products and services to select markets through a multi-channel distribution network, including Signator and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">direct-to-customer.</FONT></FONT> These products are designed to provide
insurance protection for individuals, estates, and businesses, as well as care advisory and retirement solutions and services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JH Insurance provides a
broad range of protection and accumulation oriented life insurance products to individuals to meet their protection, estate, business planning and other financial needs. The business has capacity to place large individual insurance policies due to
large retention limits of US$30&nbsp;million for single lives and US$35&nbsp;million on survivorship cases. We are creating a more modern buying experience supported by the use of technology. Some of the initiatives that are allowing us to deliver
upon this objective, include: </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Based on information available through OSFI for assets as at December&nbsp;31, 2016. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Source: Reporting from the Investment Funds Institute of Canada as of December&nbsp;31, 2016.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Our innovative wellness program partnership with The Vitality Group, Inc., the global leader in integrating wellness benefits with life insurance products. These products offer customers savings on premiums and the
potential to earn valuable rewards and discounts by engaging in a healthy lifestyle. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The launch of a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">direct-to-consumer</FONT></FONT> distribution capability, including a tele-sales and service operation. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Significant investments in streamlining our customer intake and underwriting processes, in order to reduce the time between the submission of policy applications and policy issuance. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JH Insurance offers term insurance, single and survivorship universal life, variable universal life insurance products and specialized COLI products. The rate
of investment return on universal life insurance policies may change from time to time due to factors such as the investment performance of the universal life asset portfolio, but is subject to minimum guaranteed rates. Variable universal life
insurance products offer clients an opportunity to participate in the equity market by investing in segregated funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JH Insurance has transitioned its
product portfolio in recent years in response to the persistent low interest rate environment. The business has introduced new universal life products that are intended to perform well for customers in the current markets and have an improved risk
profile for the Company. The products are positioned to highlight the value of flexibility and liquidity through policy cash values as well as the potential for improved performance if investment returns increase over time. In addition, our indexed
universal life portfolio of products offer customers capital market upside potential through positive S&amp;P 500 index returns while providing a minimum policy crediting rate of zero on an annual basis. The Company&#146;s policy is to fully hedge
the risk related to the S&amp;P 500 return. The sales of universal life products with lifetime low cost guarantees have been <FONT STYLE="white-space:nowrap">de-emphasized</FONT> through pricing actions and represented approximately 1% of total U.S.
life insurance sales in 2016. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>JH LTC </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JH LTC
provides insurance to individuals and groups to cover the costs of <FONT STYLE="white-space:nowrap">long-term</FONT> care services including nursing homes, assisted living care facilities, adult day care and
<FONT STYLE="white-space:nowrap">at-home</FONT> care when an insured is no longer able to perform the ordinary activities of daily living or is cognitively impaired. The business also administers <FONT STYLE="white-space:nowrap">long-term</FONT>
care benefits for employees of the United States federal government. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Effective December&nbsp;2, 2016, we discontinued new sales of our stand-alone retail
individual long-term care product. We are committed to servicing our existing customers and honouring our obligations to over 1.2&nbsp;million long-term care policyholders. We intend to continue to offer long-term care coverage as an accelerated
benefit rider to JH Insurance products. In addition, some of our existing policies are entitled to optional inflation <FONT STYLE="white-space:nowrap">buy-ups.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This decision will have no impact on the Federal Long Term Care program, as that program is managed separately from our individual long-term care business.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>John Hancock Wealth Management </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Hancock Wealth
Management provides a variety of investment and retirement savings solutions and services to select individual and business markets. John Hancock Wealth Management is focused on growth of its higher return
<FONT STYLE="white-space:nowrap">fee-based</FONT> asset management businesses. We will seek to accomplish this by capitalizing on our strong brand name, innovative and broad product offerings, expanding distribution opportunities and superior
customer service, while maintaining strong financial discipline and risk management in the products we offer. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>JH RPS </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JH RPS offers retirement plan record keeping, investment administration, communication and consulting services to individuals, businesses and unions of all
sizes. With its full suite of products, JH RPS can provide small plans with high levels of service using a 401(k) group annuity product &#147;JH Signature&#148; in partnership with third party administrators. Larger companies and unions use &#147;JH
Enterprise&#148; and &#147;JH Total Retirement Services&#148; products which offer full support for the more complex retirement structures typical of larger organizations, including defined benefit and
<FONT STYLE="white-space:nowrap">non-qualified</FONT> deferred compensation arrangements. JH RPS is expanding its ability to offer personalized retirement investment advice to plan participants through the use of digital capabilities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JH RPS&#146;s products are marketed by sales account executives primarily to third party advisors and
consultants, including those who specialize in retirement plans. JH RPS provides support to third party administrators in the form of direct data links, training, marketing, educational programs and access to
<FONT STYLE="white-space:nowrap">e-commerce</FONT> functionality. JH RPS has also established advisory councils of third party administrators, plan sponsors and advisors that provide feedback on product development and marketing strategies. As part
of its commitment to the growing broker-dealer and financial planner channels, JH RPS offers <FONT STYLE="white-space:nowrap">on-line</FONT> marketing, educational and client/broker-dealer administrative support through its broker website. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>JH Investments </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JH Investments combines diverse
investment capabilities and risk-adjusted performance with a unique <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">manager-of-manager</FONT></FONT> approach. Today, JH Investments&#146; network of specialists includes 74 teams at
28 firms. They provide a wide range of products to help serve the needs of investors, including traditional and alternative mutual funds, ETFs, UCITS for <FONT STYLE="white-space:nowrap">non-U.S.</FONT> investors,
<FONT STYLE="white-space:nowrap">closed-end</FONT> funds, managed accounts, target-date retirement portfolios, Environmental, Social, and Governance funds, and 529 College Savings plans. JH Investments distributes its products primarily through
financial intermediaries and advice-driven platforms. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>JH Annuities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JH Annuities administers an <FONT STYLE="white-space:nowrap">in-force</FONT> block of fixed and variable annuity business consisting of approximately
US$66&nbsp;billion of AUMA and over 860,000 contracts and participants. Sales were discontinued in March, 2013. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Competition </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Competition in the U.S. varies across product lines, but is primarily with other large insurance and wealth management firms that distribute comparable
products through similar channels. With our recent entry into the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">direct-to-customer</FONT></FONT> insurance channel and our ongoing development of a customer-facing advice platform,
competition has expanded to include traditional advice providers and emerging digital advice platforms. Competitive advantage is based on the ability to develop flexible product features to meet individual customer needs, and to develop and service
a variety of distribution channels. Our competitive position is enhanced by our scale and leadership in the markets we operate in, as well as the strength of the John Hancock brand. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CORPORATE AND OTHER </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Corporate and Other is comprised of
investment performance on assets backing capital, net of amounts allocated to operating divisions, financing costs, Investment Division&#146;s external asset management business (Manulife Asset Management), our Property and Casualty
(&#147;P&amp;C&#148;) Reinsurance business; and run-off reinsurance business lines including variable annuities and accident and health. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INVESTMENT
DIVISION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Manulife&#146;s Investment Division manages the Company&#146;s general fund assets and, through Manulife Asset Management (&#147;MAM&#148;),
provides comprehensive asset management and asset allocation solutions to institutional clients and investment funds, and investment management services to retail clients through Manulife and John Hancock product offerings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have expertise managing a broad range of investments including public and private bonds, public and private equities, commercial mortgages, real estate,
power and infrastructure, timberland, farmland, and oil and gas. With a team of more than 3,400 employees, the Investment Division has a physical presence in key markets, including the United States, Canada, the United Kingdom, Hong Kong, Japan, and
Singapore. In addition, MAM has a joint venture asset management business in mainland China, Manulife TEDA Fund Management Company Ltd. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General Fund
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our investment philosophy for the General Fund is to invest in an asset mix that optimizes our risk-adjusted returns and matches the characteristics
of our underlying liabilities. We follow a <FONT STYLE="white-space:nowrap">bottom-up</FONT> approach which combines our strong asset management skills with an <FONT STYLE="white-space:nowrap">in-depth</FONT> understanding of the characteristics of
each investment. We invest in a diversified mix of assets, including a variety of alternative long-duration assets. Our diversification strategy has </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
historically produced superior risk adjusted returns while reducing overall risk. We use a disciplined strategy across all asset classes and we do not chase yield in the riskier end of the fixed
income market. This strategy has resulted in a well-diversified, high quality investment portfolio, which has historically delivered strong investment-related experience
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">through-the-cycle.</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Further information on the invested assets and the
Risk Management and Asset Liability Management Strategies can be found in MFC&#146;s Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2016. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Manulife Asset Management </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MAM provides comprehensive
asset management solutions to institutional clients (such as pension plans, foundations, endowments and financial institutions) and investment funds, and investment management services to retail clients through Manulife and John Hancock product
offerings. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Competition </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our competitors are made up
of a disparate group of global institutional asset management companies, each of whom competes with us in distinct asset classes. MAM&#146;s key competitive differentiators include offering private and public multi-assets to holistically address
client needs, providing alpha-focused active management in a boutique environment, and leveraging <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> global capabilities and expertise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Further information on the assets managed by MAM and its strategy can be found in MFC&#146;s Management&#146;s Discussion and Analysis for the year ended
December&nbsp;31, 2016. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PUBLIC ACCOUNTABILITY STATEMENT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We report on the economic, environmental and social dimensions of our products and services, operations and community activities annually in Manulife&#146;s
Public Accountability Statement. The report details our commitment to social responsibility, environmental sustainability, excellence in business conduct and corporate governance. This document can be found in the Corporate Citizenship section of
the Company&#146;s website at <U>www.manulife.com/pas</U>. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Manulife is a leading international financial services group offering insurance, wealth and asset management products and other financial services. These
businesses subject the Company to a broad range of risks. Our goal is to strategically optimize risk taking and risk management to support long-term revenue, earnings and capital growth. We seek to achieve this by capitalizing on business
opportunities and strategies with appropriate risk/return profiles; establishing sufficient management expertise to effectively execute strategies, and to identify, understand and manage underlying inherent risks; pursuing strategies and activities
aligned with the Company&#146;s corporate and ethical standards and operational capabilities; pursuing opportunities and risks that enhance diversification; and making risk taking decisions with analyses of inherent risks, risk controls and
mitigations, and risk/return <FONT STYLE="white-space:nowrap">trade-off.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An explanation of the broad categories of risks facing the Company and
Manulife&#146;s risk management strategies for each category as well as a discussion of the specific risks and uncertainties to which our business operations and financial condition are subject can be found in the sections entitled &#147;Risk
Management&#148; and &#147;Risk Factors&#148;, respectively, in MFC&#146;s Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As noted under &#147;Caution Regarding Forward-Looking Statements&#148;, forward-looking statements involve risks and uncertainties and actual results may
differ materially from those expressed or implied in such statements. Strategic risk, market risk, liquidity risk, credit risk, insurance risk and operational risk are the major categories of risk described in the sections of MFC&#146;s
Management&#146;s Discussion and Analysis referred to above. These risk factors should be considered in conjunction with the other information in this AIF and the documents incorporated by reference herein. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GOVERNMENT REGULATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As an insurance
company, Manulife is subject to regulation and supervision by governmental authorities in the jurisdictions in which it does business. In Canada, the Company is subject to both federal and provincial regulation.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
In the United States, the Company is primarily regulated by each of the states in which it conducts business and by federal securities laws. The Company&#146;s Asia operations are similarly
subject to a variety of regulatory and supervisory regimes in each of the Asian jurisdictions in which the Company operates, which vary in degree of regulation and supervision. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CANADA </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Manulife is governed by the ICA. The ICA is
administered, and activities of the Company are supervised, by OSFI. The ICA permits insurance companies to offer, directly or through subsidiaries or through networking arrangements, a broad range of financial services, including banking,
investment counseling and portfolio management, mutual funds, trust services, real property brokerage and appraisal, information processing and merchant banking services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The ICA requires the filing of annual and other reports on the financial condition of the Company, provides for periodic examinations of the Company&#146;s
affairs, imposes restrictions on transactions with related parties, and sets forth requirements governing reserves for actuarial liabilities and the safekeeping of assets and other matters. OSFI supervises Manulife on a consolidated basis (including
capital adequacy) to ensure that OSFI has an overview of the group&#146;s activities. This includes the ability to review both insurance and <FONT STYLE="white-space:nowrap">non-insurance</FONT> activities conducted by subsidiaries of Manulife with
supervisory power to bring about corrective action. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Capital Requirements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The ICA requires Canadian insurance companies to maintain adequate levels of capital, at all times. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capital requirements for MFC and Manufacturers Life are governed by the MCCSR, with MCCSR ratios prepared on a consolidated basis. The MCCSR ratio compares
Available Capital to Required Capital. Available Capital includes instruments such as common equity, qualifying preferred shares, qualifying innovative tier 1 instruments, the participating account, hybrid capital instruments and subordinated debt.
Certain deductions are made from Available Capital including deductions for goodwill, controlling interests in <FONT STYLE="white-space:nowrap">non-life</FONT> financial corporations and <FONT STYLE="white-space:nowrap">non-controlled</FONT>
substantial investments. Required Capital is determined by applying factors to specified risks or using models to determine capital requirements for a given risk. Capital is held for asset default risks, mortality/morbidity/lapse risks, changes in
the interest rate risk environment, segregated funds risk, off balance sheet activities and foreign exchange risk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The minimum regulatory MCCSR ratio for
MFC and Manufacturers Life is 120%; in addition, Manufacturers Life is subject to a supervisory target ratio of 150%. OSFI may require that a higher amount of capital be available, taking into account such factors as operating experience and
diversification of asset or insurance portfolios. OSFI expects each insurance company to establish a target capital level that provides a cushion above minimum requirements.&nbsp;&nbsp;&nbsp;&nbsp;This cushion allows for coping with volatility in
markets and economic conditions, and enhances flexibility in capital management to consider aspects such as innovations in the industry, consolidation trends and international developments. MFC endeavours to manage its affairs so that Manufacturers
Life has an MCCSR ratio that is above the supervisory target. MFC also seeks to ensure that there are sufficient margins for equity market and interest rate declines and takes into account other factors that could adversely impact the capital
position in the foreseeable future. At December&nbsp;31, 2016, the MCCSR ratios for MFC and Manufacturers Life were 199% and 230%, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">OSFI may
intervene and assume control of a Canadian life insurance company if it deems the amount of available capital insufficient. Capital requirements may be adjusted by OSFI as experience develops, the risk profile of Canadian life insurers changes, or
to reflect other risks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">OSFI will be implementing a revised approach to the regulatory capital framework in Canada to come into effect in 2018. In
September 2016, OSFI released the final Life Insurance Capital Adequacy Test (&#147;LICAT&#148;) guideline that will replace the MCCSR framework in 2018. See the section entitled &#147;Risk Management &#150; Regulatory Updates&#148; in MFC&#146;s
Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2016 for further information about LICAT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See the section entitled
&#147;Risk Factors - Our insurance businesses are heavily regulated, and changes in regulation may reduce our profitability and limit our growth&#148; in MFC&#146;s Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2016
for information about regulatory initiatives and other developments which could impact MFC&#146;s capital position. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regulated subsidiaries of MFC must maintain minimum levels of capital, which are based on the local capital
regime and the statutory accounting basis in each jurisdiction. The Company maintains capital in excess of the minimum required, in all foreign jurisdictions in which the Company does business. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investment Powers </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the ICA, Manulife must maintain
a prudent portfolio of investments and loans, subject to certain overall limitations on the amount it may invest in certain classes of investments, such as commercial loans. Additional restrictions (and in some cases, the need for regulatory
approvals) limit the type of investment that the Company can make in excess of 10% of the voting rights or 25% of the equity of any entity. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Restrictions on Shareholder Dividends and Capital Transactions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The ICA prohibits the declaration or payment of any dividend on shares of an insurance company if there are reasonable grounds for believing an insurance
company does not have adequate capital and adequate and appropriate forms of liquidity, or declaration or the payment of the dividend would cause the insurance company to be in contravention of any regulation made under the ICA respecting the
maintenance of adequate capital and adequate and appropriate forms of liquidity, or any direction made to the company by the Superintendent. The ICA also requires an insurance company to notify the Superintendent of the declaration of a dividend at
least 15 days prior to the date fixed for its payment. Similarly, the ICA prohibits the purchase for cancellation of any shares issued by an insurance company or the redemption of any redeemable shares or other similar capital transactions, if there
are reasonable grounds for believing that the company does not have adequate capital and adequate and appropriate forms of liquidity, or the purchase or the payment would cause the company to be, in contravention of any regulation made under the ICA
respecting the maintenance of adequate capital and adequate and appropriate forms of liquidity, or any direction made to the company by the Superintendent. These latter transactions would require the prior approval of the Superintendent. There is
currently no direction against MFC or Manufacturers Life paying a dividend or redeeming or purchasing their shares for cancellation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Appointed Actuary
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with the ICA, the Board of Directors of the Company has appointed the Appointed Actuary who must be a Fellow of the Canadian Institute
of Actuaries. The Appointed Actuary is required to value the policy liabilities of Manulife as at the end of each financial year in accordance with accepted actuarial practices with such changes as may be determined by the Superintendent and any
direction that may be made by the Superintendent, including selection of appropriate assumptions and methods. The Appointed Actuary must make a report in the prescribed form on the valuation including providing an opinion as to whether the
consolidated financial statements fairly present the results of the valuation. At least once in each financial year, the Appointed Actuary must meet with the Board of Directors, or the Audit Committee, to report, in accordance with accepted
actuarial practice and any direction that may be made by the Superintendent, on the current and expected future financial condition of the Company. The Appointed Actuary is also required to report to the President and Chief Executive Officer and the
Chief Financial Officer of the Company if the Appointed Actuary identifies any matters that, in the Appointed Actuary&#146;s opinion, have material adverse effects on the financial condition of the Company and require rectification. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Prescribed Supervisory Information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Supervisory
Information (Insurance Companies) Regulations made under the ICA (the &#147;Supervisory Information Regulations&#148;) prohibit the Company from disclosing, directly or indirectly, any &#147;prescribed supervisory information&#148; relating to it or
its affiliates, with certain limited exceptions. The Supervisory Information Regulations define &#147;prescribed supervisory information&#148; broadly in terms of assessments, recommendations, ratings and reports concerning the Company that are made
by or at the request of the Superintendent and certain regulatory actions taken with respect to the Company, including: (i)&nbsp;any rating assigned to assess the financial condition of the Company or similar ratings; (ii)&nbsp;any report prepared
by or at the request of the Superintendent or any recommendation made by the Superintendent as a result of an examination or other supervisory review of the Company; (iii)&nbsp;any categorization of the Company as being at a stage of intervention
during which the Superintendent may exercise additional supervisory powers over the Company that vary with the stage (from stage 0 - no significant problem/normal activities to stage 4 -
<FONT STYLE="white-space:nowrap">non-viability/insolvency</FONT> imminent); (iv) any order of the Superintendent that the Company increase its capital or provide additional liquidity; (v)&nbsp;any prudential agreement to implement any measure
designed to maintain or improve the Company&#146;s safety or soundness entered into between the Superintendent and the Company; and (vi)&nbsp;any direction of the Superintendent that the Company cease or refrain from committing, or remedy, unsafe or
unsound practices in conducting its business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Supervisory Information Regulations permit the Company to disclose, to the public or otherwise, an order,
prudential agreement or direction described in (iv), (v) and (vi)&nbsp;above if the Company considers it to contain a material fact or material change that is required to be disclosed under applicable securities law. The Supervisory Information
Regulations also permit the Company to disclose prescribed supervisory information to underwriters in a public or private offering of securities if the Company ensures that the information remains confidential. The Supervisory Information
Regulations do not prohibit or restrict the Company from disclosing, publicly or otherwise, any facts relating to the business, operations or capital of the Company, provided that the Company does not indirectly disclose any prescribed supervisory
information. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Provincial Insurance Regulation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Company is also subject to provincial regulation and supervision in each province and territory of Canada in which it carries on business. Provincial insurance regulation is concerned primarily with the form of insurance contracts and the sale and
marketing of insurance and annuity products, including the licensing and supervision of insurance producers. Individual variable insurance contracts and the underlying segregated funds to which they relate are also subject to guidelines established
by the Canadian Council of Insurance Regulators (together with the Canadian Life and Health Insurance Association Inc.) which guidelines have regulatory standing in Ontario, are consistent with guidelines in Quebec adopted under the authority of
Quebec insurance legislation, and are generally followed by the regulators of all other provinces. These guidelines govern a number of matters relating to the sale of these products and the administration of the underlying segregated funds.
Manufacturers Life is licensed to transact business in all provinces and territories of Canada. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Provincial/Territorial Securities Laws </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s Canadian mutual fund and asset management businesses are subject to Canadian provincial and territorial securities laws. Manulife Asset
Management Limited (&#147;MAML&#148;) is registered as a portfolio manager with the securities commissions in all Canadian provinces and territories, as an investment fund manager in the provinces of Ontario, Newfoundland and Labrador and Quebec, as
a commodity trading manager in Ontario, and as a derivatives portfolio manager in Quebec. Manulife Asset Management Investments Inc. (&#147;MAMII&#148;) is registered as an exempt market dealer with the securities commissions in all Canadian
provinces and territories. MAML and MAMII are subject to regulation by the applicable provincial securities regulators. Manulife Securities Investment Services Inc. (&#147;MSISI&#148;) is registered under provincial and territorial securities laws
to sell mutual funds across Canada and is subject to regulation by the applicable provincial and territorial securities regulators as well as the MFDA, a self-regulatory organization. MSISI is also registered as an exempt market dealer in all
Canadian provinces and territories. Manulife Securities Incorporated (&#147;MSI&#148;) is registered under provincial and territorial securities laws to sell investments across Canada and is subject to regulation by the provincial and territorial
securities regulators as well as IIROC, a self-regulatory organization. MSI is also registered as a derivatives dealer in Quebec. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consumer Protection
for Financial Institution Failure </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assuris was created by the life and health insurance industry in Canada in 1990 to provide Canadian policyholders
with protection in the event of the insolvency of their insurance company. Assuris is funded by its member insurance companies, including Manufacturers Life and Manulife Assurance Company of Canada. Member companies of Assuris are assessed to build
and maintain a liquidity fund at a minimum level of $100&nbsp;million. Members are then primarily subject to assessment on an &#147;as needed&#148; basis. Assessments are calculated based on each member&#146;s MCCSR, subject to adjustments where the
member operates in foreign jurisdictions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Canadian Investor Protection Fund (&#147;CIPF&#148;) has been created to provide clients with protection,
within defined limits, in the event of the insolvency of their investment dealer. The CIPF is funded by its member investment dealers, including MSI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
MFDA Investor Protection Corporation (&#147;IPC&#148;) has been created to provide clients with protection, within defined limits, in the event of the insolvency of their mutual fund dealer. The IPC is funded by its member mutual fund dealers,
including MSISI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Canada Deposit Insurance Corporation (&#147;CDIC&#148;) is a federal crown corporation created by parliament in 1967 to protect
deposits made with member financial institutions in case of their failure. CDIC member institutions, including Manulife Bank and its subsidiary Manulife Trust, fund deposit insurance through premiums paid on the insured deposits that they hold. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>UNITED STATES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General Regulation at the State Level </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The various states
in the United States have laws regulating transactions between insurers and other members of insurance holding company systems. Transactions between the Company&#146;s U.S. insurers and their affiliates are subject to regulation by the states in
which such insurance subsidiaries are domiciled and for certain limited matters, states in which they transact business. Most states have enacted legislation that requires each insurance holding company and each insurance subsidiary in an insurance
holding company system to register with, and be subject to regulation by, the insurance regulatory authority of the insurance subsidiary&#146;s state of domicile. The Company&#146;s principal U.S. life insurance subsidiaries are John Hancock USA,
John Hancock Life Insurance Company of New York (&#147;JHNY&#148;) and John Hancock Life&nbsp;&amp; Health Insurance Company (&#147;JHLH&#148;). They are domiciled in Michigan, New York and Massachusetts, respectively. Under such laws, the insurance
subsidiaries are required to annually furnish financial and related information concerning the operations of companies within the holding company system that may materially affect the operations, management or financial condition of insurers within
the system. These reports are also filed with other insurance departments on request. In addition, such laws provide that all transactions within an insurance holding company system must be fair and equitable, and following any such transactions,
each insurer&#146;s policyholder surplus must be both reasonable in relation to its outstanding liabilities and adequate for its needs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The laws of the
various states also establish regulatory agencies with broad administrative powers, such as the power to approve policy forms, grant and revoke licenses to transact business, regulate trade practices, license agents, require financial statements and
prescribe the type and amount of investment permitted. State insurance regulatory authorities regularly make inquiries, hold investigations and administer market conduct examinations with respect to an insurer&#146;s compliance with applicable
insurance laws and regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Insurance companies are required to file detailed annual statements with state insurance regulators in each of the states
in which they do business and their business and accounts are subject to examination by such regulators at any time. Quarterly statements must also be filed with the state insurance regulator in the insurer&#146;s state of domicile and with the
insurance departments of many of the states in which the insurer does business. Insurance regulators may periodically examine an insurer&#146;s financial condition, adherence to statutory accounting practices and compliance with insurance department
rules and regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">State insurance departments, as part of their routine oversight process, conduct detailed examinations of the books, records and
accounts of insurance companies domiciled in their states. These examinations are generally conducted in accordance with the examining state&#146;s laws and the guidelines promulgated by the NAIC. Each of the Company&#146;s principal U.S. domiciled
insurance subsidiaries is subject to periodic examinations by its respective domiciliary state insurance regulators. The latest published examination reports issued by each such insurance department did not raise any material issues or adjustments.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, state regulatory authorities, industry groups and rating agencies have developed several initiatives regarding market conduct. For example,
the NAIC has adopted the NAIC Life Insurance Illustrations Model Regulation, which applies to group and individual life insurance policies and certificates (other than variable policies and certificates), and the Market Conduct Handbook. More than
35 states have adopted all or major segments of the model. However, the Market Conduct Handbook can be used by all state regulators in conducting market conduct examinations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investment Powers </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s U.S. insurance
subsidiaries are subject to laws and regulations that require diversification of their investment portfolios and limit the amount of investments in certain investment categories such as below investment grade bonds and real estate. Failure to comply
with these laws and regulations may cause investments exceeding regulatory limitations to be treated as <FONT STYLE="white-space:nowrap">non-admitted</FONT> assets for the purposes of measuring statutory surplus and in some circumstances would
require divestiture of the <FONT STYLE="white-space:nowrap">non-qualifying</FONT> assets. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Minimum Statutory Surplus and Capital </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. domiciled life insurance subsidiaries of the Company are required to have minimum statutory surplus and capital of various amounts, depending on the state
in which they are licensed and the types of business they transact. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NAIC IRIS Ratios </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The NAIC uses a set of financial relationships or &#147;tests,&#148; known as the Insurance Regulatory Information System (&#147;IRIS&#148;), which are
designed for the early identification of insurance companies which might warrant special attention by insurance regulatory authorities. Insurance companies submit data annually to the NAIC, which in turn analyzes the data utilizing 12 ratios, each
with defined &#147;usual ranges.&#148; Having ratios that fall outside the usual range does not necessarily indicate that a company experienced unfavourable results. An insurance company may fall out of the usual range for one or more ratios because
of transactions that are favourable (such as large increases in surplus) or are immaterial or eliminated at the consolidated level. Each company&#146;s ratios are reviewed annually and are assigned a ranking by a team of examiners and financial
analysts at the NAIC for the purpose of identifying companies that require immediate regulatory attention. The rankings are not reported to the companies and are only available to regulators. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risk-Based Capital Requirements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In order to enhance the
regulation of insurer solvency, state regulators have adopted the NAIC model law implementing RBC requirements for life insurance companies. The requirements are designed to monitor capital adequacy and to raise the level of protection that
statutory surplus provides for policyholders. The model law measures four major areas of risk facing life insurers: (i)&nbsp;the risk of loss from asset defaults and asset fluctuation; (ii)&nbsp;the risk of loss from adverse mortality and morbidity
experience; (iii)&nbsp;the risk of loss from mismatching of asset and liability cash flows due to changing interest rates; and (iv)&nbsp;general business risk. Insurers having less statutory surplus than required by the RBC model formula are subject
to varying degrees of regulatory action depending on the level of capital inadequacy. Based on the formula adopted by the NAIC, each of the Company&#146;s U.S. insurance company subsidiaries exceeded the RBC capital requirements as at
December&nbsp;31, 2016. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation of Shareholder Dividends and Other Payments from Insurance Subsidiaries </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Manulife&#146;s ability to meet debt service obligations and pay operating expenses and shareholder dividends depends on the receipt of sufficient funds from
its operating subsidiaries. Our U.S. operating subsidiaries are indirectly owned by Manufacturers Life. The payment of dividends by John Hancock USA is subject to restrictions set forth in the insurance laws of Michigan, its domiciliary state.
Similarly, the payment of dividends by JHNY and JHLH is regulated by New York and Massachusetts insurance laws, respectively. In all three states, regulatory approval is required if proposed shareholder dividend distributions exceed certain
thresholds. In addition, general regulations relating to an insurer&#146;s financial condition and solvency may also preclude or restrict the amount of dividends that may be paid by the Company&#146;s U.S. insurance subsidiaries. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Federal Securities and Commodity Laws </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain of the
Company&#146;s subsidiaries and certain investment funds, policies and contracts offered by them are subject to regulation under federal securities laws administered by the SEC and under certain state securities laws. Certain segregated funds of the
Company&#146;s insurance subsidiaries are registered as investment companies under the <I>Investment Company Act of 1940</I>, as are certain other funds managed by subsidiaries of the Company. Interests in segregated funds under certain variable
annuity contracts and variable insurance policies issued by the Company&#146;s insurance subsidiaries are also registered under the U.S. <I>Securities Act of 1933</I>. Each of John Hancock Distributors LLC, Signator Investors, Inc. and John Hancock
Funds, LLC is registered as a broker-dealer under the U.S. Securities Exchange Act of 1934 and each is a member of, and subject to regulation by, the Financial Industry Regulatory Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each of John Hancock Advisers, LLC, Manulife Asset Management (U.S.) LLC, Hancock Natural Resource Group, Inc., Hancock Venture Partners, Inc., Hancock
Capital Investment Management, LLC, Signator Investors, Inc., John Hancock Investment Management Services, LLC, Manulife Asset Management (North America) Limited and John Hancock Personal Financial Services, LLC is an investment adviser registered
under the U.S. <I>Investment Advisers Act of 1940</I>. Certain investment companies advised or managed by these subsidiaries are registered with the SEC under the <I>Investment Company Act of 1940</I> and the shares of certain of these entities are
qualified for sale in certain states in the United States and the District of Columbia. All aspects of the investment advisory activities of the Company&#146;s subsidiaries are subject to various federal and state laws and regulations in
jurisdictions in which they conduct business. These laws and regulations are primarily intended to benefit investment advisory clients and investment company shareholders and generally grant supervisory agencies broad administrative powers,
including the power to limit or restrict the carrying on of business for failure to comply with such laws and regulations. In such event, the possible sanctions that may be imposed include the suspension of individual employees, limitations on the
activities </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
in which the investment advisor may engage, suspension or revocation of the investment advisor&#146;s registration as an advisor, censure and fines. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The <I>Commodity Exchange Act</I> may regulate certain of the Company&#146;s segregated funds and registered funds as a &#147;commodity pool&#148;, and
certain of the Company&#146;s registered advisers as a &#147;commodity pool operator&#148; or a &#147;commodity trading advisor&#148;. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>State Guaranty
Funds </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All states of the United States have insurance guaranty fund laws requiring life insurance companies doing business in the state to participate
in a guaranty association which, like Assuris in Canada, is organized to protect policyholders against loss of benefits in the event of an insolvency or <FONT STYLE="white-space:nowrap">wind-up</FONT> of a member insurer. These associations levy
assessments (up to prescribed limits) on the basis of the proportionate share of premiums written by member insurers in the lines of business in which the impaired or insolvent insurer is engaged. Assessments levied against the Company in each of
the past five years have not been material. While the amount of any future assessments by guaranty funds cannot be predicted with certainty, the Company believes, based upon a review of the current significant insolvency proceedings of insurers
located in states where the Company conducts business, that future guaranty association assessments for insurer insolvencies will not have a material adverse effect on the Company&#146;s liquidity and capital resources. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Employee Retirement Income Security Act of 1974 (&#147;ERISA&#148;) Considerations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fiduciaries of employee benefit plans that are governed by ERISA are subject to regulation by the U.S. Department of Labor. ERISA regulates the activities of a
fiduciary of an employee benefit plan covered by that law, including an investment manager or advisor with respect to the plan&#146;s assets. Certain of the Company&#146;s subsidiaries will be expanding their ability to offer personalized retirement
investment advice to ERISA plan participants and Individual Retirement Account owners through the use of digital capabilities. Such service will cause such subsidiaries to be fiduciaries under Department of Labor Regulation <FONT
STYLE="white-space:nowrap">Section&nbsp;2510.3-21</FONT> which becomes effective on April&nbsp;10, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s subsidiaries also issue
insurance and annuity contracts for investment of employee benefit plans and provide a variety of other services to such plans. The provision of such services may cause the Company and its subsidiaries to be a &#147;party in interest,&#148; as such
term is defined in ERISA and the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), with respect to such plans. Certain transactions between parties in interest and those plans are prohibited by ERISA and the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless a statutory or administrative exemption is available, severe penalties and excise taxes are imposed by ERISA and the Code on fiduciary breaches and
prohibited transactions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ASIA </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Asia, local
insurance authorities supervise and monitor the Company&#146;s business and financial condition in each of the countries in which the Company operates. The Company is also required to meet specific minimum working and regulatory capital requirements
and is subject to regulations governing the investment of such capital in each of these jurisdictions. Hong Kong and Japan are the regulatory jurisdictions governing Manulife&#146;s most significant operations in Asia. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Hong Kong </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Hong Kong, the authority and responsibility
for supervision of the insurance industry is vested in the Independent Insurance Authority (&#147;IIA&#148;) under the newly amended<I> Insurance Companies Ordinance, Cap. 41 </I>(the &#147;Insurance Companies Ordinance&#148;). The amendments to the
Insurance Companies Ordinance partially came into force in December 2015 and the remaining amendments are expected to be implemented in phases through 2017-2018. In the interim, the IIA will <FONT STYLE="white-space:nowrap">co-exist</FONT> with the
Office of the Commissioner of Insurance until the former takes over the regulatory powers of the latter, which is anticipated to occur during the first half of 2017. The Chief Executive of the Government of the Hong Kong Special Administrative
Region appoints the members of the IIA for the purposes of the Insurance Companies Ordinance. The Insurance Companies Ordinance provides that no person shall carry on any insurance business in or from Hong Kong except a company authorized to do so
by the IIA, Lloyd&#146;s of the United Kingdom or an association of underwriters approved by the IIA. The Insurance Companies Ordinance stipulates certain requirements for authorized insurers, including with regard to the enhanced &#147;fit and
proper person&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
requirements for directors, controllers and several key persons in control functions such as financial control, compliance, risk management, intermediary management, actuary and internal audit,
and minimum capital and solvency margin requirements, adequate reinsurance arrangement requirements and statutory reporting requirements. The Insurance Companies Ordinance also confers powers of inspection, investigation and intervention on the IIA
for the protection of policyholders and potential policyholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The IIA has residual power to appoint an advisor or a manager to any authorized insurer
if the IIA considers such appointment to be desirable for the protection of policyholders or potential policyholders against the risk that the insurer may be unable to meet its liabilities or to fulfill the reasonable expectations of policyholders
or potential policyholders and that, in the IIA&#146;s opinion, the exercise of other interventionary powers conferred by the Insurance Companies Ordinance would not be appropriate to safeguard the interests of policyholders or potential
policyholders. In such circumstances, the advisor or manager appointed by the IIA will have management control of the insurer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Hong Kong, the
Company&#146;s life insurance business is conducted through a branch of a wholly owned Bermuda subsidiary, Manulife (International) Limited, which is licensed to carry on the business of &#147;long-term&#148; insurance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Long-term insurance companies are required under the Insurance Companies Ordinance to maintain certain solvency margins. The required solvency margin is the
aggregate of two components: (i)&nbsp;a percentage of the mathematical reserves; and (ii)&nbsp;a percentage of the capital at risk as prescribed under the Insurance Companies (Margin of Solvency) Regulation (Cap.41F), enacted pursuant to the
Insurance Companies Ordinance. For a long-term insurance company, the value of its assets must not be less than the amount of its liabilities by the required solvency margin, subject to a minimum of Hong Kong $2&nbsp;million. Compliance with the
solvency margin requirements is reported annually to the IIA. Currently, all solvency margin requirements are being met. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The sale of mutual funds and the
issuance of advertisements, invitations or documents in relation to collective investment schemes which contain an invitation to acquire an interest are subject to Hong Kong securities laws administered by the Securities and Futures Commission. The
sale of pension fund products is subject to the supervision of the Mandatory Provident Fund Schemes Authority. The sales of investment-linked assurance and group life and health products are subject to the supervision of the IIA. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Japan </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Life insurance companies in Japan, including
Manulife Life Insurance Company, are governed by the <I>Insurance Business Law</I> and the regulations issued thereunder (the &#147;IB Law&#148;). The IB Law sets out a comprehensive regulatory regime for Japanese life insurers, including such
matters as capital and solvency requirements, powers of regulatory intervention, new insurance products and restrictions on shareholder dividends and distributions. The administration and application of the IB Law is supervised by the Financial
Services Agency (&#147;FSA&#148;). The IB Law provides for certain rules with respect to the approval of new insurance products and the setting of premium levels. Deregulation of sales of insurance products through bank channels became effective on
December&nbsp;23, 2007 and all life insurance products are now able to be sold through the bank channel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The <I>Insurance Law</I>, a comprehensive body
of substantive laws covering insurance contracts which replaces the Insurance Chapter of the Commercial Code enacted more than 100 years ago, was fully implemented on April&nbsp;1, 2010. The <I>Insurance Law</I> includes significant changes to the
Commercial Code including introduction of provisions on accident and sickness insurance, and enhancement of protection of policyholders, among other things. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Effective March 2012, the FSA introduced new standards for the Solvency Margin Ratio. The Solvency Margin Ratio is a criteria referred to by the authorities
in supervising insurance companies when observing their financial strength. The new Solvency Margin Standards put more weight on investment risks. As a result of Manulife Japan&#146;s strong risk management policy, as well as prudent investment
strategy and reinsurance, the new standards have had little impact on Manulife Japan&#146;s Solvency Margin Ratio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Revisions to the IB Law were approved
by the national legislature on May&nbsp;23, 2014. The revisions incorporate obligations relating to sales of insurance products such as understanding customer&#146;s intention and provision of relevant information to customers, as well as
agencies&#146; obligation to develop their own controls framework including <FONT STYLE="white-space:nowrap">non-exclusive</FONT> agencies&#146; obligation to recommend a product based on a comparison with similar products. The revised law came into
effect on May&nbsp;29, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investment trust management companies in Japan, including Manulife Asset Management (Japan) Limited, are governed by the
<I>Financial Instruments and Exchange Act</I> (Japan), <I>Investment Trust and Investment Corporation Act</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<I></I>(Japan), and the regulations issued thereunder (the &#147;FIEA&#148; and &#147;ITICA&#148; respectively). The FIEA and ITICA set out a comprehensive regulatory regime for Japanese asset
management companies, including investment trust management companies. The administration and application of the FIEA and ITICA are supervised by the FSA. The FIEA and ITICA provide for certain rules with respect to the registration of asset
management companies, filing of public offering investment trusts, and other matters. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Restrictions on Shareholder Dividends </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In Asia, insurance and company laws in the jurisdictions in which the Company operates provide for specific restrictions on the payment of shareholder
dividends and other distributions by the Company&#146;s subsidiaries, or impose solvency or other financial tests, which could affect the ability of these subsidiaries to pay dividends in certain circumstances. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL DESCRIPTION OF CAPITAL STRUCTURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC has authorized share capital consisting of an unlimited number of common shares (&#147;Common Shares&#148;), an unlimited number of Class&nbsp;A Shares
(&#147;Class&nbsp;A Shares&#148;), an unlimited number of Class&nbsp;B Shares (&#147;Class&nbsp;B Shares&#148;) and an unlimited number of Class&nbsp;1 Shares (&#147;Class&nbsp;1 Shares&#148;) (collectively, the Class&nbsp;A Shares, Class&nbsp;B
Shares and Class&nbsp;1 Shares are &#147;Preferred Shares&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2016, MFC had the following Common Shares, Class&nbsp;A Shares
and Class&nbsp;1 Shares issued: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,975,454,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;A Shares Series 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;A Shares Series 3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,335,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,664,169</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 19</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 21</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 23</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC has authorized but not issued Class&nbsp;1 Shares Series 6, Class&nbsp;1 Shares Series 8, Class&nbsp;1 Shares Series 10,
Class&nbsp;1 Shares Series 12, Class&nbsp;1 Shares Series 14, Class&nbsp;1 Shares Series 16, Class&nbsp;1 Shares Series&nbsp;18, Class&nbsp;1 Shares Series&nbsp;20, Class&nbsp;1 Shares Series 22 and Class&nbsp;1 Shares Series 24. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Provisions of the Class&nbsp;A Shares as a Class </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is a summary of certain provisions attaching to the Class&nbsp;A Shares as a class. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Priority </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each series of Class&nbsp;A Shares ranks on a
parity with every other series of Class&nbsp;A Shares and every series of Class&nbsp;1 Shares with respect to dividends and return of capital. The Class&nbsp;A Shares shall be entitled to a preference over the Class&nbsp;B Shares, the Common Shares
and any other shares ranking junior to the Class&nbsp;A Shares with respect to priority in payment of dividends and in the distribution of assets in the event of the liquidation, dissolution or <FONT STYLE="white-space:nowrap">winding-up</FONT> of
MFC, whether voluntary or involuntary, or any other distribution of the assets of MFC among its shareholders for the specific purpose of winding up its affairs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Provisions of the Class&nbsp;B Shares as a Class </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is a summary of certain provisions attaching to the Class&nbsp;B Shares as a class. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Priority </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each series of Class&nbsp;B Shares ranks on a parity with every other series of Class&nbsp;B Shares with respect to dividends and return of capital. The
Class&nbsp;B Shares shall rank junior to the Class&nbsp;A Shares and the Class&nbsp;1 Shares with respect to priority in payment of dividends and in the distribution of assets in the event of the liquidation, dissolution or winding up of MFC,
whether voluntary or involuntary, or any other distribution of the assets of MFC among its shareholders for the specific purpose of winding up its affairs, but the Class&nbsp;B Shares shall be entitled to a preference over the Common Shares and any
other shares ranking junior to the Class&nbsp;B Shares with respect to priority in payment of dividends and the distribution of assets in the event of the liquidation, dissolution or winding up of MFC, whether voluntary or involuntary, or any other
distribution of the assets of MFC<I> </I>among its shareholders for the specific purpose of winding up its affairs. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Provisions of the
Class&nbsp;1 Shares as a Class </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is a summary of certain provisions attaching to the Class&nbsp;1 Shares as a class. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Priority </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each series of Class&nbsp;1 Shares ranks on a
parity with every other series of Class&nbsp;1 Shares and every series of Class&nbsp;A Shares with respect to dividends and return of capital. The Class&nbsp;1 Shares shall be entitled to a preference over the Class&nbsp;B Shares, the Common Shares
and any other shares ranking junior to the Class&nbsp;1 Shares with respect to priority in payment of dividends and in the distribution of assets in the event of the liquidation, dissolution or <FONT STYLE="white-space:nowrap">winding-up</FONT> of
MFC, whether voluntary or involuntary, or any other distribution of the assets of MFC among its shareholders for the specific purpose of winding up its affairs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Provisions Common to the Class&nbsp;A Shares, Class&nbsp;B Shares and Class&nbsp;1 Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is a summary of certain provisions attaching to the Class&nbsp;A Shares as a class, to the Class&nbsp;B Shares as a class and to the Class&nbsp;1
Shares as a class. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Directors&#146; Right to Issue in One or More Series </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Class&nbsp;A Shares, Class&nbsp;B Shares and Class&nbsp;1 Shares may be issued at any time and from time to time in one or more series. Before any shares
of a series are issued, the Board of Directors of MFC shall fix the number of shares that will form such series, if any, and shall, subject to any limitations set out in the <FONT STYLE="white-space:nowrap">by-laws</FONT> of MFC or in the ICA,
determine the designation, rights, privileges, restrictions and conditions to be attached to the Class&nbsp;A Shares, Class&nbsp;B Shares or Class&nbsp;1 Shares as the case may be, of such series, the whole subject to the filing with the
Superintendent of the particulars of such series, including the rights, privileges, restrictions and conditions determined by the Board of Directors of MFC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Summaries of the terms for each series of the Class&nbsp;A Shares and Class&nbsp;1 Shares that have been issued or authorized for issuance<B> </B>are
contained in the prospectuses relating to such shares, which are available on SEDAR. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Voting Rights of Preferred Shares </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except as hereinafter referred to or as required by law or as specified in the rights, privileges, restrictions and conditions attached from time to time to
any series of Class&nbsp;A Shares, Class&nbsp;B Shares or Class&nbsp;1 Shares, the holders of such Class&nbsp;A Shares, Class&nbsp;B Shares or Class&nbsp;1 Shares as a class shall not be entitled as such to receive notice of, to attend or to vote at
any meeting of the shareholders of MFC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Amendment with Approval of Holders of Preferred Shares </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The rights, privileges, restrictions and conditions attached to each of the Class&nbsp;A Shares, Class&nbsp;B Shares and Class&nbsp;1 Shares as a class may be
added to, changed or removed but only with the approval of the holders of such class of Preferred Shares given as hereinafter specified. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Approval of
Holders of Preferred Shares </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The approval of the holders of a class of Preferred Shares to add to, change or remove any right, privilege, restriction
or condition attaching to such class of Preferred Shares as a class or in respect of any other matter requiring the consent of the holders of such class of Preferred Shares may be given in such manner as may then be required by law,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
subject to a minimum requirement that such approval be given by resolution signed by all the holders of such class of Preferred Shares or passed by the affirmative vote of at least <FONT
STYLE="white-space:nowrap">two-thirds</FONT> (2/3) of the votes cast at a meeting of the holders of such class of Preferred Shares duly called for that purpose. Notwithstanding any other condition or provision of any class of Preferred Shares, the
approval of the holders of any class, voting separately as a class or series, is not required on a proposal to amend the <FONT STYLE="white-space:nowrap">by-laws</FONT> of MFC to: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">increase or decrease the maximum number of authorized Class&nbsp;A Shares, Class&nbsp;B Shares or Class&nbsp;1 Shares, as the case may be, or increase the maximum number of authorized shares of a class of shares having
rights or privileges equal or superior to such class of Preferred Shares; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">effect the exchange, reclassification or cancellation of all or any part of the Class&nbsp;A Shares, Class&nbsp;B Shares or Class&nbsp;1 Shares, as the case may be; or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">create a new class of shares equal to or superior to the Class&nbsp;A Shares, the Class&nbsp;B Shares or the Class&nbsp;1 Shares, as the case may be. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The formalities to be observed with respect to the giving of notice of any such meeting or any adjourned meeting, the quorum required therefor and the conduct
thereof shall be those from time to time required by the ICA as in force at the time of the meeting and those, if any, prescribed by the <FONT STYLE="white-space:nowrap">by-laws</FONT> or the administrative resolutions of MFC with respect to
meetings of shareholders. On every poll taken at every meeting of the holders of a class of Preferred Shares as a class, or at any joint meeting of the holders of two or more series of a class of Preferred Shares, each holder of such class of
Preferred Shares entitled to vote thereat shall have one vote in respect of each relevant Preferred Share held. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Provisions of the Common
Shares as a Class </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The authorized common share capital of MFC consists of an unlimited number of Common Shares without nominal or par value. Each
holder of Common Shares is entitled to receive notice of and to attend all meetings of the shareholders of MFC and is entitled to one vote for each share held except for meetings at which only holders of another specified class or series of shares
of MFC are entitled to vote separately as a class or series. The holders of Common Shares are entitled to receive dividends as and when declared by the Board of Directors of MFC, subject to the preference of the holders of Class&nbsp;A Shares,
Class&nbsp;B Shares, Class&nbsp;1 Shares and any other shares ranking senior to the Common Shares with respect to priority in payment of dividends. After payment to the holders of Class&nbsp;A Shares, Class&nbsp;B Shares, Class&nbsp;1 Shares and any
other shares ranking senior to Common Shares with respect to priority in the distribution of assets in the event of the liquidation, dissolution or <FONT STYLE="white-space:nowrap">winding-up</FONT> of MFC, the holders of Common Shares shall be
entitled to receive prorated the net assets of MFC remaining, after the payment of all creditors and liquidation preferences, if any, that pertains to shareholders. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DIVIDENDS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The declaration and payment of
dividends and the amount thereof is subject to the discretion of the Board of Directors and is dependent upon the results of operations, financial condition, cash requirements and future prospects of, and regulatory restrictions on the payment of
dividends by, the Company and other factors deemed relevant by the Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since MFC is a holding company that conducts all of its operations
through regulated insurance subsidiaries (or companies owned directly or indirectly by these subsidiaries), its ability to pay future dividends will depend on the receipt of sufficient funds from its regulated insurance subsidiaries. These
subsidiaries are also subject to certain regulatory restrictions under laws in Canada, the United States and certain other countries that may limit their ability to pay dividends or make other upstream distributions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to an agreement made between MFC, Manufacturers Life, CIBC Mellon Trust Company (&#147;CIBC Mellon&#148;) and Manulife Financial Capital Trust II (a
subsidiary of Manufacturers Life) (the &#147;Trust II&#148;), MFC and Manufacturers Life have covenanted for the benefit of holders of the outstanding Manulife Financial Capital Trust II Notes &#150; Series I (the &#147;Notes&#148;) that, if
interest is not paid in full in cash on the Notes on any interest payment date or if Manufacturers Life elects that holders of Notes invest interest payable on the Notes on any interest payment date in a new series of Manufacturers Life Class&nbsp;1
Shares, Manufacturers Life will not declare or pay cash dividends on any MLI Public Preferred Shares (as defined below), if any are outstanding, and if no MLI Public Preferred Shares are outstanding, MFC will not declare or pay cash dividends on its
Preferred Shares and Common Shares, in each case, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
until the sixth month following such deferral date. &#147;MLI Public Preferred Shares&#148; means, at any time, preferred shares of Manufacturers Life which at that time: (a)&nbsp;have been
issued to the public (excluding any preferred shares of Manufacturers Life held beneficially by affiliates of Manufacturers Life); (b) are listed on a recognized stock exchange; and (c)&nbsp;have an aggregate liquidation entitlement of at least
$200&nbsp;million, provided however, if at any time, there is more than one class of MLI Public Preferred Shares outstanding, then the most senior class or classes of outstanding MLI Public Preferred Shares shall, for all purposes, be the MLI Public
Preferred Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC has paid the following cash dividends in the period from January&nbsp;1, 2014 to December&nbsp;31, 2016: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:51.10pt; font-size:8pt; font-family:Times New Roman"><B>Type of Shares</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Common Shares</B><SUP STYLE="font-size:85%; vertical-align:top">7</SUP><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.665</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Preferred Shares</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;A Shares Series 1<SUP STYLE="font-size:85%; vertical-align:top">8</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.5125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.02500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;A Shares Series 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1625</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1625</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.16252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;A Shares Series 3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;A Shares Series 4<SUP STYLE="font-size:85%; vertical-align:top">9</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.8250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 1<SUP STYLE="font-size:85%; vertical-align:top">10</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.0500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.7973</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.0500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.0500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 4<SUP STYLE="font-size:85%; vertical-align:top">11</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.2431</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.0000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.0000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.0000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.9500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.9500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.9500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.9750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.9750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.79202</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.9750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.9750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.33658</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 19</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.9500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0.9884</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Shares Series 21</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.1411</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The 2016, 2015 and 2014 dividends on the Common Shares, the Class&nbsp;A Shares and the Class&nbsp;1 Shares were paid
quarterly in March, June, September and December. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSTRAINTS ON OWNERSHIP OF SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The ICA contains restrictions on the purchase or other acquisition, issue, transfer and voting of the shares of MFC. Pursuant to these restrictions, no person
is permitted to acquire any shares of MFC if the acquisition would cause the person to have a &#147;significant interest&#148; in any class of shares of MFC, unless the prior approval of the Minister of Finance is obtained. The restrictions also
prohibit any person from becoming a &#147;major shareholder&#148; of MFC. In addition, MFC is not permitted to record in its securities register any transfer or issue of shares if the transfer or issue would cause the person to breach the ownership
restrictions. For these purposes, a person has a significant interest in a class of shares of MFC where the aggregate of any shares of that class beneficially owned by that person, any entity controlled by that person and by any person associated or
acting jointly or in concert with that person exceeds 10% of all the outstanding shares of that class of shares of MFC. A person is a major shareholder if the aggregate of any shares in a class of voting shares held by that person and by any entity
controlled by that person exceeds 20% of the outstanding shares of that class, or, for a class of <FONT STYLE="white-space:nowrap">non-voting</FONT> shares, a holding exceeds 30% of that class. If a person contravenes any of these restrictions, the
Minister of Finance may, by order, direct such person to dispose of all or any portion of those shares. In addition, the ICA prohibits life insurance companies, including MFC, from recording in its securities register a transfer or issue of any
share to Her Majesty in right of Canada or of a province, an agent or agency of Her Majesty, a foreign government or an agent or agency of a foreign government and provides further that </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">7</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Board approved an increase of the quarterly dividend amount on the Common Shares from $0.13 per share to $0.155 per share on August&nbsp;6, 2014, from $0.155 per share to $0.17 per share on May&nbsp;6, 2015, and
from $0.17 per share to $0.185 per share on February&nbsp;10, 2016. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">8</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">On June&nbsp;19, 2015, MFC redeemed all of its 14,000,000 outstanding Class&nbsp;A Shares Series 1. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">9</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">On June&nbsp;19, 2014, MFC redeemed all of its 18,000,000 outstanding Class&nbsp;A Shares Series 4. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">10</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">On September&nbsp;19, 2014, MFC redeemed all of its 14,000,000 outstanding Class&nbsp;1 Shares Series 1. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">11</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">On June&nbsp;20, 2016, MFC converted 1,664,169 Class&nbsp;1 Shares Series 3 into Class&nbsp;1 Shares Series 4.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
no person may exercise the voting rights attached to those shares of an insurance company. The ICA exempts from such constraints certain foreign financial institutions which are controlled by
foreign governments and eligible agents provided certain conditions are satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under applicable insurance laws and regulations in Michigan, New York,
Massachusetts and Vermont, no person may acquire control of any of the Company&#146;s insurance company subsidiaries domiciled in any such state without obtaining prior approval of such state&#146;s insurance regulatory authority. Under applicable
laws and regulations, any person acquiring, directly or indirectly, 10% or more of the voting securities of any other person is presumed to have acquired &#147;control&#148; of such person. Thus, any person seeking to acquire 10% or more of the
voting securities of MFC must obtain the prior approval of the insurance regulatory authorities in certain states including Michigan, Massachusetts, Vermont and New York, or must demonstrate to the relevant insurance commissioner&#146;s satisfaction
that the acquisition of such securities will not give them control of MFC. Under U.S. law, the failure to obtain such prior approval would entitle MFC or the insurance regulatory authorities to seek injunctive relief, including enjoining any
proposed acquisition, the voting of such securities at any meeting of the holders of Common Shares, or seizing shares owned by such person, and such shares may not be entitled to be voted at any meeting of the holders of Common Shares. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RATINGS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit rating agencies publish
financial strength ratings on life insurance companies that are indicators of an insurance company&#146;s ability to meet contract holder and policyholder obligations. Credit rating agencies also assign credit ratings, which are indicators of an
issuer&#146;s ability to meet the terms of its obligations in a timely manner, and are important factors in a company&#146;s overall funding profile and ability to access external capital. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ratings are important factors in establishing the competitive position of insurance companies, maintaining public confidence in products being offered, and
determining the cost of capital. A ratings downgrade, or the potential for such a downgrade could, among other things: increase our cost of capital and limit our access to the capital markets; cause some of our existing liabilities to be subject to
acceleration, additional collateral support, changes in terms, or additional financial obligations; result in the termination of our relationships with broker-dealers, banks, agents, wholesalers and other distributors of our products and services;
unfavourably impact our ability to execute on our hedging strategy; materially increase the number of surrenders, for all or a portion of the net cash values, by the owners of policies, contracts and general account GICs we have issued, and
materially increase the number of withdrawals by policyholders of cash values from their policies; and reduce new sales, particularly with respect to general account GICs purchased by pension plans and other institutions. Any of these consequences
could adversely affect our results of operations and financial condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table summarizes the security ratings, outlook and ranking that
MFC has received from approved rating organizations on its outstanding securities as at the date of this AIF. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>DBRS Limited</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(&#147;DBRS&#148;)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fitch Ratings Inc.</B><br><B>(&#147;Fitch&#148;)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>S&amp;P Global Ratings</B><br><B>(&#147;S&amp;P&#148;)</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Securities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">Rating/Outlook</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">Rank</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">Rating/Outlook</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">Rank</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">Rating/Outlook</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">Rank</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preferred Shares</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;A Series 2, 3</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Series 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">Pfd-2/</FONT> Stable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">5&nbsp;of&nbsp;16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">BBB-</FONT> / Stable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">10&nbsp;of&nbsp;19</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">P-2</FONT> (High) /<BR>BBB+ / Stable</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">4&nbsp;of&nbsp;18<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 of 20</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preferred Shares</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;1 Series 4<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">Pfd-2/</FONT> Stable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">5 of 16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">BBB-</FONT> / Stable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">10 of 19</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">n/a</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">n/a</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Medium Term Notes and Senior Debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">A/ Stable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">6 of 26</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">A-</FONT> / Stable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">7 of 19</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">A / Stable</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">6 of 22</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Subordinated Debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">n/a</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">n/a</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">BBB+ / Stable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">8 of 19</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">A-</FONT> / Stable</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">7 of 22</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">A portion of holders of Preferred Shares Class&nbsp;1 Shares Series 3 elected to convert their holdings into Preferred Shares Class&nbsp;1 Shares Series 4, on June&nbsp;20, 2016. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The security ratings accorded by the rating organizations are not a recommendation to purchase, hold or sell these securities and may be subject to revision
or withdrawal at any time by the rating organizations. Security ratings are intended to provide investors with an independent measure of the credit quality of an issue of securities. The Company provides certain rating agencies with confidential, <FONT
STYLE="white-space:nowrap">in-depth</FONT> information in support of the rating process. The issuance of additional debt, hybrid securities, or preferred shares could put pressure on these ratings. If, in the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
view of the rating organizations, there is deterioration in capital flexibility, operating performance, or the risk profile of the Company, this could also put pressure on these ratings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has paid customary rating fees to DBRS, Fitch and S&amp;P in connection with some or all of the above-mentioned ratings. In addition, the Company
has made customary payments in respect of certain other services provided to the Company by each of DBRS, Fitch and S&amp;P during the last two years. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DBRS Ratings </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DBRS assigns ratings for preferred shares
in a range from <FONT STYLE="white-space:nowrap">&#147;Pfd-1&#148;</FONT> to &#147;D&#148;. The DBRS preferred share rating scale is used in the Canadian securities market and is meant to give an indication of the risk that a borrower will not
fulfill its full obligations in a timely manner, with respect to both dividend and principal commitments. DBRS assigns ratings for long-term obligations in a range from &#147;AAA&#148; to &#147;D&#148;. The scale provides an opinion on the risk that
an issuer will fail to satisfy its financial obligations in accordance with the terms under which an obligation has been issued. Every DBRS rating is based on quantitative and qualitative considerations relevant to the borrowing entity. Some rating
categories are denoted by the subcategories &#147;high&#148; and &#147;low&#148;. The absence of either a &#147;high&#148; or &#147;low&#148; designation indicates the rating is in the middle of the category. Each DBRS rating is appended with one of
three rating trends &#150; &#147;Positive&#148;, &#147;Stable&#148;, or &#147;Negative&#148;. The rating trend indicates the direction in which DBRS considers the rating may move if present circumstances continue, or in some cases, unless challenges
are addressed; a positive or negative trend does not necessarily indicate that a rating change is imminent. The Company&#146;s current ratings trend is stable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC&#146;s outstanding Class&nbsp;A Shares and Class&nbsp;1 Shares<B> </B>have been assigned a <FONT STYLE="white-space:nowrap">&#147;Pfd-2&#148;</FONT>
rating as they are considered to be of satisfactory credit quality. Protection of dividends and principal is still substantial, but earnings, the balance sheet and coverage ratios are not as strong as
<FONT STYLE="white-space:nowrap">&#147;Pfd-1&#148;</FONT> rated companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC&#146;s Medium Term Notes and Senior Debt have been assigned an
&#147;A&#148; rating reflecting good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than &#147;AA&#148;. The Company may be vulnerable to future events, but qualifying negative
factors are considered manageable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fitch Ratings </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fitch assigns ratings for preferred shares and debt in a range from &#147;AAA&#148; to &#147;C&#148; and these ratings provide an opinion on the relative
ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty obligations. These ratings are used by investors as indications of the likelihood of receiving the
money owed to them in accordance with the terms on which they invested. These ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with the risk of a market value loss on a rated security due to changes
in interest rates, liquidity and other market considerations. The modifiers &#147;+&#148; or &#147;<B>-</B>&#148; may be appended to a rating to denote relative status within major rating categories. Rating outlooks indicate the direction a rating
is likely to move over a <FONT STYLE="white-space:nowrap">one-</FONT> to <FONT STYLE="white-space:nowrap">two-year</FONT> period. Rating outlooks may be positive, stable, negative or evolving. The Company&#146;s current rating outlook is stable.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC&#146;s outstanding Class&nbsp;A Shares and Class&nbsp;1 Shares have been assigned a <FONT STYLE="white-space:nowrap">&#147;BBB-&#148;</FONT> rating.
The Company&#146;s capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC&#146;s Medium Term Notes and Senior Debt have been assigned an <FONT STYLE="white-space:nowrap">&#147;A-&#148;</FONT> rating. This rating denotes
expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC&#146;s Subordinated Debt have been assigned a &#147;BBB+&#148; rating. This rating indicates that expectations of default risk are currently low. The
capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>S&amp;P&#146;s Ratings </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S&amp;P assigns ratings for
Canadian preferred shares in a range from <FONT STYLE="white-space:nowrap">&#147;P-1&#148;</FONT> to &#147;D&#148; and these ratings are a forward-looking opinion about the creditworthiness of an obligor with respect to a specific preferred share
obligation issued in the Canadian market, relative to preferred shares issued by other issuers in the Canadian market. There is a direct correspondence between the specific ratings assigned on the Canadian preferred share scale and the various
rating levels on the global debt rating scale of S&amp;P. It is the practice of S&amp;P to present an issuer&#146;s preferred share ratings on </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
both the global ratings scale and the Canadian national scale when listing the ratings for a particular issuer. S&amp;P&#146;s Canadian scale preferred share ratings may be modified by the
addition of &#147;High&#148; or &#147;Low&#148; to show relative standing within the major rating categories. S&amp;P&#146;s global scale preferred share ratings may be modified by the addition of a plus (+) or minus (-) sign to show relative
standing within the major rating categories.<B> </B>Rating outlooks assess the potential direction of a long-term credit rating over the intermediate term (typically six months to two years). Rating outlooks may be positive, negative, stable,
developing or not meaningful. The Company&#146;s current rating outlook is stable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S&amp;P assigns ratings for long-term obligations in a range from
&#147;AAA&#148; to &#147;D&#148;. These ratings provide a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program
(including ratings on medium-term note programs and commercial paper programs). S&amp;P&#146;s long-term issue credit ratings may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating
categories.<B> </B>Rating outlooks may be positive, negative, stable, developing or not meaningful. The Company&#146;s current rating outlook is stable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC&#146;s outstanding Class&nbsp;A Shares and Class&nbsp;1 Shares, with the exception of Class&nbsp;1 Series 4 which are unrated, have been assigned a <FONT
STYLE="white-space:nowrap">&#147;P-2</FONT> (High)&#148; rating on the Canadian scale, which corresponds to a &#147;BBB+&#148; rating on the global scale. The <FONT STYLE="white-space:nowrap">&#147;P-2</FONT> (High)&#148; rating denotes that the
specific obligation exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC&#146;s Medium Term Notes and Senior Debt have been assigned an &#147;A&#148; rating, while its Subordinated Debt has been assigned an <FONT
STYLE="white-space:nowrap">&#147;A-&#148;</FONT> rating. An obligation rated &#147;A&#148; or <FONT STYLE="white-space:nowrap">&#147;A-&#148;</FONT> is somewhat more susceptible to the adverse effects of changes in circumstances and economic
conditions than obligations in higher-rated categories. However, the obligor&#146;s capacity to meet its financial commitment on the obligation is still strong. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MARKET FOR SECURITIES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC&#146;s Common
Shares are listed for trading under the symbol &#147;MFC&#148; on the Toronto Stock Exchange (&#147;TSX&#148;), the New York Stock Exchange (&#147;NYSE&#148;), and the Philippine Stock Exchange and under &#147;0945&#148; on The Stock Exchange of
Hong Kong. The Class&nbsp;A Shares Series 2 and Class&nbsp;A Shares Series 3 preferred shares are listed for trading on the TSX under the symbol &#147;MFC.PR.B&#148; and &#147;MFC.PR.C&#148;, respectively. The Class&nbsp;1 Shares Series 3,
Class&nbsp;1 Shares Series 4, Class&nbsp;1 Shares Series 5, Class&nbsp;1 Shares Series 7, Class&nbsp;1 Shares Series 9, Class&nbsp;1 Shares Series 11, Class&nbsp;1 Shares Series 13, Class&nbsp;1 Shares Series 15, Class&nbsp;1 Shares Series 17,
Class&nbsp;1 Shares Series 19, Class&nbsp;1 Shares Series&nbsp;21 and Class&nbsp;1 Shares Series 23 preferred shares are listed for trading on the TSX under the symbol &#147;MFC.PR.F&#148;, &#147;MFC.PR.P&#148;, &#147;MFC.PR.G&#148;,
&#147;MFC.PR.H&#148;, &#147;MFC.PR.I&#148;, &#147;MFC.PR.J&#148;, &#147;MFC.PR.K&#148;, &#147;MFC.PR.L&#148;, &#147;MFC.PR.M&#148;, &#147;MFC.PR.N&#148;, &#147;MFC.PR.O&#148;, and &#147;MFC.PR.R&#148;, respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Trading Price and Volume </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets out
the <FONT STYLE="white-space:nowrap">intra-day</FONT> price range and trading volume of the Common Shares on the TSX and the NYSE for the period indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>NYSE</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman"><B>2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High&nbsp;(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low&nbsp;(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High<BR>(U.S.$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low<BR>(U.S.$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90,535</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,996</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,168</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,208</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.07</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83,658</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,266</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,280</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">May</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76,771</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,638</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">123,774</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,443</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71,020</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,071</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">August</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,995</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,520</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,901</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">October</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75,220</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,283</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">November</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">134,576</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,996</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98,621</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.04</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,721</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following tables set out the <FONT STYLE="white-space:nowrap">intra-day</FONT> price range and trading volume
of the Class&nbsp;A Shares Series 2 and Series 3 preferred shares and the Class&nbsp;1 Shares Series 3, Series 4, Series 5, Series 7, Series 9, Series 11, Series 13, Series 15, Series 17, Series 19, Series 21 and Series 23 preferred shares on the
TSX for the period indicated. During the year, MFC completed two preferred share offerings, issuing 17&nbsp;million Class&nbsp;1 Shares Series 21 and 19&nbsp;million Class&nbsp;1 Shares Series 23. The Company also converted 1,664,169 Class&nbsp;1
Shares Series 3 into Class&nbsp;1 Shares Series 4. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX&nbsp;&#150;&nbsp;&nbsp;Class&nbsp;A&nbsp;Shares&nbsp;Series<BR>2</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX&nbsp;&#150;&nbsp;Class&nbsp;A&nbsp;Shares&nbsp;Series&nbsp;3</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman"><B>2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High<BR>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">314</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">266</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">322</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">211</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">226</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">May</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.03</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">August</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">238</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">141</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">October</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">177</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">November</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">191</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">188</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="12"></TD>
<TD HEIGHT="16" COLSPAN="12"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX&nbsp;&#150;&nbsp;Class&nbsp;1&nbsp;Shares&nbsp;Series&nbsp;3</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX&nbsp;&#150;&nbsp;Class&nbsp;1&nbsp;Shares&nbsp;Series&nbsp;4</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman"><B>2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High<BR>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">364</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">243</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">May</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">223</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">403</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">August</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.06</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">October</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">November</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">179</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="12"></TD>
<TD HEIGHT="16" COLSPAN="12"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX&nbsp;&#150;&nbsp;Class&nbsp;1&nbsp;Shares&nbsp;Series&nbsp;5</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX&nbsp;&#150;&nbsp;Class&nbsp;1&nbsp;Shares&nbsp;Series&nbsp;7</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman"><B>2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High<BR>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">184</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">291</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">245</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">352</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">172</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">121</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">May</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">164</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.06</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">202</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">200</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">August</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">210</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">130</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">178</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">October</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">November</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">241</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">242</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24.06</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">360</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX&nbsp;&#150;&nbsp;Class&nbsp;1&nbsp;Shares&nbsp;Series&nbsp;9</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX&nbsp;&#150;<BR>&nbsp;Class&nbsp;1&nbsp;Shares&nbsp;Series&nbsp;11</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman"><B>2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">377</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">343</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">227</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">275</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">191</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">154</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">May</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.06</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">270</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">396</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">August</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">October</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">253</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">November</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">289</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">370</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">463</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">292</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="12"></TD>
<TD HEIGHT="16" COLSPAN="12"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX&nbsp;&#150;<BR>&nbsp;Class&nbsp;1&nbsp;Shares&nbsp;Series&nbsp;13</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX&nbsp;&#150;<BR>&nbsp;Class&nbsp;1&nbsp;Shares&nbsp;Series&nbsp;15</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman"><B>2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High<BR>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">235</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">356</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">121</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">137</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14.52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">May</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.08</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">171</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.08</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">August</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.07</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">193</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">230</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">October</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">171</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.03</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">141</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">November</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">265</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">372</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">269</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="12"></TD>
<TD HEIGHT="16" COLSPAN="12"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX&nbsp;&#150;<BR>&nbsp;Class&nbsp;1&nbsp;Shares&nbsp;Series&nbsp;17</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX&nbsp;&#150;<BR>&nbsp;Class&nbsp;1&nbsp;Shares&nbsp;Series&nbsp;19</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman"><B>2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High<BR>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.08</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">121</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">189</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">304</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">256</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">187</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">May</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.06</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">230</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">121</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">156</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">August</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21.06</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">213</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">203</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">October</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19.41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">171</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">November</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">331</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">212</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">555</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">377</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap STYLE="Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX&nbsp;&#150;<BR>&nbsp;Class&nbsp;1&nbsp;Shares&nbsp;Series&nbsp;21</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>TSX&nbsp;&#150;<BR>&nbsp;Class&nbsp;1&nbsp;Shares&nbsp;Series&nbsp;23</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman"><B>2016</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High<BR>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B><br><B>(C$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B><br><B>(000s)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,023</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">582</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">May</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">552</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">392</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">499</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">August</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27.25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">509</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">October</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">316</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">November</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27.16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">498</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24.68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,030</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26.21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">261</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24.83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,360</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LEGAL PROCEEDINGS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A description of certain legal and regulatory proceedings to which the Company is a party can be found in the section entitled &#147;Legal and Regulatory
Proceedings&#148; in MFC&#146;s Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2016. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DIRECTORS AND
EXECUTIVE OFFICERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DIRECTORS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The <FONT
STYLE="white-space:nowrap">by-laws</FONT> of MFC provide that the Board of Directors shall consist of a minimum of seven and a maximum of 30 Directors, with the exact number of Directors to be elected at any annual meeting of MFC to be fixed by the
Directors prior to such annual meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the Directors of MFC, as of the date of this AIF, and for each Director, their
province or state and country of residence, principal occupation, years as a director and membership on board committees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Director is elected for a
term of one year, expiring at the close of the next annual meeting of the Company. The next annual meeting will occur on May&nbsp;4, 2017. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Name and</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Residence</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Principal Occupation</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Director&nbsp;Since</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Board&nbsp;Committee</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Membership<SUP STYLE="font-size:85%; vertical-align:top"></SUP></B><SUP STYLE="font-size:85%; vertical-align:top"></SUP><FONT
STYLE="font-size:5pt"><SUP STYLE="font-size:85%; vertical-align:top">(1)<B></B></SUP><B></B></FONT></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Richard B. DeWolfe, Massachusetts, United States</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chairman of the Board, MFC and Manufacturers Life <SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Managing Partner, DeWolfe&nbsp;&amp; Company LLC (consulting firm)<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">April&nbsp;2004</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">CGNC&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Donald A. Guloien</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">President and Chief Executive</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Officer, MFC and
Manufacturers Life</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">May 2009</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">N/A <SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joseph P. Caron</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">British Columbia,
Canada</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President, Joseph Caron Incorporated (consulting firm)<SUP STYLE="font-size:85%; vertical-align:top">(6)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">October&nbsp;2010</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CGNC<BR>(Chair)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">MRCC</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John M. Cassaday</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Corporate Director<SUP STYLE="font-size:85%; vertical-align:top">(7)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">April 1993</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CGNC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">MRCC<BR>(Chair)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Susan F. Dabarno</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Corporate Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">March 2013</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Audit</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">MRCC</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sheila S. Fraser</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Corporate Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">November&nbsp;2011</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Audit<BR>(Chair)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Risk</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Luther S. Helms</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Arizona, United States</P></TD>

<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Partner, Sonata Capital Group (investment advisory firm)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">May 2007</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Audit</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">CGNC</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Tsun-yan</FONT> Hsieh</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Singapore</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chairman, LinHart Group Pte Ltd. (consulting firm)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">October 2011</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">MRCC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P. Thomas Jenkins</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chairman, OpenText Corporation (enterprise information management company)<SUP STYLE="font-size:85%; vertical-align:top">(8)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">March 2015</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Audit</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Risk</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pamela O. Kimmet</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Georgia, United
States</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Human Resources Officer, Cardinal Health, Inc. (health care services company)<SUP STYLE="font-size:85%; vertical-align:top">(9)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">March 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MRCC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Risk</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Donald R. Lindsay</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">British Columbia,
Canada</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President and Chief Executive Officer, Teck Resources Limited (diversified resources company)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">August 2010</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Risk</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John R.V. Palmer</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Corporate Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">November 2009</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Audit</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Risk</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">C. James Prieur</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Illinois, United
States</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Corporate Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">January 2013</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MRCC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Risk<BR>(Chair)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Andrea S. Rosen</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Corporate Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">August 2011</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Audit</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">CGNC</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lesley D. Webster</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Florida, United
States</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President, Daniels Webster Capital Advisors (enterprise risk management consulting firm)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">October 2012</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MRCC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Risk</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">In this table, Audit means Audit Committee, CGNC means Corporate Governance and Nominating Committee, MRCC means Management Resources and Compensation Committee, and Risk means Risk Committee. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Richard DeWolfe was appointed Chairman of the Board on May&nbsp;2, 2013. Prior to May 2013, Mr.&nbsp;DeWolfe was Vice-Chair of the Board, a position he had held since December&nbsp;1, 2012. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Mr.&nbsp;DeWolfe served as an independent director of Avantair, Inc. (Avantair) between 2009 and August 2013. On July&nbsp;25, 2013, an involuntary petition under chapter 7 of title 11 of the United States Code
(Bankruptcy Code) was filed in the United States Bankruptcy Court for the Middle District of Florida, Tampa Division (the Bankruptcy Court) against Avantair (Case <FONT STYLE="white-space:nowrap">No.&nbsp;13-09719).</FONT> On August&nbsp;16, 2013,
the Bankruptcy Court entered an order for relief under chapter 7 of the Bankruptcy Code. Sales of certain assets have been authorized and proceeds from the sales have been distributed. The chapter 7 trustee has asserted claims against the former
officers, directors and certain employees of Avantair, including Mr.&nbsp;DeWolfe (the Avantair Parties). The trustee has not commenced litigation against any of the independent directors. In April 2015, the Avantair Parties participated in a
court-ordered <FONT STYLE="white-space:nowrap">pre-suit</FONT> mediation with the chapter 7 trustee along with various plaintiffs who had asserted claims against various Avantair Parties in multiple jurisdictions. The majority of these claims do not
involve the independent directors of Avantair. The chapter 7 trustee reached an agreement with the Avantair Parties to resolve the trustee&#146;s threatened claims in exchange for a settlement payment of US$8&nbsp;million and relinquishment of
certain competing claims in the bankruptcy. The independent directors are not funding any portion of the $8&nbsp;million payment. An evidentiary hearing for approval of the settlement by the Bankruptcy Court was conducted from January&nbsp;22
through January&nbsp;27, 2016. On November&nbsp;18, 2016, the Bankruptcy Court approved the settlement, thereby ending the bankruptcy proceeding. Mr.&nbsp;DeWolfe continues to deny the allegations previously asserted by the chapter 7 trustee and in
related lawsuits. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">Mr.&nbsp;DeWolfe is a member of the CGNC. However, in his capacity as Chairman, Mr.&nbsp;DeWolfe attends the meetings of all committees whenever possible. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">Donald Guloien is not a member of any committee but attends committee meetings at the invitation of the Chairman. One Board meeting in 2016 was for independent directors only. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top">From 2010 to 2013 Joseph Caron was a member of HB Global Advisors Corporation, the international consulting firm of Heenan Blaikie LLP. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top">Prior to March 2015, John Cassaday was President and Chief Executive Officer, Corus Entertainment Inc., a broadcasting company. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top">Prior to 2013, Thomas Jenkins was Chief Strategy Officer of OpenText Corporation. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(9)</TD>
<TD ALIGN="left" VALIGN="top">Prior to July 2016, Pamela Kimmet was Senior Vice President, Human Resources, Coca-Cola Enterprises Inc., a publicly traded beverage marketer, producer, and distributor. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EXECUTIVE OFFICERS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The name, province or state and country of residence, and position of each of the executive officers of Manulife are set forth in the following table as of
December&nbsp;31, 2016. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:71.10pt; font-size:8pt; font-family:Times New Roman"><B>Name and Residence</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Position with Manulife</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Donald A. Guloien</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">President and Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Craig R. Bromley</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Massachusetts, United States</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Executive Vice President, U.S. Division<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Steven A. Finch</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Massachusetts, United States</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Executive Vice President and Chief Actuary<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gregory A. Framke</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New Jersey, United States</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Executive Vice President, Chief Information Officer<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">James D. Gallagher</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Massachusetts, United States</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Executive Vice President and General Counsel<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gretchen H. Garrigues</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Massachusetts, United States</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Executive Vice President, Global Chief Marketing Officer<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rocco (Roy) Gori</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hong Kong, Special Administrative Region of the People&#146;s Republic of China</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Executive Vice President and General Manager, Asia<SUP STYLE="font-size:85%; vertical-align:top">(6)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Marianne Harrison</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Executive Vice President and General Manager, Canada<SUP STYLE="font-size:85%; vertical-align:top">(7)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Scott S. Hartz</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Massachusetts, United States</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Executive Vice President, General Account Investments</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rahim Hirji</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Executive Vice President and Chief Risk Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stephani E. Kingsmill</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Executive Vice President, Human Resources</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Linda P. Mantia</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Executive Vice President and Chief Operating Officer<SUP STYLE="font-size:85%; vertical-align:top">(8)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Timothy W. Ramza</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Massachusetts, United
States</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Executive Vice President and Chief Innovation Officer<SUP STYLE="font-size:85%; vertical-align:top">(9)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stephen B. Roder</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Executive Vice President and Chief Financial Officer<SUP STYLE="font-size:85%; vertical-align:top">(10)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kai R. Sotorp</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Executive Vice President, Global Business Head, Wealth and Asset Management<SUP STYLE="font-size:85%; vertical-align:top">(11)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Warren A. Thomson</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ontario, Canada</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Executive Vice President and Chief Investment Officer</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Prior to September 2012, Craig Bromley was Executive Vice President and General Manager, Japan. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Prior to April 2016, Steven Finch was Executive Vice President and Chief Financial Officer &#150; U.S. Division, John Hancock Financial Services. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Prior to January 2016, Gregory Framke was the Executive Vice President and Chief Operations Officer at E*Trade Financial Corp. including roles as Chief Operations Officer, Vice President Technology Strategy and Chief
Information Officer. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">Prior to December 2016, James Gallagher was Executive Vice President and Interim General Counsel. Prior to October 2016, Mr.&nbsp;Gallagher was Executive Vice President, General Counsel and Chief Administrative Officer,
U.S. Division. Prior to August 2012, Mr.&nbsp;Gallagher was Executive Vice President, Global Compliance. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">Prior to August 2016, Gretchen Garrigues was Senior Vice President and Chief Marketing Officer, First Data Corp. Prior to June 2014, Ms.&nbsp;Garrigues was Senior Managing Director, Global Strategic Marketing, GE
Capital. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top">Prior to March 2015, Roy Gori was Regional Head of Retail Banking, Asia Pacific/Head of Consumer Banking North Asia and Australia with Citigroup Pty Ltd. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top">Prior to January 2013, Marianne Harrison was Executive Vice President and General Manager of John Hancock Long-Term Care Insurance. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top">Prior to October 2016, Linda Mantia was Executive Vice President of Digital, Payments and Cards, Royal Bank of Canada. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(9)</TD>
<TD ALIGN="left" VALIGN="top">Prior to November 2015, Timothy Ramza was Senior Vice President, Wealth Management Strategy and Business Development. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(10)</TD>
<TD ALIGN="left" VALIGN="top">Prior to June 2012, Stephen Roder was a <FONT STYLE="white-space:nowrap">co-founder</FONT> and director of Peak Reinsurance Company Ltd. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(11)</TD>
<TD ALIGN="left" VALIGN="top">Prior to July&nbsp;1, 2014, Kai Sotorp was Head, Asia Pacific, Group Managing Director at UBS Global Asset Management (Hong Kong). Prior to September 2012, Mr.&nbsp;Sotorp was Senior Advisor at Florida Equity Partners.
</TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SHARE OWNERSHIP </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
number of Common Shares held by Directors and executive officers of MFC as at December&nbsp;31, 2016 was 746,578, which represented less than 1% of the outstanding Common Shares. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TRANSFER AGENT AND REGISTRAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
transfer agents for MFC&#146;s Common Shares are as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">In Canada:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">CST Trust Company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">In the United States:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Computershare Inc.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">P.O. Box 700, Station B</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">P.O. Box 30170</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Montreal, Quebec, Canada, H3B 3K3</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">College Station, TX, 77842-3170</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Toll Free: 1-800-783-9495</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Toll Free: 1-800-249-7702</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><U>www.canstockta.com/investor</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>www.computershare.com/investor</U></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><U>www.canstockta.com/investisseur</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">In&nbsp;the&nbsp;Philippines:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Rizal Commercial Banking Corporation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">In&nbsp;Hong&nbsp;Kong:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Computershare Hong Kong Investor</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Ground Floor, West Wing,</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Services Limited</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">GPL (Grepalife) Building,</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">17M Floor, Hopewell Centre</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">221 Senator Gil Puyat Avenue,</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">183 Queen&#146;s Road East</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Makati City, Metro Manila, Philippines</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Wan Chai, Hong Kong</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Telephone: 632 318 8567</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Telephone: (852) 2862-8555</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><U>www.rcbc.com</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><U>www.computershare.com/investor</U></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The transfer agent for MFC&#146;s Class&nbsp;A Shares and Class&nbsp;1 Shares is CST Trust Company. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MATERIAL CONTRACTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC entered into a
trust indenture dated May&nbsp;19, 2005 with CIBC Mellon Trust Company (&#147;CIBC Mellon&#148;) (as amended, the &#147;MFC Senior Debt Trust Indenture&#148;) setting out the terms of unsecured senior debentures that may be issued by MFC. MFC has
entered into supplemental indentures to the MFC Senior Debt Trust Indenture with CIBC Mellon dated May&nbsp;19, 2005, March&nbsp;28, 2006, June&nbsp;26, 2008 and April&nbsp;8, 2009 setting out the terms of Medium Term Notes that were issued by MFC.
MFC also entered into supplemental indentures to the MFC Senior Debt Trust Indenture with BNY Trust Company of Canada (&#147;BNY Mellon Trust&#148;), as trustee, The Bank of New York Mellon, London Branch (&#147;BNY London&#148;), as principal
paying agent, and The Bank of New York Mellon (Luxembourg) S.A. (&#147;BNY Luxembourg&#148;), as registrar and transfer agent, dated June&nbsp;23, 2016 and December&nbsp;2, 2016 setting out the terms of senior notes that were issued by MFC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC entered into a trust indenture dated September&nbsp;17, 2010 with The Bank of New York Mellon (&#147;BNY Mellon&#148;) setting out the terms of debentures
that may be issued by MFC under a short form base shelf prospectus filed in Canada and the United States via registration statement on Form <FONT STYLE="white-space:nowrap">F-10</FONT> pursuant to the Multijurisdictional Disclosure System. MFC
entered into a first supplemental indenture with BNY Mellon dated September&nbsp;17, 2010 setting out the terms of two series of senior notes issued by MFC on September&nbsp;17, 2010 by prospectus supplement to a short form base shelf prospectus.
MFC entered into a second supplemental indenture with BNY Mellon dated March&nbsp;4, 2016 setting out the terms of two additional series of senior notes issued by MFC dated March&nbsp;4, 2016 by prospectus supplement to a new short form base shelf
prospectus filed in Canada and the United States via registration statement on Form <FONT STYLE="white-space:nowrap">F-10</FONT> pursuant to the Multijurisdictional Disclosure System. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC entered into a trust indenture dated May&nbsp;25, 2016 with BNY Mellon Trust (as amended, the &#147;MFC Subordinated Debt Trust Indenture&#148;) setting
out the terms of unsecured subordinated debentures that may be issued by MFC. MFC entered into a supplemental indenture to the MFC Subordinated Debt Trust Indenture with BNY </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Mellon Trust, as trustee, BNY London, as principal paying agent and calculation agent, and BNY Luxembourg, as registrar and transfer agent dated May&nbsp;25, 2016 setting out the terms of
subordinated notes that were issued by MFC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As at December&nbsp;31, 2016, (i) an aggregate principal amount of $1.0&nbsp;billion in Medium Term Notes,
(ii)&nbsp;an aggregate principal amount of US$3.52&nbsp;billion in senior notes, and (iii)&nbsp;an aggregate principal amount of Singapore $500&nbsp;million in subordinated notes was issued and outstanding. More information about the Medium Term
Notes and senior notes can be found at Note 11 of MFC&#146;s consolidated financial statements for the year ended December 31, 2016. More information about the subordinated notes can be found at Note 12 of MFC&#146;s consolidated financial
statements for the year ended December&nbsp;31, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Manufacturers Life entered into an amended and restated trust indenture dated November&nbsp;18,
2011 with BNY Mellon Trust (amending and restating an indenture dated November&nbsp;8, 2002) (the &#147;Manufacturers Life Trust Indenture&#148;) setting out the terms of debentures that may be issued by Manufacturers Life. Manufacturers Life has
entered into supplemental indentures to the Manufacturers Life Trust Indenture with BNY Mellon Trust dated February&nbsp;17, 2012, February&nbsp;25, 2013, November&nbsp;29, 2013, February&nbsp;21, 2014, December&nbsp;1, 2014, March&nbsp;10, 2015,
June&nbsp;1, 2015 and November&nbsp;20, 2015 setting out the terms of fixed/floating subordinated debentures that were issued by Manufacturers Life. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
connection with the winding up of SCDA into Manufacturers Life on July&nbsp;1, 2015, Manufacturers Life entered into the First Supplemental Indenture dated July&nbsp;1, 2015 (the &#147;SCDA Supplemental Indenture&#148;) with Computershare Trust
Company of Canada (&#147;Computershare&#148;) to the trust indenture dated as of September&nbsp;21, 2012 between SCDA, as predecessor to Manufacturers Life, and Computershare (the &#147;Indenture&#148;), pursuant to which Manufacturers Life assumed
SCDA&#146;s obligations for the due and punctual payment of the principal of and interest and premium, if any, on the 3.938% Fixed/Floating Series A Subordinated Debentures, due September&nbsp;21, 2022 (the &#147;SCDA Debentures&#148;) and the
performance and observance of every covenant of the Indenture and any supplemental indentures in connection thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with each issuance of
fixed/floating subordinated debentures, and the assumption by Manufacturers Life of the SCDA Debentures under the SCDA Supplemental Indenture, MFC entered into a subordinated guarantee whereby MFC fully and unconditionally guaranteed on a
subordinated basis the payment of principal, premium, if any, interest and redemption price, if any, of the Manufacturers Life fixed/floating subordinated debentures, including the SCDA Debentures. More information about MFC&#146;s guarantees of the
Manufacturers Life fixed/floating subordinated debentures and the SCDA Debentures can be found at Note 18 (d) of MFC&#146;s consolidated financial statements for the year ended December&nbsp;31, 2016. As at December&nbsp;31, 2016, an aggregate
principal amount of $5.0&nbsp;billion in subordinated debentures and the SCDA Debentures was issued and outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC entered into a trust indenture
dated December&nbsp;14, 2006 (the &#147;MFLP Indenture&#148;) with CIBC Mellon and Manulife Finance (Delaware), L.P. (&#147;MFLP&#148;) as the guarantor of the debentures of MFLP issued under the MFLP Indenture. Under the terms of the MFLP
Indenture, MFC unconditionally and irrevocably guaranteed on a subordinated basis the payment of principal, premium, if any, interest and redemption price in respect of $650&nbsp;million principal amount of 5.059% fixed/floating subordinated
debentures of MFLP due December&nbsp;15, 2041. More information about MFC&#146;s guarantee of the debentures issued by MFLP can be found at Note 18(d) of MFC&#146;s consolidated financial statements for the year ended December&nbsp;31, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trust II entered into a trust indenture dated July&nbsp;10, 2009 with CIBC Mellon setting out the terms of debt obligations that may be issued by Trust II
from time to time. Trust II entered into a first supplemental indenture with CIBC Mellon on July&nbsp;10, 2009 setting out the terms of the $1&nbsp;billion principal amount of Notes issued by Trust II on July&nbsp;10, 2009. For more information
about the Notes see &#147;Dividends&#148; in this AIF and Note 12 of MFC&#146;s consolidated financial statements for the year ended December&nbsp;31, 2016. <B></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC entered into a subordinated guarantee dated January&nbsp;29, 2007, as amended and restated on January&nbsp;13, 2017, of Class&nbsp;A Shares and
Class&nbsp;B Shares of Manufacturers Life and any other class of preferred shares that rank on a parity with Class&nbsp;A Shares or Class&nbsp;B Shares of Manufacturers Life. The Class&nbsp;1 Shares rank on a parity with the Class&nbsp;A Shares. As
a result of this guarantee, Manufacturers Life has received an exemption from the requirements to file certain continuous disclosure materials with the Canadian securities regulatory authorities. More information about MFC&#146;s guarantee of the
preferred shares of Manufacturers Life can be found at Note 18(d) of MFC&#146;s consolidated financial statements for the year ended December&nbsp;31, 2016. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INTERESTS OF EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ernst&nbsp;&amp; Young LLP, Chartered Professional Accountants, Licensed Public Accountants, Toronto, Canada, is the external auditor who prepared the
Independent Auditors&#146; Report of Registered Public Accounting Firm to the Shareholders on the audited financial statements of the Company and the Independent Auditors&#146; Report on Internal Control under Standards of the Public Company
Accounting Oversight Board (United States). Ernst&nbsp;&amp; Young LLP is independent with respect to the Company within the meaning of the CPA Code of Professional Conduct of the Chartered Professional Accountants of Ontario (registered name of The
Institute of Chartered Accountants of Ontario), United States federal securities laws and the rules and regulations thereunder, including the independence rules adopted by the SEC pursuant to the Sarbanes-Oxley Act of 2002 (&#147;SOX&#148;) and<B>
</B>is in compliance with Rule 3520 of the Public Company Accounting Oversight Board (United States). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AUDIT COMMITTEE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Audit Committee Charter </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Audit Committee has adopted
a formal Charter that describes the Audit Committee&#146;s role and responsibilities. The Charter is set out in the attached Schedule 1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Audit
Committee is responsible for assisting the Board in its oversight role with respect to the quality and integrity of financial information, the effectiveness of the Company&#146;s internal control over financial reporting, the effectiveness of the
Company&#146;s risk management and compliance practices, the performance, qualifications and independence of the independent auditor, the Company&#146;s compliance with legal and regulatory requirements, the performance of the Company&#146;s
finance, actuarial, internal audit and global compliance functions, and the procedures relating to conflicts of interest, confidential information, related party transactions, and customer complaints.<B> </B> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Composition of the Audit Committee in 2016 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MFC&#146;s
Audit Committee was composed of the following members in 2016: Sheila Fraser (Chair of the Audit Committee), Susan Dabarno, Luther Helms, Thomas Jenkins, John Palmer and Andrea Rosen. The Board has reviewed the committee membership and determined
that all members are financially literate as required by the NYSE Listed Company Manual and the applicable instruments of the Canadian Securities Administrators. All committee members are independent, pursuant to applicable regulatory and stock
exchange requirements. The Board has also determined that all current members have the necessary qualifications to be designated as audit committee financial experts under SOX. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Relevant Education and Experience </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to the
general business experience of each member of the Audit Committee, the relevant education and experience of each member of MFC&#146;s Audit Committee in 2016 is as follows: Sheila Fraser holds a B. Comm from McGill University and is a Chartered
Professional Accountant. Ms.&nbsp;Fraser is a former partner at Ernst&nbsp;&amp; Young LLP and former Auditor General of Canada. Susan Dabarno holds a Class&nbsp;II Diploma from McGill University and is a Chartered Professional Accountant.
Ms.&nbsp;Dabarno previously served as Executive Chair of Richardson Partners Financial Limited, as President and Chief Executive Officer of Richardson Partners Financial Limited and as President and Chief Operating Officer of Merrill Lynch Canada
Inc. Luther Helms holds a BA from the University of Arizona and an MBA from the University of Santa Clara. Mr.&nbsp;Helms is Managing Director of Sonata Capital Group and previously served as Vice Chairman of KeyBank West and as Vice Chairman of
Bank of America Corporation. Thomas Jenkins holds an MBA from the Schulich School of Business at York University, an MASc from the University of Toronto and a BEng&nbsp;&amp; Mgt. from McMaster University. Mr.&nbsp;Jenkins is Chairman of the Board
of OpenText Corporation and previously served as Chief Strategy Officer and as President and Chief Executive Officer of OpenText Corporation.&nbsp;&nbsp;&nbsp;&nbsp;John Palmer holds a BA from the University of British Columbia, is a Chartered
Professional Accountant and is the former Deputy Chairman and Managing Partner of KPMG LLP (Canada) and the former Superintendent of OSFI. Andrea Rosen holds a BA from Yale University, an LLB from Osgoode Hall Law School and an MBA from the Schulich
School of Business at York University. Ms.&nbsp;Rosen previously served as Vice Chair of TD Bank Financial Group and as President of TD Canada Trust. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Pre-Approval</FONT> Policies and Procedures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All audit and permitted <FONT STYLE="white-space:nowrap">non-audit</FONT> services to be provided by our independent auditor must be <FONT
STYLE="white-space:nowrap">pre-approved</FONT> pursuant to the Auditor Independence Policy (the &#147;Policy&#148;). Under the Policy, the Audit Committee annually reviews and <FONT STYLE="white-space:nowrap">pre-approves</FONT> recurring audit and
permitted <FONT STYLE="white-space:nowrap">non-audit</FONT> services that are identifiable together with a budget for each type of permitted services for the coming year. The Policy also requires that any audit or permitted <FONT
STYLE="white-space:nowrap">non-audit</FONT> services that are proposed during the year outside of the previously approved categories or in excess of the <FONT STYLE="white-space:nowrap">pre-approved</FONT> budget be
<FONT STYLE="white-space:nowrap">pre-approved</FONT> by the Audit Committee, or by a member of the Audit Committee appointed by the Audit Committee and acting on its behalf. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All audit and permitted <FONT STYLE="white-space:nowrap">non-audit</FONT> services provided by Ernst&nbsp;&amp; Young LLP have been <FONT
STYLE="white-space:nowrap">pre-approved</FONT> by the Audit Committee. The Audit Committee has reviewed these services to ensure that they are compatible with maintaining the auditor&#146;s independence. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>External Auditor Service Fees </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The table below sets out
the fees charged by Ernst&nbsp;&amp; Young LLP for services rendered to Manulife and its subsidiaries in each of the past two fiscal years. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:15.10pt; font-size:8pt; font-family:Times New Roman"><B>Fees</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B><br><B>($&nbsp;in&nbsp;millions)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B><br><B>($&nbsp;in&nbsp;millions)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Audit Fees:</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Includes the audit of our financial statements as well as the financial statements of our subsidiaries, segregated
funds, audits of statutory filings, prospectus services, report on internal controls, reviews of quarterly reports and regulatory filings.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Audit-Related Fees:</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Includes consultation concerning financial accounting and reporting standards not classified as audit, due diligence
in connection with proposed or consummated transactions and assurance services to report on internal controls for third parties.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Tax Fees:</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Includes tax compliance, tax planning and tax advice services.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>All Other Fees:</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Includes other advisory services.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>33.2</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>32.3</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PERFORMANCE AND <FONT STYLE="white-space:nowrap">NON-GAAP</FONT> MEASURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We use a number of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures to measure overall performance and to assess each of our businesses. A
financial measure is considered a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure for Canadian securities law purposes if it is presented other than in accordance with Canadian generally accepted accounting principles used for the
Company&#146;s audited historical financial statements. <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> measures referenced in this AIF include: Core Earnings (Loss); Constant Currency Basis; Premiums and Deposits; and Assets under Management and
Administration. <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> financial measures are not defined terms under GAAP and, therefore, are unlikely to be comparable to similar terms used by other issuers. Therefore, they should not be considered in
isolation or as a substitute for any other financial information prepared in accordance with GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For descriptions of the
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures referred to above and reconciliations of certain <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures to the most directly comparable measure calculated in accordance
with GAAP, see &#147;Performance and <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Measures&#148; in MFC&#146;s Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2016. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ADDITIONAL INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional information with respect to the Company, including directors&#146; and officers&#146; remuneration and indebtedness, and securities authorized for
issuance under MFC&#146;s equity compensation plans, where applicable, is contained in MFC&#146;s Management Information Circular for its most recent annual meeting of security holders that involved the election of directors. Additional financial
information is provided in the Company&#146;s consolidated financial statements and the Company&#146;s Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2016. Copies of these documents and additional information relating
to the Company may be found on SEDAR at <U>www.sedar.com</U> and is accessible at the Company&#146;s website, <U>www.manulife.com</U>. Requests for materials may be sent to the Shareholder Services Department of Manulife at 200 Bloor Street East, <FONT
STYLE="white-space:nowrap">NT-10,</FONT> Toronto, Canada M4W 1E5. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 1 &#150; AUDIT COMMITTEE CHARTER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Manulife Financial Corporation (the &#147;Company&#148;) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Audit Committee Charter (December 2016) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Overall Role and Responsibility</U> </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.1</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>The Audit Committee (&#147;Committee&#148;) shall: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">assist the Board of Directors in its oversight role with respect to: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">the quality and integrity of financial information; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">the effectiveness of the Company&#146;s internal control over financial reporting; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">the effectiveness of the Company&#146;s risk management and compliance practices; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">the independent auditor&#146;s performance, qualifications and independence; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">the Company&#146;s compliance with legal and regulatory requirements; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top">the Finance, Actuarial, Internal Audit and Global Compliance functions;<B> </B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top">conflicts of interest and confidential information; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top">related party transactions; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top">complaints of customers relating to obligations under the <I>Insurance Companies Act</I> (Canada) (the &#147;Act&#148;), and accounting, internal accounting controls and audit matters. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">prepare such reports of the Committee required to be included in the Proxy Circular in accordance with applicable laws or the rules of applicable securities regulatory authorities. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.2</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>The Committee will also act as the conduct review committee of the Company. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Structure and Composition</U> </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.1</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>The Committee shall consist of five or more Directors appointed by the Board of Directors on the recommendation of the Corporate Governance and Nominating Committee. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.2</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>No member of the Committee shall be an officer or employee of the Company, its subsidiaries or affiliates. Members of the Committee will not be affiliated with the Company as such term is defined in the Act.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.3</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>Each member of the Committee shall satisfy the applicable independence and experience requirements of the laws governing the Company, the applicable stock exchanges on which the Company&#146;s securities are
listed and applicable securities regulatory authorities. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.4</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>The Board of Directors shall designate one member of the Committee as the Committee Chair. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.5</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>Members of the Committee shall serve at the pleasure of the Board of Directors for such term or terms as the Board of Directors may determine. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.6</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>Each member of the Committee shall be financially literate as such qualification is defined by applicable law and interpreted by the Board of Directors in its business judgment. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.7</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>The Board of Directors shall determine whether and how many members of the Committee qualify as a financial expert as defined by applicable law. At least one member must be an audit committee financial expert, as
defined in applicable laws and regulations. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.8</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>The Committee shall annually determine whether any of its members serve on the audit committee of more than three public companies (including the Committee). If any of the Committee members fall into this
category, the Committee shall consider the ability of such members to effectively serve on the Committee and, if it is determined that such members are able to continue serving, the Committee shall record the reasons for such a decision.
</TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Structure, Operations and Assessment</U> </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.1</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>The Committee shall meet quarterly or more frequently as the Committee may determine. The Committee shall report to the Board of Directors on its activities after each of its meetings. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.2</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>The affirmative vote of a majority of the members of the Committee participating in any meeting of the Committee is necessary for the adoption of any resolution. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.3</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>The Committee may create one or more subcommittees and may delegate, in its discretion, all or a portion of its duties and responsibilities to such subcommittees. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.4</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>The Committee shall, on an annual basis: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">review and assess the adequacy of this Charter and, where necessary, recommend changes to the Board of Directors for its approval; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">undertake a performance evaluation of the Committee comparing the performance of the Committee with the requirements of this Charter; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">report the results of the performance evaluation to the Board of Directors. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The performance
evaluation by the Committee shall be conducted in such manner as the Committee deems appropriate. The report to the Board of Directors may take the form of an oral report by the chair of the Committee or any other member of the Committee designated
by the Committee to make this report. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.5</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>The Committee is expected to establish and maintain free and open communication with management, the independent auditor, the internal auditor and the Appointed Actuary and shall periodically meet separately with
each of them. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Specific Duties</U> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Committee will carry out the following specific duties: </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.1</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Oversight of the Independent Auditor </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Recommend to the Board for approval the appointment and, when considered appropriate, the dismissal or removal of the independent auditor for the purpose of preparing or issuing an auditor&#146;s report or performing
other audit, review or attest services for the Company (subject to shareholder ratification). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Review and approve the scope and terms of all audit engagements and recommend to the Board the compensation of the independent auditor. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Provide the oversight of the work of the independent auditor engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services (including resolution of disagreements
between management and the independent auditor regarding financial reporting). The independent auditor shall report directly to the Committee. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-approve</FONT> all audit services and permitted <FONT STYLE="white-space:nowrap">non-audit</FONT> services (including the fees, terms and conditions for the performance of such
services) to be provided by the independent auditor. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">When appropriate, the Committee may delegate to one or more members the authority to grant preapprovals of audit and permitted <FONT STYLE="white-space:nowrap">non-audit</FONT> services and the full Committee shall be
informed of each <FONT STYLE="white-space:nowrap">non-audit</FONT> service. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top">Review the decisions of such delegates under subsection (e)&nbsp;above, which shall be presented to the full Committee at its next scheduled meeting. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top">Evaluate the qualifications, performance and independence of the independent auditor, including: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">reviewing and evaluating the lead partner on the independent auditor&#146;s engagement with the Company; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">considering whether the auditor&#146;s quality controls are adequate and the provision of permitted <FONT STYLE="white-space:nowrap">non-audit</FONT> services are compatible with maintaining the auditor&#146;s
independence; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">addressing any concerns raised by regulatory authorities or other stakeholders regarding the auditor&#146;s independence. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top">Present its conclusions with respect to the independent auditor to the Board of Directors and, if so determined by the Committee, recommend that the Board of Directors take additional action to satisfy itself of the
qualifications, performance and independence of the independent auditor. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Obtain and review a report from the independent auditor at least annually regarding: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">the independent auditor&#146;s internal quality-control procedures; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation by governmental or professional authorities within the preceding five years
respecting one or more independent audits carried out by the firm; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">any steps taken to deal with any such issues; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">all relationships between the independent auditor and the Company. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top">At least annually, review and approve the audit plan (including any significant changes to the audit plan) and, as part of this review, satisfy itself that the audit plan is risk-based and addresses all the relevant
activities over a measurable cycle and that the work of the independent auditor and Internal Audit is coordinated. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top">Ensure the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(l)</TD>
<TD ALIGN="left" VALIGN="top">Review and approve policies for the Company&#146;s hiring of partners and employees or former partners and employees of the independent auditor. </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.2</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Reporting </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Review and discuss with management and the independent auditor the annual audited financial statements, the results of the audit, any changes to the audit scope or strategy, the annual report of the auditors on the
statements and any other returns or transactions required to be reviewed by the Committee and report to the Board of Directors prior to approval by the Board of Directors and the publication of earnings. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Review such returns of the Company as the Superintendent of Financial Institutions (Canada) (the &#147;Superintendent&#148;) may specify. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Review and discuss with the independent auditor and with management the Company&#146;s annual and quarterly financial disclosures, including management&#146;s discussion and analysis. The Committee shall approve any
reports for inclusion in the Company&#146;s Annual Report, as required by applicable legislation and make a recommendation thereon to the Board. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Review the Company&#146;s disclosure policy, which governs the release of information about the Company and requires timely, accurate and fair disclosure of such information in compliance with all legal and regulatory
requirements, and periodically assess the adequacy of procedures regarding disclosure of financial information. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">Require management to implement and maintain appropriate internal control procedures. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top">Oversee systems of internal control and meet with the heads of the oversight functions, management and the independent auditors to assess the adequacy and effectiveness of these systems and to obtain reasonable
assurance that the controls are effective.<B> </B> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top">Review and discuss with management and the independent auditor management&#146;s report on its assessment of internal controls over financial reporting and the independent auditor&#146;s attestation report on
management&#146;s assessment. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top">Review, evaluate and approve the procedures established under s. 4.2(e). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Review such investments and transactions that could adversely affect the well-being of the Company as the auditor or any officer of the Company may bring to the attention of the Committee. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top">Review and discuss with management and the independent auditor the Company&#146;s quarterly financial statements prior to the publication of earnings, including: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">the results of the independent auditor&#146;s review of the quarterly financial statements; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">any matters required to be communicated by the independent auditor under applicable review standards. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top">Review and discuss with management and the independent auditor at least annually significant financial reporting issues and judgments made in connection with the preparation of the Company&#146;s financial statements,
including: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">key areas of risk for material misstatement of the financial statements, including critical accounting estimates or areas of measurement uncertainty; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">whether the auditor considers estimates to be within an acceptable range and the rationale for the final valuation decision and whether it is consistent with industry practice; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">any significant changes in the Company&#146;s selection or application of accounting or actuarial principles; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">any major issues as to the adequacy of the Company&#146;s internal controls; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">any special steps adopted in light of material control deficiencies, if any; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top">the role of any other audit firms. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(l)</TD>
<TD ALIGN="left" VALIGN="top">Review and discuss with management and the independent auditor at least annually reports from the independent auditor on: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">critical accounting policies and practices to be used; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">significant financial reporting issues, estimates and judgments made in connection with the preparation of the financial statements; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">alternative treatments of financial information within generally accepted accounting principles that have been discussed with management, ramifications of the use of such alternative disclosures and treatments, and the
treatment preferred by the independent auditor; and </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">other material written communications between the independent auditor and management, such as any management letter or schedule of unadjusted differences. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(m)</TD>
<TD ALIGN="left" VALIGN="top">Meet with the independent auditor to discuss the annual financial statements and any investments or transactions that may adversely affect the well-being of the Company. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(n)</TD>
<TD ALIGN="left" VALIGN="top">Discuss with the independent auditor at least annually any &#147;management&#148; or &#147;internal control&#148; letters issued or proposed to be issued by the independent auditor to the Company and review all material
correspondence between the independent auditor and management related to audit findings. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(o)</TD>
<TD ALIGN="left" VALIGN="top">Review and discuss with management and the independent auditor at least annually any significant changes to the Company&#146;s accounting and actuarial principles and practices suggested by the independent auditor,
internal audit personnel or management and assess whether the Company&#146;s accounting and actuarial practices are appropriate and within the boundaries of acceptable practice. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(p)</TD>
<TD ALIGN="left" VALIGN="top">Discuss with management and approve the Company&#146;s earnings press releases, the release of earnings projections, forecast or guidance and the use of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial
measures (if any), and the financial information provided to analysts and rating agencies. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(q)</TD>
<TD ALIGN="left" VALIGN="top">Review and discuss with management and the independent auditor at least annually the effect of regulatory and accounting initiatives as well as <FONT STYLE="white-space:nowrap">off-balance-sheet</FONT> structures on the
Company&#146;s financial statements. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(r)</TD>
<TD ALIGN="left" VALIGN="top">Discuss with the independent auditor matters required to be discussed by American Institute of Certified Public Accountants Statement on Auditing Standards No.&nbsp;61 relating to the conduct of the audit, including any
difficulties encountered in the course of the audit work, any restrictions on the scope of activities or access to requested information and any significant disagreements with management. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(s)</TD>
<TD ALIGN="left" VALIGN="top">Review and discuss with the Chief Executive Officer and the Chief Financial Officer the procedures undertaken in connection with the Chief Executive Officer and Chief Financial Officer certifications for the annual and
interim filings with applicable securities regulatory authorities. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(t)</TD>
<TD ALIGN="left" VALIGN="top">Review disclosures made by the Company&#146;s Chief Executive Officer and Chief Financial Officer during their certification process for the annual and interim filing with applicable securities regulatory authorities
about any significant deficiencies in the design or operation of internal controls which could adversely affect the Company&#146;s ability to record, process, summarize and report financial data or any material weaknesses in the internal controls,
and any fraud involving management or other employees who have a significant role in the Company&#146;s internal controls. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(u)</TD>
<TD ALIGN="left" VALIGN="top">Meet with the Appointed Actuary of the Company at least annually to receive and review reports, opinions and recommendations prepared by the Appointed Actuary in accordance with the Act, including the parts of the
annual financial statement and the annual return filed under s. 665 of the Act, prepared by the actuary, and such other matters as the Committee may direct, including the report on Dynamic Capital Adequacy Testing, which is also reviewed by the Risk
Committee. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">Receive reports from the Chief Actuary regarding material capital model modifications and new capital model applications. Annually receive the capital model inventory and modification log. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(w)</TD>
<TD ALIGN="left" VALIGN="top">Discuss with the Company&#146;s General Counsel at least annually any legal matters that may have a material impact on the financial statements, operations, assets or compliance policies and any material reports or
inquiries received by the Company<B> </B>or any of its subsidiaries from regulators or governmental agencies. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top">Meet with the Chief Internal Auditor and with management to discuss the effectiveness of the internal control procedure established pursuant to s. 4.2(e). </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.3</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Oversight of the Finance Function </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">At least annually review and approve the mandate of the Chief Financial Officer and the Finance function. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">At least annually, review and approve the budget, structure, skills and resources of the Finance function. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">At least annually, review the performance evaluation of the Chief Financial Officer, with the input of the Management Resources and Compensation Committee, and assess the effectiveness of the Chief Financial Officer and
the Finance function. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Recommend to the Board for approval the appointment and, when considered appropriate, the dismissal of the Chief Financial Officer, who shall have direct access to the Committee. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">Review the results of periodic independent reviews of the Finance function. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.4</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Oversight of the Actuarial Function </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">At least annually, review and approve the mandate for the Chief Actuary and the Actuarial function. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">At least annually, review and approve the budget, structure, skills and resources of the Actuarial
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
function. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">At least annually, review the performance evaluation of the Chief Actuary, with the input of the Management Resources and Compensation Committee, and assess the effectiveness of the Chief Actuary and the Actuarial
function. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Recommend to the Board for approval the appointment and, when considered appropriate, the dismissal of the Chief Actuary, who shall have direct access to the Committee. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">Review the results of periodic independent reviews of the Actuarial function. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.5</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Oversight of the Internal Audit Function </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">At least annually, review and approve the mandate of the Chief Auditor and the Internal Audit function. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">At least annually, review and approve the budget, structure, skills, resources, independence and qualifications of the Internal Audit function. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">At least annually, review and approve the audit plan of the Internal Audit function (including any significant changes to the audit plan) and, as part of this review, satisfy itself that the audit plan is risk-based and
addresses all the relevant activities over a measurable cycle and that the work of the independent auditor and Internal Audit is coordinated. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Review the periodic reports of the internal audit department on internal audit activities, including audit findings, recommendations<B> </B>and progress in meeting the annual audit plan (including the impact of any
resource limitations). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">At least annually, review the performance evaluation and compensation of the Chief Auditor, with the input of the Management Resources and Compensation Committee, and assess the effectiveness of the Chief Auditor and
the Internal Audit function. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top">Recommend to the Board for approval the appointment and, when considered appropriate, the dismissal of the Chief Auditor, who shall have direct access to the Committee. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top">Review the results of periodic independent reviews and self-assessments of the Internal Audit function&#146;s conformance with the International Standards for the Professional Practice of Internal Auditing and Code of
Ethics, and action plans to address any significant conformance issues. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.6</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Risk Management Oversight </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Review reports from the Risk Committee respecting the Company&#146;s processes for assessing and managing risk. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">The Committee will receive reports from the General Counsel as Chair of the Disclosure Committee. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.7</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Oversight of Regulatory Compliance and Complaint Handling </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Establish procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters, and the confidential, anonymous submission by
employees of concerns regarding questionable accounting or auditing matters. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Discuss with management and the independent auditor at least annually any correspondence with regulators or governmental agencies and any published reports which raise material issues regarding the Company&#146;s
financial statements or accounting. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Review at least annually with the Global Compliance Chief the Company&#146;s compliance with applicable laws and regulations, and correspondence from regulators. </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.8</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Oversight of the Global Compliance Function </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">At least annually, review and approve the mandate for the Global Compliance Chief and the Global Compliance function. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">At least annually, review and approve the budget, structure, skills and resources of the Global Compliance function. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">At least annually, review the performance evaluation of the Global Compliance Chief, with the input of the Management Resources and Compensation Committee, and assess the effectiveness of the Global Compliance Chief and
the Global Compliance function. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Recommend to the Board for approval, the appointment and, when considered appropriate, the dismissal of the Global Compliance Chief, who shall have direct access to the Committee. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">Review the results of periodic independent reviews of the Global Compliance function. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.9</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Oversight of the Anti-Money Laundering and Anti-Terrorist Financing Program </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">The Committee shall approve the Company&#146;s Anti-Money Laundering and Anti-Terrorist Financing Policy and any material amendments. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">The Committee shall meet with the Chief Anti-Money Laundering Officer (&#147;CAMLO&#148;) at least annually to receive and review the CAMLO&#146;s report on the AML/ATF Program, which will include a report on the
effectiveness of the AML/ATF Program and the Company&#146;s compliance with the Policy. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">The Committee shall meet with the Chief Auditor at least annually to receive and review the Chief Auditor&#146;s report on the results of the testing of the effectiveness of the AML/ATF Program. </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.10</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Review of Ethical Standards </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Annual review of the Company&#146;s Code of Business Conduct and Ethics. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Establish procedures to receive and process any request from executive officer(s) and Director(s) for waiver of the Company&#146;s Code of Business Conduct and Ethics. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Grant any waiver of the Company&#146;s Code of Business Conduct and Ethics to executive officer(s) and Director(s) as the Committee may in its sole discretion deem appropriate and arrange for any such waiver to be
promptly disclosed to the shareholders in accordance with applicable laws or the rules of applicable securities regulatory authorities. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Annual review and assessment of procedures established by the Board of Directors to resolve conflicts of interest, including techniques for identification of potential conflict situations, and for restricting the use of
confidential information. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.11</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Self Dealing and Disclosure Requirements </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Require management to establish procedures for complying with Part XI (Self-Dealing) of the Act (the &#147;Related Party Procedures&#148;). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Establish criteria for the determination of materiality of a transaction with a related party. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Annual review of the Related Party Procedures and their effectiveness in ensuring that the Company is complying with Part XI of the Act and the Sarbanes-Oxley Act. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Review the practices of the Company to ensure that any transactions with related parties of the Company that may have a material effect on the stability or solvency of the Company are identified. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">Ensure that, within 90 days after the end of each financial year of the Company, the Committee will report to the Superintendent on its activities of the previous year respecting conduct review, undertaken in carrying
out its responsibilities under the Act (and, in particular, in respect of (a), (c), and (d)&nbsp;above). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top">The Committee shall report to the Superintendent on its mandate respecting conduct review and responsibilities of the Committee and the procedures referred to in (a)&nbsp;above. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top">Annual review and assessment of the procedures established by the Board of Directors to disclose information to customers of the Company under the Act, if applicable, and of the procedures for dealing with complaints of
customers of the Company to satisfy itself that the applicable procedures are being followed. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.12</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Proxy Circular </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">The Committee shall prepare a report on its activities on an annual basis to be included in the Proxy Circular, as may be required by applicable laws or rules of applicable securities regulatory authorities.
</TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.13</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Duties and Responsibilities Delegated by the Board </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Exercise such other powers and perform such other duties and responsibilities as are incidental to the purposes, duties and responsibilities specified herein and as may from time to time be delegated to the Committee by
the Board of Directors. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Funding for the Independent Auditor and Retention of External Advisors</U> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company shall provide
for appropriate funding, as determined by the Committee, for payment of compensation to the independent auditor for the purpose of issuing an audit report and to any advisors retained by the Committee. The Committee shall have the authority to
retain such independent advisors as it may from time to time deem necessary or advisable for its purposes and to set the terms of the retainer. The expenses related to any such engagement shall also be funded by the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>d324094dex994.htm
<DESCRIPTION>EX-99.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.4</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certification of Annual Filings </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Manulife Financial Corporation </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Donald A.
Guloien, certify that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">I have reviewed this annual report on Form <FONT STYLE="white-space:nowrap">40-F</FONT> of Manulife Financial Corporation; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the
issuer as of, and for, the periods presented in this report; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules <FONT STYLE="white-space:nowrap">13a-15(e)</FONT>
and <FONT STYLE="white-space:nowrap">15d-15(e))</FONT><I> </I>and internal control over financial reporting (as defined in Exchange Act Rules <FONT STYLE="white-space:nowrap">13a-15(f)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(f))</FONT>
for the issuer and have: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Disclosed in this report any change in the issuer&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to
materially affect, the issuer&#146;s internal control over financial reporting; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">The issuer&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer&#146;s auditors and the audit committee of the
issuer&#146;s board of directors (or persons performing the equivalent functions): </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer&#146;s ability to record, process,
summarize and report financial information; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer&#146;s internal control over financial reporting. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: February&nbsp;9, 2017</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Donald A. Guloien</I></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Donald A. Guloien</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">President and Chief Executive Officer</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>d324094dex995.htm
<DESCRIPTION>EX-99.5
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.5</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certification of Annual Filings </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Manulife Financial Corporation </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Stephen B.
Roder, certify that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">I have reviewed this annual report on Form <FONT STYLE="white-space:nowrap">40-F</FONT> of Manulife Financial Corporation; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the
issuer as of, and for, the periods presented in this report; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules <FONT STYLE="white-space:nowrap">13a-15(e)</FONT>
and <FONT STYLE="white-space:nowrap">15d-15(e))</FONT><I> </I>and internal control over financial reporting (as defined in Exchange Act Rules <FONT STYLE="white-space:nowrap">13a-15(f)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(f))</FONT>
for the issuer and have: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Disclosed in this report any change in the issuer&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to
materially affect, the issuer&#146;s internal control over financial reporting; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">The issuer&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer&#146;s auditors and the audit committee of the
issuer&#146;s board of directors (or persons performing the equivalent functions): </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer&#146;s ability to record, process,
summarize and report financial information; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer&#146;s internal control over financial reporting. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: February&nbsp;9, 2017</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Stephen B. Roder</I></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Stephen B. Roder</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Senior Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>d324094dex996.htm
<DESCRIPTION>EX-99.6
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.6</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.6 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Pursuant to
18 United States Code s. 1350 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">As adopted pursuant to </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Section&nbsp;906 of the Sarbanes&#150;Oxley Act of 2002 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the Annual Report on Form <FONT STYLE="white-space:nowrap">40-F</FONT> of Manulife Financial Corporation (the &#147;Company&#148;) for the
year ended December&nbsp;31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), the undersigned officer of the Company certifies pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to
Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that to his knowledge: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Date: February&nbsp;9, 2017</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Donald A. Guloien</I></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Donald A. Guloien</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">President and Chief Executive Officer</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>d324094dex997.htm
<DESCRIPTION>EX-99.7
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.7</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.7 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Pursuant to
18 United States Code s. 1350 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">As adopted pursuant to </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Section&nbsp;906 of the Sarbanes&#150;Oxley Act of 2002 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the Annual Report on Form <FONT STYLE="white-space:nowrap">40-F</FONT> of Manulife Financial Corporation (the &#147;Company&#148;) for the
year ended December&nbsp;31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), the undersigned officer of the Company certifies pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to
Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that to his knowledge: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: February 9, 2017</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Stephen B. Roder</I></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Stephen B. Roder</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Senior Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>9
<FILENAME>d324094dex998.htm
<DESCRIPTION>EX-99.8
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.8</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.8 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the reference to our firm under the caption &#147;interests of experts&#148; and to the use of our reports dated February&nbsp;9, 2017 relating
to the consolidated financial statements of Manulife Financial Corporation (the &#147;Company&#148;), and the effectiveness of the Company&#146;s internal control over financial reporting included in the 2016 Annual Report (Form <FONT
STYLE="white-space:nowrap">40-F)</FONT> for the year ended December&nbsp;31, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also consent to the incorporation by reference and to the use of
these reports dated February&nbsp;9, 2017 in the following Registration Statements: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Registration Statement (Form <FONT STYLE="white-space:nowrap">S-8</FONT> <FONT STYLE="white-space:nowrap">No.&nbsp;333-12610)</FONT> of Manulife Financial Corporation pertaining to the Manulife Financial Corporation
Stock Plan for <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Directors and Executive Stock Option Plan; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Registration Statement (Form <FONT STYLE="white-space:nowrap">S-8</FONT> <FONT STYLE="white-space:nowrap">No.&nbsp;333-13072)</FONT> of Manulife Financial Corporation pertaining to the Manulife Financial Corporation
Global Share Ownership Plan; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Registration Statement (Form <FONT STYLE="white-space:nowrap">S-8</FONT> <FONT STYLE="white-space:nowrap">No.&nbsp;333-157326)</FONT> of Manulife Financial Corporation pertaining to the Stock Plan for <FONT
STYLE="white-space:nowrap">Non-Employee</FONT> Directors, Executive Stock Option Plan and Global Share Ownership Plan; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Registration Statement (Form <FONT STYLE="white-space:nowrap">S-8</FONT> <FONT STYLE="white-space:nowrap">No.&nbsp;333-114951)</FONT> of Manulife Financial Corporation pertaining to the John Hancock Financial Services,
Inc. 1999 Long-Term Stock Incentive Plan, as amended and the John Hancock Financial Services, Inc. <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Directors&#146; Long-Term Stock Incentive Plan; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Registration Statement (Form <FONT STYLE="white-space:nowrap">S-8</FONT> <FONT STYLE="white-space:nowrap">No.&nbsp;333-129430)</FONT> of Manulife Financial Corporation pertaining to the Deferred Compensation Plan for
Certain Employees of John Hancock and the Deferred Compensation Plan of the John Hancock Financial Network; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Registration Statement (Form <FONT STYLE="white-space:nowrap">S-8</FONT> <FONT STYLE="white-space:nowrap">No.&nbsp;333-211366)</FONT> of Manulife Financial Corporation pertaining to the Deferred Compensation Plan for
Certain Employees of John Hancock Deferred Compensation Plan for the John Hancock Financial Network; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Registration Statement (Form <FONT STYLE="white-space:nowrap">F-10</FONT> <FONT STYLE="white-space:nowrap">No.&nbsp;333-208442)</FONT> of Manulife Financial Corporation pertaining to Manulife Financial
Corporation&#146;s shelf prospectus offering Debt Securities, Preferred Shares, Common Shares, Subscription Receipts, Warrants, Share Purchase Contracts and Units; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Registration Statement (Form <FONT STYLE="white-space:nowrap">F-3</FONT> Nos. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-208663-01</FONT></FONT> and
<FONT STYLE="white-space:nowrap">333-208663)</FONT> of Manulife Financial Corporation and John Hancock Life Insurance Company (U.S.A.) pertaining to John Hancock Life Insurance Company (U.S.A.)&#146;s market value adjustment interests under deferred
annuity contracts; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Registration Statement (Form <FONT STYLE="white-space:nowrap">F-3</FONT> Nos. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-205595-01</FONT></FONT> and
<FONT STYLE="white-space:nowrap">333-205595)</FONT> of Manulife Financial Corporation and John Hancock Life Insurance Company (U.S.A.) pertaining to John Hancock Life Insurance Company (U.S.A.)&#146;s market value adjustment interests under deferred
annuity contracts and Manulife Financial Corporation&#146;s subordinated guarantee relating thereto; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Registration Statement (Form <FONT STYLE="white-space:nowrap">F-3</FONT> Nos. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-196805-01</FONT></FONT> and
<FONT STYLE="white-space:nowrap">333-196805</FONT> of Manulife Financial Corporation and John Hancock Life Insurance Company (U.S.A.) pertaining to deferred annuity contracts with market value adjustment interests and Manulife Financial
Corporation&#146;s subordinated guarantee relating thereto; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Registration Statement (Form <FONT STYLE="white-space:nowrap">F-3</FONT> <FONT STYLE="white-space:nowrap">No.&nbsp;333-159176)</FONT> of Manulife Financial Corporation pertaining to the Manulife Financial Corporation
Dividend Reinvestment and Share Purchase Plan for U.S. Shareholders. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">/s/ &#147;Ernst&nbsp;&amp; Young LLP&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Toronto, Canada</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chartered Professional Accountants</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">February&nbsp;9, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Licensed Public Accountants</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>10
<FILENAME>d324094dex999.htm
<DESCRIPTION>EX-99.9
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.9</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.9 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSENT OF APPOINTED ACTUARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I hereby consent to the use and incorporation by reference in this Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;40-F</FONT> of
Manulife Financial Corporation (the &#147;Company&#148;) for the year ended December&nbsp;31, 2016 of my Appointed Actuary&#146;s Report to the Shareholders and Directors dated February&nbsp;9, 2017 (the &#147;Report&#148;), relating to the
valuation of the policy liabilities of the Company for its Consolidated Balance Sheets as at December&nbsp;31, 2016 and 2015 and their change in the Consolidated Statements of Operations for the years then ended. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Steven A. Finch</I></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Steven A. Finch</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Executive Vice President and Chief Actuary</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Fellow, Canadian Institute of Actuaries</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Toronto, Canada</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: February&nbsp;9, 2017 </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>g327881g23l28.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g327881g23l28.jpg
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M,S9"4V)R<X*2L[7AXO$5)).BLD/2)6.#H\(61%249&7#_]H # ,!  (1 Q$
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MBGTVB5FT,HPN?4(%FN12%'LEK#XSY#(8:TE<!]2&/6><]7#2HY6R/KZR@P/
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M&SNE%-2,ANQK)'[,TAVW>$2&AEY-NHP' SAP%5522S5[X>8)D<PLIX1(7\U
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M(G")PB<(G")PB<(G")PB<(G")PB<(G")PBH;JO\ FP]<?L&U!_5]7N4_)[Y
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MQM=OJ:N/WCUG^^W")\;7;ZFKC]X]9_OMPB?&UV^IJX_>/6?[[<(L87V?8Z_
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MB5:L&V) EIVC6N[+A%JT0A6^!6"K;P1HEN)M_8GCT>?RYW/;PZ,:V XS0$6
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M5^OJV]%EB:B!:GCR,TF,*/C8DLL*?F3KM/2R+*RF72 Z ,SLF^P00Z)(:A
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M^&XQ<$6, R+4D66GQ9!0OAC66ML#6PN->T? =IUU]H3BI@?=K;[]1=U^^\W
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MU&!8&%?)>&_0*/U>-?C<?7FO[GE^UD[I?JAB92C^O+%%I4JI,1[74;"3#%I
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MC>7,/2TK]"4-2*RBI*L?_<4\,Q _!=(QKG-_5<2T](4=VS_&EU=^U>Z?V?\
M<7/CB/Q_ /K*I_@N*KYU7QG#?I4WJ%6K]Y<+.6H#'3:H1HS\1O9VW/1BQZ%
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M?VMZ%#VNV>R0C\+%NH]=E'3FQ=ZZZI06N7QZ+42BJSVYTGUGU_/NY,MK-ZP
M9K4W:<>44(5]TM";%P3<QJKV0V>KH2JDMW["?L]"S+'<>YNFK.'<T[7<8U@8
MJXC;$]C:\V1%&.67=%@U+AS7V?P8-8O7L48$Y9G$%UT7R3/;:A/6-*CGI2R6
ML+\?Y>WAYEOOPH3A$X1.$3A$X1.$3A%U<ZDWOV!V_J]HS":VB'VALC7VC]["
MJG'C=<TP:YJ2^VMSXE@:?=(XEQ(EM&U]N6/6SV$L)1LHVP.+B&Q1IRQU>N%Z
ML.S///6WM[E7#U8[*G-I$\5K8:W4W&=7Q:X.0(:+'U[(FU:AZR/V^8$+NOKL
M$Z5<4[2KNRZXY,8;KR]66NBP1[C-U"[%@1B@][]^]BMM["5N$"4PW7*C!L,5
M;'G?E2K0V"6Q(]1:?03'6((Y>3Z>$.>MAU&/%>4>G^)YE%"C_P 1[1^K$/\
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M$,L,,MV#:>7'Y#[JD-,,MX^:W75H;3CP\58\<<^A'P3> ?*220 !LPW+B;
M;R2 %[M=HZ'/))R %F9DZ =)7SO-E!%J5L#7$2.S.D;1UML?7T,A(;\7D/6J
M@7&(/G0XSR4J@,S)(N<R,D.^4BK,/UI46&@E"9Q7553#-2UM"UH<<1H*ZB9(
MX':O4T54UCV-(O&'.C>(W. >=B[@P2,"PJF1CZ>II[!QJ::H@:3N,D$P:ZQT
MN6G9OX1MF!M-7DCY^=%R%.$3A$X1.$3A$X1.$3A%ZX?\'\'N-=5]MDU)\&IN
M_P M";5G'AYE#M=Z\><\/Y4X]Y(QC./EYO-C\N,^'Z2]QEA')[$I-SL:D8/U
M*&A)_>#SKJ_()I&%U;MSJ]P'ZM/3W_Y+MBVS_&EU=^U>Z?V?]Q<Z-B/Q_ /K
M*I_@N*K:ZKXSAOTJ;U"K5^\N%G)PB<(G")PB<(G")PB<(G")PB<(G")PB<(G
M")PB<(G")PB<(G"+&FF52 Y:.C^$^-GLI\/R^9V*ZC'A_P"M6.?.4;44C>,;
MQY6D+R[-KA^2?0NFGG*UK*<(G")PBY#$25*\_LT:1(]/'F<]!EQWR)_)YE^F
ME7EQX_ISX8Y(:YWBM+K< 3Z$L3H+KBR'84/Q]N)B864_YUJ03A8ELXQ^7U1[
M;[A%*OY&\1,NJ_U49YX<^-GW26)G$.D8'CKC!,G9L7Z$):-7-'$%PN.L7O?H
MM=821;:I%\?$K)GYSX^3W4+D.8\<?I=R76%RA.?T9;P^K^5&.?!U;2-_ZKI/
MT43CY>=,/9;:OT+YF6(?A%WYK3_\MC558Q?H#6R;:]"!2WTJH^OF67R$]+3#
MSK![9JU^I$B1,.8QA,AKSL-%<N(QE*LO^#J<)\/Q)@ACV(7./.R@;<@ -F0Y
MEC6D@&^0$E\O&*.G;L"S"?"> 7.RR#,RT"^_3:W:YK.%=H21#RH\S 49.PT\
M^^&A167I$2*PTJ1(FG9Y_!YNM0(L9MV0^I33Q?TDMK;$NQY+<K&,_$98S9_,
MQOL7&&-C2YK6@ESIWS\^*9C6W<Z[3):UHB#M+Y/J2W([#3F2QH&T !<EYDVQ
M&  3<^$-=D@@KJF^E"W%-O,#K[2GEMHC@1NQ;HW'9;4QYT6<X(J2<RHZW'78
MDF 3UR?'.#)"W7P\EJ:/7)FY1F=)T+E]B;JN/!:4D6ACKJH "UQ/+%3#:%R6
MNCDH9H^;=G$X/9=WCNT_E56&?WA#D!&RHFL!;[H]D6>MBUU.]NR<VFX).IZE
M.<Y6H)PB<(G")PB<(G")PB<(O3-^ &Q?^;O_ -?_ /KYWG_!I?Q1\WM73/><
MGS7=^Q=[O5+\USK9]@6G?ZNZ[SKW)S[WL"^IL+]1@6ZX5\EX;] H_5XU!-G7
M#92.S^G->5B;LQJE$*)9KI;HVO8NCE#UOA;_ *["QW]@3-L,N6A%-P+-EX\Z
M-J96+FXV^^]#3B8R.<1<JP%K'LX]/#[<EK+0N_-I@:ZADCFK+3?HFN]25@KM
M38<1BTC6_C!WJH![(3#!$@SK).HP=3+-V&N4]TG*V=!/#;98_6>HL>KP$F)1
M //IY;=:NJ[=A]_:]O$T(>U1JHA$:HNM9T$17]NVEZ5*NVS=YC-1"8JSQ738
MMEH#%9,Q",R5D/B6T[&?0W%D(DH5$*%RJMV1O%D.["I@ZEBG2>LQMJLVQRAG
M8Z(:Q0M&P=GT81"UBT/U$ZU;U1)FJ[3(7\5CZTH./73V"A&R3K 1DB2GN,O+
MOR5<">ZEZK(J\']@:["3ZLS;P]#U4\!O#\NX66YG.J>MM]TJC6B [K\ #9/;
M'-6 U5A!X*\F$U;BM;J<6L2,2(I6>4VSM?37++IW[NFRN'?V_MFZ<O 2*'H5
M/MM17H'<NS"T*3=RH&RSKG0+;I:NA00M_P"""PN*#>SLI;,HI,<5*E>V+F^[
M1_PZW"LQ><N^G?L4#N'=<W4;K,HC6LP-H+QP,EAJ8#N.P(=:=V4#M6G:9;:2
MFWV/1X:JDAP,_M9^*Z?JI>SD8:ZUB'8JO7S1,B(K!3;*_FZ\^/V+\6WNI;:
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MN),DLX(SH\)&(4%8R'[QFX]?+S<!J0TXXTR\ZMQF.R\^U.S'8ETFR ";ENI
M)V6Y^$\@'9:,[ DV:USA.RW7:L.K4VO8<7&V0[<@"1##9E<FT6BSR%9'4A%7
MJD)V"S(7[T(R:\7N,E'MV<M*C+F$G;1!A"DLX>CCU*E2'XV&8DLA+I:FM;/'
M8AT=-"]\LC;^%("(FQASLQSLCVEK6ANQ&'!UG;,CSARS!S+9MC87.<+V+A9H
M;?6[R00!;9;<'0.<J$(WF=&NM:-/X;<(AYE<N,R&C"FFF7+#?:36AP3#.5+5
M@=$J283HM"U+4T/,K91X-JRIRB=5R-JZ>5UB]CH*IS!D!S]924T<-OF-I0PQ
M@DD1RD#6YJWSD2L<=6EDA;N!DFBC:RW 1V+=3LO/;T!VX,BN6RSUYM>7&P5B
M-!D.*_A.(%DI,%*\_P ZDL85G^?/.05,7,5$\(-Q#-+%?CS;W,OYESB9G-S2
MQWOS<CV7X[#BV_F4=Y\5\TX1.$3A$X1.$3A$X1>UOZ%*E.U+H31BKS.67=A7
M78EURA:/(M32;"[38KRL9QC.</Q*>P\RO/\ #CN,K3G*%)SS]4^Y52FFY'4D
MA%C6U==56(L;"8TK3^LVE#@=[2",K+LW(R$Q8% XBQJ)JB;LYPP@]HA!'005
MO1MG^-+J[]J]T_L_[BYM^(_'\ ^LJG^"XJKRJ^,X;]*F]0JU?O+A9RZFQW9[
M;&O]+TW?FQI>VS EVW;0L5B#6(=HI@%:Z;K_ *Y]H]C^Y=7M:I&2K@/!2C.O
MJI)]HV6UBWMN"QO@A49X^Q,+U:_"]MU];@9WR\F2V4HG9;:5^M\;7T+2 ZNV
MJ-$.V P]?+;L2A "5/$R*1%CGM>M6_18:_6K+L^WRPQ=HYK^F009JN26<$R8
MTU72I(HL./DL=W7W[+*NJ#VOVU9J=JJ3;=>U<5/.:\Z;7V^62G;$D+;;(=G]
MWRM9" =8KU@U7.3-&,1*Z0,W#! B(GPAYA-:JY=\HVW=H!+?;YA?BN/=>VVU
M_P !4;=%3H51&2[CUFVYV"U4&(;&EDP\@'6*54+H 7LQAK5#1&!9(PFQM27:
M]4+!-"I*MD:])LI&(]"M XFAMY>_]EL5K;?T^^;/M6H9M*BA[EK:+8G-IH'V
MEXZ*I\I\A6).H&H\Y^L GC<3;]&.%[A!F8A#7:T]4S5=G0B$M&):"A432>W>
MS%")[^Q-?:Y%.!!-U,&30C8-Y)PESU;QOVE=54BO5P-IDW;K+8+=9JR("K]T
MB)).1((-K!UXR9G0:VX7H@=/DZ 3OZ?YI4>[5MM["",/30J&' ':D!V'()[
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M2VVVC&5+6K"4XSG.,<EK7/<UK07.<0UK6@DN<38  9DDFP S)4@%Q#6@ESB
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M]1-N4IV.\ZPYE3;BTY(LK#HE''V=^[P*;5(-TDA6JW)MT.NB(UGD5V.Y%=8
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M<*O"-/>=NZ;/.8G8LFSZ!IK:$R$V-":Q(L.@!%:V] 'C3<HC GGIT-PLBO0
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MXSA"VD+SG"2\J)_$NSOJO'_T@0/V%PB?$NSOJO'_ -($#]A<(GQ+L[ZKQ_\
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MVG$7+6ASFR ,W.-F-S<[@.@;W'1HWG@+D4I:[/(LY%,C+7L0V$U[&&%I<]5
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MQY'7<[4M&RRY:QJKI71O=E)X+19HV'=KB+ZN.9X"PT 41][6[]3X_P!Y8O\
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MTVRPPRVAIEEEI&$----(PE#;3:$I0VVA*4(0G"4XQC&,<[P &@-:     !8
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M"4H0G"<8QSK+6M:T-: UK0&M:T -:T"P  R  R &0&06Z       6 &0 &@
MW +[<E2G")PB<(J"VS_&EU=^U>Z?V?\ <7*?$?C^ ?653_!<56#5?&<-^E3>
MH5:OWEPLY:/Z.W3K3<U_VG1D:JUV"%:ZLEATT*-L3PYC)XG6+M?LDM=RQDFG
M 8 XJZ'HL/<L2FU@[>FHU-LH6S6+->F.Q6YA21EY_1]N78LO$O/4D0JQRP.M
M1+DPSL^XZ](HJ77TV0*WW8U5=O\ "V"R/C J,].N;E>?";&BVBP,MSA["UDD
M/D74V<;DT3/N;</Y+GN;KZX7G <I7A%?NT>/;M&3H-OG:RL\BH"K/?)M"@:S
M<CW/%&)CH&PHU:VG7IM6@^M&) &S\&*<GU$=+G3X9/YZ=']OM6- 7G0%<OU7
MU%J_5M3KQ,QLB?3;J"1K!6N'08ZV:BV_<F;5%&RJJ(CV ?='- /59V3'RJ.3
MABLKEON-B1T=\EM3V\=X]JXA39'4W7EVLSQRC4L5<F99]1ZQ5'2Q\]-@UK64
MO6SQ>RWVUA==8C@1-,)F:!-ED299\*):@AS$(JXS79KP0F??IO["/,L/0]Q:
M0V5:!S]OU7!3=&=L=C8>HX6=!W8Q:Q<'1E\#TO9FPG#<JCO8#/%[4Y62<H_
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M4$</AL(\$LQ84-AF-':3CRMM-H1CY8QPBB59U-JNE!3=:INL]?U*NV;VCXD
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MJ#V<Y+2K[Q\@*DD<]B,#!OYN"24]FT^%;@:V^@(ZS5UUB7LK9VU=E2&?)ER
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MMH)2*QM?L1J6J.A!H6E$URQY*=H$@?-RY<N)&AN%_A<6X7EBB15@EN_<]/\
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MH988:;::0E"$XQ\XHHX(HX88V10PQLBBBC:&1QQQM#&1L8T!K6,: UK0 &@
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=$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A%_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>g327881g26y31.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g327881g26y31.jpg
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M 0$! 0$! 0$! 0$! 0$! ?_  !$( /("L0,!$0 "$0$#$0'_Q  ?  $  04
M P$!            !P4&" D* @,$ 0O_Q !J$   !@(! 0,%!PX("00,#P !
M @,$!08 !P@1$A,A"105%E87(C%!=Y?7(S(W.%%78925EK>XU-8S-4)5=7:T
MMA@V5&)Q<X&3U212@Y$E)D-$4W2$A8>AL;4*-$9C9G*"DJ.DL\'1TO'_Q  <
M 0$  @(# 0              ! 4!!@(#!PC_Q !=$0 ! P(# @4+#@H&"@$%
M 0 !  (#!!$%$B$Q008346%Q%"(R-%-T@9&AM/ '(S,U0E)UDK&SP='3U!4V
M0U1B<G.3E+4D@J*RX?$6)41C@X2CPL32155D986DQ?_:  P# 0 "$0,1 #\
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M";ASZ'6;I*&$R::BA#'Z@4P9REX10Q8?/B'4\CHX*2IJS'G:'N;31RO<P&Q
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M4QE"E%,AS%IW\),&:Y[&5K)WL;G<VG:^49<S6W$C6\4>N<T6$F^^P$J(<0I
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MH0H],\\5-#+43O$<,,;I)'G8UK1<Z;2=P:+EQL "2 N+WMC8Z1YRL8TN<3N
M^7F U)T&JYV^0&[IW>M^?6B1%9I"-!585*!,IU2A80JHBD!RE,*9Y-\(%=2S
MHO:%9R8J*9@9M6:*/AN-XO-C-:^HDNV%MV4T-](H@=+C89']E([>[0=8UH&E
MUE4^KF,CM&B[8V>\9?9^L=KCO/, !!V4ZBIA$PB81,(I/U"\\WN:30P_49>)
MFX]8H?7*'3CEY1@F3[IC2T;'@!0\3AU('B8,L,-=:JRG9)%,P\Y$;I& <YEC
M9;EV+OISZY;<YKQ;EZTN:/C-;IOV;UD1<K4W:\=MTQS8B,BG/4S;]=,Y0=D[
M$<X1T=MF:=J&!--8KA9%U15HAPS%1NHV<+*G54!1F=JML]B<!X0 Z9,+KG:C
M;QM!.!X"&@[-1;;NFR@G#<2W9:.I=8C6SZ=X'CL#T:[UR,9\T+QM,(F$3"*B
MH_XQ2/\ 0L+_ &Z?R4_M*G[ZK/FJ%2'=JQ=\3_-TZK615'3"+?%Y&GR@#G3]
MXC^+>UILWN4;$E^YUS+2;@10U_L"57Z)1(+*FZ-*O=WJH-U4NOFL7:5FLD4C
M5"8L#W/7_4OX9'#*MG!_$9?]75TMJ&1[NMHJV1VD=SV-/5O-B.QCJ"V2P$LS
MUO7 _'C23-PNJ?\ T6H?_1WN.E/.X]A<[(IW:6V-E(=8!\CEUO9](KU9,(H"
MVS]E+B[\J]T_5_W%E/B/;^ ?"53_ "7%5!JNV<-[ZF\PJU/N7"G)A$PB81,(
MF$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$6(?+WD032-(+&0#A,=A
MV]%PUKQ/>J&A&)0[I]95TAZEZM1.#>*35#L.9(X*=APW8/4LU?A1C@PBCXN!
MPZNJ@YL&P\2S8^H</T;Y8@='2&]G-8]JK<2K>I8LK#Z]*"&;\@%@7D<U[,OH
M7;B&N"T(N'#AXX7=NUUG3ITLJX<N7"AUG#APN<RBRZZRAC**K*J&,HJHH8QS
MG,8QC"81'/&'.<YQ<XESG$N<YQ)<YQ-R23J23J2=2=2M1))))-R=23J23M)*
M].81,(F$3")A%E)K9YY[0XL##T4BY6:ARE#Q#S4IF<VDH/W#'<SKU/I\'90*
M(?'TOZ)V>CCOMCDFB _1&28$\EW3/']7ENID1O$W]%SF^#1WRO/BZ5KU\L#(
MO)%WJ,7+I9P@VN>TBQR:JAE$V;)_J7BI-F;-2F$020.^E7KT4R="BX=KK"';
M5.(T/JK&\/!IWOX\3?TYAAI%^>Q"H.&_8X2>5E8>7:::VO19:5<\>6A*C2W\
M-"?TRE_89#)-/V%5WL?GX%(@V5'>[_[\:K.1E'3")A$PBK%>L$Y4YZ&M%9EG
M\#8J])L9J#FHIRJRDHF6C7*;MA(,7:!B*MW31RDFN@LF8#$4(4P#X9VPS2TT
MT51!(^&>"1DL,L;BR2.2-P<Q['-L6N:X!S2#<$77..1\3V2Q/=')&X/8]A+7
M-<TW:YI&H((N"NY?R;7-^+YIZ.0EIE5BRW'K\&%>VO!-N[1(N_404]%72,:$
M[/<PEO1:N7)$"$*G&S+29B$P4;,6CIW]:\!>%D?"K"1)*6,Q2BR08C"VP!>0
M>+JHV[HJD-<ZPTCE;+$+M8USO;>#N-LQFB#W6;5P98ZJ,6%W$=;,T"W62@$V
MMUCP]FP-<[8CF[+8$PB@+BE]JYQL^0+3OZ.Z[E-P<_%[ O@;"_,8% PKVKPW
MO"C\WC4^Y<J>F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB
MU,^4-W<HN]C](0#L0;,P9S]Z,B?^&>*E*Y@()82B ]AJ@8DV[1,!B**N8=0H
ME4:'#/-.'&+DO9A$#[-;EFK+'LG'KH838[&BTSVD6),1VM*UW&:JY;2L.@L^
M:QVG:QAZ!UY!VDL.T+5KGG2H4PB81,(F$3"*NU>4)!V6O3*G:%*)FXJ15 OB
M8R3)\@X5( ?RNVFF8HE'J!@$2B @(AG=3R<3402G9'-'(;<C'AQ\@7)CLKV.
M]ZYKO$05+\JD9CHC;T<<Q3G0GN5*9S$,)BF.TUIR^0,8HC\)1,<>G3J =0 H
MB !FZS@LPGA+&=K<%F!MLNS#YVGRE6M0+4.+-Y,.D'-I3."Y<\^9%XPF$3")
MA%14?\8I'^A87^W3^2G]I4_?59\U0J0[M6+OB?YNG5:R*HZ81>1#F3,4Y#&(
M<A@.0Y!$IB&*("4Q3 ("4Q1 ! 0$! 0 0'KA%W$^2IY@*<LN-,86U2?GVW-2
M'8T78QUU>\?S2:;0QJI=W "(G,:TQ399*0<'$!<V6&L2I$TFXH%SZS]3OA,>
M$> QBHDSXEAI925Q)N^4!O\ 1JMV\FHC:0]Q/75$4Y #2T+VS@OBYQ7#6\:[
M-5TA$%1<]<_2\4Y_:M!#COD9(0 ++9KF^K9% 6V?LI<7?E7NGZO^XLI\1[?P
M#X2J?Y+BJ@U7;.&]]3>85:GW+A3DPB81,(F$3")A$PB81,(F$3")A$PB81,(
MF$3")A$PB81,(F$5)GIR+K,)+V*;=)L8>"C7LM)NU/K&[%@W4<N51#X3"5),
MPE(7J8YNA" )C  ]4TT=/#+/,X,BAC?)(X^Y8QI<X\^@T U)T&JXO>V-CI'F
MS6-+G'D#1<^1<V^Y]I3&X]BV&]RXJ)ED70H0\><_;)#P#0QDXF+3 !$@"@VZ
M*.SI@4CF06>/!*!W!\\&Q;$9<5KYZR6X#W6BC)TBA;I'&-UPW5Y&CGESO=+2
M*F=U3.^9WNC9H]ZP:-;X!MY7$G>HMRM70F$3")A$PB813WIAYVV-LB>UVCE-
M"S:9!_[FV:J/HIZHG]P5'$O$D4 .G; B8C_!!EQA;KQU,>\&&:W(UI?&\CI=
M+$#RV'(I5.>MD;^H[P#,T^5[?0+ ?RLJG>IZ;/\ _2B^$'\(IZ*X@IB/^T2#
ME)ZJ!O2<%.]J\>)F&#Z%0\-?8L&_8U7_ (OH>=:;,\B6AJC2W\-"?TRE_89#
M)-/V%5WL?GX%(@V5'>[_ ._&JSD91TPB81,(F$68_!'E7-</^1E-VDW6=JT]
MTN6K[/A&PG.6<H$PX;DF *V*(><24&HDVLD&3M)B>7B6C910&CET139^"'"*
M7@SCE+B#2XTSCU/7PM_+4<I'&C+O?$0V>+9>6-K2<KG W&!XJ_",0AJ@282>
M*J6#W<#R,VF]S"!(S])H&PF_?1$2T9/Q,7.PCYK*0TU',I:)DV2I5V<C&239
M)XP?-%R")%FKMJLDX05((E424(<HB AGV-%)'-''-$]LD4K&21R,(<Q\;VAS
M'M<-"US2'-(T((*]V8]KVM>QP<Q[0]CFFX<UP!:X'>"""#O"J.<UR4!<4OM7
M.-GR!:=_1W7<IN#GXO8%\#87YC H&%>U>&]X4?F\:K#G?>M6F]X[C@O+/$]I
M2FNEMGM(\8M\$,:N)S+B%1:&L(I!$ELKY2/F9./K(.1F74# 3LXFU]&QCAP%
MRI_.IEPB81,(F$3")A$PB81,(F$3")A$PB81,(L1.4_./CKPWD-*0V\;6_AY
M[D%LJ)U9K" @X1]89F9L$J_BXHTDY91Y3'C:O%2D]78V:L3PR;".?V.":*&,
MO)-R&+D&EU[#9KZ?+X"O2GSOXQN^7S;@O$[!)/\ (\:A-W29J,#&/Y.,J<;!
M,(R6<QMKLR"(P<-9UHB8C9="KJ/%)Q**?QTB_9,F<M$+/RQE-LUM.7TVJ/ZQ
MY2_C!;VVVG$$_ORYM5QK>79-G5"F(UQM]A)[9M6A*ZKI()'S5&_*6O=].EM6
M5EL1:-=2EJ7A1(B2%GX:8>DL?37=?=?<;_Y+/Y,PG(0YDSI&,0IC)*"03IB8
M $4SBD=1,3D$>R84U%""(#V#F+T,)87GA$PBMBZVN-HM1LMQF#=F-K,+(S3L
M ,!3K$8-E%RMDA'KU<.U"$;-R=!$ZZJ9"@)C  QZNICHZ6HJI?8Z>&29W*0Q
MI=E'Z3B,K>4D!=<LC88Y)7=C&USCSV%[#G.P<Y7,O;;/*W2SS]MG%O.)>QRS
M^8D%.INQYP_<*.#I(@81%-NAVP0;) /91;III$ "$* ?/U3425=1/53'-+/*
M^5YW9GN+B!R-%[-&YH &@6C2/=*]\CS=SW%SCSDW-N;D&X:*WLZ%P3")A$PB
M81,(F$4O@^<R.A+P[=@ .)6!Y23RPE,!B*KJ:UY'IN%BB'A[]Q)+"8GB9(XG
M2,(G(;-U>]S\)QUS@ Z7@Q-,==I.'M#B-VKI#<;CH-BM)B30XB3M=A4CCR'^
MC $^,[-VHW+F0SYJ7C:81,(F$5%1_P 8I'^A87^W3^2G]I4_?59\U0J0[M6+
MOB?YNG5:R*HZ81,(MGGDC^2"W'SF)2&$D_,VHVYSHZGMR2BO8:)NK [1"ES*
MA3B"":L7;BQC=5\J)?,X65G.BA2+J@;?O4WQTX+PGI&2/RTF*$8;4@GK0Z=P
MZEE(V QU7%M+S;)%),;@$WV;@GB)H,7A:YUH:RU)*"=,TCAQ+SN!;+E&8[&/
M?RE=PF?62]J4!;9^REQ=^5>Z?J_[BRGQ'M_ /A*I_DN*J#5=LX;WU-YA5J?<
MN%.4-36^]:P&[:?Q\DY5XCLF\563MT(R)%/E8@&3'TLJRC9&=(D,;'6"S1]6
MOLS5(1RL5[/PVM=A2+,AD*L^$"6TOZ>G^'*%,N$3")A$PB81,(F$3")A$PB8
M1,(F$3"+XI*2CH:.?R\N_9Q<3%,G4E)R<BY191\=',4%'3U^^>.3IMVC-HV2
M5<.G*ZB:*""9U53E(0Q@(L4(/FOI^W:[H.Q*-%[,O!=H63:%9HU(KNOIKW1I
MAQIBVV.E[+E'52F B'-=@JK-5EX@^E+0O"I"YD*W"HE4LUHK\'(ED@@VY.?F
MO;IYE4Y#F5I!HGK)ZQD+-8(/:%>I=N8V*"J<PO$U*J;%ML-0:3/;"!X@QDJB
MWGKO.M*R+!]'&FX5ZRL+RR14-#52SR<02WIZ>3EW;E.M+OD%?B6AQ70>KQU6
MN<_1%9=9N1*,F9NIJH1UH- ."K*&?L*_9PF*7)N5$FID;75[''$2508HO'18
M5Z81,(F$6NORB&TCUS7\%K.-<"G(7QX9_- F80.G68)9%4J!^@@8A9.9,S[!
MNHE41BWR!RB50<T7ASB)@H8</C=9]:_/-;:*>$M<!RCC)LECO$;V["52XS49
M(60-.LQN_P#480;?UG6\#2%ICSRE:RF$3")A$PB81,(JU&/SM(;83<JAD@D]
M6[&;"JF82*IJL:G)3[(4C%$# H:2AF28"40, '$2^^Z -K@SK5\3#HV4.:?Z
MEIFCPOB:/"I5&?7V [':'P=</[31X%BSY5-3OH[32WQ'NVUDP_\ (]3<4V _
M]1FH@/X0RD]4TWH>"AY8<5'Q7T#/^U:_PS]BP;]G6>1U,/E'@V+3WGDJT54:
M6_AH3^F4O[#(9)I^PJN]C\_ I$&RH[W?_?C59R,HZ81,(F$3")A%V3>1&Y(+
M;BXL+ZKGWXN[=Q[EFU43[U03N5]>3J;J1H:ZAC#]9'&:6"JM4B$ C>,K<:!C
M&.J.?3_J48X<3X/'#IGYJG!9&TXN;N=13!TE&XW]X6S4[0-&QP1[RO8.!>(F
MLPLTTCKS4#Q%KJ33O!= ?ZMGQ ;FQMY5N:SU%;@H"XI?:N<;/D"T[^CNNY3<
M'/Q>P+X&POS&!0,*]J\-[PH_-XU@S.<<^7SUQ*\@6DSK/W0FG)9#DQ!:75U^
MJ?9AH&KPRFFXW3+'>!M_I:NBI.W<922=/>N%J$M38N_7BQRYY,XKKVXURK&X
MY-UMN_E.E]O/L'@6V/"XIA$PB81,(F$3")A$PB81,(F$3")A$PBYW?*;>3@Y
MN;WW98^06B[YIG88RUPX=US7^M;YKF4+;M*:ZTWN2F[1O3ZMWMSOC7U.>5Z?
MV#&+[/VA"FJ:UYO=?J]6H=8G8U]"Q#H2[&.:-H([+4$:D@@:6Y-!K8$WWE9Y
M[*XZ[8G/*1<).0\94(9]0=9Z(Y4UG==\A7-=@&R.P]DQFDHNHF"LR,^K<98L
MXVHLDS9NFC>QE@XJ%CX^:F$"$CS+EQ!&5PY2VPYA>_RK%GDGP+N$)==G[%X6
MZ?<ZXGZ*?75WK[J!LE>>V3;.Q;;N%_9=L&U-%;BL<OJ_6[;46HK]O2>U36I"
M/J>L9KD]NP=A2,-'SFLX:TN2 \IY1K?DTN1J;G;OL+;%LGXE06[Y/B]0X+EZ
MR4F=L.BW%*W1UL+19::5K!M@6=;63*^#K\%M=R-[9ZQ"DH7YQ43.*TYNK>;<
MQ#APS.BNH6#:^FST^7;S;%+_ +B>GOO74#\TH/\ 8L+">XGI[[UU _-*#_8L
M(L#?*"5;550U'$5J*UW1V,G>;(BW44;5F&;K^A(%,)21[M1-F50.LB:#14 H
M@4Z*ZA#B)3=DVF<-JY]+AD5/$\LDK*@-):2'<3 .,?8@W]DXD'=8D':JC&)S
M%3MC:XM=,^QL;'(SKG6MKV62_,;;UI@]SVB>QU9_(D=^SYY3U34=WE^.[ZUK
M/&2=T?\ &=]:>Y[1/8ZL_D2._9\=4U'=Y?CN^M.,D[H_XSOK3W/:)['5G\B1
MW[/CJFH[O+\=WUIQDG='_&=]:>Y[1/8ZL_D2._9\=4U'=Y?CN^M.,D[H_P",
M[ZT]SVB>QU9_(D=^SXZIJ.[R_'=]:<9)W1_QG?6ORAE*G6TD2!V46TO9VC=,
M/K$&K.T3#5HV2+\":#9LBDW;I%Z$113323*4A"E#%1K*2=I9$XGE+HF$D\Y)
M))WDW6']E?E:TGI+1=7*^?M(U$CAZKW**CR.8$/V%%.KN5D&T6P2[*1#F#OW
MSQLAVQ*":7>=XL=-$AU"];6N<;-%R&N=N[%C2]QUY&M)Y=--5@ G0<A/@ )/
MD!7V9Q6%=U>DQ<\<I4I1\&C+FK6U"CX&[;>@\B;+WGX4S)S3=,@C_*2/T\
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M&YLQAN=+C4B6W#IC[))#"-UY!(3_ %8!+E/,_)\JNMGKG5T9T,\=W:XK#[\
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M-,:B,F.260@ZCUQY8]IN ]MSJTV(V @@M< X.:(?D6!WJL4H50I CY,C\X&
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M<S7@!01#N2.95BV9.5 'KYFZ<$$#$.8AJ;A!AOX6P>OH0+RR0E]/N_I$)$L
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ME^2[06C])P&TKN"(0B9"IIE*1,A2D(0A0*0A"@!2E*4H 4I2E  *4
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M2TV%FBFD4Q0[3&M,WJ!SMI0!'WSU*L -+13X]4,M-B -/1YA9S:.)]Y9!<7
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M@&@7H0         %@ -  !H !L"]^964PB@+BE]JYQL^0+3OZ.Z[E-P<_%[
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MI<-K5E%TUK5S@V4S3GZCE!;UAII]B1[:GW:.<LQ[H\+?JPC%72!,40/Z$GV
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M ;L+86.&9;=08#!399*G+43#4 CUEA_1:=7D>^>+;PP$76S0         Z
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MK0+!K0 T#D %@!T+[LYK*81,(F$3")A% 7%+[5SC9\@6G?T=UW*;@Y^+V!?
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$81?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>g327881g29r80.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g327881g29r80.jpg
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M @(# 0$             " <)!08"! H! __$ "\0  $$ P ! P,# P0#
M  4#! 8' 0((  D1$A,4(146%Q@B,1DC,D$X=;;_Q  7 0$! 0$
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M$RC+4:X.QK?]O@0K(@Y#8*,VI)1CL]:M2>'@M=Q@H/(-6PESGW)_,!0TB&/
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M#T\[;:,@X$*U9"QK77;;;;#=FU12QOMMM\?EMMG(F9JZLVGP \ / #P \ /
M(EI:B:AYUA>]>4G 05=0U:22B8.0@%)?";V430V[D,F.D';U=V0($2A1ZLIN
MX>NU]FS1-F+9?;"AP]DV&MMU;DEKP8'@!X > '@!X > )EZ>W_AU2O\ ZR4_
J_>RKP5C_ )/E\(<WP2'@!X > '@!X > '@!X > '@!X > '@!X > ?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>g327881g29y49.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g327881g29y49.jpg
M_]C_X  02D9)1@ ! @$ 8 !@  #_[0J64&AO=&]S:&]P(#,N,  X0DE- ^T
M     !  8     $  0!@     0 !.$))300-       $    'CA"24T$&0
M    !    !XX0DE- _,       D           $ .$))300*       !   X
M0DE-)Q        H  0         ".$))30/U      !( "]F9@ ! &QF9@ &
M       ! "]F9@ ! *&9F@ &       ! #(    ! %H    &       ! #4
M   ! "T    &       !.$))30/X      !P  #_____________________
M________ ^@     _____________________________P/H     /______
M______________________\#Z     #_____________________________
M ^@  #A"24T$"       $     $   )    "0      X0DE-!!X       0
M    .$))300:      !M    !@              *    ((    & &< ,@ Y
M 'D -  Y     0                         !              ""
M*                                              X0DE-!!$
M  $! #A"24T$%       !     (X0DE-! P     !_D    !    <    "(
M  %0   LH   !]T &  !_]C_X  02D9)1@ ! @$ 2 !(  #_[@ .061O8F4
M9(     !_]L A  ," @("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,# P,
M#!$,# P,# P,# P,# P,# P,# P,# P,# P,# P, 0T+"PT.#1 .#A 4#@X.
M%!0.#@X.%!$,# P,#!$1# P,# P,$0P,# P,# P,# P,# P,# P,# P,# P,
M# P,# S_P  1"  B ' # 2(  A$! Q$!_]T !  '_\0!/P   04! 0$! 0$
M         P ! @0%!@<("0H+ 0 !!0$! 0$! 0         !  (#! 4&!P@)
M"@L0  $$ 0,"! (%!P8(!0,,,P$  A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$
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M &\ <P!H &\ <    !, 00!D &\ 8@!E "  4 !H &\ = !O ', : !O '
M(  V "X ,     $ .$))300&       '  @  0 ! 0#_[@ .061O8F4 9$
M   !_]L A  ! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! @(" @(" @(" @(# P,# P,# P,# 0$! 0$! 0$! 0$" @$" @,#
M P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P/_P  1"  H ((# 1$  A$! Q$!_]T !  1_\0 =0   P$! 0$!
M      D*" 8'!0L! 0$! 0                 ! @,0  $$ P " @(" @,
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M[?>X:YSWI#;V]K<.6;6=.ZUNNRYJ-CG06927!I==D+ ["PZI,H&/7-S7Z&!
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+-9MM[:)\(/ __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>g327881g34a42.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g327881g34a42.jpg
M_]C_X  02D9)1@ ! 0$#P /   #_[1LR4&AO=&]S:&]P(#,N,  X0DE-! 0
M     !<< 5H  QLE1QP!6@ #&R5'' (   (    X0DE-!"4      !#'71?E
M=+5N]=N^.93 Z7E<.$))300Z      #E    $     $       MP<FEN=$]U
M='!U=     4     4'-T4V)O;VP!     $EN=&5E;G5M     $EN=&4
M0VQR;0    ]P<FEN=%-I>'1E96Y":71B;V]L      MP<FEN=&5R3F%M951%
M6%0    !       /<')I;G10<F]O9E-E='5P3V)J8P    P 4 !R &\ ;P!F
M "  4P!E '0 =0!P       *<')O;V93971U<     $     0FQT;F5N=6T
M   ,8G5I;'1I;E!R;V]F    "7!R;V]F0TU92P X0DE-!#L      BT    0
M     0      $G!R:6YT3W5T<'5T3W!T:6]N<P   !<     0W!T;F)O;VP
M     $-L8G)B;V]L      !29W--8F]O;       0W)N0V)O;VP      $-N
M=$-B;V]L      !,8FQS8F]O;       3F=T=F)O;VP      $5M;$1B;V]L
M      !);G1R8F]O;       0F-K9T]B:F,    !        4D="0P    ,
M    4F0@(&1O=6) ;^            !'<FX@9&]U8D!OX            $)L
M("!D;W5B0&_@            0G)D5%5N=$8C4FQT                0FQD
M(%5N=$8C4FQT                4G-L=%5N=$8C4'AL0'B(           *
M=F5C=&]R1&%T86)O;VP!     %!G4'-E;G5M     %!G4',     4&=00P
M  !,969T56YT1B-2;'0               !4;W @56YT1B-2;'0
M      !38VP@56YT1B-0<F- 60           !!C<F]P5VAE;E!R:6YT:6YG
M8F]O;      .8W)O<%)E8W1";W1T;VUL;VYG          QC<F]P4F5C=$QE
M9G1L;VYG          UC<F]P4F5C=%)I9VAT;&]N9P         +8W)O<%)E
M8W14;W!L;VYG       X0DE- ^T      ! #P     $  0/      0 !.$))
M300F       .             #^    X0DE- _(       H  /_______P
M.$))300-       $    >#A"24T$&0      !    !XX0DE- _,       D
M          $ .$))32<0       *  $          3A"24T#]       $@ U
M     0 M    !@       3A"24T#]P      '   ____________________
M_________P/H   X0DE-! @      !     !   "0    D      .$))300>
M       $     #A"24T$&@     #-0    8              )T   $-
M      $                          0             !#0   )T
M                 0                         0     0       &YU
M;&P    "    !F)O=6YD<T]B:F,    !        4F-T,0    0     5&]P
M(&QO;F<          $QE9G1L;VYG          !"=&]M;&]N9P   )T
M4F=H=&QO;F<   $-    !G-L:6-E<U9L3',    !3V)J8P    $       5S
M;&EC90   !(    '<VQI8V5)1&QO;F<         !V=R;W5P241L;VYG
M      9O<FEG:6YE;G5M    #$53;&EC94]R:6=I;@    UA=71O1V5N97)A
M=&5D     %1Y<&5E;G5M    "D53;&EC951Y<&4     26UG(     9B;W5N
M9'-/8FIC     0       %)C=#$    $     %1O<"!L;VYG          !,
M969T;&]N9P          0G1O;6QO;F<   "=     %)G:'1L;VYG   !#0
M  -U<FQ415A4     0       &YU;&Q415A4     0       $US9V5415A4
M     0      !F%L=%1A9U1%6%0    !       .8V5L;%1E>'1)<TA434QB
M;V]L 0    AC96QL5&5X=%1%6%0    !       ):&]R>D%L:6=N96YU;0
M  ]%4VQI8V5(;W)Z06QI9VX    '9&5F875L=     EV97)T06QI9VYE;G5M
M    #T53;&EC959E<G1!;&EG;@    =D969A=6QT    "V)G0V]L;W)4>7!E
M96YU;0   !%%4VQI8V5"1T-O;&]R5'EP90    !.;VYE    "71O<$]U='-E
M=&QO;F<         "FQE9G1/=71S971L;VYG          QB;W1T;VU/=71S
M971L;VYG          MR:6=H=$]U='-E=&QO;F<      #A"24T$*
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M19L:7-_-9D93&_H_\$DIK?4S_%AU#K%5&;U:PXW2W.WC&!(ML _.VQLJ:_\
M?_G5N?6#_%&YF15F_5._[';4)]&RQ\[V_1LHR?>]CW?RUZ9P$Z2GRS%_Q<_6
M[J6,?^='7;JL4-+S0;GWEK@>;O4=]F]/9[_;8]<;TSZJMZ]]8[.F=!L??@5.
M#K,RX-K<*06UVY+:=_O9O/Z%C/TG_%KN/\:OUFR[;V?5#I33;?D!CLLUD[_<
M9JQ-K?WV[;;=W^#?6NK^I'U4Q_JUT:JG8/M]S6OS;="381)I:X?X*C^;9_VX
MDI,WZF?5\]#Q^A6XPLPL9S;&M.A-C?\ #/<W\^R7;UM,8RMC:V -8P!K6C0
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M'&__ !WTUW-#F4@"H$3H,-]X=[OW+W^U>HKS+_&';=T'Z[]#^LQ(9C "FYS
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M7U7#<&#$R@7!M8;Z.ZVF[VVN;]#;9_,?YB]/Z1T7IG1L)N%TZAM-( W #5Q
M#/4M=^?8[;[W*ED_5;$L^L&-U^BQV/F4 LMV@;;:R-GIV#V_09[6)*=IK6M
M:T !H@ :  =DM?!.DDI8B2/ )TDDE/\ _]3U5>,?XZ<UUO7\3#/T<:C<!YVG
MW?\ GM>SKRW_ !PM^K;LC$&39;5U7:?=CUUV?HI;_3&V6T6?^%??_IDE(OJ"
MU_UM^N?4OK5FU"L4;/08TD['N'I8_O\ ;ZKJ<:C99[/?ZOJ+U=<=_BM'01]6
M@.C.M?%COM;KVAEAMT^E76^VMC=FST]MC_T?TUV*2EBDG224LG2224I,G224
MLE"=))2T)TDDE*22224LG2224I))))3_ /_9.$))300A      !5     0$
M   / $$ 9 !O &( 90 @ %  : !O '0 ;P!S &@ ;P!P    $P!! &0 ;P!B
M &4 ( !0 &@ ;P!T &\ <P!H &\ <  @ $, 4P V     0 X0DE-!"(
M 2Y-30 J    "  ' 1(  P    $  0   1H !0    $   !B 1L !0    $
M  !J 2@  P    $  @   3$  @   !X   !R 3(  @   !0   "0AVD !
M  $   "D    T  [Y @  "<0 #OD"   )Q!!9&]B92!0:&]T;W-H;W @0U,V
M("A7:6YD;W=S*0 R,#$W.C R.C T(#$T.C(Q.C0S   #H $  P    '__P
MH ( !     $   $-H , !     $   "=          8! P #     0 &   !
M&@ %     0   1X!&P %     0   28!*  #     0 "   " 0 $     0
M 2X" @ $     0              2     $   !(     3A"24T#_0
M"           _^$!,$U- "H    (  <!$@ #     0     !&@ %     0
M &(!&P %     0   &H!*  #     0 "   !,0 "    '@   '(!,@ "
M%    )"':0 $     0   *0   #0   #P     $   /      4%D;V)E(%!H
M;W1O<VAO<"!#4S8@*%=I;F1O=W,I #(P,3<Z,#(Z,#0@,30Z,C$Z-#,   .@
M 0 #     ?__  "@ @ $     0   0V@ P $     0   )T         !@$#
M  ,    !  8   $:  4    !   !'@$;  4    !   !)@$H  ,    !  (
M  (!  0    !   !+@("  0    !              /      0   \     !
M_^$_MVAT=' Z+R]N<RYA9&]B92YC;VTO>&%P+S$N,"\ /#]X<&%C:V5T(&)E
M9VEN/2+ON[\B(&ED/2)7-4TP37!#96AI2'IR95-Z3E1C>FMC.60B/SX\>#IX
M;7!M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O(B!X.GAM<'1K/2)!9&]B
M92!835 @0V]R92 U+C,M8S Q,2 V-BXQ-#4V-C$L(#(P,3(O,#(O,#8M,30Z
M-38Z,C<@(" @(" @("(^"B @(#QR9&8Z4D1&('AM;&YS.G)D9CTB:'1T<#HO
M+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R(^"B @(" @
M(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B @(" @(" @(" @('AM
M;&YS.GAM<#TB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87 O,2XP+R(^"B @(" @
M(" @(#QX;7 Z0W)E871E1&%T93XR,#$W+3 R+3 S5#$X.C4U.C,Q+3 U.C P
M/"]X;7 Z0W)E871E1&%T93X*(" @(" @(" @/'AM<#I#<F5A=&]R5&]O;#Y!
M9&]B92!0:&]T;W-H;W @0U,V("A7:6YD;W=S*3PO>&UP.D-R96%T;W)4;V]L
M/@H@(" @(" @(" \>&UP.DUO9&EF>41A=&4^,C Q-RTP,BTP-%0Q-#HR,3HT
M,RLP.#HP,#PO>&UP.DUO9&EF>41A=&4^"B @(" @(" @(#QX;7 Z365T861A
M=&%$871E/C(P,3<M,#(M,#14,30Z,C$Z-#,K,#@Z,# \+WAM<#I-971A9&%T
M841A=&4^"B @(" @(#PO<F1F.D1E<V-R:7!T:6]N/@H@(" @(" \<F1F.D1E
M<V-R:7!T:6]N(')D9CIA8F]U=#TB(@H@(" @(" @(" @("!X;6QN<SIP9&8]
M(FAT=' Z+R]N<RYA9&]B92YC;VTO<&1F+S$N,R\B/@H@(" @(" @(" \<&1F
M.E!R;V1U8V5R/EAE<F]X($-O;&]R475B92 Y,S S/"]P9&8Z4')O9'5C97(^
M"B @(" @(#PO<F1F.D1E<V-R:7!T:6]N/@H@(" @(" \<F1F.D1E<V-R:7!T
M:6]N(')D9CIA8F]U=#TB(@H@(" @(" @(" @("!X;6QN<SID8STB:'1T<#HO
M+W!U<FPN;W)G+V1C+V5L96UE;G1S+S$N,2\B/@H@(" @(" @(" \9&,Z9F]R
M;6%T/FEM86=E+V5P<V8\+V1C.F9O<FUA=#X*(" @(" @/"]R9&8Z1&5S8W)I
M<'1I;VX^"B @(" @(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B @
M(" @(" @(" @('AM;&YS.GAM<$U-/2)H='1P.B\O;G,N861O8F4N8V]M+WAA
M<"\Q+C O;6TO(@H@(" @(" @(" @("!X;6QN<SIS=$5V=#TB:'1T<#HO+VYS
M+F%D;V)E+F-O;2]X87 O,2XP+W-4>7!E+U)E<V]U<F-E179E;G0C(@H@(" @
M(" @(" @("!X;6QN<SIS=%)E9CTB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87 O
M,2XP+W-4>7!E+U)E<V]U<F-E4F5F(R(^"B @(" @(" @(#QX;7!-33I$;V-U
M;65N=$E$/G5U:60Z,C8X,3-D8C M,#(X82TT-S$X+3@Q,#DM8S0X-3%A8CDX
M-#(Y/"]X;7!-33I$;V-U;65N=$E$/@H@(" @(" @(" \>&UP34TZ26YS=&%N
M8V5)1#YX;7 N:6ED.C$R,34W-D0Q.4%%044V,3%".3<X0T(W-T9!0C,P03<Q
M/"]X;7!-33I);G-T86YC94E$/@H@(" @(" @(" \>&UP34TZ2&ES=&]R>3X*
M(" @(" @(" @(" @/')D9CI397$^"B @(" @(" @(" @(" @(#QR9&8Z;&D@
M<F1F.G!A<G-E5'EP93TB4F5S;W5R8V4B/@H@(" @(" @(" @(" @(" @(" \
M<W1%=G0Z86-T:6]N/F-O;G9E<G1E9#PO<W1%=G0Z86-T:6]N/@H@(" @(" @
M(" @(" @(" @(" \<W1%=G0Z<&%R86UE=&5R<SYF<F]M(&%P<&QI8V%T:6]N
M+W!D9B!T;R!A<'!L:6-A=&EO;B]V;F0N861O8F4N<&AO=&]S:&]P/"]S=$5V
M=#IP87)A;65T97)S/@H@(" @(" @(" @(" @(" \+W)D9CIL:3X*(" @(" @
M(" @(" @(" @/')D9CIL:2!R9&8Z<&%R<V54>7!E/2)297-O=7)C92(^"B @
M(" @(" @(" @(" @(" @(#QS=$5V=#IA8W1I;VX^<V%V960\+W-T179T.F%C
M=&EO;CX*(" @(" @(" @(" @(" @(" @/'-T179T.FEN<W1A;F-E240^>&UP
M+FEI9#HQ,#$U-S9$,3E!14%%-C$Q0CDW.$-"-S=&04(S,$$W,3PO<W1%=G0Z
M:6YS=&%N8V5)1#X*(" @(" @(" @(" @(" @(" @/'-T179T.G=H96X^,C Q
M-RTP,BTP-%0Q,SHR.#HU-"LP.#HP,#PO<W1%=G0Z=VAE;CX*(" @(" @(" @
M(" @(" @(" @/'-T179T.G-O9G1W87)E06=E;G0^061O8F4@4&AO=&]S:&]P
M($-3-B H5VEN9&]W<RD\+W-T179T.G-O9G1W87)E06=E;G0^"B @(" @(" @
M(" @(" @(" @(#QS=$5V=#IC:&%N9V5D/B\\+W-T179T.F-H86YG960^"B @
M(" @(" @(" @(" @(#PO<F1F.FQI/@H@(" @(" @(" @(" @(" \<F1F.FQI
M(')D9CIP87)S951Y<&4](E)E<V]U<F-E(CX*(" @(" @(" @(" @(" @(" @
M/'-T179T.F%C=&EO;CYS879E9#PO<W1%=G0Z86-T:6]N/@H@(" @(" @(" @
M(" @(" @(" \<W1%=G0Z:6YS=&%N8V5)1#YX;7 N:6ED.C$Q,34W-D0Q.4%%
M044V,3%".3<X0T(W-T9!0C,P03<Q/"]S=$5V=#II;G-T86YC94E$/@H@(" @
M(" @(" @(" @(" @(" \<W1%=G0Z=VAE;CXR,#$W+3 R+3 T5#$T.C(Q.C0S
M*S X.C P/"]S=$5V=#IW:&5N/@H@(" @(" @(" @(" @(" @(" \<W1%=G0Z
M<V]F='=A<F5!9V5N=#Y!9&]B92!0:&]T;W-H;W @0U,V("A7:6YD;W=S*3PO
M<W1%=G0Z<V]F='=A<F5!9V5N=#X*(" @(" @(" @(" @(" @(" @/'-T179T
M.F-H86YG960^+SPO<W1%=G0Z8VAA;F=E9#X*(" @(" @(" @(" @(" @/"]R
M9&8Z;&D^"B @(" @(" @(" @(" @(#QR9&8Z;&D@<F1F.G!A<G-E5'EP93TB
M4F5S;W5R8V4B/@H@(" @(" @(" @(" @(" @(" \<W1%=G0Z86-T:6]N/F-O
M;G9E<G1E9#PO<W1%=G0Z86-T:6]N/@H@(" @(" @(" @(" @(" @(" \<W1%
M=G0Z<&%R86UE=&5R<SYF<F]M(&%P<&QI8V%T:6]N+W9N9"YA9&]B92YP:&]T
M;W-H;W @=&\@:6UA9V4O97!S9CPO<W1%=G0Z<&%R86UE=&5R<SX*(" @(" @
M(" @(" @(" @/"]R9&8Z;&D^"B @(" @(" @(" @(" @(#QR9&8Z;&D@<F1F
M.G!A<G-E5'EP93TB4F5S;W5R8V4B/@H@(" @(" @(" @(" @(" @(" \<W1%
M=G0Z86-T:6]N/F1E<FEV960\+W-T179T.F%C=&EO;CX*(" @(" @(" @(" @
M(" @(" @/'-T179T.G!A<F%M971E<G,^8V]N=F5R=&5D(&9R;VT@87!P;&EC
M871I;VXO=FYD+F%D;V)E+G!H;W1O<VAO<"!T;R!I;6%G92]E<'-F/"]S=$5V
M=#IP87)A;65T97)S/@H@(" @(" @(" @(" @(" \+W)D9CIL:3X*(" @(" @
M(" @(" @(" @/')D9CIL:2!R9&8Z<&%R<V54>7!E/2)297-O=7)C92(^"B @
M(" @(" @(" @(" @(" @(#QS=$5V=#IA8W1I;VX^<V%V960\+W-T179T.F%C
M=&EO;CX*(" @(" @(" @(" @(" @(" @/'-T179T.FEN<W1A;F-E240^>&UP
M+FEI9#HQ,C$U-S9$,3E!14%%-C$Q0CDW.$-"-S=&04(S,$$W,3PO<W1%=G0Z
M:6YS=&%N8V5)1#X*(" @(" @(" @(" @(" @(" @/'-T179T.G=H96X^,C Q
M-RTP,BTP-%0Q-#HR,3HT,RLP.#HP,#PO<W1%=G0Z=VAE;CX*(" @(" @(" @
M(" @(" @(" @/'-T179T.G-O9G1W87)E06=E;G0^061O8F4@4&AO=&]S:&]P
M($-3-B H5VEN9&]W<RD\+W-T179T.G-O9G1W87)E06=E;G0^"B @(" @(" @
M(" @(" @(" @(#QS=$5V=#IC:&%N9V5D/B\\+W-T179T.F-H86YG960^"B @
M(" @(" @(" @(" @(#PO<F1F.FQI/@H@(" @(" @(" @(" \+W)D9CI397$^
M"B @(" @(" @(#PO>&UP34TZ2&ES=&]R>3X*(" @(" @(" @/'AM<$U-.D]R
M:6=I;F%L1&]C=6UE;G1)1#YU=6ED.C(V.#$S9&(P+3 R.&$M-#<Q."TX,3 Y
M+6,T.#4Q86(Y.#0R.3PO>&UP34TZ3W)I9VEN86Q$;V-U;65N=$E$/@H@(" @
M(" @(" \>&UP34TZ1&5R:79E9$9R;VT@<F1F.G!A<G-E5'EP93TB4F5S;W5R
M8V4B/@H@(" @(" @(" @(" \<W12968Z:6YS=&%N8V5)1#YX;7 N:6ED.C$Q
M,34W-D0Q.4%%044V,3%".3<X0T(W-T9!0C,P03<Q/"]S=%)E9CII;G-T86YC
M94E$/@H@(" @(" @(" @(" \<W12968Z9&]C=6UE;G1)1#YU=6ED.C(V.#$S
M9&(P+3 R.&$M-#<Q."TX,3 Y+6,T.#4Q86(Y.#0R.3PO<W12968Z9&]C=6UE
M;G1)1#X*(" @(" @(" @(" @/'-T4F5F.F]R:6=I;F%L1&]C=6UE;G1)1#YU
M=6ED.C(V.#$S9&(P+3 R.&$M-#<Q."TX,3 Y+6,T.#4Q86(Y.#0R.3PO<W12
M968Z;W)I9VEN86Q$;V-U;65N=$E$/@H@(" @(" @(" \+WAM<$U-.D1E<FEV
M961&<F]M/@H@(" @(" \+W)D9CI$97-C<FEP=&EO;CX*(" @(" @/')D9CI$
M97-C<FEP=&EO;B!R9&8Z86)O=70](B(*(" @(" @(" @(" @>&UL;G,Z<&AO
M=&]S:&]P/2)H='1P.B\O;G,N861O8F4N8V]M+W!H;W1O<VAO<"\Q+C O(CX*
M(" @(" @(" @/'!H;W1O<VAO<#I#;VQO<DUO9&4^,3PO<&AO=&]S:&]P.D-O
M;&]R36]D93X*(" @(" @/"]R9&8Z1&5S8W)I<'1I;VX^"B @(#PO<F1F.E)$
M1CX*/"]X.GAM<&UE=&$^"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @
M(" @"CP_>'!A8VME="!E;F0](G<B/S[_VP!#  $! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0'_VP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  F $(# 1$  A$! Q$!
M_\0 '    @(# 0$             "0H&!P %" (!_\0 ,A   00#  $"! ,'
M!0$     !0,$!@<! @@) !$2%2$Q%!9!"A<B87&AP1,C,E&1L?_$ !0! 0
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/<?7_ -]_Z^WH,]!GH/_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>g327881g37a96.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g327881g37a96.jpg
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MDL'4!S1BDY2STM/A\20S<W2"%4.BLF,6=:,E-42#A,+$_]H # ,!  (1 Q$
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MK(@G' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
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M /XE:%95A*DJRA7<7A*L9RA?=2KNJQC/X*NZI*N[GLSW5)SV=F<< ^N . .
M4:B(]$>7+7.AIBC\OIGR52F$QX2HJ>_*Q+>RO#<;,9'X3^'E(RRG\)SNX]_
M*EMQMU.5-.(<3A;C>5-J2M.'&7%,O-YRG.<86TZA;3B?VR'$*0K&%)SC 'WP
M!P#Q\S'\/#OCL^$IU+&'?%1X>7E/XC)9POO=W+JI.<1TMXSW\OYPUC'B9[O
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M[:]-?%O67U\JOVKP+/@^QCVUZ:^+>LOKY5?M7@6?!]C'MKTU\6]9?7RJ_:O
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M"@TDJ=6FMM25VTWLX'MZ+G?G&9_V%>^PN4^<4OH.%^WC?QA3RM/Z+0^UB?Q
M]%SOSC,_["O?87'G%+Z#A?MXW\8.5I_1:'VL3^('HN=^<9G_ &%>^PN/.*7T
M'"_;QOXP<K3^BT/M8G\0/1<[\XS/^PKWV%QYQ2^@X7[>-_&#E:?T6A]K$_B#
M]#GR3ORA=J8+U;I2WQO&^"*[,3$KVE[LIG6LG @DX]EH=K^S$;-KXY+<%3\N
M-#Z=/7,;0&D(BUQQM8R4-6']K_)S^4&U3#^3NF'"G1EJT-%8O7K2Y.HW:G@L
M1.O5JR=.=U#"SUDJ4E&@UR<H.EZ!Y*^4_ITM%8[5A3:5/!UM:H]65_1P]656
M=1ZK]6C)R2A94O5<-3]-WJ#:_C=L_P"B=,?=%SWL])'J#:_C=L_Z)TQ]T7 '
MJ#:_C=L_Z)TQ]T7 'J#:_C=L_P"B=,?=%P!Z@VOXW;/^B=,?=%P!Z@VOXW;/
M^B=,?=%P"3UNOE@>9F2=XM%QQ)Q'PSBR1*5%P.\'QO$S#]4:A5<KS*\5&)'I
M#,["?+L^5Q&RJ1XX&!.MX!N*U=''5+6>GQV>SO&P:!VP&U0L010(,YO9*DFH
ME=:!EW'XB!)Y\BZRP#*+F0T#RSD.8J9$PSF2T)5KJ^RZOT7S.+VL>C&W;'Z/
M"X$SJ"PZK:TCU3S;/TOU*F: #=/]GW%$LFO]95,7>MGZQFLVZ;JRV"-IF+4'
MSU#OX;O56HU.?VR020S+(%SJQ4VK]*SO=VS>2M;=;+9N>PZ8= )K?D9O=FM-
MU:IE5!F@WPW*&;.F@[ !F;EMMEV;MUNYVF5DT_)&V51X-7J!MJ#8J(ZC7X,+
MN03IX!&CRM2%L*%+W9W=E[E_:W-?>=%.""@*-N.C"+325+=<@3&VT)QVJ6XN
M.XE"4XQ\ZE*SC&,?PYX!R7T=J[;_ $F:<UH2@""F95TT$R&M6NM*:-EAQ=:V
M_7]25EO7<L[1A\^_DV[X6-1;6'V!L\H0"U4R1AT^!;(8*./'O/BIYOCF]^U=
M/5D1657NHZ?3-UU&*,W5.L&PGM]2+S3#NO8<#7)"E6;IR(. 3],LS%4A,SKV
M4WMFKA(H.);Y%@<@E;JB74O5@0"+"A&5K6SX]>_=L_O8VWU$2VZWN0Z(V@O9
ME;K&+3LV7JL76->-)UU9HLO>F_URIVQ+#7:3.2$+9HK6MB(AVV'*N-L<$B&L
M(F=9K>9MSL8':V7-QX+^OBU\(D:U?JIN?K"MM1JKXBY6C9VMY@JYUOI<MLW:
M#FFW*]TL =KFZ9U DHAV@7-X/2@>RUU74P^N%;)(NH.$[ %'9HS 4B)W+/*S
M[<VLNS,_E7W/U"YKFQ4!W]VW=J63VE4-3$R.HVG+) .53</H\2F\11=)&-U)
M;&N2@Z0/?V,/ S#(L9-40C/7AF? <#++*V]]&6SV\_27$<#Z@QUYN!C,:_R2
M%@3T_-5BISZ8-=U:Q#K'7CLR5L(JMN#37 ];L$'3INF6)TM*)0[*2#&"%R$>
ME2E9P6K(C*W;[LO;XVD<UM<.L- ?6-GOIG:!<F]8M;P;OIMC6=T'GI-N)*%Q
M-G2I&TL]/5;HX.DUF1-;)"@",3-;',1;3%@;UCBU )5?#CP\6ROWVZ3K7P0.
M . . . 8+K/3Y1JF/U\.$.E&F]=[0N>VQ[W8':D&;1>1FS!)5-A<BB(Z9T-B
M-M,YF#EA$0BAP<$\R0E-QI;<X/Z>S(Q#,Z&M8/L*;C6B_P !SV. =,HPQ.K;
ML!T2#LH2PO6$J&DUAT4>/VB)6:]2[HT8BS %EUZ,Q39@3 J9/3)$W[_?WLLB
MN@'5:J,(UZFS6AJN#/:%(=@- -6-"YI2];\#=2D*<NKHUVFFL1*3M(%!E5NM
MLUS%5(5[#M=N86U0WG%J"^_9V\+>/89O:Z<J![-J;J]^)!;KE.O0/8C40#5*
M-4A)2PA+DY>L)F5:M5@=5&!Y(XZXLHW #19\_"W)DHB\9D2BKX7SOU>RQBW=
MW0_K7>KMS59K-;X$2^NVYP\)BPJ"<#L+N&M-9:ME$@ NYTFS00=I!U[58A52
MN<5A5GK#MDO3 DE'A63,>$"=O' J+/T8TZUAAM:+7*PDZO5-L']R:\K5BJVK
M+<$I-JMC>R(]D@-#[102K%CK4J%M6W0A8^S()D*\P^.<#F(\L3 DL!=_=X_H
M3"%TJZZ',IBCI9L;"9)%240:(CU8*('8*Z*!=/JAHH,'K4 2(#P*97X,P2*&
M0HD(<9RM,9I -$8)'$&/JET'Z=II.1.$.RO"59JM<H3CU3U=ZT#K#7=AT;9\
MU;6Q&*"SL&8(LUKHK,HR#)V2;!1'L1^ +2/'Q:?$J07RL9DK^A0-8V"#V$'L
MEF:G"9&\W90F1D%(%&&=]6ZGWFRQI><A4$HR =AHX-VMN#Y\5YJ'YZ(868\R
MAV.!C(KT842T"[-4[O>=DW+7-AL&]+1&UH3E4H;5@![J$=V3F]$H,ZMT@)<B
MKT2)MR_P*S%M5KL H,V8BDL#9-@! 30T3=^Y=ENY$?5T,4YH;&A ]A6JDRG*
MCMBA68AKVC:)HJ;I5]RPM6C+;ZQAZYJ2" 59VH&H:I@+;AHL<8'/YFL=]X#@
M:!&A?CGTWY^?G-EM>:P%ZUG7MT&4*/B;M9X=I:K\U W,"KRX]5KU5D0@<F-
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M35?5I4Z$7G5>O/ZD&M5/FE.S7/!F#C:EHQIKXV<NA;%UO/\ XFF7.:-:. .
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MH5M:=.\GG)QFJL.:,8+98[6^Q'3'PBUA]0:I]D\]5.R'L1TQ\(M8?4&J?9/
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M]-G_ +4XUY<?8NX7?-V+N'LOH_Y(?^FS_P!J<:\N/L7<+OF[%W#V7T?\D/\
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MW^>:6;1U_D5BN0TS&BW:.,H5:-GLUX+EX/I^#E%?7:WG[-^?41[". . . .
M. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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M6-F: L\0:0?%O=C4U*(;GGX,++D?#P$5B]5.FWBF(DLR:!@I,VZ# >P;'5K
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M4K.,83C&.W.<YS[L8QCWYSGW8QP"DBD($[O^1G0YGA=WQ?*R69'A]_O=SO\
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MI<66T\PI6<HSG@@NW ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
M' ' /"5%CSHLF%+9;D1)C#T65'=3A33\>0VIIYEQ.?<IMUM:D+3GW92K..1*
M,9QE&24HR3C*+5TXM6::WIIV:(:3335TU9I[T]J.*F\:Z7U#>BE1'QUCX*DH
M(A#JG,R"1(/,RO+#D:;EMG$#,9Q#T"1B"RS,Q)CRFW9TJ,XWV^0Z;HUM%8VI
MA:<73@TJE&O?6J5*4F]5QG9*FXM.#U%&=XM.;BT<KBX2PU65)*T<I0F\Y2B]
MC3^+9W3U4G=/-HUZSG.<YSG.<YSG.<YSGMSG.??G.<Y]^<YS\^><\81_. .
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MJT)1^%7I062S5XN4;I298I.M+I$LP^NBK5;S94K*@IJZ@ ZM37;'Z0?PT'D
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MB=LBV060K@<($!@FJP*B9"^]>,[[?OR,H'>BTVWNX)M*ED:*)I]-OMTNM=U
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MNI1K8,="VF/6=>U$"Q90[Z'FWQ-@:%"(C9D8\W(D(=@$4R8KB'WDK:SAU>%
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M86O*E=H-ST/L+=-2HNLR*PUAJQ:AU,3?'->6&TV\^^ NHZ35")27/V:*&TA
MZ55GH8[7MAF68+$9$V7'MWKCQZL]O,25SK5"TIS9TK<=+M=*KE-MUT !+4J-
M4D@R<RIT4!>E45UUO8!*>]>G!Q LVDND; UO)F"90UFW(FLI3+"VSQOL9!U#
MU943=MJ:J5&K-RF38PXF1M!1+^O2M8I:(!0H(BQS%GJ]_L(0W(.21K:P_J#-
MN<=;!&.Y/D#U03Z PCQ8VDX X X X X X X X X X X X X X X X X X X
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MW,JP\S'DM0$.)'PX46.(,@\ < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
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M74.X5*[>UML09"X X X X X X X X X X X X X X X X X X X X X X X
MX X X X X X X X X X X X X X X X X X X X X X X X X X X X X X
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M<X0AL08DIZZ5,7=XP:.UF6Y-64"UT_7GS^?*X&0YQA(:,2FF!-@@B ,L\ <
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M>V^)]%;2U^9UG4\CM>&(%[U!3RH:&PL)3+@G:#H#$,I:8JKC=I>=?Q+%=YB
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MX?2X]BEF+C%(M,2JH6/5,AL?U(CUB''B[4OEZN+9=232!,01?*WC?WFWG '
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MV8]S>.<95Q7*5:DY0NI3DU:5G9MVO=3SMPLN"1I95=:4I-;6WD[;7SZQ2MG
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M0T^AZS5A33>,>]&(U&L=5'OJSGW^/-A2I';[O%[O:G-7_5JDO\W!Z-JM;)+
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M6D.*EV"G [R"0/>GO0H<ADJ$L(_$68])C0\3L2XLB0QF'(6@1]YCNI]6%%*
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MYA3"G1%MO-M]Q3U+J;I=EM%_JA$%<:@2HMHLE<3ZR@949%@:J6OZ5L,^7&^
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M<5\3$YQS 7?CM\/:7VH]*FL:29>*!%%VX:+_ "=DA@68U1CPZ]8R!FQV HW
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MBTH<# UU$)I3\N<LA'$WX9,LVJ>DL3J;:K>QA%OD$6,5DD*E1)P&.W:2QH]
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M)C(I:&W/#8L9=%2ESF35*UO+4?>J*02[/)8H50$3+'DK,K]?& 7QL9 I,M<
M< < < < < < < < < < < < < < < < < < < < < < < < < < < < < <
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MDH0["XQC&,8QC&,8QC&,8QV8QC'NQC&,>[&,8^;'/3SIS^\ < < < < < <
M< < < < < < < < < < < < < < < < < PM'Z@M3HH(795DMPFAU:P&CM>$
MRKT2%5YV86KI&PP242.AV>\S(<:8JQTVI$9]Y<>O#IIF:B)#@SUQ0+H3WII<
M++(0C&U]>"9 JKYNQ+TE;P4%F%4$M"Y#EFD2I4YJ*@&Q%.@I<DEE[RL6&<"R
MY#C48L/=D@?8/=^G[-+KL"O;,I1N?;'33%=@B["-FS2CU<EK'GFF(C#ZY"7
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M[3]N* @=7V;1K <LT4M. A!%E%3S).& F$1IZ5'%1Y+D_P  (3$$Q1AUR.A
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MEBU+9:@;E;$"D8%8U$'U<4$5"D'Z.SL*;7A-* 5Z[["CS=G7.O&[)7@5/]$
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M"S]63LXU(M.SYC)I:%H1SJ5:E3)JR2IKTDT_EO8]TEGF;0T'0&G-98A+IM
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4$(VFRG ' ' ' ' ' ' ' ' /_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>g327881g48q21.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g327881g48q21.jpg
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M6+ WNJZ>LQ'$JC$I*1V>FC?'#3P1R6]\YJ%H#GC0M-Q8@$YK67VV'P9L]CY
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MI*T,8]_-DAC7.MFM?*";=J;7MMU73)%_Y0QKA94H3?&B[1Z/4.TI%[!@IA4
M^L2I.Z[!E,(?4 K%Z_VAGED?LU4)/NV U;!QCK893Y'00_2M,;R_ICV^&SM'
MZ-1&_P QC9]*V)HWAVN%5G51;V=AN#6RAA*5=W8Z7'S44D)ORCD6I-BL\JLD
M3ZQ&%25'I\E$V7=)[+W)6H(%0S$Z#BZ>E9+&.D&DFJ)"!^J!TT&Y6$'+C!I2
M!**NF_2EA:]OEADE=_ MOW',7BYOK6%M;:FWIKNW2KN%/XO7$IY&(MRO;51$
MHEI]@"*M !]0B,0  ;J01 P=,W3#.4_)_&"UN&XO0U,CK98!,(JDWV?\+-S=
M1T7YK;IM6P4F+X976%)6T\SCLC$@;*?^2_++_ MXLOE8IA$PB81,(F$3"*@M
MN_29Q8^^>V?PX;WRGQ+N_D_\Z5'W'BZ@U7=&&>&2_=]<K]RX4Y58PT=IF+L\
MY=8W5.O6-NLJ,ZA/6-K4(%"9EDK4JFO:BO7Z;$KA;SI70;KV<QC]JPKMVRTR
M9ZHW0,F12(==T$5$5AI-4%5NG#)(*&K\4)T4JXPDHJOI)&%J(D3A(R9EXZ)(
M7H6/92D@U:@D@\<$4(H=&\>]%PPU<8G46NXP:2]5?TX6-3AFHU9==6%74)7Q
M1:$&(9BO6ZVN6/8BA'IK5ROJIMBGA(LS4ESQV[>E7%A%6YM.:D/>S[14UAK]
M391W"3PVP%:?7U+F#Q"%1K:+LEF/'FF4W:=>;-H$KDCPJ_D9NA%]YXDBF@4E
MUC6V@]'M&UI9MM0:T29WA=DXN#,M)K@M+,K&S;FS1WEIL:.%"03869Z_LC-%
MRF=%M89"0G$4R2C]X[6)?S;%*V>OZ)'23J9CZ956,N^M[C8#V49P$4VD'=[=
MU,M#=7-R\1:D<+VIS2"EJ"\^JH:56K)0@U'1HT ;811)]H+2$DV*S?:EUXX:
M)Q%6@4&QJE"%0:P]'2<MZ8P9I$9E(S0JC9VY:UWQ4$3P[191HP,@W'NL(N<Z
MTGIMZP6BG>I];N8MQ2X'6Z\:O2*TJP5UY5GSB3K-$.S/&BW-3Z](NG+^$K0I
M^1XIXNLY8LT%E#'$ESQ4K3I]32?(2:59@4Y%M.O[.W?DB6!'B%DE8I:"DY]%
MR5 %DYF0A'+B(>R1#@\<QBZK%98[90Z8D4CPB8157;M%Z6OP+EO&I=;W '4L
M]G77G+2J[-^-3$E$QD!)R3D9&.<"X=RD#"P\'**K=LTE#Q<?%ON_8M$$$R*1
MS^O*):DGR%FI];L#>2A6U<?-IJ'8R;9Q!-'Y95M%&;O$5D2LD)--"1313(0H
M/FC%U_IV#,Z!%G8.#A:Q"Q-<K<1&P%>@8UE#P<'#,6T9$0\3&MDV<=&1<<R2
M19L(]BT12;,V;5%)NV023113(F0I0(LIA$PB81,(F$3")A$PB81,(F$3")A%
MQ'C]C'I"N_>-6* >H5G;A)LEU_L[Q8Y"]?[NO7.+GL8,SW-8WBYP:/*2 L%P
M:+N( XD@#SJ!R&UZ1'B8@2AWZA?G)'M5UP_]U<Y4FIO_ !*N.1'XA2LN.<+R
M-S&N/D<0&GQ.74ZHB'QKG]$$^?0>?K44<;U@BB/BL-++!]0KG9MNO]_]&LZZ
M9T'%8OBQ2'K+1]!<NLU3=S7'KL/2M+^87A,83B17:;8G^HI6\(VZ<?PI&S.X
M-(%1@9BP!\+@QUJ]*E<E4 >[!( 0$H_*[9OR<U7E/R[BY-04LS\-DJQ53/B#
M65+82S(P/S$F&2][VMIUJEQCE$S"(H974KIQ-(Z.S9@PMRMS7UC=>^RVEN)6
MH%<_R@S0;I1,MMT3MZ#2'IWBE>DJ;:3D$?G[*<C*U % #^T5""/_ %?JS6(/
M9HP=Q'MG!\3B&\P24M01U"22EOY0J:/E]0$^ZT-6P<8W0RGR.=%]*V]UMX8S
M@5L15NT<;3E-=2+GL@FQV34)V#2*8P@ @XG8MO.U5IV!$.T=U/(I].HD.<I3
M"&RT/LG<CJTAKL1DHGNM9E=2S1#QS1MFIVVWYIAT7U5O3<K\"J" :IU.XVL*
MF)[!KQ>T/B%MY<\+<:B;#H.R]F.;%KJ[U*^P"NLXD$YJFV.(LT48Q[/+G*3Q
M^&>/6H*"4>O=BJ!P#YRAT'-VI*VCKXA/0U=-60G9+2SQ5$=^&>)SVWZ+W6P0
MU$%2P24\T4\9^/#(R1M^&9A(OT7NK^R4NY,(F$3")A$PB814%Q2_-<XV?<%I
MW]W==RFY.?D]@7S-A?V&!0,*^"\-\ H_L\:OW+E3TPB81,(F$3")A$PB81,(
MF$3")A$PB81,(F$3")A$PB81,(F$3")A$PB^:RR+=)1==5-!%(HG566.5-),
MA0ZF.HH<2D(4H>L3&$  /6(Y@D-!<X@ :DDV '24O;4Z!4G:-TQK RC2MMRR
MKDO4HOW';3C2&#ZTB%$CAYT'J B MTA]1DU52CE9/B3&7; .<=LSFX8.H:%W
MF&\$A19*EHT8,QXGM?2?-T$JAIVY62QF/Y4E7*J!AZ@S2-XNQ*'U #5'L)&[
M/S =4%%!_P!8YAZCE3+433'W21Q'>@Y6?LBP\9!/2HCI'O[9QMPV#R"P\JC&
M=*X)A%'+C_5&T_HY-_X8ZR/5]RU/@\WU;EU3^\3?JI/Y"O#EGR.O#$PBQ,Z8
MQ(A^<AC$.1'M%,41*8IBG*)3%,'02F*( (" @("'4,E4/==/^L:I%)W1%\K\
M"NR+CGX43F)QN58,8/9CW8-*9F3(>@[5.[N4'XJ3H -8R2=NTK3744R=OQ=O
M SS"/(H;O%V#H [L=KP/V0.4^!%C(:]U;2MM_P 'B.:JARCXL;W.%1  +Y1#
M,Q@.KF.V&XP[E/B^'$!E2ZHA%O<*HNF98;F.)YR,< Q[6\6E>D'B%X8GCAR1
M7BZ??E T/M-\*+5"%M\HW6I5A?J""94*S>3I,6973A42E0B;(T@GJRZR3&+/
M-+@*@^Y<FO9.P/'3'2UA_P 'Q!]FB*ID::29YT IZLAC<SC;+'.V%Y)#(S*=
M5Z)A'*[#L1+89_\ @:IU@&2N!AD<=+13Z"Y.QD@8XDAK<YU7;GGI*VQ,(F$3
M")A%06W?I,XL??/;/X<-[Y3XEW?R?^=*C[CQ=0:KNC#/#)?N^N5^Y<*<F$3"
M)A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3"*/V"T0E8
M;>,S#U-OV@$46Q?Z1XY$/5V6[8H]X?U] ,H/913$0[U0@>O.F:>*!N:1P'!N
MUSNINT]>P;R%P?(Q@NXVX#>>H?CLXE:\V3=,T_,="OH%AV@]2@Y5!-S(J%'U
M=>I@,V;=0Z_)3(LH4?61P Y438G*_2$<VWOC9SSY;M;X@3P<H;ZEY[091QVG
MT#UU50O9!])+&<R#QT^<&Z]5G:ZKA3UCUZ =4QA O]A0$ #Y@  RN<YSSF>Y
MSCQ<23Y2HY))N22>)-RN'G%83"+IB\,W]&6E_P!.Y_\ X?)GE7LJ=PX3X7/]
M2U:7RT[EHO"'_5KSV9XHO.TPBS=#V-?]7WXEIUO=K50K&UB&PH3=0GY2O292
MD?N#]T9Y%.FJRJ!A#HHW5,=!4HF(JF<AC%&TI*ZLP^!E10U=11SMJG6FIII(
M)+<TPVSQN:2WBTD@[P5-@J:BEA;+332P2"<V?%(Z-WO8TNT@D=!T7>+Q@\.O
MO+7BT?7N2%?9[LJ)#)(+6N'0CJOLV.;!T(*QO%4FE5M7<)% $VCYC R+Q43*
MO;,<YA$?2\ ]EW%Z(L@QR!F*TP(!J8@RGQ!C>/8AM-491L:YD+W'5]02MLPS
MEQ6TY;'B,8K8M 9F!L52T<= (I;#<1&X[72%>E'CARST)RNJPVC2M\CK&+5%
M$\[67/\ S7<ZLJM\D$+%679BR+$HJ@=!"12(YA9!1)48J3?)$%3/=<#Y28/R
MBI_;&%5C)\H!FIW>YU5.3I:>G=[HP7N&R .BD(/-R/&J]&P[%:'%(N=HIVR6
M SQGL9HB=TD9[)NMP':L=8Y7.&JV/R\5BF$3")A$PBH+BE^:YQL^X+3O[NZ[
ME-R<_)[ OF;"_L,"@85\%X;X!1_9XU,=@[@U_J]:(9W"6D$9.>;R[^)@Z]5K
M9=[&[B:]Y/\ .*P!6Z1!V*>1K-=-+PZ5@L[B.1K\&XF89O*R31>7CDW-RIZC
M4KR+U-%BJ9*?>3[4L!JRR-I.I0,Y;(:5CMVVT*3JDL)-5^/D(J:=W6>$/)K6
M+=NE&T0*=BE/$*^LA)JD]?(KDCWZ$FT3>MDWJ:*IEB%)(1LC$.P%NNJW.*C"
M5:LGR)3*)&,B=5L0CE 4G3<RK99%90BYN$4+O.P:IKB+9R]L?O&R,G*(0</'
MQ$'/VJQ3\TY;/'R<16ZI5(R;L]CE C8Z3EEF$%$2#IM#Q4K,.4DHR+?NVY%R
M+'=ZW4J+.[(L3QU%5"LU.4N\Z_=Q,NF]C:W#0Z\])O',$+'R\1TSC&RZRT2,
M9Y7*JF9GXCXZ'B^$4LPBCLG:X&'GZS6)%Z*$W<#S"=>9@U=J@_- Q_E25 7*
M*"C5IXLQ_I@%XLW!<?Z-N*JOR,(I%A$PB81,(J9E^1&CH'<,5Q^E]ITMCNJ9
MI,WLAEK569;#:B4*NJ(I2UNDH],3FAH%!1;LH2,P=@A("@^\G&=^3G_BQ9L;
M7MIQ51I\^^(2NL!W07=,.759K2M3V=X5KUT1@YF6;4^3V&[>5Q9:M)JV>JL=
M>P<]L"0O5>1DZ3'T2OV"XO;"A6X*6DV9+'9O]?/T;;Z+9JM72L7!:S(5F71F
M!I]D7J%@6:I.O$V=C:1<3+O8QN_50392BC!K-,4)!>)</FK"5!_!/%T)N(EH
M]D6%*,(F$3")A$PB81,(F$3")A%@+'98JK1YY&57[!/61NW)T,Y>+ '4$6R0
MB';-\PF,(E32*/:4.4OKSIFGC@87R'38 -7./!HW])V :D@+@][8VYG>(;R>
M ]=-I6H]POTU;US%74%G%$/VF\4@<>Y+T'Y*CDX 47:X?/VU  A!Z]PDD!C=
M=?J:N2H/9'+'NC!TTV$]\[I.S< J^25TFW1NYHV=%^)Z?( H-D5=281,(F$4
M<N/]4;3^CDW_ (8ZR/5]RU/@\WU;EU3^\3?JI/Y"O#EGR.O#$PBP]@_]32/_
M ,W'_P#D7)5%W7!^L"D4O=$7ROP*S&15'3"+N.X#>%SVIQD<PNN-QKS.V-#D
M.@Q02=.1?7O73,.RD16HR;]<HRT&S2  &GR[HK5%!)).OR$(4BS9]Z=R.]DG
M$< =%0XF9<1P<68 YV>LHF[ ::1[ASD+1_Y:5V4- $+X@"U^X8#RLJL-+*>L
M+ZJAT:+G-/3C07B<X]FQH_R7FP '-N9J#Z]-8;1H&YZ-7]DZPM,7<:59V97L
M1.1*PJ(*EZ]A=JY1.5-U'R3%<#M)**?H-I&->I+,WS9NY242+]+8?B%%BM)#
M78?41U5).W-'-$;@[G-<#9S)&&[9(WALD;@6O:UP(7K--4P5D$=332MFAE;F
M8]NP\00;%K@='-< YI!#@"+*?9,7>F$3"*@MN_29Q8^^>V?PX;WRGQ+N_D_\
MZ5'W'BZ@U7=&&>&2_=]<K]RX4Y4K'\B--REBD*NTN:7E!@K;&Q7SJ$LD?5YE
M_0A=A>HJIW:0AVM,NDU2C1THG;82HSTW+UM2'FDIEDR4AI,K0BY5/WG0[U)1
ML572VY=Y)U6IW,I75!NK!*.@[T:=\U5)UP[@DD*^\E4*Y*O1CIH[%[&LR,EY
M=%@$O$ ^(K@PB810)ILRG2%ZE-<1SV4DK3 II#/ECJM:G]>K[MQ%L)QO"S]V
M9PJU*@[,Y@I:)G6U5E;"TLCB$EHF71BCQTFQ<N"+-.K9 L[;"49P^%.T6*N6
MFV0\;XJ[.#N!I<G3X>R/A>D0,P;C'R%]JJ -7+E%V["3,JR0<(L9!1J12/"*
M.UJV0-N;RKJOOA?H0MBGZG)'%J\:^+SU7DUX>;8@5X@W.L#.1;+( Z0*HS<@
M3O6JZZ)BJ"12+")A$PB^:RR+9%5PX530;H)J++KK*%21112*)U5553B4B::9
M"F.HH<P%(4!,80 !'"*A'O*70;*FP>P/2+'R5/LA+DYAYNO15BM"+F)UW*K0
ME_LZS>N0\J]84ND2:/BULO$@V:U"O>,,%I:;:-Y..5=$MZ5('&_-1-9^S5A>
MZ,RSE2:-GDNR(PF52K Z\TRI,X!VC&G96V8*M?J$T<P-4<S4VS?7FF,'<>@]
MM4 A($5OX1,(F$3")A$PB81,(F$3")A%3M_VFVKPK1,&*3V:#JFNN/11I&&^
M80/T'HX>%^I ![M$W_2!$Q1;FK:NO$-XXK.EV$[6LX];MUMQV[+&--.&7:RQ
M=O.T-])Z-V_@M7I"1?2KM5](NEGCM<W:477.)SC_ &%#ZB)E#U$3(!4TR]"D
M*4H &4;WND<7/<7..TDW/]AP T&Y022XDDW)VDKA9Q6$PB81,(NF+PS?T9:7
M_3N?_P"'R9Y5[*G<.$^%S_4M6E\M.Y:+PA_U:\]F>*+SM,(L.7_U^K_]#H?_
M -UQDH]Q-\*=]4Q=_P#Y8?KS]6%F,BKH4XUSLJ_:BM\1?M96Z=I%Q@EP7B[!
M7GRK!\@/4.];JBF/=/&#HI>Y?QKU)S'2#8QVKYJX;**)&ET5=68;4Q5E!4S4
ME5";QSP/+'MXM)&CF.V/C>',D;=KVN:2%WTU544<S9Z6:2"9ANU\;BT](.YS
M3L<UP+7#1P(T7K(\'7X7NJ\BUX33G(0T/0MW..YCJ]9D>[C:3L]WT*F@V1*J
MIW57NCTW0I80ZGD><=B):^NT=NVE<2^C>1'LET^..BPO&N:H\5=9D%0"(Z3$
M'; T7-J>J?L$-S%,[WES7N; /5.3W*V+$2RCQ#)!6FS8Y!V,-2=@ N?<YCWG
M://O9!(C7>!GK"W5,(F$3"*@N*7YKG&S[@M._N[KN4W)S\GL"^9L+^PP*!A7
MP7AO@%']GC6/O]-VI%[:C]N:JAJ!<'3O6SW7%BJ^PKE/T)-F#2PDLU9GJY9(
M'7^R%"$4=/)J-M\,XKZ!I1L:MRC24(O61B9FY5A?2QZ]/4+5F"\'Y$QD5'-9
MB!T[:9IM_F5N9&QR%0:HN9&6X[['<VK8CUNV<P4NXC&<O6W2M=H,::5DCM8H
MC6LRT@PBFH/5"7Z?%N]=JX3[AOME6 VS!J!JN=L=_J=ABZ5MV4GY0EZU(C(M
MK0BOK6L-Y/5UH12H5O/)**62:8R3!\@?8E^*\JMI:0<&RGB7V>M];^O4MH]-
MZ-GM?:C&AM;;8-;RCNU3-G44I#_6-C:U\LF[%1:$K#=[H2F4&)@) Y!EW<5%
M:FB1:S4C*N$7[IP[<OW9-_IOZ=W7N68VEJZ?L>L(^JD25V_:(J>2F8JS7?8J
MND[9"R*994K6S5Z_:6UBHYK=@B&\@>";GKU3B1DJV^EHZ:>R+9]*,)PL>9:<
M;'XH<H[_ $2ST&6MVK)]]=&-EG[5LF2LMNK[^6O5D\'G-\1Y!H6C5V@#'Q\)
M(;6>-ME.96-L[(T?6W;QI&58)MBT!<N5Q?HX>.]CQT_!9C_-:W9!K7VP:]JN
MBZ,I=X':%,9:E@K[;(G7-0:[#UGJRL'O[";B]/MUWMC/:M:%=3%=;4B$:OH>
M33E_.,+&G)(2A8OIOW?C?JV_VU7QE>$TTD[K=B5UKH#;4RGLB\6N]0FR)B;C
MHJW0<QK%Q1J6R>3 ZQNYWRE4?NG;MK$RU><P\4WDY>4AA+/O#*G)IU::6X]/
M6H.'!GD!*2;%"WW77%E:,-41NI9>WBX1B+)L.!8U3440*MO%AJ$=@R$@ZF:'
M/2DHO:MW7J/76?1+N(AX,Q090Y9OIOZMPV[->D%=ANF=7%U,ROL!&LZ]#U&6
MV1-VFBUFKM_$(6K5R:B:^9S$MHA)C'QT,HXM3>RSSEA$)*1YG,RJ_P"^,\>O
M"$+CZ^OKT*Y<(F$77'RYX1SG(O==!V%69>G4F+:<8>;&@]@6+Q9VG?G4GR3I
M>K*CKZ=BDX^(%O/LJ0%/L;I\G-V2(<1Q7D<C")/0>/A9%R#K BU[EI\E[_2M
M8]#^#:VO"\:-O:CY#I:]V*ZE'M(=:$UE+;VW]N/6VK+!7^/[71%UN2NP;Q%T
M;8Y*]MX\SL&=OFDX1@VHZM)MEAU>9]+1-PLCE9U^OF"%POITWV"^M_-QV^0+
M;;AUQWY(\?;WMZ%V'MB(O6A'0HCIN&\?2D+862?6^XV.PVZV-$-<4]&O6><9
M3L42[KHVW8I=C7E.>V*NM47DNYAG)8)!MQWZ=73UVT%AQW;ESFOH&PR!Y-^_
MN[=RHFDD9.#V;LBL1X%1+V""2)K5KB8I)00]:JR;(BJYOEK'4/\ *PL+#^B*
MJ?:VS_VW;G_G[")Z(JI]K;/_ &W;G_G[")Z(JI]K;/\ VW;G_G[")Z(JI]K;
M/_;=N?\ G[")Z(JI]K;/_;=N?^?L(GHBJGVML_\ ;=N?^?L(GHBJGVML_P#;
M=N?^?L(GHBJGVML_]MVY_P"?L(L!9:+1*M%+RLA,[/[)/D-VY=W[F!9XY, B
MFV1 ;]^4;H(G/T$J293JF^20<Z9YF4\9D?LV #:YQV ?B=PN3H%PDD;&W,[J
M WD\!ZZ#4Z+3>PU&,LD@I(2$QL8X_**V;CN+;JJ3-N)A,5NB*UX4/V2]?E',
M83J&ZG.(B/JUR:HDF>7O(.X#*TAHX"X_W5<^1SS<VZ!8:#@+A8+T85O[2V'^
MUW;'\ZYU9CP;^PS^E<+GH\@]">C"M_:6P_VN[8_G7&8\&_L,_I2YZ/(/0L&\
M@&U1M>O#0LI;1+.V65AI5O-7FZ6AFZCR46WS1$O$;-/R[-!9.3AX]RF\;((O
M2 @9 K@&SARBMF]PZX&@N+- US-&X#<3T)M!V:#@!O'!6_G!83"*.7'^J-I_
M1R;_ ,,=9'J^Y:GP>;ZMRZI_>)OU4G\A7ARSY'7AB81<=TV2>-U6RW:%)8@D
M/V1[)NR/0?4/KZ#ZLYQR.B>V1ELS"'"XN+CB%S8]T;VO;;,TW%]0N1G!<$PB
M81=@' 7GWL7A'L5-VT4?V?3EG?-PV1K87(=R\1Z$;C9ZP#@Y6\7<8MN4HH+@
M9!K.-420\P<$ 8OHO<N1W+&NY*5H>W/4894.'MZAS:/&@Y^GS$-CJHQVKM&R
MM'-RZ97QW^ X]48+4 @NEHY7#VQ3WT(V<[%?1LK1L.@> &/-K%ON"U=L^C;G
MH%6V?K:?9V>E7&+1EH.79&'LJH*"9-9LZ0/T68R4>Z37CY6-=D2>QLBV=,7B
M*3ENJF7ZRP_$*3%**GQ"AF;44E5&)(96[P;@M<#JR1C@621N =&]KF. <TA>
MU4M3!6015--(V6&9H<Q[=XV$$;6N:06N:;%K@6D @J?9,7>F$5!;=^DSBQ]\
M]L_APWOE/B7=_)_YTJ/N/%U!JNZ,,\,E^[ZY7[EPIRZZW'%S:]BH&LM$VR.U
M$XU?I8MX2K]J//3\]9-D1SK4FSM/T2-MM%D=?,X:KOG,1LD)O9%@:W2Y!*R,
M"^91\&NSNCI2M%GQF_KZ^?<L+(<%9EFPE4M;/-=ZEL,O1-1U MWH\2K$6*$?
M4'4VU*$]G&)HF"B%GJL?.7*KS5;;K23+QA&!,9TM$.&; BI+\=?]Q]-K+BR7
M#BY6"X:HG"4;5&J:K4&L0V?434=SA&K&FV2(N-7L[K9U'F[)Q?DI=W9K,UB$
M8B:-%'UC9G#&E51D]N\@VGI#S5)IT]&G]UOO)TRQO[4VL+7;>P86(0=1KA6B
MQD;JI6JO4F)D1=,7+R9UE+7<C69!(Y9([.XM'J17*WDAW%&*W,@3Q#KU]-EJ
MWO'0&U;]:-FJ:S\T-<16R-:[!J-SL)MBW!X7:+^PZ;F*)33VS5*%%+5ZU8*K
M;7%4=FVU!VB6O*E"HD?2U6TI#RS6*J1+[-_B]21T:*B=J\0-Y[9N5[O=BJ''
MV1>WB"W_  ,'#SFP[S+>B62VCJ_AY0Z1L2JS!M0(^4;;4);CO<["OY/BJ;+1
M7G1#)5>XH.E)UTH600-Y\FAVZ6OLUV7XJ<V3BIN:VO$JE..]=/M;QLUNM\>8
M=V^UJ6:Z1NY>46K=\*QLW54*(WB( L#5JU<:8L+2V3Q)=XXA739.$CY"1:Q)
M8OOW[/-:_6HN_P"&>TXB7N;G6=7X]49=S=MQ3T-<6CAXYF[GK;8]<>U:-T7<
MJK):EDZK#4Z.;RB%@1*N;8E,A;'0J,L.L[2T=3R!2:=/HZ1K_N.&Y1>"MTBZ
MY(%M8ZT>6J(ZN]4ODW"3P-;R/^<M>=TMG4$O ZKU[!UYZQKD_!1+>0IM(KQ4
MI1D_8-&#2'4%V]+-]V[7Z+#1=I6%Q3")A%UE;9X<[0N5+A*W'+T^8!E:>:,T
MZCR[/N^J# ?D?N"<OE D7EMJNNK=*6^MUVM3+Z(V5HRTPKG4^Q9:1CW5K:6]
MG1:\@^+(-O7UZ-1L4_VGQ,G[//Q5VISN%C;W'1U=FK'-^=-QK#*^W1M*ZVC[
M,SCHEJE;(+4T3.TC7Y^\L=/K;VS(; 0U5?$C&G=0PSQZ6%MEK: N$7JZG5K9
M<X6P7=I4(N(N,]%2+TOE":)&IMI1VRFT65>DG"O?=X"4^G&5]^^6($L6,A7"
MX,FI%Q/1%5/M;9_[;MS_ ,_81/1%5/M;9_[;MS_S]A$]$54^UMG_ +;MS_S]
MA$]$54^UMG_MNW/_ #]A$]$54^UMG_MNW/\ S]A$]$54^UMG_MNW/_/V$3T1
M53[6V?\ MNW/_/V$3T153[6V?^V[<_\ /V$3T153[6V?^V[<_P#/V$5([.BZ
MO"]NOP$YLT)4P #]Z7=NY3A'IG#J#=(#7TQ!>*E$!.80$&R8AV0[\X&0JZZM
M,7N,)M)\=^AR _%%[]D1M/Q0=.R[6+//E[!A[+>[33HZ^/#KV:U#K&N&$3&E
M-B"(B(B([>VP(B(^L1$1NO41$?6(C\^4N<_H_L,_I4*YZ/(/0OST85O[2V'^
MUW;'\ZXS'@W]AG]*7/1Y!Z%A%8!M4[E1"P\I;#)3;^>CY-M-7BZ6AFY:H5J3
MDD0!E9I^7:(+)/63=4CMLBB[*4IT07[A9=)1>X-[::Z-:-X&X#BFT'9H. &\
M<%;V<5A,(F$73%X9OZ,M+_IW/_\ #Y,\J]E3N'"?"Y_J6K2^6G<M%X0_ZM>>
MS/%%YVF$7'!LD#H7GRN^,W*V$>OR>Z(H=4/D_P#6[9S>O^SH&<^<=S?-:9 \
MR;-<Q:&[>%@-%RSG)S>F7-GZ;V \E@N1G!<4PB_HASIG*HF8Q#D,4Y#D,)3D
M.40,4Q3%$!*8H@ E, @(" " ]< VU&A&H(W(O5-X)?PH[G99X+B]R.L(K[ (
MDE&ZHV5,.0[V\HH)@1O2K6]6, K7-%(@$@)I<XJVU(GDV04/:"-E[+]#>QQ[
M(#J\P\G\<FO66$>&U\KM:L 6;25#SMJ@![A*XWJ0.;>?;&4S^H\E.4YJ<F&8
MC)>HT;2U+SK.!8"&4G;,/\MYUE'8N]UL9/0QGM2W],(F$5!<4OS7.-GW!:=_
M=W7<IN3GY/8%\S87]A@4#"O@O#? */[/&K]RY4],(F$3")A$PB81,(F$3")A
M$PB81,(F$3")A$PB81,(F$3")A%\EUT6J"SEPH1%!NDHLLJH(%(DDD43J*',
M/J I"%$QA^H S!(:"YQ  !))-@ -I)0D $G0#4GH"TKOEP<6^94< )R1C03H
M1;8WJ["':^4X4+\WC#H2E45^<2%!-'J8J0".LU50ZHD+MC&W$;>#>)_2=:Y\
M0W759+(9'7^*-&CHXGI._P 0W*$9&74F$3"*(V*&>R<W0G[4$Q;UVSR$K)"=
M0"'*T<TFVP28HEZ#WJGC\RR*8@" @D*BG7HF(#D&P<.(M_$T_@E]O2/Q"EV8
M1,(HY<?ZHVG]')O_  QUD>K[EJ?!YOJW+JG]XF_52?R%>'+/D=>&)A$PB81,
M(F$3"+N/\$7SY<\9=J-]-[(FC$T1MB9;-5%WR_1GKJ]OA18QEM2.J;NF<'+F
M*UB+@ BD@BV+'SZBJ981RB^]/]C7EB[ <1;A==-;!\1D#27GL:*L?9L=2"=&
MPRV;%4[&@9)B1S3@_<.2>/'#:D4=2_\ X&J>!=QTIYW6:V6YT$;[!DNP 99+
M]@0[V8Y]0KV!,(J"V[])G%C[Y[9_#AO?*?$N[^3_ ,Z5'W'BZ@U7=&&>&2_=
M]<K]RX4Y,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PBK_
M &+<25&%,9 Q1EY %&\8F/0>[,!0[YZ<H]0%-J4Y1*4P""BYT2"42"H)8=94
MBGCT]\?<,'"UKO/0VXMMNX@;+KIFEYMNG;.[4?2>H:>,A:9JJJKJJ+K*'566
M4.JJJH83J***&$YU#F,(B8YS")C&$1$1$1'UYK9))))N3J2=22=I)5:OGA$P
MBB4[#/9"Q4B3;@F+6!DYAU("=0"G*D]KDI&("D3H/>F%T[1 Q0$.R03'_P!7
MIF>/2/Q!6>/2/Q!4MS"PF$3"+IB\,W]&6E_T[G_^'R9Y5[*G<.$^%S_4M6E\
MM.Y:+PA_U:\]F>*+SM,(F$3")A$PBY#1V[CW;5^P=.&3YDX1=LGK191L[:.V
MRA5F[IJX1,19NX;K$(JBLD<BB2A"J)F*8H"')KG,<U['.8]C@YCVDM<US3=K
MFN%BUS2 00001<:K+7%I#FDM<TAS2#8@@W!!&P@Z@KVS>"KYW%Y@:;4K5ZD$
M3;WU0U81EW XI(K7*"5 6\)L%HW+V2F4?BD,?:$VQ>Z9V!+QONF3*=B6H?5?
ML><KQRFPOF*MX_Q?#FLCJ[V!JH3V,5:T<7VR5 ;HV<9K,9-&U>S\E\<_Q>CY
MN=P]O4H:V?<96'1DX'%ULLMM!(+V:'M"[4L]#6T)A%07%+\USC9]P6G?W=UW
M*;DY^3V!?,V%_88% PKX+PWP"C^SQJ_<N5/3")A$PB81,(F$3")A$PB81,(F
M$3")A$PB81,(F$3")A$PB81:><IMG.H5K'42!>JM)&0!&6FW318Z+AJP16ZQ
MS,BJ1@.DH\=(F<K !B*%0:H%$#(O# .K<H\1="V.C@>6R26EE<TD.:P.[!H(
MV%[FYCORM&YRJ\2J"QK86.LYW9/(.H:-@N#<$G7J'2M8X#8R2W8:V,@(J>HI
M)=JC_1C\P!Y08H$]7_>=,$^UT*4#,%E3J.,H:;$KV94V&X2M&G_,8T?Q,&X
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MS6V.Z[2'>*ZVC@+5$V("(MSBRDC= &+=*%%14_U^3W %33>@(].B/81>@(F
MK95-,S@US3UD519H.24_Y;CJ3^@[0/W::/U-FD N4N.9DE@-'=Z;:_)/QNH
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MN9+6]"2,U>7N0:BG3Z\06S_:4@[E]G/FXEC@%%YL:5?OI.]N4^RM;Y!X[>V
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MP7%,(LC&2TC#.0=QKI1JN =DPD[)DUD^H&%)P@H!T'*(B "9%=-1(1 !$O4
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M4[-FBNI1"NM%"G85D7#=4Z9@,FZGG I!-NRF#M%,FBHW;P[<Z2AVSAM$I/T
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M[N3G.<P]"E(0M.$QC&$0 "E 1$?4 9UAD1( DD).@ B!)ZASBXAL9-@]Q)V
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M=8A:RS4_,6!P5S+OE79DP,5NET(BT:)G$#&29,D")-&:1S!VSIMD4BG4ZJ'
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M].UY?80-D67#_1NI&=@X^1G5TQ^80\X%Y5%4I?DI.$ED/4*0@&JXLVU=(_\
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7B81,(F$3")A$PB81,(F$3")A$PB__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>g327881g48z28.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g327881g48z28.jpg
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M(" @(" @(" @(" @(" @(" @(" */#]X<&%C:V5T(&5N9#TB=R(_/O_; $,
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! ?_; $,! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! ?_
M !$( /("L0,!$0 "$0$#$0'_Q  ?  $  04! 0$! 0          !P4&" D*
M! ," 0O_Q !<$   !@(! @($" <+" <$"P " P0%!@<  0@1$A,5"106(1<B
M,3=6=[?7.$%15Y27N!@C)#(V0F%UEM+6"B4S4F)QM=,U4U1V@I.5-$-R@55C
M9'.1DK.TMN'B_\0 ' $!  $% 0$               4! @0&!P,(_\0 61$
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M4?'PKXHVDMCLV-[>Z"$<L6*CC!9)8;6$O-G&^ZQG?EW[F;."@P!@# & , 8
MP!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P"';%
MD;VS6!0#0V+S$C;+K$E#/(TH"R!@=&Q!3=FR1(D-$:4,PH!+VQM3@$:89)HC
M$8"QC$0,THR,OJ]6E>:-3IS<87-]7I5XI+%2G#2]0KQB\IM)5:-.?DM/,$LX
M;3Q+BI.%>QC&6(U;BI"HMO*C&TN:B3SRQ.$9;8>V.64YBR3,LU\6/,[ K_DJ
MV$P.U[$LM QPJTK;Y!50^)*]40.!52G@TG^"IN8UT>@++)XU/9):K:SH( E=
M)&\+I; F2WG&0@?%,<9W)N%>SDO![\]O'N\"AT5+KN12^@&60W4Z6,NY.<0K
M$NQV,ED9B*B,0"U88MX]B0N, 9H:U0AW+K1:7>KHW+XF^REX6;11:$@129$^
MN,KD,A?7Z_[AX[NWLSOZ7YN[T%N,KYRFF?%!D%%I=:5F61'.8=_5_/I; -41
M#;2D5/5#RUO6MC!,I$_!#:A;W?V0AL7:AD@*:Q#)+--1]5>S3Q!MGLY+OVRD
M_/\ K,S.-<W;9U5+>M1.=EN+@P2.;PJ5$W&5%2K/8YE#Y@],4GC<O%!BPPM4
ML871(>W-KG$CW*-O+"2TN[*]/C<N3O"T4?UP3U@# & , 8 P!@# & , 8 P!
M@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# (&XK_ (,/''ZA
MJ@^SZ/9#]'ON!H?S/IGL5 P=,^YNG_(;3V>F8S5-Z+CBA25IR^VZ[3W6TO5A
MS6;V'8D45\CKS=ZHL.6V(@=&R6.D]J%TGBJN)B)Q1.Z@D!,BC3B2DT0W"2 )
M$V(-IY@D.)XQMMC&RSMXXS])('&#T?W&/B!(7N54K%Y8E?G6'L]9M;A.+.L2
MSSH)4L<=W%_CU0UKNP9+(_8&L65[=5[HCB,;]1;QK#"#5FE7J#=I(*.3?-^/
M=OW[=OCS*0[>CDXK.=.(J03Q:81R+,=X2;DC#W^'VA843LB W=+9%)).]V#!
M+)89$AF,7=U#A,).F 0VNQ386SO2YE]1VV&^JZ#+SGGLENML)8QCS+]_,R%H
M&@JJXPU-%:2I:-"BE>0X+J)J;#W9XD#DI<']Z<))(GQ\D,A7.;]()!(I$[NC
MX]O+PXK%[@Y+U)YQW000 %&\[OZ_7L783)@# & , 8 P!@# & , 8 P!@# &
M , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# ("MGYTN+OUKS3]G^X
MLA]1^/Z!\Y7/[%U4P;KXSIORJM[!=D^Y,&<8V07BQ75<V+,;,B[]:I+S8$YD
MUC31E<;5FSS#I)*94W[9U:EVBKH[*VE8A:F8IM9(LU'$B;8HQL$:9(^F;VF/
M-*)(*Y?AZE_#_<]U1\7JCI)X*>X,AE&U+7$M5Y#TTHGDRF;97%<Z7H7/=?5L
MURE[=4,(B!BUI9!'M3$2E]:1QN)-"HXYEAT4;F4&\_7GXOO*X.AX8G@B^OHX
MYSN#L[A8$]LXUP@T\D\9D0)=9MA2RT9JJ"^-[@%8:VO,QF\C7B856U+(F)5I
MTB1 20VMH4@9^N$776590ZH8@CA$&0+43(E7OCP<:[/;W)WYX?I0]N$ED\CD
M<GDS@[2*1R&12!U<GEY>GIS7."Y>L.--/V'L  4+^P!@# & , 8 P!@# & ,
M 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@$#<5_P8>./
MU#5!]GT>R'Z/?<#0_F?3/8J!@Z9]S=/^0VGL],GG)@SA@# & , 8 P!@# &
M, 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8!
M5L_.EQ=^M>:?L_W%D/J/Q_0/G*Y_8NJF#=?&=-^55O8+LGW)@SA@# & , 8
MP!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@#
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MTZ4%Q5J]3LIT:>4Y2>W=&.<RE%;GPIWDK K<XXL?)_8%\'KIUB4AFS@*5[2
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M*C & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# &
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MU+:G.G1MZ-.KV5'3H12G..SBVUAI9RMC8=FZD^, 8 P!@# & , 8 P!@# &
M, 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P" K9^=+B[]:\T_9_N+(?4?
MC^@?.5S^Q=5,&Z^,Z;\JK>P79*DV9Y$_Q5Z:(E+CX')%J71;/+D[,UR(UC6
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MGL5 P=,^YNG_ "&T]GID\Y,&<, 8 P!@# & , 8 P!@# & , 8 P!@# & ,
M8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# ("MGYTN+OUKS3]G^XLA]
M1^/Z!\Y7/[%U4P;KXSIORJM[!=D^Y,&<, 8 P!@# & , 8 P!@# & , 8 P!
M@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & 0+Q6WH7%_C>
M+7R"H6G]Z_W;KV.[UD/T=WZ/Z$__ -GTSV*@8.E_<S3OD-I[/3)ZR8,X8 P!
M@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# &
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M\,C#_*H]#'F1)7-8IGLQ;XZB6*QQF$1]G?),:WG#;@2QU;&F!HG5O>98UGA
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M7@D)&VOI>4H(\+18_63%J8SQ!#*]5[2PG&"A;_FUS_0&L/UNRO[D< >;7/\
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MU8J:I]9T#I3;ZMPVURHVU_C:&<4;C'-T7)MJ?:Z,FY8WA*:XN';YG2S;1@#
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MC,@]1@$!6S\Z7%WZUYI^S_<60^H_'] ^<KG]BZJ8-U\9TWY56]@NR?<F#.&
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M'L( !$,6M;LJ5(4J<ZE1\,(1<I-]B2R_/X+FWLMRV4E"+E)XC%-M^"-8]EV
MX6'(SW91LPEN(V-,RMPA=0(4.A?%V+6M[#M6IWK1RPW778C-Z+#OP"20 Y_?
MWM2^KNI+*@LQI4\[0AYLM<<MG-KF]O@J*4!<5Y5YN3RHK:$>Q+S9:R^U]OFP
ME'N81X# & , 8 P"/[<^9^XOJ?M7[/Y'F%J?W,U3YLU'V*N8]Y\3O/D=W[/4
M.0?/FPX^, 8 P!@# & ;T/0V\_%%)V AXS6D]"^"&S7H),'<G$_>T]>V*ZG
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MK-_L(\_\O ,0>2?(,A0)- VR+V&467X+A(=#A[L4,9F]!-;6\8=@UOL #87
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MI&A3L2MRBJ%Y6&$GK'UM32-N,4EEM^F\8@N*=&XJE32YD)0)HP!@# & , 8
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MD3:1O84:4/0/;K8"_P!\/V'6@FJ3#SNFMF;SGUY7G>7%2O.4/*>(1XUY%-?
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M6*+,E379KG 4$35H8.M!"HPXQXB2O21 X$-2Q>UN 9VQ]?1W&6V"@P!@# &
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M*7X+G&SZ@J=^SN.Y#='/Z/:%\S:7[#0,#2ON7IOR"S]GID^Y,F>, 8 P!@#
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M# & 1_;GS/W%]3]J_9_(\PM3^YFJ?-FH^Q5S'O/B=Y\CN_9ZAR#Y\V''Q@#
M& , 8 P!@# .T+T'T\,F'!1D83CA&CK&R[ @P-#%W#+3K%3?8)(/?O8O#!J=
MB+*Z_%" 'A Z!+T$/U)[DUX[KHC2HMY>GW][:>*4Y0O4O-_/-O#9<CL?0JNZ
MVATX-Y][7%>@O,W&NO\ O_N[#8#;/SI<7?K7FG[/]Q9NFH_'] ^<KG]BZJ3]
MU\9TWY56]@NR?<F#.& , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8!YU:H
MA"E4K5(]%ID:<Y4H,W\A9"<L1IH]_P! 2P"%O_=ELI*$93D\1A%RD^Y166_0
MD4;44V^23;\RW9RSR%Y4R.0/DA6;$)6^O#F\JA"%L0A*71:>M/V(6^NQ"V:>
M+>Q;WUWOWY\[5ZLJ]:M7GO.M5J59-]LJDW.7TMFA3DYSE.7.<I2?GDVW]+*/
MGD6C /[K>P[T(.]A$'>MA%K>];UO6^NMZWKWZWK?OUO7OUO )ACEXSICT40X
M+"96WE] ^JR4)RU4 &NFM:3O91Q#X5HHON"F3F.![<3O8=B0&A $&2EOJ]Y1
MQ&<E<P7WM?,I+L7#635587P8N<H+\!F1"YJQYOK%W3RWZ)94UMR\K'>GR)YC
MMU0-_P"PE<>KB#@/H'1#SU<&D8]_%" E];TP!@&8/H(6W-G:T24 OWUQ,T 1
MFYJAJUG6PIN5M-]E7RZ;?A6A%8R_QE.G&/;-[LRH7%*?-NF^Z691]$DL^/E1
M27X3YDL:!WIR5I(R52%3W>JN")00N;E>@].[:1P1F'HE6@==:'M.>9H._BBW
MK?7622WBIQ<90E\&<)*<)?FSBW&6.WA;P>W8FL-/DTTXOS-93]9^, 8!J ]+
MS_)GCA_7MT_\/J#.:>Z3]HT/^UU7_!IAIW2_[7IWY]Y_AM#2-G*C2!@# & ,
M 8 P!@$R<=IX;5U^TK8Y1PB/8BU(%)SQA%VZ&B9Y.V+7 @S?NZD*D)2A,H#O
MXHR#3 "^*+>2>BWCT_6-*OLX]YZA9W$L/&84KBG.<7X2@I1EV--I[&9IU=VM
M_97*>.HNJ%1_FPJQ<D_!QRGWIL_T7,^W3Z$("XI?@N<;/J"IW[.X[D-T<_H]
MH7S-I?L- P-*^Y>F_(+/V>F3[DR9XP!@# & , 8 P!@# & , 8 P!@# & ,
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M.&/XR'JJ?Y8]I7G\WTO_ $V!?XWQU4/ZQ1_1N/\ ('#'\9#U5/\ ++L+%L8
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M"%TU\N^T(A=/DUO?NQU4/ZQ1_1N/\@<,?QD/54_^@O  !FC 66 1AA@@@++
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M&YKKS3#61@# & , 8 P!@# .HWX&Y-_V13_^&?07\G5_Q?TLZA[TJ=TO7_\
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M1P79,A3#)*) &?U8^G/ZS'JZN)3D>W(TU#QIL2O;I^Z #)98\\@;(J5<!+R
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MMJ"\^*L*QUSH+1ZO1ZM5K>O>U9)]\(4Z5->J<9FSNV?G2XN_6O-/V?[BS?\
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M86$0=]E$)>D9T7FL;E+#(8I)G]L7QZ2M)![HH=T;GH H_K^KMW,E,%!@# &
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MQ1!G4NRA.E2*'10VQ] WHSW$Y(A1)35II(E)B9&D($9LI.2  IG/,OC & ,
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MH7S-I?L- P-*^Y>F_(+/V>F3[DR9XP!@# & , 8 P!@# & , 8 P!@# & ,
M8 P!@# & <IOI,>.IM(<A'63,Z'9$"M\Q=-(^,DK8$B!_-/ *9, =ZUHL TK
MLI"\)B"@ )3M3ZWI2="VE-[?G'I_H3TC6ZEQ2ABRU1SNZ+2\F%=R_G5'N7#4
MEUL8I)1IUH16>%G->D-@[.^E4C'%"ZS5IM+93S]EAW;2?&DME&<5V,UTYHI
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M9 7%+\%SC9]05._9W'<ANCG]'M"^9M+]AH&!I7W+TWY!9^STR?<F3/& , 8
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MO[I71EQG_P"(;*GY$^"GJ=."^#/:%*\POO9KAI5WMB:ISPW4J26E=)M+:?\
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MYQL^H*G?L[CN0W1S^CVA?,VE^PT# TK[EZ;\@L_9Z9/N3)GC & , 8 P!@#
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M:7,SPX(%*,\\6M8>']>[GWEY_"#(_P S-G_I55?>?@H/A!D?YF;/_2JJ^\_
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MGD7,A,WE\/,/VJW%Y*]L 5G;V:6E-3DI1$KB]:]VREI)(%1(@;V 91P!EB$
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M1D(4I[],)"Z2V5/)I"<!98W*12A[>) \K!!V>XO#FN<%0S%*DXP0H5G & ,
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M]R9,\8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & ,
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E!@# & , 8 P!@# & , 8 P!@# & , 8 P!@# & , 8 P!@'_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>g327881g50p39.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g327881g50p39.jpg
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MD1\SY&;4O:M%IY*M;$-4'3UEU[/ZD'J;HY-[+=QV37==NUC00)OBOC.A$=;
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M24Q4;/&;E-%Z/>HN&#]NV>MET$\%::<G4T9CH!H#6OR'N_DXUY/N:1I&;TW
M(X H6"6J5)V)34KM<P8-S6PK2B.;%GF"N^IF8<:-8U^S<)XJ-2SETZ(.M\W"
M*2:*>VH52<K VH4FTW-M5-+4OXLPOZ:=0+M%<7>YS8OQFZUH\>GY,Z2#8BYU
MV#Z:=0+M%<7>YS8OQFZ:/'I^1I(-B+G78/IIU NT5Q=[G-B_&;IH\>GY&D@V
M(N==@^FG4"[17%WN<V+\9NFCQZ?D:2#8BYUV#Z:=0+M%<7>YS8OQFZ:/'I^1
MI(-B+G78/IIU NT5Q=[G-B_&;IH\>GY&D@V(N==@^FG4"[17%WN<V+\9NFCQ
MZ?D:2#8BYUV#Z:=0+M%<7>YS8OQFZ:/'I^1I(-B+G78<=W.^H<V:N'(Z^>*)
MA^W0579"2/$ZS08\H[2PR4;CGQMGRY..P[1\KCBV<%6P4PX'HJYNT19!1'%H
MLT>/3\C20:X8EC33EX4%/B7,XS\F(YR)CAE-0,\KZVZ^>- -R4V>=MW4DKN2
M.F^:[11-VA@BWE$%E#=%8M7U@B4<0DQ"8Y*I8CS0\\!#<[*F;:EBG8[RS&A!
MH!H"H )WYG?)./F@V7D'&KEW8#:'6'&L<O% ZFY32]3=. 6F!;_+X@."Y#&<
M,:RL@8U33;$+C*5?+6C9(O+[$+%1JU2UJ;\)6>$I\3:_H9-2W!!7>3<?FETN
M]]UC?)N?6;R6+O\ /??=5VPN";&)%7S/+/?].;6*U)O7L&$;Y?R\046%IY[Y
M9X999"NV5U7#-U^)<G0@T!KXZA/^AN*OWPZX_+^V-56K>O,/Z8_M?FCC:[GG
M&@&@&@&@&@&@&@&@&@&@&@&@&@*\P^8'."9Q^<!L"DAX:R$H\,V%7H9FZ*&>
M,IDHZ4>&;3JP,S37>$*:(/%W!:TJM$MU7$,<*OK"KUCFRSE$7><XH95JS6O?
MM;K.T,5*I_5J>U@\;GKL==NX ">"2D('DL:,#)#'9",8F@)X*^:E YH.4:I/
M1I4429*KLR X@S71=,GK595NY;JIK(J9IYXY;\S1VV@-7=^_K[0_[H<D_.:/
M:W!;X>J)'_Y_Y_\ RS--=3@- - 1)=MH.:D@3J3"(H[GTK>E@<8A$!'DFX@A
M,Y;(R;<:+#-B3EN\1'H(IJ.C)DEFS=X"8^)+EE&RR+%3#>-R5^!J%4G*<E:W
M<EK]-YPTN0518UY7UGE)H)C\5M *&-0I4TOLT?G-CH=$XR$L!N/C7KT_NS6\
M',&R1<$_*DU6J;;-=/=/2:E.Q"C%-J5:M.8_OBGAL0!SUS8,=RB$D\L^8SK)
MRH2:D=AN:Z9?)' <D[<8X@U6SE _FJBGB!7;.$#&[%9!7#!-7VV"C%.4G-:C
MHQ-Y1XA;Q>O%2D;P!KP2F91 9"@717QFQ:U5KS=8BQ*V"F;!^CA&Z=S.B%6"
MJN1!JX(*XY*)(M]\DZY;N+GD'"Z*=<_FFKJ+2\V9"4O*HPYUO&'\_CN$A<F'
MH' *W=[OR21,:H*0)(NVK!-RJP0'.3@=F_?/<6[!D]),V3ETD[731W35Z%&)
MJ<JO>1U:-Z5\-V&LY9-82S.'978<?!#H\9>2#RQM!K!*P=TJOMB+:O&3P([;
MC0T[W<,\0D5F[A[&L39'!%B1()KSZ"B]2=BZI/\ YK:) F$VBL!$;'9>9;A1
MF;I%@BLM@X<+.WSC!51%BQ9,D7+Y^\420<+XM639=?Q#=POXOQ*"N>%;2M(D
MW81X7Y)4,"&!#).UX4B-D@+:4 7")A![N5C>RCA)P?9HL?*7"H8?FS=[%B6R
M7D8?9JYR*K,\4%=\9-6SQ\"T(G.IU5/?[LO/C9O(>J*T#*NBT_AR!A]#'\TC
M YR:;Y)&!";93<494<-,UDV<;+D=VXUC(':K84^>N,&;)ZL[SP1W-I<)K&J8
MAAB>IRG)^OC(D.O9*O,X!!Y@Z;),G,LA\9DKAFAGFH@T7.A6119LBHI_E,TD
M%'622>>?\O+##;?+^5OOHJTG@1U-K$Y4RAL5L.*GH1-P(V3Q*3C7 @^ +M\7
M0\F/=8^"J@NEE\F^.6.^V*J"Z62;AJX32=-547**2N%MJ9$VG-5-'5<?^0$J
MX]RJ,\=N1,F)2>O).2:1GCGR,DSO)T0=$'66R(2BKU-K;[;8V)CMM@/K.S"&
M:;>W&Z:$=D2Z-JHMW%A<8H9;CO#$HE<U:O5>JU;K-I>LE&@-0\;_ %KN?_\
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M!H"LEKU+/[3MFO2K&>2&L8=4X8Q)P1R*-H&9,'[-E[8K#<_&BYY$YF,8,X;
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MN-WS178Z!F5VFIFT9D7RCK,7DW?QO,.NY0SVQW3S3V9K[8K8*IZRU-.JMO\
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M-\F@_8W+84$/E?(6N:J^;9GY>0<>2M\EULD4/ 3R54WQWSW$=3:Q)BT(- -
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M^Y<-^%I)4DY.4=$Y\RK0[.,6\I>/8>+<9M(Y+2\4CYBQ':0^O <UL(.!?U_
MC]@/W#)E!04VDX O,79(4VC;(FL6&X.@D_>5ITH;EYQZD,X^KL+/')"1[S6;
MUFFNA";!^B:]G5NI),9K6#6P<XIA 7=F DH?)7ZM>MI,K,78@0Y-#PCL1ND]
M4"3]Y6ZSG<;N24-Y-Q"22^&!)P!:1FR+1KAZTG$$F\)=+O*SLV9UNH38[3*-
M1WR] NK#EBRS)EBY?Q99]]&94D*DXTF,;@U)RP3XJ9PF?+OCZ1E;J&#YN0?&
M$B<S #G;.!6.YBTNE5=LS+^=0BNITC$<X39U@Q5M&Y+N;KZNY#)YJQ6C4D:J
M@=G0 NBR"3]R]K>8QPNOV1<EZI,VP;S:MV!.R;!#14"E5-E5>^C<5CDE?B
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M-X2DE%7!TBV($$W+-PGXS%1]L*6=8X[9"TG.<W)132G962YR*XPSVV+"L"2
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MG-?^#:6]_&@'G)65V%.:_P#!M+>_C0#SDK*["G-?^#:6]_&@'G)65V%.:_\
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MT918'':R(I.03:V)8P^@$DQ.N2$:Y"9EF,>@S@RV+677$[M94<ONN2;M+".
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M%GBD[$3L\>J2,):\+YLO=MA2F:P@7/:]N*Z*WODJTQYG<G(&.K>31^.5:W-
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M<^#'R_N0?V[1YY-H_N\>:'\4\!_CDTD[GP8^7]R#^W://)M']WCS0_BG@/\
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M*.T#3@(\$*M5F)0.:$5W'!Y0429.,$W#-^/?-UVCQJOA@LW<(J)*X8YX9;;
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M4S"T>34SKV2$YA>W$"06Q-XYE(9+7+R*-;8O""PB!QN63^*,WTAK9*B*+2@
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MS:/2S-M'SN:,EFPAYDR(98>4X,\]FJ>3W=NED"K=LM<]RGJ,8M[D3Q]X5<7
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M(T T T T T T T T T!2^^OUK^!_^]W(+\A9+H56/=ZHNAH0: : : : : :
M: : : : : : : : : : U9TW2'4KH^NPM91:T.#94#'WTG=L'Q^H[\4+K;2>
M5FY8YQ=Y#KF8L]_$/#CANAXELG\C9)'%3=57;-50:=%U_-7N)/\ FGJE^L#@
M%^$'(GWX:#Y/Y=!\T]4OU@< OP@Y$^_#0?)_+H/FGJE^L#@%^$'(GWX:#Y/Y
M=!\T]4OU@< OP@Y$^_#0?)_+H/FGJE^L#@%^$'(GWX:#Y/Y=!\T]4OU@< OP
M@Y$^_#0?)_+H/FGJE^L#@%^$'(GWX:#Y/Y="E=DC.HQMS7IQ,C-N%.<TRXM<
MB,P[IE5UZ)1=*+XVSQBVD+<DP7M]8JN>6*YQE0,[:DFX]J/0.HOF+MR['KLM
M0SG5*QVSO1F.A1_5]2UJYRU/'H:W.>D$ZUAGF'QW?<>9!'=YDRKHRF5E="AI
MA!:/%@]Y;LKY'=N-O2V90J0K;J;.'PD(]2>D7+1!UF# /R*.V>-:B;5\K5/'
M6:^&_@J"*E?4G)Q6:I)5=#_0+TG&MX,I)S0:\CR]<'+G1LJC\)P3J88?$P-R
M1VXVUMLGD%:R9TY+Y_(UV0V?.E4QR#M_Y2X9!Q+-1!@AF*<W.TS5*&BFE)R3
MM^IVFU^PX0'LR 3FMY"J10 6!#Y-"#BX=YD.+(AY6%>@2:HLAAAGFP(ILGZ^
M;)YAAGDU<[)+XX9;X;;;P*JLUA=*#I(5ETHXM=(& VO.K9(77*(T9-%9>/%@
MV@@1"FQ]K%1 P&)5<MMB*6$G,9GS^[C#([GN.QP&C&XU!#(;CC<;3:2E<0M4
M_!JUZ3HZIVT9K@X;G-D]/";\9[WCLEL5O,RM6VPE5+*00I]!34WFID=#8+()
M@+DE:SN&503;0LN?)T[(\PK8# GAMF(W.:QFJN,^EMSO)^:5K>$-LYN&J.N[
M3% ;/C2"'*9"9KU(ZI0\1"<3VE>QBQ*P.(R]U:8>U$Y-!Z@J9^!1:;0 K&PD
MH.%HH*>_-UAE U5ZE5;.V==4I5MWXZC..G?2%L<9X$/J.T(=F:(/X%!)@ZOI
M0N!(RDX;2CH@(1INV$42[A[E(Z?\#:*UN7AC1>KG]6"Q X4WB9<([8'1&YY9
M:C,F6-H\;[IY$'65)3^ZJRY#V#&;D$R"J'U>N)+!IH/INKJ6DD'F47GDY@CY
MR&?,:ACDJA\LC2\E1\;()%'I,TBC..1Y](PU+#K7/U*U\XHGS"NL'>L#A<*N
MEA$IUQR!LJGB$!\U9H",V 8%R]S-8_R FECO)1+@IJ'D\XRVCC6IC8( OBY7
M>1Z<&C3ET3B0JDI;W?95NMKRL3P'Z&SFR%.<%,0FA#;LQ97/^(2L=>S!_ 48
M9%MX'CQR/NYW+'924CIT.F54MX4N4B0<'$3>QM_]#T@)3%=]+EHF%SGJ=6O7
M59)JNO":+" JHMR OZ%D;JLI'($HGS\YJ6+)1D:(P]V6$UK>YOE8E7T]51(R
M<6T<A'6%C0AV68L7KJ3!F1[%=Z P^;#. X)JO[4O%2R*DRJD^<%T@R9&QH;;
M9*Q'?"#FW5$T"R-?BY%ZB 7/=D'A+:/U]Q^VK[-M89^N#,HC3G ?+K<E!!3(
M6QAQ"2/<)&H?2C()I2^Y/7.5=NJZQ<->T/E%7,SL&E(!%(>$S,R -R-X+S@F
M/P>C6>36+5%S%X_6?8A7=P1>-&BN,<@L+DQY1H@X4?DL!>3 .U(%'3)BY$7H
M_)E +)XA\@)#7?)&FD(8@3K6EJAMB!\(63>11W'*<J7ZXR/;,UACXFV0A?FW
MPMNUXX5P\-+CLB4,,RITLMFV>X.%A9JIZYJ>$O.=N_>9Y94&Y=6/>\=W.@+8
M5C$&YFUM.P X#AQJ$<?F=#14B+09SG8\]1=<BI)9CH(L00EH7,Z&;M'&!H8,
MC^430#?3(*NF,YRENMKW8G=0[CE<, IS@TPA-:@!UC4K=U_V'+1Q$D":B@^=
M@<>.9HH:^D1 23R6)B);;=C5=A(D(ZN4)YN"S8RY:8I@W;T8)57N4M]7Y*UF
M..?+NZL"QB;QRW3)%WQ00BLJ$WHMQ;A4;DMBQ^^*"M20T)% U$M\=F5:SJ/0
MN>U^+D$^)S(6D+-O,7$A69.'Y>4#55D]=34\:Z]=CDDLOW<<+MKDA?\ RF(0
M>EYY4TJC=:=,*4&X=F8X\N;;L 34?*/DK99@:FHX.VM0R,J91UIL^KP#8QY^
MP+D@ !"6;1F)2$":V"Q*[YKY5I*K<[?(LC6_&8ZO<-,W$YC]['U<^3-B7+9)
M7D<WX[")('-Y\1WM#QN; (O1@R-QQ@S*(L8W&,<L@N4S6)LWILHV1$*,RJXS
M/5A+?7/W8=8.XF6BPK&A(A$(LUKB21_F?SYL<_(1#J.M5X1"KQ@O4% UI/<E
M!9'QQ!%X4MFD%4 XC)\:&)N :;\4.0B[S8*+-?-]L*6].')D ".&UES#CP^A
M<I@_)9S9<)XB>;*/KZR]^&0NC<PQ^6TX1EL3A!.DXW"I%-!;;>J&KV"FYPML
MQ&1$@>0(M@LOE!8/N$ZYSMB3G7.U^_(M[R2HBS)%).91Z"0)0P/GO$WBE%(.
MQ$/XR-<S2<TU;W*28RB(C6Y(N+;LC+6+3&"LQ;Z0JA0#Q0V,')',419+<4"=
MB^[PFDIFQ6/E53H,097#&(ZL4'M'Z@&0),D#@C-TC@MN/+HCGQ-BB0:[Y^)=
MI-"#Q!-;'/#!PKMMX6XR=QH!H!H!H!H!H!H!H#4G/_VE7(#[C?!S\^^HMK<%
MOAZHGQ/_ #A^^+_6$ES74X#0#0#0$)]//]6C_F(YK?UTN0&O.>E_I^SX?^D)
M=S0AXT^A] ]8CIP?L\^"7W.>,WY,0O0\,?UQ?=%YLNAH9&@&@&@&@&@&@&@&
M@&@*7WU^M?P/_P![N07Y"R70JL>[U1=#0@T T T T T T T T T T T T T
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M+%!2(43A+^+,WSQ7*9L5@+)R\6R145%E7+7.1DM6WW6UKU32-O"3*,;C_(.
M02Q*W#S5X' RDD*L.+B):"%*"=BCQ):1(C#;),D,$/2N#=YNHB@Z=);)KJ!)
MS:NG.6!)#B4QAJ78QYU(P+8^35=(#0;@N/1+D%F35%\\18C5'&+UVJT8N6[Q
MTF@BIF@U<(N%=L$5<,\A#](R>-.#[J*MY"#7E#%DF2>QM$LP5/LQZN2>*3]T
M'P<9$6[)3)5+%-TLWP0SR43VQSWWSQ^4#Y,)=%"A0B$&2>/$30=WLP+"&!H:
M\*"WV2"KG%D1'MW*CMD[R;-UW&S=RDDMN@BJKMAXM//+$#]CY5%RS=ZZ%20"
M3:C2N0(BY'F![UNP.8.$6F89ZLV<*)M2N+IRW;9#E\DW>+A=%'='917#'(#A
M,IY!R>P+<=,XH0VE"A!&,[LI$(=[2)83OGL52!>(>*?.Z@S=-38@F/\ *,F6
M^&?E.R?@Y?(!V>$A *'%HPF<#J25N/3+.(]@399'$!:JNR"1)83BON_2'J+[
M[(IO,V^+?-7?9/%3?/\ 1H#@-YM#':A9%I+HPY6 LV9$ZDW/"EE H\@V\L8/
MRV";O+(<S?-/\Z9NGFR*#EM_ET<\TOY6@.KK"S(-<M>PVTZUD#64P2?QD#+X
MJ<:)N6^S\%)!+,V)778OD6I(6[5&OVJSD65:,B@]53=J09M72:J. .JIVHUG
M3_\ :5<@/N-\'/S[ZBVMP6^'JB?$_P#.'[XO]827-=3@- - - 0GT\_U:/\
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M7AIQVKQ6OR]:2>MZCKBO+%BQJ!E("Z1LR&02-@)V]2;D1 EO*FCR0L7F;>>
M<S,=EV..Y,0?+-\O*-"16O.96&?_ +2KD!]QO@Y^??46UN"WP]49^)_YP_?%
M_K"2YKJ<!H!H!H"$^GG^K1_S$<UOZZ7(#7G/2_T_9\/_ $A+N:$/&GT/H'K$
M=.#]GGP2^YSQF_)B%Z'AC^N+[HO-ET-#(T T T T T T T T T!2^^OUK^!_
M^]W(+\A9+H56/=ZHNAH0: : : : : : : : : : : : : : : : : : : :
M: : : : H):WZ_\ 1/W/.4/YU<1=;@M\/5&8_H_RA\HBQ>NIQ,<X(_Z^NH#_
M ,7:0_JT5EKC']3\/)'>'Z8=S_VB-F>LE&@&@&@&@&@,=:Q*-,I6;G30,Q0E
M\DC\8BIV0)I?(1*1V%D)86BH=VM\OR*,@1*=S!X/3\';=):0DLM]\O';;8@!
M<2C04Y)Y*)#,6!Z:.!3J5%6Z7@.SK@&+0""%B"GR[^-S'B6R#!OO\F/@-TL,
M/T_)\N@,BT T T T T T T T T T T T T T T!#4"X^4U64E?S*$P,6(E1
M<\#;GUG)4R4' 2#]J5(1R/.SK\FI%XR0)L!Q%_&XWN*!O'PT8Z<CU5QS'- "
M9= - - - - :DY_^TJY ?<;X.?GWU%M;@M\/5$^)_P"</WQ?ZPDN:ZG : :
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MK7\#_P#>[D%^0LET*K'N]470T(- - - - - - - - - - - - - - - - -
M- - - - - - - 4$M;]?^B?N><H?SJXBZW!;X>J,Q_1_E#Y1%B]=3B5ZG?*B
MCJWF1&OI5*C.$Q#C YDL$C]>65-%A8V0>7?,CDBYA<0D#%E\Y[#'^3-%RZ27
M5Q:+Y;)>#AOOK+B2J;\S:^''$II36]>K,7\]?CO]H)_^ ]^>['2G#?T>1=%\
M39ZPYCSU^._V@G_X#WY[L=*<-_1Y#1?$V>L.8\]?CO\ :"?_ (#WY[L=*<-_
M1Y#1?$V>L.8\]?CO]H)_^ ]^>['2G#?T>0T7Q-GK#F//7X[_ &@G_P" ]^>[
M'2G#?T>0T7Q-GK#F//7X[_:"?_@/?GNQTIPW]'D-%\39ZPYCSU^._P!H)_\
M@/?GNQTIPW]'D-%\39ZPYCSU^._V@G_X#WY[L=*<-_1Y#1?$V>L.8\]?CO\
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M*F..V>V^JHD[&9B@BA^I2\4_)D[ZID: : : : : : : : : : : : : : :
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MS#/'?;_9EAEMOCECO^G'+;?;?;;?;?;0\,?U1?<_-ET-#(T T T T T T T
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MS]H94OW,KB_.^E=;@M\/5&8_H_RA\HB1==3B- - - - - - - - - - - -
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M?F/\9/L 7_$ZV?;G2A#=U>9=)'M,>8_QD^P!?\3K9]N=*$-W5YC21[3'F/\
M&3[ %_Q.MGVYTH0W=7F-)'M,>8_QD^P!?\3K9]N=*$-W5YC21[3'F/\ &3[
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MQSQRVVWQRQRVWWVRQRVWVWVWVWWVWVWVWVW^30A^M - - - - - - - - -
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G(@:W\++%%NCA\N2BJRV:KM\\<9K/2+]PY(/W#E\Z<.%!#-= ?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>g327881g70k63.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g327881g70k63.jpg
M_]C_X  02D9)1@ ! 0$#P /   #_[11P4&AO=&]S:&]P(#,N,  X0DE-!"4
M     !                      .$))300Z      #E    $     $
M  MP<FEN=$]U='!U=     4     4'-T4V)O;VP!     $EN=&5E;G5M
M $EN=&4     0VQR;0    ]P<FEN=%-I>'1E96Y":71B;V]L      MP<FEN
M=&5R3F%M951%6%0    !       /<')I;G10<F]O9E-E='5P3V)J8P    P
M4 !R &\ ;P!F "  4P!E '0 =0!P       *<')O;V93971U<     $
M0FQT;F5N=6T    ,8G5I;'1I;E!R;V]F    "7!R;V]F0TU92P X0DE-!#L
M     BT    0     0      $G!R:6YT3W5T<'5T3W!T:6]N<P   !<
M0W!T;F)O;VP      $-L8G)B;V]L      !29W--8F]O;       0W)N0V)O
M;VP      $-N=$-B;V]L      !,8FQS8F]O;       3F=T=F)O;VP
M $5M;$1B;V]L      !);G1R8F]O;       0F-K9T]B:F,    !
M4D="0P    ,     4F0@(&1O=6) ;^            !'<FX@9&]U8D!OX
M         $)L("!D;W5B0&_@            0G)D5%5N=$8C4FQT
M        0FQD(%5N=$8C4FQT                4G-L=%5N=$8C4'AL0'(>
M%(         *=F5C=&]R1&%T86)O;VP!     %!G4'-E;G5M     %!G4',
M    4&=00P    !,969T56YT1B-2;'0               !4;W @56YT1B-2
M;'0               !38VP@56YT1B-0<F- 60           !!C<F]P5VAE
M;E!R:6YT:6YG8F]O;      .8W)O<%)E8W1";W1T;VUL;VYG          QC
M<F]P4F5C=$QE9G1L;VYG          UC<F]P4F5C=%)I9VAT;&]N9P
M   +8W)O<%)E8W14;W!L;VYG       X0DE- ^T      ! #P     $  0/
M     0 !.$))300F       .             #^    X0DE-! T       0
M   >.$))3009       $    'CA"24T#\P      "0           0 X0DE-
M)Q        H  0         !.$))30/T       2 #4    ! "T    &
M   !.$))30/W       <  #_____________________________ ^@  #A"
M24T$"       $     $   )    "0      X0DE-!!X       0     .$))
M300:      ,U    !@              J0   L,          0
M               !              +#    J0                     !
M                         !     !        ;G5L;     (    &8F]U
M;F1S3V)J8P    $       !28W0Q    !     !4;W @;&]N9P
M3&5F=&QO;F<          $)T;VUL;VYG    J0    !29VAT;&]N9P   L,
M   &<VQI8V5S5FQ,<P    %/8FIC     0      !7-L:6-E    $@    =S
M;&EC94E$;&]N9P         '9W)O=7!)1&QO;F<         !F]R:6=I;F5N
M=6T    ,15-L:6-E3W)I9VEN    #6%U=&]'96YE<F%T960     5'EP965N
M=6T    *15-L:6-E5'EP90    !);6<@    !F)O=6YD<T]B:F,    !
M    4F-T,0    0     5&]P(&QO;F<          $QE9G1L;VYG
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M;&5F=$]U='-E=&QO;F<         #&)O='1O;4]U='-E=&QO;F<
M"W)I9VAT3W5T<V5T;&]N9P      .$))300H       ,     C_P
M.$))3001       ! 0 X0DE-!!0       0    $.$))300,      KO
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MTW7C\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H
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M*J22G__9 #A"24T$(0      50    $!    #P!! &0 ;P!B &4 ( !0 &@
M;P!T &\ <P!H &\ <    !, 00!D &\ 8@!E "  4 !H &\ = !O ', : !O
M '  ( !# %, -@    $ .$))300B      $N34T *@    @ !P$2  ,    !
M  $   $:  4    !    8@$;  4    !    :@$H  ,    !  (   $Q  (
M   >    <@$R  (    4    D(=I  0    !    I    -  +#MP   G$  L
M.W   "<0061O8F4@4&AO=&]S:&]P($-3-B H5VEN9&]W<RD ,C Q-SHP,CHP
M-" Q-CHQ-SHU-    Z !  ,    !__\  * "  0    !   "PZ #  0    !
M    J0         & 0,  P    $ !@   1H !0    $   $> 1L !0    $
M  $F 2@  P    $  @   @$ !     $   $N @( !     $
M $@    !    2     $X0DE- _T       @          /_A 3!-30 J
M"  ' 1(  P    $      1H !0    $   !B 1L !0    $   !J 2@  P
M  $  @   3$  @   !X   !R 3(  @   !0   "0AVD !     $   "D
MT    \     !   #P     %!9&]B92!0:&]T;W-H;W @0U,V("A7:6YD;W=S
M*0 R,#$W.C R.C T(#$V.C$W.C4T   #H $  P    '__P  H ( !     $
M  +#H , !     $   "I          8! P #     0 &   !&@ %     0
M 1X!&P %     0   28!*  #     0 "   " 0 $     0   2X" @ $
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M! (" @(#    !0,$!@<""  !"1,*$105$A87(29!&#$R,U'_Q  4 0$
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M7[ZZB^@'ES=6Y&SK7!?TCV9$0IWY\Q9VY>1&KZ?+3*K(V7C)Z%?K<(W'I$(
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M#"[>((E6"$\7)%FX*$@0(&2PI1,8X,J \CKT);:T]@]D]J/=&<Z-:SQ2O_\
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M6;S=KN\H8T:Q0G:UE/U28A1K"U2(O#"9R5PN>)NS@L3#@K-Z'[NW(EY0[-Z
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*#@. X#@. X'_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>g327881g85e01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g327881g85e01.jpg
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M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  S F # 1$  A$! Q$!_\0
M'@   @(" P$!             P0  @$%!P@)!@K_Q  U$   !0,#! $#! (!
M P4    ! P0%!@ "!P@Q@3)QL<%!$A1R"1$3%2'1%A@B420E1&%C_\0 '0$
M P # 0$! 0            ,$ 0(%!@<("?_$ #<1  (! @4#! $"!00" @,
M  $" P $!1$Q@<$2<;$&$S)!(10B0D-2<O '%2-A,U$6)"4TT?_:  P# 0 "
M$0,1 #\ Z;U^#Z_/2:[<BK6=0<^!IXT'8>*S_,_S^FK7==O'FG)IOP*I33?@
M42GQ_>W-/C^]N:-9TASY&G)\AOX-;C3<^35J>-1W'FLTQ3Z9)];\5:SJ#GP-
M/&@[#Q2Z-5$>B]^:R-1W'FEZMC^]N:?3=F_'L*>FNW(HK%_4/'@*LCT7OS15
MB_GCW5-%9OVY]#5%;IKMR*S9TASY&GQZ+WYIM6JKZ'<^!3(_O;FJ7[<^AJI-
M=N167TWX-9LZ0Y\C5:?$;^364^(W\FK5M6U8^0[#Y"JTUVY%%8OZ1X\A3T^0
MW\&B@#L/8?%5IIOP**!6]%2J8]5[<44*_?CV-/K)T';DU2JTUVY%8JE^W/H:
M>GR&_@UD:'MR*".P]A\4\:CN/-8H%/HH [CW'S3QH.P\44"_J'CP%/3XC?R:
M*K3TTWX%% '<>X^:J&@[#Q12YF]W;U5$>B]^:*6JFE/KMR:7JM-=N16E!OZA
MX\!3AJ.X\T4"_?CV-5Q_>W-*?7;DT&_;GT-,K2E+^H>/ 53'JO;BE_S/\_IH
M%^_'L:?6'UVY- ,^.?545I0;^D>/(51%_#OS27^1V\"E+]^/8U:FF_ K6E*<
MFNW(J1]-^#2QFUW?W3T^0W\&D/\ $[>125_4/'@*L3XC?R:4=!VY-(F?'/JG
M1_>W-12?6_%)&;7=_=6QZKVXI=)&_/X_[J@:CN/-23?/84B9\<^JKC^]N:52
M1FUW?W3TUVY%2/IOP:UY^U_;T%61Z+WYJ.35NW%:N_?CV-7)IOP*YL^J]CYK
M7'] ?D'@:I@^9_M/D5RI_@/[AX-:8_>_O["N@GQ&_DUSI-6[<5K#^L/Q#R-5
MP:-W'BN;/JO8^:TU^W/H:Z2:[<BN))];\4*FTNI114HHJ445***E%%2BBI11
M4HHJ445***E%%2BBI114HHJ445***E%%>J%?P'K]5IKMR*M9U!SX&GC0=AXK
M/\S_ #^FK7==O'FG)IOP*I33?@4_8@7&66F%HU9EEP?O;?8G.NLN#_S;=;8(
M"'_V U3&CY$]+9'+(])R.NGXIZ#7;FF+&UQ^D/\ T"WY_P#BG_\ D?\ \Z<B
M/U#]K??\)_\ 1_ZK<<GR:&<E4IP 3TQY 7"(6B<286%PA_D0 ;[;0$0#< IP
M4@C,$?D:@BLUFG4R3ZWXJUG4'/@:>-!V'BET:J(]%[\UD:CN/-+U;'][<T^F
M[-^/84]-=N116+^H>/ 59'HO?FBK%_/'NJ:*S?MSZ&J*W37;D5FSI#GR-/CT
M7OS3:M57T.Y\"F1_>W-4OVY]#52:[<BLOIOP:S9TASY&JT^(W\FLI\1OY-6K
M:MJQ\AV'R%5IKMR**Q?TCQY"GI\AOX-% '8>P^*K33?@44"MZ*E4QZKVXHH5
M^_'L:?63H.W)JE5IKMR*Q5+]N?0T]/D-_!K(T/;D4$=A[#XIXU'<>:Q0*?10
M!W'N/FGC0=AXHH%_4/'@*>GQ&_DT56GIIOP** .X]Q\U4-!V'BBES-[NWJJ(
M]%[\T4M5-*?7;DTO5::[<BM*#?U#QX"G#4=QYHH%^_'L:KC^]N:4^NW)H-^W
M/H:96E*7]0\> JF/5>W%+_F?Y_30+]^/8T^L/KMR: 9\<^JHK2@W](\>0JB+
M^'?FDO\ ([>!2E^_'L:M33?@5K2E.37;D5(^F_!I8S:[O[IZ?(;^#2'^)V\B
MDK^H>/ 58GQ&_DTHZ#MR:1,^.?5.C^]N:BD^M^*2,VN[^ZMCU7MQ2Z2-^?Q_
MW5 U'<>:DF^>PI$SXY]57'][<TJDC-KN_NGIKMR*D?3?@UKS]K^WH*LCT7OS
M4<FK=N*U=^_'L:N33?@5S9]5['S6N/Z _(/ U3!\S_:?(KE3_ ?W#P:TQ^]_
M?V%=!/B-_)KG2:MVXK6']8?B'D:K@T;N/%<V?5>Q\UIK]N?0UTDUVY%<23ZW
MXH5-I=2BBI114HHK9NS*\,*HI"^-+DS+3VUG>"$CJA5-RHYHD+2B?F!U*3K"
MB33&Y\8W)N>6A=98*9R:EZ)Q1&G)%1!U^D<L<JEHI$D4/)&6C97420R-%*A*
MD@/%*CQR+JDB,C ,I 9+%+"P2:*2)RD<H65&C8QS1K+#(%8 E)8G26-P.EXW
M5U)5@2B80<2!-QQ)I5J@H#R+C"[[ .)&\PH#B1N  ,*$PHTL#+/JL^LLRS]_
MJLN -@0<\B#TG(Y$'(Y Y'_T<B#D?SD0?NM"",LP1U#,9@C,9D9C_P!C,$9C
M\9@CZH59K%2BBOHW2(R9E6,C>Y,;BF725I97R/I?M[CCWEJD95AS(L;;"/Y1
M5EN5I@%I["?K-^X Q)>78J*-)L3'<02+*Z2HR022Q3-GD(I(3E*KDY=)3+-L
M_P 99-GTD&GR6UQ$\*/"ZO/'%+ N69ECG ,31A<^KKSR &9ZLU(# @;*18YF
M\4E801^C;DBFUMY!"B(V6%K9*WN!_P"__LCLR(#%3DSR1+> DN49=4R.0-2D
M+DKFVI%-MQ0+AO;6XM_U44R-:_DBX)*0.@_FQRN%22%L\TGC9H9!^Y'9?S3)
M[&[MKG]'- Z7>85K89/.CG^5)$A9XIU/X>"15FC/[713^*^*$! 1 0_80_P(
M#_@0$-P$*JJ2I114HHJ445***E%%2BBI117JA7\!Z_5::[<BK6=0<^!IXT'8
M>*S_ #/\_IJUW7;QYIR:;\"J4TWX%?N TX9UB&FC]+##F<9V2YJHS <(1)<L
M0LR<%+HY+71R21]C:D1=]Q9)9SJ_.S8W J4F%(T0*KEBPTI*0<9;^I\'Q>VP
M'_3_  W%KP2-!9X5;.R1+U22/)(L$,: D &2:6-.IB%3JZF(4$U]:L[Z'#?3
MEM>SAC%!:1,P09LQ9A&BJ-,V=U7,D 9YD@ FOJ&']0V$.4]P+C=RC:UN?\F:
M8"]4N0EQ9BA4SX_B!V/CID0SME]B.U;*'4X]*X%WW$)DQ:9O0%W_ $'KW&U*
MB;#ZUM)+O![%X'CFQ#T^/4-XX):*RM6LS="),EZYY25<?A5"H@.3/(%3,>/P
MM/8VS1LLESA@Q2<@DI;PF#W0BG(&1R0P_ &2KG^2P \7/U5M237JSTDZ7\VL
M4?61F/R#,F;VF/MCD>6H=+F6+GD1YO<'3^#]TR=Q=2&ZUR5($QBDAMO5?8%K
M5X)OOE'SOUKCL?J3T]@6*PPM;PS8IB<4,<C!I#%;M[*/)E^U7D"=;(I81EN@
M._3UGS>-XBN*X787J1F..2[NUC5B"W1$QC5GR_ 9PO45!(7/I#-EU'I7H[T$
M,>LB*R55%,[)(1/V!P11Y%"IE K2VV4RIWC$QEC.S1R5-\X5&J2SFF"R)6XJ
M54;2*VY$WJ5I;6N*)N >'Z>]*Q>HH)F@Q1;:ZB=85MKBTR2:>2"XGCCAG2Z8
ML"EM,SL859%0L$8"H;#"%Q.-_;NQ%,A""*6+)9)'221$202G/-87+$H"H!/2
M<JZ2)<69 490+PU;&'(K)ETQN@-\24%VD.2>66.ES,<U*OY+K24UZ9PMO*5*
M#C;4J<LLQ2:?8F+N-#@+8W9O!AWLN+SW_P!*8",G6</[9C;Z'2^88D]( +$Y
M#.N.+>8S_I?;;W_=]GVS\A)U=)4_7X.IT _.>5=TM86AF/:0X7B.2.6<BLEN
MF:HTIE,,2P['W\,6,:T*:,JU"Q7+'2;DK 0+$\G2FL:I%%EIK@4288L2-5IA
M7U>HQOTU%@-OA\KXD+Q\0B,UN+>TRA*+[+%FF>Y#!66=3&5A8ME^Y4SKJ8CA
M*8;':NUW[[72>Y$(H<HRH]LYF1I<\B) 4(C.>7Y"UTA=\:9'C[(1)7['\V9(
MXJ D4K^[Q1];612"CZ?MQ(=5J E"<!_U6_P_QGW?R_5;]'U?N%<G])=11^]+
M;7$<3=/3*\,B1G//+)V4*<_K(_GZJ)H9D4.\4JH<LG:-U4YZ9,0!^?K\TTW8
MVR*Y$-*QN@,T<$C^I%"Q*D46?%29Z6@1>K%&TGD(3"G%4"4HU2*='<<=]N7>
M=]'\=EUP.BM;INAEMIV67-8V6&0K(V75TH0N3GI!;)<SD"=*!!,P4K#*P<Y(
M1&Y#'(G)2!^XY G(9_@$_5(G0>:%.[DPF1"4%OC.-EKLS7Q]VL=FL;[;1L!Q
M;KD@+$0W!< V@I)*&X! 0_<!"JD@G#&,PRAXS^]#&_6GYS_>N6:_C\_D"L>U
M+U,GMR=2_)>ANI?[AEF-Z62QM],;@?;V-]"/!< G/I+.L/;BRK5'VIQEBP;"
MD-]Q9X7$!9>L*M%0'\%QI=XC^U BD*^Y[<GM9_F0(Q4?G(_N_"YY_C(L/S^,
MQ6!&Y7KZ7]O[<*2H&>1_.GX/_>OXKOGD[0HS8\DND= .95[I$=4\%8<D#*@Q
M(]7N&.HM("F=4F/<8C&I/+7.1*TR)Z3W+2&]2B)(5VW)P57IOW7V^CN,$2"7
M"E-XS18G ES[OZ5RUO%(%(ZHHY96D8!AF%*@'\9Y?FNO)A:P26 _4EH[Z!)^
MO].W5#&_01U1I)(7(##,*0,_QGE^:^/QOHDE.5<K9SAL+DYSAC?3^V9 D<PR
MHJA$C:3E\=@ F7*"&.!.GV;R=.'FP"P;80XN#:>6;<8"]U2$%VJ3<VN#R7%S
M>10R%[>P$\DMR89%ZD@)S"0-D_O/_#"S YZL!^:(<->>>ZCB?JBM%E>28QNI
M*1:A8FR;W6^HR1^=6 _-<:Y!P0SDK6BS3]*9UJ 171LIUG!23"4SADBQ@_\
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MIZVZ>E%+,H/T63V+[TM%AZ7EG'<2P6B937,4?M]%U#)(7!;J'0B,W3EU'+(
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MC0]N101V'L/BGC4=QYK% I]% '<>X^:>-!V'BB@7]0\> IZ?$;^315:>FF_
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6J445***E%%2BBI114HHJ445***__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>g327881g87o43.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g327881g87o43.jpg
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MH$;F_.G!@UUK6;5?%Y]6N=W:]V9%7TI$%[A<0.9]M,X_+\48W*8 1B98H"E
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M1PZ5[S#++P:67>XY7[EKV&2$B^)\B]2R74\6W*3E0_7,/E+E4/C;:KX7K\H
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M7SJ:%\8_#FTWF,=BCB6'L[HXX!(RB>(L%#Q?.[AO;$:+Q=/,KKHVLC>ZN'?
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MR8Y%U@M3>ZK>7:;0]8J/KU3>]U7Y11SI1-7RO!9WC9$FFLJ=P4 H!0"@% *
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M\NTVAZQ4?7JF][JORBCG3B:OE>"SO&R)--94[@H!0"@% * 4 H!0"@% * 4
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MMH)-=F)14Q"IK$X^G,XIB5R)X-1=AQ?CO[7HN[?@4F3B6KNV*S*5ZFEP8SG
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MTBZP6IO=5O+M-H>L5'UZIO>ZK\HHYTXFKY7@L[QLB3365.X* 4 H!0"@% *
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M(]!O915RGA<<W+?=<M^Y=C^XRC34P53P53RQS34PQ43SQOW<<\,[6RQRQO\
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M2/\ /QL[$\]2,J[A^1:3T6OI#VC[&"OCF-0ZV.II//Q.+,I2OG8F;_J0NOJ
M&<% * HP^46>K!V/[R]/]LFE6=@AV;27 ZCR5Y4N&S8!/\.IG*V'G?5MT:4B
M@/30Z%[U7O#[W=ENWDMK2S"+LVM#PUO)X!OE@NV 69X"_E<P6@5"B?%-73J]
M1W#WRZ_^'RFJOPN[$D[Z27F3!$+;ZR+PN7_2(::E:OE/"@+?=-^BN ^S O\
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M!530AK:DT]% >B=QDZ.+B?RAX9='KM/96O4T=EQ72G#?8.4ZC>;(?(I*KJ>
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M6Q,RO_I*.KAC[P(O_E350^W&LGVR7\V*1^TNMOVB%^CS7_JGROQ0%ONF_17
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MNTVAZQ4?7JF][JORBCG3B:OE>"SO&R)--94[AKF_*>O5[Z\_6NUU^&&ZJM_
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MLX\2;#;F=C9[%V27VAN,:_1&H#1(09M,U))0&+M S!!N#BDB?!XVB-5;BWS
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M*9%0>\38*99W3QP>YMU,6N>2EL<KX8XKW3ROG;'*^-K=]WM^YW* P8X98S.
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9%>^5\3',V_?>#03QQ YZ@% * 4 H!0'_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>g327881g88y23.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g327881g88y23.jpg
M_]C_X  02D9)1@ ! @$ 8 !@  #_[0N*4&AO=&]S:&]P(#,N,  X0DE- ^T
M     !  8     $  0!@     0 !.$))300-       $    'CA"24T$&0
M    !    !XX0DE- _,       D           $ .$))300*       !   X
M0DE-)Q        H  0         ".$))30/U      !( "]F9@ ! &QF9@ &
M       ! "]F9@ ! *&9F@ &       ! #(    ! %H    &       ! #4
M   ! "T    &       !.$))30/X      !P  #_____________________
M________ ^@     _____________________________P/H     /______
M______________________\#Z     #_____________________________
M ^@  #A"24T$"       $     $   )    "0      X0DE-!!X       0
M    .$))300:      !M    !@              *    *@    & &< .  X
M 'D ,@ S     0                         !              "H
M*                                              X0DE-!!$
M  $! #A"24T$%       !     (X0DE-! P     ".T    !    <    !L
M  %0   C<   "-$ &  !_]C_X  02D9)1@ ! @$ 2 !(  #_[@ .061O8F4
M9(     !_]L A  ," @("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,# P,
M#!$,# P,# P,# P,# P,# P,# P,# P,# P,# P, 0T+"PT.#1 .#A 4#@X.
M%!0.#@X.%!$,# P,#!$1# P,# P,$0P,# P,# P,# P,# P,# P,# P,# P,
M# P,# S_P  1"  ; ' # 2(  A$! Q$!_]T !  '_\0!/P   04! 0$! 0$
M         P ! @0%!@<("0H+ 0 !!0$! 0$! 0         !  (#! 4&!P@)
M"@L0  $$ 0,"! (%!P8(!0,,,P$  A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$
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M9OJI2V_(?7DTY&*TD?::6V7MZ?EUM;++\K!]CJ?9ZF1A^KBU6?T=2S_JEU'
MP,[HW2,5F9T_K%--3M[ZZFXN16UF+;U!];F>I>VVME.8_P!-]N3]KQ_^']1=
M1]7/3_YO],]+T_3^R4;/1W^GM]-FWT?M/ZQZ?[GK_IO]+[UHI*>,;@Y_0/K%
M@]8ZYU0]0;F5V]-LR7L9CUT[O3R\+]#7[/TUN+D5W7[_ .=NQJUS_P!5>M9-
M_P!<,#=BVT8,9E=>18"UCSGVY/6L1PW[?Y_&J9Z7Y[UW?UOV?\V\[?\ 8]FQ
MN[]H[OLT;V3ZWH_IM_\ W']+])]I]'TUE?6G[-_S'H^T?L_T-F-N]7U_LL>S
M;]A^P_KW_A3TO?Z7\XDI#]5\&AGUQ^N6*]K;:;GX;K&. +7"^J^ZUCVGVN:[
MUG*_TSZIOIQNBNS+HSNAV7''?47/8*+O4K^Q?I_>ZMF*:*6V/_2L]!7NF1^U
ML_\ H,^EB_T7^D?1M_IW_ _^5_\ P7JK624^??6+'Z-B?63+K^L&/B?L_K#J
M\AN?E5$[654?9<O"Q\FK;=1G.LHQ;Z??Z?H6Y'^'].N[&ZHSK'2>@9-W3.GN
MLP.J]-=BG(HIV 5X]^3LZAG8[ ST/MG1+_6]5[/Z0_\ P7\VO5<C^:/T.1_.
M?1Y'^K4^1_,6?0^@[^<^AQ_A/^#_ 'TE/G]>1U'J5E'6^A6VV4_5K$Q:QBTA
MI;E.M:S)ZO@M+#9NLKPF8C&U>G_3O^%K3=(^L72^C_6GZPYKG[.AY[*<RC+U
M%;KQ17F6X]>_:W[9F5Y3KVT_SMGIK<_Q<_9_^;SOLWV#TOM%L?LWU_2GV;O5
M_:'ZUZ^[][V?9_L_I?HEF7^G^S>K[/\ FYN_:GZ3[3O^R3Z;?Z5ZOZ/]I[-G
MJ?9OT/J>O_VH]=)32Z=]2?K#U(8^7G9@QJXMZK@%F[U,7.RK*,KT+,>W]%=C
M4-J?O;LJ_39.2MG*Z?\ XQ>HWX_K973^GTXCJK7-QO4L&18RRNQS7ON8R_&H
M]-C_ &5._2?S%WK4W?H>P224_P#_V0 X0DE-!"$      %4    ! 0    \
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M P,# P,# P,# P,# P,# P,# P,#_\  $0@ * "H P$1  (1 0,1 ?_=  0
M%?_$ &T   (# 0 # 0            @)  <*!@($!0L! 0
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FK;(BR(V<#LZ92E$DGO;V:E&L7'8#C)ZP\TP7[AYSX%U>!/ __]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
