Freedom Fund, Investment Voyager, London Life and design are trademarks of London Life Insurance Company. 47-0121-5/17

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FREEDOM FUNDS AND MARKETWATCH POLICIES

INFORMATION FOLDER M A Y 2 0 1 7

London Life Insurance Company. This document is not an insurance contract.

This information folder is not an insurance contract. The information in this folder is subject to change from time to time. If there is a difference between this information folder and your contract, your contract will apply.

In this information folder, you and your mean the policyholder of a London Life investment policy. We, us, our and London Life mean London Life Insurance Company.

About London Life London Life Insurance Company was incorporated in 1874 by an Act of the Legislature of Ontario to carry on the business of life and accident insurance. London Life was continued as a federal company in 1884 by an Act of the Parliament of Canada. London Life carries on business under the Insurance Companies Act (Canada). The terms and conditions of the policies issued by London Life and the distribution of the policies are governed by the insurance acts of the provinces and territories in Canada where London Life carries on business.

London Life is a subsidiary of The Great-West Life Assurance Company. Great-West Life and London Life are members of the Power Financial Corporation group of companies.

London Life’s administrative offices are located at:

255 Dufferin Avenue

London, Ontario N6A 4K1

2001 Robert-Bourassa Blvd, Suite 540

Montreal, Quebec H3A 1T9

London Life’s head office is located at:

255 Dufferin Avenue

London, Ontario N6A 4K1

Certification This information folder contains brief and plain disclosure of all material facts relating to the Freedom Fund and Marketwatch investment fund options available in the London Life investment policy issued by London Life Insurance Company.

February 10, 2017

Stefan Kristjanson

President and Chief Operating Officer, Canada

Douglas A. Berberich

Vice-President and Associate General Counsel, Canada

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Key facts about the London Life Marketwatch and Freedom Funds policy

This summary provides a brief description of the basic things you should know before you apply for this individual variable insurance contract. This summary is not your contract. A full description of all the features and how they work is contained in this information folder and your contract. You should review these documents and discuss any questions you have with your financial security advisor.

What am I getting? You are getting an insurance contract between you and London Life Insurance Company. It gives you a choice of investment funds and provides certain guarantees.

You can:

Pick a registered or non-registered contract Choose one or more investment funds Name a person to receive the death benefit Withdraw money from your contract Receive regular payments now or later The choices you make may affect your taxes; see the section Income tax considerations. They could also affect the guarantees, see the section Examples of how redeeming units affects the basic amount and reduces

the guaranteed value. Ask your financial security advisor to help you make these choices.

The value of your contract can go up or down subject to the guarantees.

What guarantees are available? Death benefit guarantee applies and you may get a maturity guarantee. These help protect your fund investments. For full details about the guarantees, please see the Guaranteed benefits section.

You pay fees for this protection. The fees are included in the management expense ratio which is described in the Fees and expenses section.

Any withdrawals you make will reduce the guarantees. For full details please see the Guaranteed benefits section.

Maturity guarantee

This protects the value of your investment at a specific date in the future. This date is explained in the When

your policy matures section.

On this date, you will receive the greater of:

The market value of the funds, or 75 per cent of the money you put in the funds Death benefit guarantee

This protects the value of your investment if the insured person dies. It is paid to someone you name.

The death benefit applies if the insured person dies before the maturity date. It pays the greater of:

The market value of the funds, or 100 per cent of the money you put in the funds if the

insured person is age 79 or younger when the policy is issued

75 per cent of the money you put in the funds if the insured person is age 80 or older when the policy is issued

What investments are available? You can invest in the investment funds described in the Fund Facts section.

Other than any maturity and death benefit guarantees, London Life does not guarantee the performance of the investment funds. Carefully consider your tolerance for risk when you select a fund.

How much will this cost? The investment funds you select affect your costs. The investment funds are available on a back-end load basis and in limited circumstances as no-load units. For full details, see the section Sales charge options and the Fund Facts for each investment fund.

Fees and expenses are deducted from the investment funds. They are shown as management expense ratios or MERs on the Fund Facts for each fund.

If you make certain transactions or other requests, you may be charged separately for them and this includes a short-term trading fee.

For full details, see the section Fees and expenses and the Fund Facts for each investment fund.

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What can I do after I purchase this contract? If you wish, you can do any of the following:

Exchanges

You may exchange from one fund to another. See the section How to exchange investment fund units.

Withdrawals

You can withdraw money from your contract. If you decide to, this will affect your guarantees. You may also need to pay a fee or taxes. See the section How to

redeem investment fund units.

Premiums

You may make lump-sum payments. See the section How to allocate premiums to investment fund units.

Regular payments

At a certain time, unless you select another option, we will start making payments to you. See the section When

your policy matures.

Certain restrictions and other conditions may apply. Review the contract for your rights and obligations and discuss any questions with your financial security advisor.

What information will I receive about my contract? We will tell you at least once a year the value of your investment and any transactions you have made during the year.

You may request more detailed financial statements of the funds. These are updated at certain times during the year.

For full details, see the section Administration of the investments funds.

Can I change my mind? Yes, you can:

Cancel the contract Cancel any additional lump-sum premiums you

make, or Cancel the initial pre-authorized monthly premium To do any of these, you must tell us in writing within

two business days of the earlier of: The day you receive the confirmation of your

transaction, or Five business days after we mail the confirmation to

you The amount returned will be the lesser of the amount you invested or the value of the applicable units you acquired on the day we process your request. The amount returned will include a refund or any sales charge or other fees you paid. The transaction may generate a taxable result and you are responsible for any income tax reporting and payment that may be required as result of any transaction.

If you change your mind about a specific additional premium or exchange, the right to cancel only applies to that transaction. For full details, see the introductory page to the Fund Facts section.

Where can I get more information? You may call us at 1-877-566-5433 or send us an email. To send an email go to our website and then to the “Contact us” section. Information about our company and the products and services we provide is on our website at London Life Website.

For information about handling issues you are unable to resolve with us, contact the OmbudService for Life and Health Insurance at 1-800-268-8099 or on the Internet at OmbudService for Life and Health Insurance Website. Additionally, if you are a resident of Quebec contact the Information Centre of the Autorité des marchés financiers (AMF) at 1-877-525-0337 or at Autorité des marchés financiers Information Centre Website.

For information about additional protection available for all life insurance policyowners, contact Assuris, a company established by the Canadian life insurance industry. See Assuris Protecting your life insurance Website for details.

For information about how to contact the insurance regulator in your province visit the Canadian Council of Insurance Regulators website at Canadian Council of Insurance Regulators Website.

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Table of contents

Key facts about the London Life Marketwatch and Freedom Funds policy ........ 1

What am I getting? ................................................... 1 What guarantees are available? .............................. 1

Maturity guarantee ............................................... 1 Death benefit guarantee ...................................... 1

What investments are available? ............................. 1 How much will this cost? .......................................... 1 What can I do after I purchase this contract? .......... 2

Exchanges ........................................................... 2 Withdrawals ......................................................... 2 Premiums ............................................................. 2 Regular payments ................................................ 2

What information will I receive about my contract? . 2 Can I change my mind? ........................................... 2 Where can I get more information? .......................... 2

How London Life investment policies work .... 5

Introduction .............................................................. 5 Non-registered policies ............................................ 5 RRSPs, LIRAs, LRSPs and RLSPs ......................... 6 RRIFs, PRIFs, LRIF, LIFs and RLIFs ...................... 6 Beneficiaries ............................................................. 8

How our investment funds work ...................... 8

Profile funds ............................................................. 8 Lifecycle profile funds............................................... 9 Sales charge options................................................ 9

Back-end load units ............................................. 9 No-load units ........................................................ 9

How we value investment fund units ........................ 9 Fundamental changes to the investment funds ..... 10

Allocating premiums, redeeming and exchanging investment fund units ................ 10

How to allocate premiums to investment fund

units ........................................................................ 10 How to redeem investment fund units .................... 11 How to exchange investment fund units ................ 11 Short-term trading .................................................. 11 When the redemption of your units may be

delayed ................................................................... 12

When your policy matures ............................. 12

Maturity date .......................................................... 12 What happens to your policy on the maturity date . 13

Guaranteed benefits ....................................... 13

Basic amount .......................................................... 13 Maturity guarantee .................................................. 13 Death benefit guarantee ......................................... 14 Examples of how redeeming units affects the

basic amount and reduces the guaranteed value .. 14 If the market value is greater than the basic

amount ................................................................ 15 If the market value is less than the basic

amount ................................................................ 15 When the guaranteed benefits end ........................ 15

Fees and expenses ......................................... 15

Fees and expenses paid by the investment fund ... 15 Management expense ratio (MER) .................... 15 Investment management fees ............................ 16 Operating expenses ........................................... 16 Fund-of-fund ....................................................... 16

Annual investment management fees .................... 17 Fees and expenses paid directly by you ................ 19

Early redemption fees for back-end load units ... 19 Charge for changing the amount or frequency

of your scheduled periodic income payments .... 20 Charge for duplicate RRSP receipts or tax slips 20 Policy research fee ............................................. 20 Short-term trading fee ........................................ 20 Returned cheque fee .......................................... 20 Courier fee .......................................................... 20

Income tax considerations ............................. 20

Tax status of the investment funds ......................... 20 Non-registered plans .............................................. 20 RRSPs .................................................................... 21 RRIFs ...................................................................... 21

Administration of the investment funds ........ 21

Keeping you informed ............................................. 21 Requests for Fund Facts, financial statements and

other documents ..................................................... 22 Material contracts ................................................... 22 Material transactions .............................................. 22 Assuris protection ................................................... 22

Investment policy ............................................ 22

Performance of investment funds and underlying

funds ....................................................................... 23

Investment managers ..................................... 23

Investment manager review process ...................... 24

Fund risks ........................................................ 24

Commodity risk ................................................... 25 Credit risk ........................................................... 25 Derivative risk ..................................................... 25

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Equity risk .......................................................... 25 Fixed-income investment risk ............................ 26 Foreign currency risk ......................................... 26 Foreign investment risk ...................................... 26 Interest rate risk ................................................. 26 Large redemption risk ........................................ 26 Real estate risk .................................................. 26 Securities lending, repurchase and reverse

repurchase transaction risk ................................ 27 Smaller company risk......................................... 27 Sovereign risk .................................................... 28 Specialization risk .............................................. 28 Underlying fund risk ........................................... 28

Fund Facts ....................................................... 29

What if I change my mind? .................................... 29 For more information .............................................. 29

Asset allocation funds Conservative Profile (PSG) .................................... 30

Moderate Profile (PSG) .......................................... 32

Balanced Profile (PSG) .......................................... 34

Advanced Profile (PSG) ......................................... 36

Aggressive Profile (PSG) ....................................... 38

Lifecycle profile funds Income Profile (PSG) ............................................. 40

2010 Profile (PSG) ................................................. 42

2015 Profile (PSG) ................................................. 44

2020 Profile (PSG) ................................................. 46

2025 Profile (PSG) ................................................. 48

2030 Profile (PSG) ................................................. 50

2035 Profile (PSG) ................................................. 52

2040 Profile (PSG) ................................................. 54

2045 Profile (PSG) ................................................. 56

2050 Profile (PSG) ................................................. 58

Cash and cash equivalent funds Money Market (Portico) .......................................... 60

Fixed income funds Fixed Income Profile (PSG) ................................... 62

Core Bond (Portico) ............................................... 64

Core Plus Bond (Portico) ....................................... 66

Mortgage (Portico) ................................................. 68

Government Bond (Portico) ................................... 70

Balanced funds Income (Portico) ..................................................... 72

Income (Mackenzie) ............................................... 74

Diversified (London Capital) ................................... 76

Balanced Growth (GWLIM) .................................... 78

North American Balanced (London Capital) .......... 80

Equity/Bond (GWLIM) ............................................. 82

Canadian Balanced (Mackenzie) ............................ 84

Growth & Income (Mackenzie) ............................... 86

Balanced (Beutel Goodman) .................................. 88

Global Income (Sentry) ........................................... 90

Global Monthly Income (London Capital) ............. 92

Canadian equity funds Canadian Equity Profile (PSG) ............................... 94

Equity Profile (PSG) ............................................... 96

Canadian Low Volatility (London Capital) ............ 98

Canadian Equity (London Capital)........................ 100

Canadian Equity (GWLIM) .................................... 102

SRI Canadian Equity (GWLIM) ............................. 104

Growth Equity (Laketon) ....................................... 106

Canadian Equity Growth (Mackenzie) .................. 108

Canadian Equity Growth (CC&L) .......................... 110

Equity (Mackenzie) ............................................... 112

Canadian Equity (Beutel Goodman) ..................... 114

Dividend (GWLIM) ................................................ 116

Dividend (Mackenzie) ........................................... 118

Mid Cap Canada (GWLIM) ................................... 120

Growth Equity (AGF) ............................................ 122

Canadian specialty and alternative funds Real Estate (GWLRA) .......................................... 124

Canadian Resource (Mackenzie) ......................... 126

Precious Metals (Mackenzie) ............................... 128

North American funds Smaller Company (Mackenzie) ............................ 130

Science and Technology (GWLIM)....................... 132

Foreign equity funds Global Equity Profile (PSG) ................................. 134

Global Low Volatility (ILIM) ................................... 136

Foreign Equity (Mackenzie) .................................. 138

Global Equity (Putnam) ........................................ 140

Global Growth (Mackenzie) .................................. 142

U.S. Equity (London Capital) ................................ 144

U.S. Growth (Putnam) .......................................... 146

American Growth (AGF) ....................................... 148

U.S. Mid Cap (GWLIM)………………… ............... 150

International Equity (JPMorgan) ........................... 152

International Growth (Mackenzie) ......................... 154

Foreign specialty and alternative funds European Equity (Setanta) ................................... 156

Far East Equity (CLI) ............................................ 158

Glossary of terms.......................................... 160

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How London Life investment policies work

Introduction The London Life investment policy is an individual variable insurance contract based on the life of the insured person, also known as the annuitant, whom you name on the application form.

There are three types of policies available:

Non-registered Registered retirement savings plans (RRSPs) Registered retirement income funds (RRIFs) 1 Locked-in RRSPs (LRSP), locked-in retirement accounts (LIRA) and restricted locked-in savings plans (RLSP) are three specific types of RRSPs. You can generally only open LRSPs, LIRAs and RLSPs with money transferred directly from pension plans, where federal or provincial pension laws allow. Pension laws place certain restrictions on them. Since otherwise all RRSPs work the same way, whether or not they are LRSPs, LIRAs or RLSPs, we’ll simply refer to them as RRSPs throughout the rest of this information folder. Prescribed retirement income fund (PRIF), life income fund (LIF), locked-in retirement income fund (LRIF) and restricted life income fund (RLIF) are four specific types of RRIFs. Unless we say otherwise, when we refer to features of a RRIF, they also apply to a PRIF, LIF, LRIF and RLIF.

Each type of policy allows you, as the policyholder, to allocate premiums to a guaranteed interest option or investment fund option.

This information folder describes the investment funds available and the maturity and death benefit guarantees that come with them. For more information about guaranteed interest options, please contact your financial security advisor.

If your policy is a non-registered or RRSP policy, it is a deferred annuity, which means annuity payments may commence following the maturity date. If your policy is a RRIF policy, it is a payout annuity and you will receive annuity payments in accordance with the terms of the policy. If you choose to make a redemption from either type of annuity, this will reduce the amount available for annuity payments. Also, the performance of the various investment selections will

1 Only available where funds are coming from a Freedom Fund RSP, LIRA, LRSP or RLSP.

affect the amount available for annuity payments. For more information, see When your policy matures.

Non-registered and RRSP policies allow you, as the policyholder, to invest in a daily interest option, a guaranteed interest option and an investment fund option. Currently, we have two investment fund options available – Freedom Funds and Marketwatch – that provide access to our family of 65 investment funds.

A RRIF policy allows you, as the policyholder, to allocate your premiums to a guaranteed interest option or an investment fund option that provides access to any of our 65 investment funds.

This document is divided into two parts. The first part contains general information that applies to all investment policies. The second part provides specific information about the investment funds.

A glossary of terms is located at the back of this information folder and provides an explanation of some of the terms used in the information folder.

Non-registered policies A non-registered policy can be owned by a single individual or jointly by several individuals. The annuitant can be the policyholder or someone else.

Currently, under a non-registered investment policy, we have two investment fund options – Freedom Funds and Marketwatch. Freedom Funds are available through a growth plan and a systematic redemption plan. Marketwatch is only available through a growth plan.

Redemptions made from Freedom Funds may be subject to early redemption fees. For more information, see Early redemption fees for back-end load units.

Redemptions made from the Marketwatch Growth Plan are not subject to early redemption fees.

You can schedule periodic income payments under the Freedom Fund systematic redemption plan. In a calendar year, you may receive up to 20 per cent of all allocated premiums in scheduled payments without incurring an early redemption fee. Amounts received in excess of 20 per cent may be subject to an early redemption fee. Unscheduled redemptions may be subject to early redemptions fees. For information concerning these fees, see Early redemption fees for

backend load units. For information about fees to change the amount or frequency of your payments, see Charge for changing the amount or frequency of your

scheduled periodic income payments.

For information about tax implications, see Income tax

considerations.

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Features of these policies are summarized in the following table:

Product feature

Marketwatch growth plan

Freedom Fund growth plan

Freedom Fund systematic redemption plan

Maximum issue age 90 90 90

Minimum initial premium

$300 lump sum or $25 plus $25 automatic monthly premium

$10,000

Minimum automatic monthly premium

$25 $25 N/A

Minimum lump sum premium

$25 $100 $100

Minimum systematic redemptions

N/A N/A

Scheduled: $25 monthly $100 quarterly or semi-annually $200 annually Maximum 20% of premiums per year

Minimum partial redemptions

$25 $500 Unscheduled: $500

Redemptions subject to possible early redemption fee

No Yes Yes

Minimum fund balance

$300 or $25 plus ongoing automatic monthly premium

$300

Current as of the date of the information folder – subject to change

RRSPs, LIRAs, LRSPs and RLSPs An RRSP is an investment policy registered under the Income Tax Act (Canada).

Only one person, who must also be the annuitant, can own an RRSP.

The contributions you make to your RRSP are tax deductible and there is a maximum amount you can contribute each year under the Income Tax Act (Canada). You can also transfer money directly from an RRSP at another financial institution or from a pension plan, if federal or provincial pension laws allow you to. There are no limits on the amount of transfers from RRSPs. There are limits under the Income Tax Act (Canada) for transfers from defined benefit pension plans.

Currently, under a registered policy, we have two investment fund options – Freedom Funds and Marketwatch. Both options are available as a growth plan.

Redemptions made from the Freedom Funds investment option may be subject to early redemption fees. Redemptions made from the Marketwatch investment option are not subject to early redemption fees. For more information, see Early redemption fees

for back-end load units.

For information about tax implications, see Income tax

considerations.

Features of these policies are summarized in the following table:

Product feature Marketwatch growth plan

Freedom Fund growth plan

Maximum issue age 71 71

Minimum initial premium

$300 lump sum or $25 plus $25 automatic monthly premium

Minimum automatic monthly premium $25 $25

Minimum lump sum premium $25 $100

Minimum partial redemptions $25 $500

Redemptions subject to possible early redemption fee

No Yes

Minimum fund balance

$300 or $25 plus ongoing automatic monthly premium

Current as of the date of the information folder – subject to change

RRIFs, PRIFs, LRIF, LIFs and RLIFs A RRIF is a plan that gives you regular income

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payments and is registered under the Income Tax Act (Canada).

You can generally only open a RRIF with money transferred directly from an RRSP or another RRIF. You can only open PRIFs, LRIFs and LIFs with money transferred directly from a pension plan, from a LRSP, LIRA or RLSP, or from another PRIF, LRIF, LIF or RLIF, where federal or provincial pension laws allow you to. We currently offer RRIFs and LIFs across Canada, LRIFs in Manitoba and PRIFs in Saskatchewan and Manitoba. RLIFs are only available where the money is administered under federal pension legislation.

Under the Income Tax Act (Canada), you must receive a minimum amount each year as income from these policies. For LRIFs and LIFs, there is also a maximum amount you may receive each year.

Only one person, who must also be the annuitant, can own a RRIF, PRIF, LRIF, LIF or RLIF.

As the required minimum amount under the Income Tax Act (Canada) cannot be determined until the first day of each year, we reserve the right not to make the first payment in each calendar year before the twentieth day of the first month.

The payment date selected cannot be later than the twenty-eighth day of a month.

Redemptions made from your policy may be subject to early redemption fees. For more information, see Early

redemption fees for back-end load units.

You can schedule periodic income payments under your Freedom Fund RRIF. In a calendar year, you may receive up to 20 per cent of all allocated premiums in scheduled payments without incurring an early redemption fee. Amounts received in excess of 20 per cent may be subject to an early redemption fee. Unscheduled redemptions may be subject to early redemptions fees. For information concerning these fees, see Early redemption fees for back-end load units. For information about fees to change the amount or frequency of your payments, see Charge for changing

the amount or frequency of your scheduled periodic

income payments.

For information about tax implications, see Income tax

considerations.

Features of these policies are summarized in the following table:

Product feature Freedom Fund RRIF/PRIF/LRIF/LIF/RLIF

Maximum issue age for RRIFs, PRIFs, LRIFs, RLIFs and 90

Product feature Freedom Fund RRIF/PRIF/LRIF/LIF/RLIF

currently LIFs issued under Ontario, Alberta, Federal PBSA, British Columbia, Manitoba, Nova Scotia and Quebec pension legislation Maximum issue age for LIFs issued under New Brunswick pension legislation

80

Maximum issue age for LIFs administered under Newfoundland and Labrador pension legislation

70

Minimum initial premium $10,000 Minimum lump-sum premium $1,000 Minimum automatic redemptions

Scheduled: Higher of legislative minimum or $50 monthly $100 quarterly or semi-annually $200 annually Maximum: 20% of premiums per year

Minimum partial redemptions Unscheduled: $500 (May be subject to early redemption fee)

Minimum fund balance $300 Minimum exchange between funds $500

Current as of the date of the information folder – subject to change

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Beneficiaries You may designate one or more beneficiaries to receive any death benefit payable under the policy. You may revoke or change the designation prior to the policy maturity date, subject to applicable law. If the designation is irrevocable, you cannot revoke or change it or exercise certain other specific rights without the written consent of the irrevocable beneficiary.

If the policy is a LIRA, LRSP, RLSP, PRIF, LIF, RLIF or LRIF, your spouse, civil union spouse or common-law partner can take precedence over the beneficiary designation, depending on applicable pension legislation.

How our investment funds work

Each of our investment funds is a segregated fund, which is a pool of investments that is kept separate, or segregated, from the general assets of London Life. Each investment fund is divided into an unlimited number of notional units of equal value. For more information about unit value, see How we value investment fund units.

When you allocate money to the investment funds, units are allocated to your policy, but you do not actually own, buy or sell any part of the investment funds or any units. Instead, we hold the assets of the investment funds. This also means that you don’t have any voting rights associated with the investment funds. We calculate the value and the benefits to which you are entitled based on the value of the units allocated to your policy on a particular date.

Neither your policy nor your units give you an ownership interest in London Life or voting rights in connection with London Life. When you select an investment fund that invests in units of a mutual fund, you will not be a unitholder of the mutual fund.

If we make a material change to an investment fund’s fundamental investment objectives, we’ll tell you in writing 60 days before we make the change. For more information, see Fundamental changes to the

investment funds.

If we stop offering an investment fund, we’ll tell you in writing in advance and we’ll give you 60 days to tell us what to do with your units that are affected. If we receive your request to transfer to another investment fund at our administration office in London, Ontario or Montreal, Quebec before 4 p.m. Eastern Time on a valuation day, we’ll process the request on that day. If

we receive your request after that time, we’ll process it on the valuation day after we receive your request. If we don’t hear from you at least five days before the valuation day the investment fund is discontinued, we’ll exchange the units of the investment fund that is discontinued for units of the Money Market Fund (Portico), or another investment fund we select according to our administrative rules in effect at the time.

We may change the investment strategies of an investment fund without notice to you.

It’s important to diversify your investments, which means investing in investment funds that have a variety of assets and investment styles. Through your policy, you can currently choose from 65 different investment funds. This broad choice provides a good opportunity for you to diversify your investments. In addition, currently, 19 of our investment funds are asset-allocation funds that are specially designed to increase diversification. We refer to our asset-allocation funds as Profile funds or Lifecycle Profile funds.

The performance of the various investment selections will affect the amount available for annuity payments. For more information, see When your policy matures.

Profile funds Each profile fund invests in a variety of other funds. They offer you an easy way to diversify your investments by investing in a single investment fund.

A profile fund may offer you diversification among:

Types of assets, such as shares, bonds, mortgages and real estate

The entities that issue the assets, such as shares in large, small or resource-based companies, and bonds issued by governments or companies

Assets in different countries Investment advisors with different investment styles We may review the composition of the profile funds from time to time. When required, we may change:

The funds the profile fund holds. The percentages of each fund the profile fund

intends to hold. The number of funds the profile fund may hold.

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Lifecycle profile funds A lifecycle profile fund offers you an easy way to diversify your investments by investing in a single fund that matches your investment time horizon. Like our profile funds, the lifecycle profile funds have been modeled on Investment Voyager profiles, our asset-allocation process.

A lifecycle profile fund is managed towards a specific target date. Actively managed, each fund’s target mix is regularly rebalanced to provide an optimal risk and return for the selected investment time horizon. Each lifecycle profile fund gradually increases its allocation of fixed-income fund units, while reducing its allocation of equity fund units to provide the potential for more stable growth closer to the target date. When the lifecycle profile fund’s asset allocation becomes similar to the income profile fund, the lifecycle profile fund will be closed and the assets transferred to the income profile fund or a similar fund. For information about tax implications, see Income tax considerations.

Two profile funds – equity profile and fixed-income profile – allow you to modify the target mix of a lifecycle profile fund to match your personal tolerances for risk and return by increasing either the equity or fixed-income component of the portfolio.

The investment management fee may be reviewed periodically and reduced as the fixed-income fund allocation increases.

The composition of the lifecycle profile funds may be reviewed quarterly and the target fund mix updated. When the review occurs, we may change:

The funds the lifecycle profile fund holds. The percentages of each fund the lifecycle profile

fund holds. The number of funds the lifecycle profile fund may

hold.

Sales charge options Back-end load units

The investment funds are available on a back-end load basis. With back-end load units, you don’t pay any fees when you allocate a premium to an investment fund or exchange units. However, if you redeem units within six years of allocating a premium to an investment fund, you will have to pay an early redemption fee, any applicable short-term trading fee, withholding taxes and other charges. For more information, see Early redemption fees for back-end load units.

No-load units

If you invest $100,000 or more with us, a no-load Freedom Fund option may be available. You, your financial security advisor and we must agree to the no-load option at the time of purchase. No-load units are available in non-registered and RRSPs policies.

We may waive the minimum requirement under certain circumstances.

Under this option you don’t pay any fees when you allocate a premium to an investment fund or exchange units. You will not pay an early redemption fee when you redeem units but you will have to pay any applicable short-term trading fee, withholding taxes and other charges.

How we value investment fund units Generally, we value our units at the close of business on each day the Toronto Stock Exchange is open for business. We have the right to change how often we value our units. We refer to any day that we value units as a valuation day. We’ll tell you in writing 60 days before we change the frequency that we value the units. For more information, see Fundamental changes to the

investment funds.

When we value units, we calculate the unit value by dividing the total market value of that class of the fund by the number of units in that class of the fund. The market value of a class of a fund is the total market value of the assets in that class of the fund, less investment management fees and other expenses attributed to that class. For more information, see Fees

and expenses.

When we calculate the market value of an asset held in an investment fund, we use the closing price of that asset. If a closing price is not available, we’ll determine the fair market value of the asset.

The value of investment fund units is not guaranteed because it fluctuates with the market value of the assets in the investment fund.

We have the right to subdivide or consolidate the units of an investment fund. If we subdivide the units of an investment fund, there will be a decrease in the unit value. If we consolidate the units of an investment fund, there will be an increase in the unit value. If we subdivide or consolidate the units of an investment fund, the market value of the investment fund and the market value of your policy will not change. We’ll tell you in writing 60 days in advance if we subdivide or consolidate the units of an investment fund.

We have the right to add funds, restrict the allocation of premiums or exchanges to any fund, discontinue an existing investment fund, or change the investment

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objectives, policies and strategies of an investment fund.

We’ll tell you in writing 60 days before we discontinue an investment fund or make a material change to the fundamental investment objectives of an investment fund. For more information, see Fundamental changes

to the investment funds.

All the investment funds currently available are described in detail later in this information folder. For more information about a specific fund, see the applicable investment fund page.

Fundamental changes to the investment funds If we make any of the following changes to an investment fund, we will notify you in writing 60 days before the change occurs. The notice will be sent by regular mail to the most recent address we have for you in our records.

Increase the investment management fee Material change to the fundamental investment

objectives Decrease the frequency with which the investment

fund is valued You will have the right to exchange the value of your units from the affected investment fund to a similar investment fund that is not subject to the fundamental change without charge provided you advise us at least five days prior to the change happening. We’ll advise you of similar investment funds that are available to you at that time.

If we do not offer a similar investment fund, you may have the right to redeem the investment fund without incurring an early redemption fee or similar fee provided you advise us at least five days prior to the change happening. We’ll advise you if this applies to you.

A similar investment fund is a fund within the same investment fund category that has a comparable investment objectives and the same or lower investment management fee.

During the transition period between the announcement and the effective date of the fundamental change, you will not be permitted to allocate premiums to or exchange into the affected investment fund unless you agree to waive your rights under the fundamental change provision for that particular fundamental change.

When an investment fund invests in an underlying mutual fund, an increase in the investment management fee of the underlying mutual fund that also results in an increase in the investment management fee of the investment fund would be treated as a fundamental change.

Allocating premiums, redeeming and exchanging investment fund units

You can make a request to allocate your premium to an investment fund or to redeem or exchange units at any time. However, we only process allocations, redemptions or exchanges on valuation days.

If we receive your request to allocate your premium to an investment fund or to redeem or exchange units at our administrative office in London, Ontario or Montreal, Quebec before 4 p.m. Eastern Time or before the Toronto Stock Exchange closes, whichever is earlier, on a valuation day, we’ll process the request on that day using that day’s unit value. If we receive your request after that time, we’ll process it on the next valuation day using the next day’s unit value. For more information, see How we value investment fund units.

When you ask us to allocate your premium to an investment fund or to redeem or exchange units, your instructions must be complete and in a manner acceptable to us, otherwise we will not be able to complete the transaction for you.

You can invest in up to 18 investment funds over the life of your policy.

We have the right to refuse to accept any request to allocate a premium to your policy or exchange to investment fund units. We also have the right to change any minimum amounts that are given in this information folder without notice.

If you choose to make a redemption, this will reduce the amount available for annuity payments. For more information, see When your policy matures.

How to allocate premiums to investment fund units You can allocate a premium to an investment fund available under the policy. You can also set up an automatic monthly transfer of money from your bank account to the investment funds. For information about minimum monthly premium amounts for the various policies, see How London Life investment policies work.

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When you apply a premium to an investment fund, we allocate units to your policy. We determine the number of units to allocate to your policy by dividing the amount of the premium you have allocated to the investment fund, by the appropriate unit value of the investment fund. For more information, see How we

value investment fund units.

How to redeem investment fund units Upon request and subject to our administrative rules you can redeem investment fund units on any valuation day. The value of your guarantees will be

proportionally reduced when you redeem units. For more information, see Examples of how redeeming units affects the basic amount and reduces the

guaranteed value.

When you request money from your policy, we will redeem the number of units required to fulfill your redemption request less any applicable taxes, fees or charges. You can request to redeem investment fund units on any valuation day.

You must keep a minimum dollar amount in units. Currently, if you have less than $300 in units, we may require that you redeem them.

When you redeem investment fund units, the value of those units is not guaranteed because it fluctuates with the market value of the assets in the investment fund.

You will have to pay an early redemption fee when you redeem back-end load units. Back-end load units older than six years may be redeemed without an early redemption fee. For more information, see Early

redemption fees for back-end load units.

We will charge a short-term trading fee on a redemption when the units to be redeemed have not been held in the investment fund for the applicable period of time. For more information, see Short-term

trading.

Under unusual circumstances, we may have to delay the redemption of units. For more information, see When the redemption of your units may be delayed.

There may be income tax consequences if you redeem units. For more information, see Income tax

considerations.

Redemption requests involving transfers to or from registered plans may be delayed until all administrative procedures involved with registered plans are complete.

How to exchange investment fund units Upon request and subject to our administrative rules, you can exchange units of one investment fund in your policy for units of our other investment funds.

When you exchange units, you’re redeeming units of one or more investment funds and allocating their value to units of other investment funds.

We will charge a short-term trading fee on an exchange when the units to be exchanged have not been held in the investment fund for the applicable period of time. For more information, see Short-term trading.

Under unusual circumstances, we may have to delay the exchange of units. For more information, see When the redemption of your units may be delayed.

When you exchange investment fund units, the value of those units is not guaranteed because it fluctuates with the market value of the assets in the investment fund.

The value of your guarantee is not affected when you exchange units.

There are no early redemption fees when you exchange units.

There may be income tax consequences if you exchange units within a non-registered policy. For more information, see Income tax considerations.

Short-term trading Using investment funds to time the market or trading on a frequent basis is not consistent with a long-term investment approach based on financial planning principles. In order to limit such activities we will charge a short-term trading fee as outlined below. The short-term trading fee is retained in the investment fund as compensation for the costs associated with the exchange or redemption request.

We may take such additional actions as we consider appropriate to prevent further similar activity by you. These actions may include the delivery of a warning, placing you on a watch list to monitor activity, declining to accept allocations to and exchange and redemption requests from the investment funds, delay trades by one valuation day and suspend trading under the policy. We reserve the right to change our administrative practices or introduce new ones when we determine it is appropriate.

We will charge a fee of up to two per cent of the amount exchanged or redeemed if you allocate premiums to an investment fund for less than 90 consecutive days.

The fee is subject to change. This right is not affected

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by the fact that we may have waived it at any time previously. We reserve the right to increase the period of time a premium must remain in an investment fund from 90 consecutive days to up to 365 consecutive days. We will give you written notice of our intent to increase the time period at least 60 days in advance. Our notice to you will specify the affected investment fund(s) and the new period of time. We will send the notice to your most recent address on our records for this policy.

When the redemption of your units may be delayed Under unusual circumstances, we may have to delay your redemption of units or postpone the date of a transfer or payment. This may happen if:

Normal trading is suspended on a stock exchange where the investment fund has a significant percentage of its assets, or

We believe it’s not practical to dispose of investments held in an investment fund or that it would be unfair to other unitholders

During such a delay, we’ll administer the redemption of units according to the applicable rules and laws and in a manner that we consider fair. We may have to wait until there are enough assets in the investment fund that can be easily converted to cash. If there are more requests to redeem units than we can accommodate, we’ll redeem as many units as we think is appropriate and allocate the proceeds proportionally among the investors who asked to redeem units. We’ll redeem any remaining units as soon as we can.

When your policy matures

Maturity date Most policies end – or mature – at a certain time. The maturity date varies depending on the type of policy you have.

For a non-registered policy, the maturity date is the date on which the annuitant attains age 100, and is not later than the twenty-eighth day of the month. If the twenty-eighth is not a valuation day then the maturity date will be the valuation day prior to the twenty-eighth of that month.

For an RRSP, the automatic maturity date is Dec. 28 of the year the annuitant attains age 71. You may also select an earlier maturity date between Sept. 1 and Dec. 28 of the year the annuitant attains age 71.

The maturity date for a LIF depends on the jurisdiction that governs your LIF. Some jurisdictions require that your LIF be converted to a life annuity. If your LIF is required to be annuitized, the maturity date will be Dec. 28 of the year stipulated in the regulations governing the LIF.

For RRIFs, PRIFs, LRIFs, LIFs and RLIFs that are not required to be annuitized under applicable pension legislation, there is no maturity date for a policy issued to non-Quebec residents. A LIF policy is not required to be annuitized under Quebec pension legislation and when issued to a Quebec resident there is no maturity date. For a RRIF policy issued to a Quebec resident, the maturity date is the date on which the annuitant attains age 100, and is not later than the twenty-eighth day of the month.

Currently Newfoundland and Labrador pension legislation requires a LIF to mature in the year you attain age 80 and annuity payments to commence.

Currently LIFs administered under New Brunswick pension legislation are not required to annuitize, however units of the investment funds must be fully redeemed and the policy closed by Dec. 28 of the year the annuitant attains 90.

Over time, regulators may change the rules that govern LIFs. We will change the terms of your LIF in accordance with any change in the regulations.

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What happens to your policy on the maturity date On the maturity date of your policy, we will redeem your units. If your policy was a non-registered policy, you may have to pay tax as a result.

For RRSP policies (except RRSPs for which you first allocated a premium to the investment funds when the annuitant is age 60 or older), non-registered policies and RRIFs issued to residents of Quebec, if you do not indicate a preference for another type of annuity offered by us, following the maturity date we will commence life annuity payments with a guaranteed period of 10 years. The annuity payments are conditional on the annuitant being alive, and will be in equal annual or more frequent periodic amounts. We may require evidence that the annuitant is living when the payment becomes due. If the annuitant dies prior to the expiry of the guarantee period, any remaining unpaid guaranteed annuity payments due after the death of the annuitant will be paid to the beneficiary, if living or if the beneficiary is not living or no beneficiary designation has been made, to your estate. You may have to pay tax on the annuity payments. Payments are not commutable during the annuitant’s lifetime.

Premiums will not be accepted under the policy after the annuity payments commence.

If you first allocated premiums to investment funds in an RRSP when the annuitant is age 60 or older and you do not indicate a preference for another type of annuity then offered by us, we’ll commence payments on a RRIF basis.

If on the issue date of the policy, the policyholder is not a resident of Quebec, the amount of the annuity payments will be determined using the annuity rate in effect when the annuity payments commence.

If on the issue date of the RRSP, RRIF or non-registered policy, the policyholder is a resident of Quebec, the amount of the annuity payments will be determined by the greater of the annuity rate in effect when the annuity payments commence and the rate established in the policy.

Guaranteed benefits

Policies have two types of guaranteed benefits: the maturity guarantee and the death benefit guarantee.

Before the maturity date or the death of the annuitant, the value of investment fund units is not guaranteed because it fluctuates with the market value of the assets in the investment fund.

These guaranteed benefits apply if you first held investment funds in your policy after Nov. 20, 2001. If you held investment funds in your policy before Nov. 20, 2001, please refer to your contract for more information about your guaranteed benefits.

Basic amount The basic amount is used to calculate the value of the guaranteed benefits. In general, the basic amount is:

The total of all amounts allocated to units Minus a proportional reduction for any units

redeemed To calculate the proportional reduction for any units redeemed we use the following formula:

A x B ÷ C = reduction in the basic amount when:

A is the basic amount before the redemption

B is the value of the units redeemed

C is the value of the investment funds before the redemption

If early redemption fees, short-term trading fees or other charges apply, they are included as part of the amount of units redeemed. For more information, see Fees and expenses paid directly by you.

The basic amount is not affected by the exchanges between investment funds.

Maturity guarantee On the maturity date, we’ll pay you the greater of:

The market value of all your units less any early redemption fees (see Early redemption fees for back-

end load units); or The maturity value of your policy based on the basic

amount The maturity value of your policy is guaranteed to be not less than 75 per cent of the basic amount, for the following types of policies:

Non-registered if you first allocated a premium to an investment fund 10 years or more before the maturity date

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RRSP if you first allocated a premium to an investment fund prior to the annuitant attaining age 60

RRIF issued to a Quebec resident LIF which is administered under Newfoundland and

Labrador pension legislation If you first allocated a premium to an investment fund in an RRSP when the annuitant was age 60 or older, there is no maturity guarantee unless the value of the units of the investment fund are paid out on a RRIF basis following the maturity date of the RRSP. The automatic maturity date of the RRSP is Dec. 28 in the year you attain age 71. If the value of the units of an investment fund is paid out on a RRIF basis, the maturity guarantee applies on Dec. 28 of the year you attain age 80. For such a RRIF, the maturity benefit is guaranteed to be not less than 75 per cent of:

The total of all premiums allocated to the investment funds in the RRSP

Minus a proportional reduction for any units redeemed from the RRSP/RRIF

We calculate this proportional reduction the same way we calculate the proportional reduction for the basic amount.

There is no maturity guarantee for any RRIF, PRIF, LRIF, LIF or RLIF that does not have a maturity date.

Death benefit guarantee We make a one-time, lump-sum payment of the death benefit if the last annuitant dies before your policy matures. We make this payment to the beneficiary of the policy. If there is no beneficiary, we make the payment to you (as the policyholder) or to your estate. This payment will be made upon receipt by us of satisfactory proof of death.

The amount of the death benefit will be calculated as of the day we receive notification of the death of the annuitant if received at our administrative office in London, Ontario or Montreal, Quebec before 4 p.m. Eastern Time on a valuation day. If received after that time, we’ll calculate the death benefit as of the next valuation day.

The death benefit is the greater of:

The market value of all units allocated to investment funds; or

The death benefit guarantee

The death benefit guarantee depends on the age of the annuitant when the policy was issued. If the annuitant was:

Under age 80, it’s 100 per cent of the basic amount Age 80 and over, it’s 75 per cent of the basic amount We do not deduct early redemption fees from the death benefit.

If you have a RRIF and your spouse or common-law partner is the beneficiary, instead of receiving a one-time, lump-sum payment, you may choose to have your spouse or common-law partner become the policyholder and annuitant of the policy and continue to receive the regular income payments. In this case, we will pay the death benefit on the death of the final annuitant.

The death benefit guarantee no longer applies upon termination of your policy. This can occur:

Once your policy matures; or When you transfer the value of your units to another

policy

Examples of how redeeming units affects the basic amount and reduces the guaranteed value Let’s assume you are under age 80 and you allocated the following premiums to the investment fund:

Date Investment Fund Amount you allocated to the investment fund

July 1, 2015

Canadian Equity (London Capital) $10,000

July 1, 2016

Canadian Equity (London Capital) $10,000

After the second premium allocation, your policy will have the following values:

Basic amount $20,000

Maturity guarantee $20,000 x 75% = $15,000 Death benefit guarantee $20,000 x 100% = $20,000

Let’s also assume that on July 1, 2017, you redeem units of the Canadian Equity (London Capital) fund for $4,950.

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If the market value is greater than the basic

amount

Let’s assume that on July 1, 2017, before you redeem the units, the market value of your Canadian Equity (London Capital) units is $22,000.

Your basic amount would be reduced according to the formula:

A x B ÷ C = reduction in the basic amount when:

A = the basic amount before the redemption ($20,000)

B = the value of the units redeemed ($4,950)

C = the market value of the investment funds before the redemption ($22,000)

$20,000 x $4,950 ÷ $22,000 = $4,500

Your policy would now have the following values:

Basic amount $20,000 - $4,500 = $15,500

Maturity guarantee $15,500 x 75% = $11,625 Death benefit guarantee $15,500 x 100% = $15,500

If the market value is less than the basic amount

Let’s assume that on July 1, 2017, before you redeem the units, the market value of your Canadian Equity (London Capital) units is $18,000.

Your basic amount would be reduced according to the formula:

A x B ÷ C = reduction in the basic amount when:

A = the basic amount before the redemption ($20,000)

B = the value of the units redeemed ($4,950)

C = the market value of the investment funds before the redemption ($18,000)

$20,000 x $4,950 ÷ $18,000 = $5,500

Your policy would now have the following values:

Basic amount $20,000 - $5,500 = $14,500

Maturity guarantee $14,500 x 75% = $10,785 Death benefit guarantee $14,500 x 100% = $14,500

When the guaranteed benefits end These benefits end on the earlier of one of the following dates:

The maturity date, once we’ve paid the maturity benefit

The date the last annuitant dies, once we’ve paid the death benefit; or

The date the policy is surrendered for its full value

Fees and expenses

This section explains the fees and expenses you pay to us for managing the investment fund and paying for the guarantees (see Fees and expenses paid directly by the

investment fund).

The total cost of investing in an investment fund (known as the MER) is the sum of the investment management fee and the expenses to operate the investment fund. This is further explained below, but in order to find out how much each investment fund will cost you to hold in your policy, you want to look at the MER. The MER for an investment fund available under the policy is shown on its Fund Facts, which is located in the second half of this information folder.

You may also have to pay other fees and expenses as described under Fees and expenses paid directly by

you, but these are generally costs that depend on actions taken by you, and will not be imposed unless you do something specific (for example, redeeming your units prematurely), or request a specific additional service (for example, extra copies of annual statements).

Fees and expenses paid by the investment fund Management expense ratio (MER)

The MER is made up of the investment management fee and operating expenses (see below), expressed as an annualized percentage of the investment fund’s average net assets for the year. You do not directly pay the MER. The investment management fee and operating expenses are paid from the investment fund before the unit value of an investment fund is calculated.

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The MER of an investment fund is subject to change without notice. The current MER is found on its Fund

Facts, which is located in the second half of this information folder.

The updated MER is published each year in the audited financial statements, which are available on or about April 30 of each year. For more information on how to obtain these statements, see Requests for Fund Facts,

financial statements and other documents.

Investment management fees

An investment management fee, which is a percentage of the market value of each investment fund, plus applicable taxes, is deducted from each investment fund on a valuation day and paid to us before we calculate that investment fund’s unit value. The amount of the investment management fee varies depending on the investment fund. The current investment management fees are shown in the table Annual

investment management fees.

When an investment fund invests in an underlying fund, there is no duplication of investment management fees. See Fund-of-Fund.

Operating expenses

In addition to investment management fees, we charge other expenses to the investment funds. These expenses are for the operation of the investment funds and your policy. They include legal, safekeeping, brokerage, administration, audit fees and taxes. These expenses vary from year to year and from investment fund to investment fund. We deduct these other expenses, plus applicable taxes, from each investment fund on a valuation day, before we calculate that investment fund’s unit value.

Fund-of-fund

Where the investment fund invests in an underlying fund, the fees and expenses payable in connection with the management, operation and administration of the underlying fund are in addition to those payable by the investment fund. As a result, the investment fund pays its own fees and expenses and its proportionate share of the fees and expenses of the underlying fund, and accordingly this is reflected in the total investment management fee and management expense ratio charged by the investment fund. However, there will be no duplication in the payment of investment management fees in such circumstances.

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Annual investment management fees The following table shows the current investment management fees for each of our investment funds.

We have the right to change the investment management fee at any time. If we increase the investment management fee, we’ll tell you in writing 60 days before we make the change. For more information, see Fundamental changes to the investment funds.

Fund name Investment management fee

Asset-allocation funds

Conservative Profile (PSG) 2.20%

Moderate Profile (PSG) 2.40%

Balanced Profile (PSG) 2.55%

Advanced Profile (PSG) 2.65%

Aggressive Profile (PSG) 2.70%

Lifecycle profile funds

Income Profile (PSG) 2.35%

2010 Profile (PSG) 2.35%

2015 Profile (PSG) 2.35%

2020 Profile (PSG) 1 2.45%

2025 Profile (PSG) 1 2.55%

2030 Profile (PSG) 1 2.60%

2035 Profile (PSG) 1 2.60%

2040 Profile (PSG) 1 2.65%

2045 Profile (PSG) 1 2.65%

2050 Profile (PSG) 1 2.70%

Cash and cash equivalent funds

Money Market (Portico) 1.05%

Fixed-income funds

Fixed Income Profile (PSG) 2.00% Core Bond (Portico) 1.65% Core Plus Bond (Portico) 1.85% Mortgage (Portico) 2.05% Government Bond (Portico) 1.65%

Balanced funds

Income (Portico) 1.85% Income (Mackenzie) 1.90% Diversified (London Capital) 2.35%

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Fund name Investment management fee

Balanced Growth (GWLIM) 2.30%

North American Balanced (London Capital) 2.30%

Equity/Bond (GWLIM) 2.30%

Canadian Balanced (Mackenzie) 2.45%

Growth & Income (Mackenzie) 2.25%

Balanced (Beutel Goodman) 2.45% Global Income (Sentry) 2.45%

Global Monthly Income (London Capital) 2.35%

Canadian equity funds

Canadian Equity Profile (PSG) 2.60%

Equity Profile (PSG) 2.70%

Canadian Low Volatility (London Capital) 2.45% Canadian Equity (London Capital) 2.40%

Canadian Equity (GWLIM) 2.40% SRI Canadian Equity (GWLIM) 2.45% Growth Equity (Laketon) 2.45% Canadian Equity Growth (Mackenzie) 2.55% Canadian Equity Growth (CC&L) 2.60% Equity (Mackenzie) 2.55% Canadian Equity (Beutel Goodman) 2.55% Dividend (GWLIM) 2.30%

Dividend (Mackenzie) 2.45%

Mid Cap Canada (GWLIM) 2.55%

Growth Equity (AGF) 3.00%

Canadian specialty and alternative funds

Real Estate (GWLRA) 2.70% Canadian Resource (Mackenzie) 3.00% Precious Metals (Mackenzie) 3.00%

North American funds

Smaller Company (Mackenzie) 2.60% Science and Technology (GWLIM) 2.70%

Foreign equity funds

Global Equity Profile (PSG) 2.85% Global Low Volatility (ILIM) 2.60%

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Fund name Investment management fee

Foreign Equity (Mackenzie) 2.65% Global Equity (Putnam) 2.65% Global Growth (Mackenzie) 2.75% U.S. Equity (London Capital) 2.50% U.S. Growth (Putnam) 2.65% American Growth (AGF) 2.85% U.S. Mid Cap (GWLIM) 2.70% International Equity (JPMorgan) 2.65% International Growth (Mackenzie) 2.70%

Foreign specialty and alternative funds

European Equity (Setanta) 2.80% Far East Equity (CLI) 2.80%

1 The investment management fee may be reviewed periodically and reduced as the fixed-income fund allocation increases.

Fees and expenses paid directly by you You may have to pay the following fees and expenses directly when you invest in a policy:

Early redemption fee for back-end load units Charge for changing the amount or frequency of

your scheduled periodic income payments Charge for duplicate RRSP receipts and tax slips Policy research fee Short-term trading fee Returned cheque fee Courier fee These fees and expenses are explained in more detail below.

You do not pay for the following services:

Establishing non-registered or registered policies. Pre-authorized payment agreement (PPA). Scheduled periodic income payment. Exchanges between investment funds unless you

have been in the investment fund for less than the applicable period. For more information, see Short-

term trading fee below, and Short-term trading. We reserve the right to charge fees for additional

services from time to time and to change the amount or the nature of the fees and expenses paid by you at any time.

Early redemption fees for back-end load units

You will pay an early redemption fee as set out in this section if you redeem back-end load units within six years of the premium being allocated to an investment fund. The redemption fee is a specified percentage of the amount redeemed, and it declines over time.

For non-registered Freedom Fund systematic redemption plans and RRIFs, you can schedule periodic income payments. In a calendar year you may receive up to 20 per cent of all allocated premiums in scheduled payments without incurring an early redemption fee. You will pay an early redemption fee on any amounts received in excess of 20 per cent. Unscheduled redemptions prior to the sixth anniversary of the last premium paid will be subject to early redemption fees as set out in this section.

If you choose to make a redemption, this will reduce the amount available for annuity payments.

The following table shows how the amount of the early redemption fee decreases the longer the units are allocated to your policy.

Number of years you’ve held your units when you redeem them

Early redemption fee

1 5.0%

2 5.0%

3 4.0%

4 3.0%

5 2.5%

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Number of years you’ve held your units when you redeem them

Early redemption fee

6 1.0%

More than 6 0.0% Early redemption fees are calculated for each investment fund separately. To reduce the amount of early redemption fees you have to pay, we redeem the back-end load units you have held the longest first. When you exchange units, the oldest units in an investment fund are exchanged first. These units retain their age for the purpose of determining early redemption fees in the new investment fund. When you exchange units we do not charge early redemption fees.

We do not deduct early redemption fees when we pay the death benefit.

For more information about redeeming units, see How to redeem investment fund units.

Charge for changing the amount or frequency of

your scheduled periodic income payments

We may charge up to $60 if you change the amount or frequency of your scheduled periodic income payments more than once per year.

Charge for duplicate RRSP receipts or tax slips

We will give you one duplicate RRSP receipt or tax slip for the current tax year without charge, if you ask for it. We may charge $25 for duplicates of RRSP receipts and tax slips issued in all prior years.

Policy research fee

We may charge up to $15 per year of policy history or $35 per hour for researching your policy. You will be advised of the fee before the research begins.

Short-term trading fee

We may charge a short-term trading fee of up to two per cent of the amount exchanged or redeemed if you invest in an investment fund for less than the applicable period. The fee is subject to change. For more information, see Short-term trading.

Returned cheque fee

If your pre-authorized payment is returned by your financial institution, we may charge up to $20 to cover the cost of processing.

Courier fee

If you request a cheque be sent by courier, we may charge a courier fee.

Income tax considerations

This is a general summary of income tax considerations for Canadian residents. It is based on the current Income Tax Act (Canada) and does not take into account any provincial tax laws. The summary does not include all possible tax considerations.

The taxation of certain benefits available with these annuities is not certain at this time. You are responsible for the proper reporting of all taxable income and payment of all related taxes. This summary is not intended to offer you tax advice. You should consult

your tax advisor about the tax treatment of these

annuities for your personal circumstances.

Tax status of the investment funds The investment funds are not separate legal entities. They fall under the definition of segregated funds in the Income Tax Act (Canada). For tax purposes, our investment funds are deemed to be trusts that are separate entities from London Life. The assets of the investment funds are kept separate from our general assets.

The investment funds generally do not pay income tax because throughout the year, all their income and realized capital gains and losses are allocated to you and other investment fund unitholders.

The investment funds may have foreign tax withheld on income that is earned by non-Canadian investments.

Non-registered plans For income tax purposes, you must report the following investment income that is allocated to you by the investment funds:

Interest Dividends from taxable Canadian companies Taxable capital gains or losses Any other investment income allocated to you When you redeem units of an investment fund, you

will realize a capital gain or a capital loss, which you must report. Your capital gain (loss) generally will be the amount by which the value of the redemption exceeds (is less than) the adjusted cost base of the units being redeemed.

Any exchange will be treated the same as a redemption of your units.

Death of the policyholder or transfer of ownership of the policy may create capital gains that must be reported.

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Once a year, we’ll send you tax reporting slips that show amounts that must be reported for income tax purposes. These slips will include the capital gain or loss on the redemption or exchange of your units as well as allocations from the investment funds. The slips will also include any capital gain or loss arising from rebalancing of investment fund assets, investment fund discontinuance or an underlying fund substitution.

The tax information we provide to you will not include adjustments for transactions that generate superficial losses under the Income Tax Act (Canada). To avoid the creation of superficial losses that will be denied for income tax purposes, we recommend you avoid allocating premiums to an investment fund within 30 days before or after redeeming units of that same investment fund.

Any premiums you allocate to a non-registered policy are not tax deductible.

The tax treatment of a top-up maturity or death benefit guarantee payment is not certain at this time. We recommend that you contact your tax advisor regarding the tax treatment of top-up payments for your particular circumstances.

We will report top-up guarantee payments based on our understanding of the tax legislation and the Canada Revenue Agency (CRA) assessing practices at that time. You are responsible for any tax liabilities arising from any change in law, interpretation or CRA assessing practices.

RRSPs An RRSP is registered under the Income Tax Act (Canada) as a registered retirement saving plan. Generally, the contributions you make to your RRSP are tax-deductible up to a certain limit.

You do not have to report investment income allocated to you by the investment funds in the year the income is earned. However, for income tax purposes, you must report any redemption you make, unless the money is transferred directly to another plan registered under the Income Tax Act (Canada). Tax will be withheld on redemptions.

Payment of top-up maturity or death benefit guarantees into the policy is not taxable. All amounts withdrawn from the registered policy are taxable.

RRIFs A RRIF is registered under the Income Tax Act (Canada) as a registered retirement income fund. You can only open a RRIF with money transferred from another policy registered under the Income Tax Act (Canada).

You do not have to report investment income that is allocated to you by the investment funds in the year that it’s earned. However, all redemptions are taxable each year and tax may be withheld on these payments. Current income tax regulations require us to withhold income tax on any amount that is redeemed that is in excess of the minimum income.

Generally, the transfers you make to a RRIF are not tax-deductible.

Payment of top-up maturity or death benefit guarantees into the policy is not taxable. All amounts withdrawn from the registered policy are taxable.

Administration of the investment funds

Keeping you informed You will be sent a statement as at the end of June and December. The statement will give you the following information:

The total number of units, unit value and market value for all the investment funds in your policy on the statement date

Dollar amount and number of units transferred to and from each investment fund for the statement period

Any income payments made during the statement period for a RRIF, PRIF, LRIF, LIF or RLIF

Any early redemption fees charged for back-end load units for the statement period

Any written communications will be sent to the most recent address in our records for the policy. Please tell us promptly if your address changes.

Please review your statement and advise your financial security advisor or our administrative office at the address located on the inside front cover if they do not agree with your records. Any discrepancies must be reported in writing within 60 days of receiving the statement.

We may change the frequency or content of your statement, subject to applicable laws.

22

Requests for Fund Facts, financial statements and other documents The most current Fund Facts for each investment fund is available upon request to London Life at the address on inside front cover or by visiting our website at London Life Website.

The most recent annual audited financial statements and semi-annual unaudited financial statements for the investment funds are available upon request from your financial security advisor, by writing to London Life’s head office at the address on inside front cover, or by visiting our website at London Life Website.

The annual audited financial statements will be available to you after April 30 and the semi-annual unaudited financial statements will be available after Sept. 30 of each year.

In addition, copies of the simplified prospectus, annual information form, unaudited semi-annual financial statements, audited financial statements and interim and annual management reports of fund performance of the underlying funds are available upon request from your financial security advisor.

Material contracts In the last two years, we haven’t entered or amended any contracts that are material to policyholders who invest in our investment funds.

There are no material facts of which London Life is aware which relate to the policy that are not disclosed in this information folder.

The auditor of the investment funds is Deloitte & Touche LLP. Deloitte is located at 360 Main Street, Suite 2300, Winnipeg, Manitoba, R3C 3Z3.

Material transactions In the last three years, no director, senior officer, associate or affiliate of London Life has had any material interest, direct or indirect, in any transaction or in any proposed transaction that would materially affect the investment funds.

We don’t retain a principal broker for buying or selling the underlying investments in the investment funds. We usually arrange these investment transactions through many different brokerage houses.

Assuris protection Assuris is a not-for-profit corporation, funded by the life insurance industry that protects Canadian policyowners against loss of benefits due to the financial failure of a member company. Details about the extent of Assuris’s protection are available at Assuris Protecting your life insurance Website or in its brochure, which can be obtained from your financial security advisor, life insurance company, Assuris Protecting your life insurance Website or by calling 1-866-878-1225.

Investment policy

We have established investment and lending policies that we believe are reasonable and prudent. The investment policies comply with:

Federal and provincial pension benefits standards laws

Canadian Life and Health Insurance Association Inc. (CLHIA) Guidelines on Individual Variable

Insurance Contracts Relating to Segregated Funds approved by the Canadian Council of Insurance Regulators, as may be amended from time to time

Autorité des marches financiers (AMF) Guideline on Individual Variable Insurance Contracts Relating to

Segregated Funds, as amended, and approved by Autorité des marches financiers

all as may be amended from time to time.

The investment funds may achieve their investment objectives and/or investment strategies by either investing directly in securities or in units of one or more underlying funds that have similar investment objectives of the investment fund. If the underlying fund is a mutual fund, the fundamental investment objectives of the mutual fund cannot be changed unless approved by the mutual fund unitholders. If such a change is approved, we will give you notice of the change.

We may update an investment fund’s investment strategy, including the removal or substitution of underlying funds, without notice to you.

The earnings of each investment fund are reinvested in the same investment fund according to its investment objectives and investment strategies. The investment funds may lend securities in a manner that is prudent, in the interest of the investment fund, and in compliance with any applicable laws.

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The London Life Real Estate Fund (GWLRA) is the only investment fund that may borrow to buy securities. For more information, see Real Estate Fund

(GWLRA). The other investment funds do not borrow money except for the purpose of funding redemptions (and only to the extent permitted by applicable regulatory requirements).

For a summary of an investment fund’s investment policy, see the Fund Facts section. A detailed description of each fund’s investment objective and strategies is available upon request from London Life at the address on the inside of the front cover. In addition, you may request information about the underlying funds, including audited financial statements of the underlying funds by contacting your financial security advisor.

The sum of an investment fund’s exposure to any one corporate entity will not exceed 10 per cent of the value of the investment fund at the time of investment. Furthermore, the percentage of securities of any one corporate issue that may be acquired is limited to 10 per cent of each class of securities of any one corporate issuer, except for any corporate issue of, or a government security guaranteed by, any government authority in Canada. We will not, in respect of any investment fund, invest in securities of an issuer for the purpose of exercising control or management.

Performance of investment funds and underlying funds The investment objectives and investment strategies of the investment funds are in many cases similar to the objectives and strategies of a corresponding fund sponsored by the investment managers. Although the funds have these similar objectives and strategies, and in most cases will have investment portfolios managed by the same individuals, the performance of the underlying funds and the corresponding investment funds will not be identical.

Investment managers

We have the right to appoint or change investment managers to provide investment management, investment advisory and related services necessary for the investment and management of investment fund property. We will advise you of any change to an investment manager.

London Life currently retains the following investment managers for our investment funds.

AGF Investments Inc. located at P.O. Box 50, Suite 3100, Toronto-Dominion Bank Tower, Toronto, Ontario, M5K 1E9.

Beutel, Goodman & Company Ltd. located at 20 Eglinton Avenue West, Suite 2000 P.O. Box 2005, Toronto, Ontario, M4R 1K8.

Canada Life Investments located at 1-6 Lombard Street, London, England, EC3V 9JU.

Canada Life Investments is the brand for investment management activities undertaken by Canada Life Asset Management Limited.

Connor, Clark & Lunn Financial Group located at 181 University Avenue, Suite 300, Toronto, Ontario, M5H 3M7.

GLC Asset Management Group Ltd. located at 255 Dufferin Avenue, London, Ontario, N6A 4K1.

GLC Asset Management Group Ltd. manages their investment mandates through five investment management divisions – London Capital Management (London Capital), GWL Investment Management (GWLIM), Laketon Investment Management (Laketon), Portico Investment Management (Portico) and Portfolio Solutions Group (PSG).

GWL Realty Advisors located at 830-33 Yonge Street, Toronto, Ontario, M5E 1G4.

Irish Life Investment Managers Limited, located at Beresford Court, Beresford Place, Dublin 1, Ireland

JPMorgan Asset Management (Canada) Inc. located at Royal Bank Plaza, South Tower 200 Bay Street, Suite 1800, Toronto, Ontario, M5J 2J2 or 999 West Hastings Street, Suite 600, Vancouver, British Columbia, V6C 2W2.

Mackenzie Investments located at 180 Queen Street West, Toronto, Ontario, M5V 3K1.

Mackenzie Investments is the brand for investment management activities undertaken by Mackenzie Financial Corporation.

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Putnam Investments Canada ULC c/o Legal Department located at 180 Queen Street West, Toronto, Ontario or One Post Office Square, Boston, Massachusetts, 02109.

Sentry Investments Inc., located at 199 Bay Street, Suite 2700, P.O. Box 108, Toronto, Ontario, M5L 1E2

Setanta Asset Management Limited located at College Park House, 20 Nassau Street, Dublin 2, Ireland.

GLC Asset Management Group Ltd. and GWL Realty Advisors Inc. are wholly owned subsidiaries of The Great-West Life Assurance Company. Putnam Investments Canada ULC is a wholly owned subsidiary of Great-West Lifeco Inc. Setanta Asset Management Limited, Canada Life Investments and Irish Life Investment Managers Limited are wholly owned subsidiaries of The Canada Life Assurance Company. Canada Life is a wholly owned subsidiary of Great-West Life. The Great-West Life Assurance Company and Mackenzie Investments are members of the Power Financial Corporation group of companies. Policies are in place to avoid any potential conflicts of interest.

Investment manager review process We offer a wide range of investment funds diversified by investment management style, asset class, market capitalization and region. London Life employs a disciplined review process to select and monitor its investment managers.

Through our investment manager review process, we regularly review and monitor investment managers against our standards and established expectations.

These reviews include:

A review of performance – absolute and risk-adjusted – and the consistency of this performance relative to their peer group and benchmark

A review of the investment policies and procedures of the investment fund to ensure the fund objectives, risk tolerances and investment constraints are being met

A review of qualitative factors such as portfolio turnover and consistency of style

Our review is carried out by our investment manager review committee. This committee consists of members of senior management with a wide variety of business and investment qualifications.

Fund risks

Investment funds hold different types of investments – stocks, bonds, other funds, cash – depending on what the fund invests in. Different kinds of investment funds are subject to different risks. The value of the investment funds will vary from day to day because of various factors including changes in interest rates, economic conditions, and market and company news. As a result, the value of investment fund units may go up and down, and the value of your investment may have increased or decreased when you redeem it.

Although you can never eliminate risk, you can reduce the risk through diversification, which means investing in a variety of different investments. You can achieve diversification by investing in an asset allocation fund or investing in several investment funds with different risks.

In certain circumstances, an investment fund may suspend redemptions. For more information, see When

the redemption of your units may be delayed.

On each Fund Facts page the section Who is this fund for? can help you decide if the investment fund might be suitable for you.

As well, on each Fund Facts page the investment funds have been rated as to how risky they are - very low to high - in the section How risky is it? This rating, where applicable, has been determined using historical volatility risk as measured by the standard deviation of fund performance. Other types of risk, both measurable and non-measurable, may exist and an investment fund’s historical volatility may not capture all potential risks or be indicative of its future volatility. For example, a fund with a very low or low risk level would be more appropriate for an investor with a short time horizon and seeking capital preservation. A fund with a high risk level would be more appropriate for a long-term investor seeking to grow their capital and can tolerate the up and downs of the stock market. These ratings are meant as a general guide only. You should consult with your financial security advisor who can help you determine your appropriate risk level.

Below is a summary of various types of risks that may apply to the investment funds.

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Commodity risk

An investment fund that invests in energy and natural resource companies, such as oil, gas, mining and gold, will be affected by changes in commodity prices. Commodity prices tend to be cyclical and can move dramatically in short periods of time. In addition, new discoveries or changes in government regulations can affect the price of commodities.

Credit risk

Credit risk is comprised of default risk, credit spread risk and downgrade risk. Each can have a negative impact on the value of a fixed-income security.

Default risk is the risk that the issuer of a bond or other fixed-income security may not be able to pay the interest or the principal at maturity. This risk can change during the term of the fixed-income investment.

Credit-spread risk is the risk that there will be an increase in the difference between the interest rate of an issuer’s bond and the interest rate of a bond that is considered to have little associated risk, such as a government bond. The difference between these interest rates is called credit spread. An increase in credit spread will decrease the value of that security.

Downgrade risk is the risk that a specialized credit rating agency, such as Standard & Poor’s or Dominion Bond Rating Services will reduce the credit rating of an issuer’s securities. Downgrades in credit rating or other adverse news regarding an issuer can decrease a security’s market value.

Derivative risk

Derivatives are securities that have values that are based on, or derived from an underlying asset, interest rate, exchange rate or market index. They are used to reduce the risks associated with changes in interest rates and exchange rates and to enhance returns. When derivatives are used for a non-hedging purpose, it allows the investment funds to invest indirectly in the returns of one or more stocks or an entire index without actually buying the stock(s) or all the stocks in the index.

There are a number of risks associated with derivatives:

The value of a derivative may change due to changes in the market price of securities, interest rates or exchange rates.

It may be difficult to sell a derivative in time to avoid a loss or realize a gain because there aren’t enough securities trading in the market.

There is also a risk that one party to a derivative may fail to make a promised payment.

The profile funds and investment funds that invest directly in an underlying fund don’t invest directly in derivatives. Most of the other investment funds may use derivatives for hedging or reducing risk. They may also use derivative instruments for non-hedging purposes in order to invest indirectly in securities or financial markets and gain exposure to other currencies provided that the use of derivative instruments is consistent with the investment fund’s investment objectives. The investment manager may not use derivatives for leverage or pledge the fund’s assets as part of any derivative transaction.

Derivatives fall into four basic groups: interest rate contracts, foreign exchange contracts, equity contracts and commodity contracts. Within each of these groups there are different types of derivatives. The most common types are:

Options Interest rate swaps An option is a contract that gives the holder of the option the right, but not the obligation, to buy or sell an asset at a specified price within a certain period of time.

An interest rate swap is an agreement to trade the interest payments from one security for those of another over a certain period of time. The principal amount of a security is not exchanged in an interest rate swap.

The investment manager may use derivatives that are traded on exchanges and sold over the counter. Over-the-counter derivatives are subject to additional restrictions set by guidelines and regulations.

Equity risk

Equity investments, such as stocks, carry several risks. The value of shares is affected by stock market conditions where the company’s shares trade, by factors related to each specific company, in terms of its business, prospects, management and capitalization and by general economic and financial conditions in the countries where the company operates. Equity investment funds generally tend to be more volatile than fixed-income investment funds and the value of their securities can vary widely.

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Fixed-income investment risk

Fixed-income investments, such as bonds, carry several risks. In addition to credit risk and interest rate risk, a number of other factors may cause the price of a fixed-income investment to fall. For investments in corporate fixed-income instruments, factors include developments related to each specific company and general financial, economic (other than interest rates) and political conditions in the countries where the company operates. For government fixed-income investments, factors include general financial, economic and political conditions.

Foreign currency risk

The net asset value of a segregated fund is calculated in Canadian dollars. The value of securities issued in foreign currencies is affected by changes in the value of the Canadian dollar relative to those currencies. If the Canadian dollar goes down relative to a foreign currency, the value of an investment held in that currency goes up. This change results in an increase in the unit value of the investment fund. The reverse occurs when the dollar goes up against a currency.

Foreign investment risk

Foreign investment risk is the risk of financial loss due to investing in foreign markets. The value of the securities of the investment fund may be affected by general global economic conditions and specific economic conditions in a particular country. The regulatory environment may be less stringent than in North America and many of these companies and governments do not have the same accounting, auditing and reporting standards that apply in North America. The legal systems of some foreign countries may not adequately protect investors. Some foreign stock markets have less trading volume than North American markets, making it more difficult to buy or sell investments. Trading large orders in foreign countries may cause the price to fluctuate more than it would in North America. A country may impose withholding or other taxes that could reduce the return on the investment or it may have foreign investment or exchange laws that make it difficult to sell an investment. There may be political or social instability in the countries in which an investment fund invests.

Interest rate risk

Interest rate risk is the risk of economic loss caused by changes in interest rates. The value of fixed-income securities will change inversely with a corresponding change in interest rates: as interest rates decrease, the value of fixed-income securities will increase, and as interest rates increase, the value of fixed-income securities will decrease. Fixed-income securities with longer terms-to-maturity are generally more sensitive to interest rate changes than those of shorter terms-to-maturity.

Large redemption risk

Some investment funds may have particular investors, including other investment funds, who own a large proportion of the outstanding units. If one of those investors redeems a large amount of his or her investment, the investment fund may have to sell its portfolio investments at unfavourable prices to meet the redemption request. This can result in significant price fluctuations to the net asset value of the investment fund, and may potentially reduce the returns of the investment fund.

Real estate risk

The Real Estate Fund (GWLRA) is the only investment fund that invests directly in real estate. Portfolio funds invest in the Real Estate Fund (GWLRA). The Real Estate Fund (GWLRA) and investment funds that invest in the Real Estate Fund (GWLRA) could experience a delay when a redemption request is made due to the relative illiquidity of its real estate holdings.

Real estate by nature is not a liquid asset. There is no formal market for trading in real property and very few records are available to the public that give terms and conditions of real property transactions. It may take time to sell real estate investments at a reasonable price. This could limit the investment fund’s ability to respond quickly to changes in economic or investment conditions. It could also affect the investment fund’s ability to pay policyholders who want to redeem their units. The investment fund will keep enough cash on hand to be able to pay for the normal amount of redemption requests in a timely manner. However, redemptions may be suspended during any period the investment fund does not have sufficient cash or readily marketable securities to meet requests for redemptions. For more information, see When the redemption of your units may be delayed.

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The unit value of the Real Estate Fund (GWLRA) will vary with changes in the real estate market and in the appraised values of the properties the investment fund holds. The value of real estate investments can vary with competition, how attractive the property is to tenants and the level of maintenance. The timing of the appraisal may also affect the value of the investment fund units.

The Real Estate Fund (GWLRA) should be considered as a long-term investment and is not suitable for investors who may need to quickly convert their holdings to cash.

In the event the Real Estate Fund (GWLRA) is dissolved, policyholders may receive less than the unit value because the unit value is based on appraisals, which may be greater than the amounts received upon the sale of properties pursuant to a liquidation.

Securities lending, repurchase and reverse

repurchase transaction risk

In securities lending transactions, the investment fund lends its portfolio securities to another party (often called counterparty) in exchange for a fee and a form of acceptable collateral. In a repurchase transaction, the investment fund sells its portfolio securities for cash while at the same time it assumes an obligation to repurchase the same securities for cash, usually at a lower cost, at a later date. In a reverse repurchase transaction, the investment fund buys securities for cash while agreeing to resell the same securities for cash, usually at a higher price, at a later date. Below are some of the general risks associated with entering into securities lending, repurchase and reverse repurchase transactions:

When entering into securities lending, repurchase and reverse repurchase transactions, the investment fund is subject to the credit risk that the counterparty may default under the agreement and the investment fund would be forced to make a claim in order to recover the investment.

When recovering its investment on a default, the investment fund could incur a loss if the value of the securities loaned (in a securities lending transaction) or sold (in a repurchase transaction) has increased in value relative to the value of the collateral held by the investment fund.

Similarly, an investment fund could incur a loss if the value of the portfolio securities it has purchased (in a reverse repurchase transaction) decreases below the amount of cash paid by the investment fund to the counterparty.

Short selling risk Certain funds may engage in a disciplined amount of

short selling. A short sale is when a fund borrows securities from a lender and then sells the borrowed securities in the open market. The fund must repurchase the securities at a later date in order to return them to the lender. In the interim, the proceeds from the short sale are deposited with the lender and the fund pays interest to the lender in respect of the borrowed securities. If the value of the securities declines between the time that the fund borrows the securities and the time it repurchases and returns the securities, the fund makes a profit for the difference (less any interest the fund pays to the lender). However, there is a risk that the prices of the borrowed securities will rise, and the fund will experience a loss. The fund may also experience difficulties repurchasing and returning the borrowed securities if a liquid market for the securities does not exist. In addition, there is a risk that the lender from whom the fund has borrowed securities may go bankrupt before the repurchase transaction is completed, causing the fund to forfeit the collateral it has deposited with the lender for the borrowed securities. When a fund engages in short selling it adheres to controls and limits that are intended to offset these risks by selling short only securities of larger issuers for which a liquid market is expected to be maintained and by limiting the amount of exposure for short sales. The fund also deposits collateral only with lenders that meet certain criteria for creditworthiness and only up to certain limits. Although segregated funds may not themselves engage in short selling, they may be exposed to short selling risk because the underlying funds in which they invest may be engaged in short selling.

Smaller company risk

Investing in securities of smaller companies may be riskier than investing in larger, more established companies. Smaller companies may have limited financial resources, a less established market for their shares and fewer shares issued. This can cause the share prices of smaller companies to fluctuate more than those of larger companies. The market for the shares of small companies may be less liquid. Investments in smaller companies are generally more volatile in the short term but offer the potential for higher returns over the longer term.

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Sovereign risk

Sovereign risk is the risk of financial loss due to the government seizure of any assets held in a country. This may be more prevalent in foreign markets that experience great political, social or economic instability. Sovereign risk also arises due to the possibility of less stringent accounting practices and regulatory supervision standards and practices in foreign jurisdictions.

Specialization risk

If an investment fund invests only in specific countries, or in particular types of securities, or in specific markets, the investment fund’s ability to diversify its investments may be limited. This limited diversification may mean the investment fund can’t

avoid poor market conditions, causing the value of its investments to fall.

Underlying fund risk

All of the profile funds and some of the other investment funds use a fund-of-fund structure whereby the investment fund invests all of its assets in a secondary or underlying fund. Depending on the size of the investment being made by the investment fund in an underlying fund and the timing of the redemption of this investment, an underlying fund could be forced to sell significant assets prematurely to accommodate a large redemption request. This may negatively impact the unit price of the underlying fund.

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Fund Facts

This section of the information folder contains individual Fund Facts for each investment fund available to you. You can choose to invest in one or more of these funds.

The individual Fund Facts give you an idea of what each investment fund invests in, how it has performed and what fees or charges may apply.

The description of each investment fund in the individual Fund Facts is not complete without the following description of What if I change my mind? and For more information.

What if I change my mind? You can change your mind and cancel the investment fund contract, the initial pre-authorized monthly premium or any lump-sum premium you apply by telling us in writing within two business days of the earlier of the date you received confirmation of the transaction or five business days after it is mailed.

Your cancellation request has to be in writing, which can include email, fax or letter. The amount returned will be the lesser of the amount you invested or the value of the applicable units you acquired on the day we process your request. The amount returned only applies to the specific transaction and will include a refund of any sales charges or other fees you paid.

For more information The Fund Facts may not contain all the information you need. Please read the contract and the information folder or you may contact us at:

London Life Insurance Company

255 Dufferin Avenue

London, ON N6A 4K1

Web: London Life Website

Email: On our website please go to the “Contact Us Section on London Life Website” section

Telephone: 1-877-566-5433

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Conservative Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities but includes Canadian and foreign equities. It targets an asset mix of 75 per cent fixed income and 25 per cent equities.

Core Plus Bond (Portico)............................................................. 24.04Core Bond (Portico)..................................................................... 24.03Mortgage (Portico)....................................................................... 15.00Corporate Bond (Portico) .............................................................. 7.01International Bond (Brandywine) ................................................... 5.00Real Estate (GWLRA) ................................................................... 5.00Canadian Equity (London Capital) ................................................ 4.48U.S. Value (London Capital) .......................................................... 3.47Global Infrastructure Equity (London Capital) ............................... 3.01International Growth (Mackenzie) ................................................. 3.00Total ............................................................................................ 94.03Total investments: .......................................................................... 12

Bonds.................................................... 61.34Cash & Other Investments.................... 15.31Canadian Equities................................. 11.61United States Equities ............................ 7.58International Equities .............................. 4.17

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,320.72 on December 31, 2016. This works out to an average of 2.82 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 9 years and down in value 1 year of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 25 per cent invested in equities and is comfortable with low risk.

October 18, 1999 October 18, 1999

GLC Asset Management Group Ltd.

$2,199,486,084 4.14%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.64 19.01 13,471,898

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-10.00

-5.00

0.00

5.00

10.00

15.00

Very Low Low Low to Moderate Moderate Moderate

to High High

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London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Conservative Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.64

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

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London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Moderate Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities but includes Canadian and foreign equities. It targets an asset mix of 60 per cent fixed income and 40 per cent equities.

Core Plus Bond (Portico)............................................................. 18.61Core Bond (Portico)..................................................................... 18.60Mortgage (Portico)....................................................................... 12.31Canadian Equity (London Capital) ................................................ 6.18Corporate Bond (Portico) .............................................................. 5.42U.S. Value (London Capital) .......................................................... 5.38Canadian All Cap Value (Mackenzie) ............................................ 5.23Global Infrastructure Equity (London Capital) ............................... 5.01Real Estate (GWLRA) ................................................................... 4.97Dividend (GWLIM)......................................................................... 4.17Total ............................................................................................ 85.90Total investments: .......................................................................... 14

Bonds.................................................... 47.70Canadian Equities................................. 19.81Cash & Other Investments.................... 14.01United States Equities .......................... 12.06International Equities .............................. 6.43

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,309.40 on December 31, 2016. This works out to an average of 2.73 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 9 years and down in value 1 year of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 40 per cent invested in equities and is comfortable with low to moderate risk.

October 18, 1999 October 18, 1999

GLC Asset Management Group Ltd.

$1,936,693,491 3.86%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.87 19.91 7,717,597

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-20.00

-10.00

0.00

10.00

20.00

Very Low Low Low to Moderate Moderate Moderate

to High High

32

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Moderate Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.87

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

33

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Balanced Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in Canadian and foreign equities but includes fixed-income securities. It targets an asset mix of 40 per cent fixed income and 60 per cent equities.

Core Bond (Portico)..................................................................... 13.58Core Plus Bond (Portico)............................................................. 11.65U.S. Value (London Capital) .......................................................... 9.54Mortgage (Portico)......................................................................... 7.82International Equity (Setanta)........................................................ 6.58Canadian All Cap Value (Mackenzie) ............................................ 6.24Canadian Equity (London Capital) ................................................ 6.14Canadian Equity (CI/Synergy)....................................................... 6.09Real Estate (GWLRA) ................................................................... 4.94Global Equity (Putnam) ................................................................. 4.51Total ............................................................................................ 77.08Total investments: .......................................................................... 17

Bonds.................................................... 32.03Canadian Equities................................. 29.09United States Equities .......................... 16.55International Equities ............................ 11.77Cash & Other Investments.................... 10.56

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,337.52 on December 31, 2016. This works out to an average of 2.95 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 40 per cent invested in fixed income and is comfortable with low to moderate risk.

October 18, 1999 October 18, 1999

GLC Asset Management Group Ltd.

$2,379,640,301 4.88%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.03 19.87 5,281,830

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-30.00-20.00-10.00

0.0010.0020.0030.00

Very Low Low Low to Moderate Moderate Moderate

to High High

34

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Balanced Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.03

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

35

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Advanced Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in Canadian and foreign equities but includes fixed-income securities. It targets an asset mix of 20 per cent fixed income and 80 per cent equities.

U.S. Value (London Capital) .......................................................... 9.29Canadian Equity (London Capital) ................................................ 9.10Core Bond (Portico)....................................................................... 8.70Core Plus Bond (Portico)............................................................... 7.75Global Equity (Putnam) ................................................................. 6.96Canadian Resource (Mackenzie) .................................................. 6.34American Growth (AGF)................................................................ 6.06Canadian Equity (CI/Synergy)....................................................... 6.03Foreign Equity (Mackenzie)........................................................... 5.86International Equity (Setanta)........................................................ 5.52Total ............................................................................................ 71.62Total investments: .......................................................................... 17

Canadian Equities................................. 35.96United States Equities .......................... 23.13Bonds.................................................... 19.72International Equities ............................ 16.41Cash & Other Investments...................... 4.78

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,361.12 on December 31, 2016. This works out to an average of 3.13 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 20 per cent invested in fixed income and is comfortable with low to moderate risk.

October 18, 1999 October 18, 1999

GLC Asset Management Group Ltd.

$860,687,029 6.10%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.13 20.23 994,546

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00

-40.00

-20.00

0.00

20.00

40.00

Very Low Low Low to Moderate Moderate Moderate

to High High

36

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Advanced Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.13

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

37

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Aggressive Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in Canadian and foreign equities. It targets an asset mix of 100 per cent equities.

Canadian Equity (London Capital) .............................................. 13.07U.S. Value (London Capital) ........................................................ 11.39Canadian Resource (Mackenzie) .................................................. 8.30American Growth (AGF)................................................................ 8.02Global Equity (Putnam) ................................................................. 7.92Mid Cap Canada (GWLIM)............................................................ 7.02Canadian Equity (CI/Synergy)....................................................... 7.00International Growth (Mackenzie) ................................................. 6.82Foreign Equity (Mackenzie)........................................................... 6.80Canadian All Cap Value (Mackenzie) ............................................ 5.09Total ............................................................................................ 81.43Total investments: .......................................................................... 14

Canadian Equities................................. 44.42United States Equities .......................... 28.75International Equities ............................ 20.35Cash & Other Investments...................... 5.38Bonds...................................................... 1.10

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,341.37 on December 31, 2016. This works out to an average of 2.98 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of 100 per cent invested in equities and is comfortable with moderate risk.

October 18, 1999 October 18, 1999

GLC Asset Management Group Ltd.

$738,204,602 6.08%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.18 22.45 808,176

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

38

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Aggressive Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.18

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

39

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Income Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities but includes Canadian and foreign equities. It targets an asset mix of 64 per cent fixed income and 36 per cent equities.

Core Bond (Portico)..................................................................... 23.48Core Plus Bond (Portico)............................................................. 21.58Mortgage (Portico)......................................................................... 9.49Real Estate (GWLRA) ................................................................... 7.99Global Infrastructure Equity (London Capital) ............................... 6.07Dividend (GWLIM)......................................................................... 5.70Corporate Bond (Portico) .............................................................. 5.00International Bond (Brandywine) ................................................... 5.00Foreign Equity (Mackenzie)........................................................... 4.40Canadian All Cap Value (Mackenzie) ............................................ 3.99Total ............................................................................................ 92.69Total investments: .......................................................................... 13

Bonds.................................................... 55.55Canadian Equities................................. 16.63Cash & Other Investments.................... 12.01United States Equities ............................ 9.55International Equities .............................. 6.26

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,326.69 on December 31, 2016. This works out to an average of 2.87 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 9 years and down in value 1 year of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 36 per cent invested in equities and is comfortable with low risk.

December 4, 2006 December 4, 2006

GLC Asset Management Group Ltd.

$62,333,222 25.69%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.84 13.26 486,777

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-15.00-10.00

-5.000.005.00

10.0015.00

Very Low Low Low to Moderate Moderate Moderate

to High High

40

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Income Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.84

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

41

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2010 Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities and Canadian and foreign equities. This fund has reached its target date. We may close the fund at any time and transfer the assets to the Income Profile Fund.

Core Bond (Portico)..................................................................... 23.54Core Plus Bond (Portico)............................................................. 21.64Mortgage (Portico)......................................................................... 9.51Real Estate (GWLRA) ................................................................... 8.00Global Infrastructure Equity (London Capital) ............................... 5.98Dividend (GWLIM)......................................................................... 5.68Corporate Bond (Portico) .............................................................. 5.01International Bond (Brandywine) ................................................... 5.00Foreign Equity (Mackenzie)........................................................... 4.39Canadian All Cap Value (Mackenzie) ............................................ 3.99Total ............................................................................................ 92.73Total investments: .......................................................................... 13

Bonds.................................................... 55.68Canadian Equities................................. 16.61Cash & Other Investments.................... 12.02United States Equities ............................ 9.49International Equities .............................. 6.21

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,300.71 on December 31, 2016. This works out to an average of 2.66 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 9 years and down in value 1 year of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 36 per cent invested in equities and is comfortable with low risk.

December 4, 2006 December 4, 2006

GLC Asset Management Group Ltd.

$14,751,399 18.14%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.83 13.01 34,052

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-15.00-10.00

-5.000.005.00

10.0015.00

Very Low Low Low to Moderate Moderate Moderate

to High High

42

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2010 Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.83

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

43

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2015 Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities and Canadian and foreign equities. This fund has reached its target date. We may close the fund at any time and transfer the assets to the Income Profile Fund.

Core Bond (Portico)..................................................................... 23.53Core Plus Bond (Portico)............................................................. 21.63Mortgage (Portico)......................................................................... 9.51Real Estate (GWLRA) ................................................................... 8.01Global Infrastructure Equity (London Capital) ............................... 5.98Dividend (GWLIM)......................................................................... 5.68Corporate Bond (Portico) .............................................................. 5.01International Bond (Brandywine) ................................................... 5.00Foreign Equity (Mackenzie)........................................................... 4.39Canadian All Cap Value (Mackenzie) ............................................ 3.98Total ............................................................................................ 92.72Total investments: .......................................................................... 13

Bonds.................................................... 55.66Canadian Equities................................. 16.61Cash & Other Investments.................... 12.02United States Equities ............................ 9.49International Equities .............................. 6.21

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,268.72 on December 31, 2016. This works out to an average of 2.41 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 9 years and down in value 1 year of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of no more than 36 per cent invested in equities and is comfortable with low risk.

December 4, 2006 December 4, 2006

GLC Asset Management Group Ltd.

$68,440,500 6.06%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.84 12.72 19,622

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-30.00

-20.00

-10.00

0.00

10.00

20.00

Very Low Low Low to Moderate Moderate Moderate

to High High

44

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2015 Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.84

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

45

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2020 Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities and Canadian and foreign equities. The fund automatically evolves to a more conservative asset mix over time to match the policyowner's investment horizon.

Core Bond (Portico)..................................................................... 20.82Core Plus Bond (Portico)............................................................. 18.74Mortgage (Portico)......................................................................... 8.17Real Estate (GWLRA) ................................................................... 7.77U.S. Value (London Capital) .......................................................... 5.52Global Infrastructure Equity (London Capital) ............................... 4.69Corporate Bond (Portico) .............................................................. 4.59Canadian All Cap Value (Mackenzie) ............................................ 4.10Canadian Equity (London Capital) ................................................ 4.01Foreign Equity (Mackenzie)........................................................... 3.99Total ............................................................................................ 82.40Total investments: .......................................................................... 18

Bonds.................................................... 48.43Canadian Equities................................. 20.64United States Equities .......................... 12.38Cash & Other Investments.................... 10.97International Equities .............................. 7.58

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,278.46 on December 31, 2016. This works out to an average of 2.49 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 9 years and down in value 1 year of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person planning for retirement around 2020 and want exposure to multi-managers in one fund that evolves to a more conservative asset mix over time and are comfortable with low to moderate risk.

December 4, 2006 December 4, 2006

GLC Asset Management Group Ltd.

$172,960,162 10.54%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.96 12.84 41,151

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-30.00

-20.00

-10.00

0.00

10.00

20.00

Very Low Low Low to Moderate Moderate Moderate

to High High

46

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2020 Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.96

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

47

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2025 Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities and Canadian and foreign equities. The fund automatically evolves to a more conservative asset mix over time to match the policyowner's investment horizon.

Core Bond (Portico)..................................................................... 16.96Core Plus Bond (Portico)............................................................. 15.07U.S. Value (London Capital) .......................................................... 7.81Real Estate (GWLRA) ................................................................... 7.17Mortgage (Portico)......................................................................... 6.37Canadian Equity (London Capital) ................................................ 5.69International Equity (Setanta)........................................................ 4.75Canadian All Cap Value (Mackenzie) ............................................ 4.47Foreign Equity (Mackenzie)........................................................... 3.99Canadian Equity (CI/Synergy)....................................................... 3.60Total ............................................................................................ 75.88Total investments: .......................................................................... 20

Bonds.................................................... 39.39Canadian Equities................................. 25.78United States Equities .......................... 14.92International Equities ............................ 10.30Cash & Other Investments...................... 9.60

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,305.01 on December 31, 2016. This works out to an average of 2.70 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person planning for retirement around 2025 and want exposure to multi-managers in one fund that evolves to a more conservative asset mix over time and are comfortable with low to moderate risk.

December 4, 2006 December 4, 2006

GLC Asset Management Group Ltd.

$230,091,174 9.46%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.05 13.12 51,616

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-30.00-20.00-10.00

0.0010.0020.0030.00

Very Low Low Low to Moderate Moderate Moderate

to High High

48

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2025 Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.05

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

49

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2030 Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities and Canadian and foreign equities. The fund automatically evolves to a more conservative asset mix over time to match the policyowner's investment horizon.

Core Bond (Portico)..................................................................... 14.03Core Plus Bond (Portico)............................................................. 12.22U.S. Value (London Capital) .......................................................... 8.97Canadian Equity (London Capital) ................................................ 7.38Real Estate (GWLRA) ................................................................... 7.30International Equity (Setanta)........................................................ 6.34Canadian All Cap Value (Mackenzie) ............................................ 5.58Mortgage (Portico)......................................................................... 5.20Global Equity (Putnam) ................................................................. 4.90Canadian Equity (CI/Synergy)....................................................... 4.50Total ............................................................................................ 76.40Total investments: .......................................................................... 18

Bonds.................................................... 31.47Canadian Equities................................. 30.40United States Equities .......................... 16.81International Equities ............................ 12.58Cash & Other Investments...................... 8.74

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,321.44 on December 31, 2016. This works out to an average of 2.83 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person planning for retirement around 2030 and want exposure to multi-managers in one fund that evolves to a more conservative asset mix over time and are comfortable with low to moderate risk.

December 4, 2006 December 4, 2006

GLC Asset Management Group Ltd.

$215,695,614 7.41%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.10 13.31 2,031

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-40.00

-20.00

0.00

20.00

40.00

Very Low Low Low to Moderate Moderate Moderate

to High High

50

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2030 Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.10

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

51

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2035 Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities and Canadian and foreign equities. The fund automatically evolves to a more conservative asset mix over time to match the policyowner's investment horizon.

Core Bond (Portico)..................................................................... 12.00Core Plus Bond (Portico)............................................................... 9.80U.S. Value (London Capital) .......................................................... 9.08Canadian Equity (London Capital) ................................................ 8.17Real Estate (GWLRA) ................................................................... 8.09Canadian All Cap Value (Mackenzie) ............................................ 6.17International Equity (Setanta)........................................................ 5.64Foreign Equity (Mackenzie)........................................................... 5.58Global Equity (Putnam) ................................................................. 5.52American Growth (AGF)................................................................ 4.80Total ............................................................................................ 74.87Total investments: .......................................................................... 18

Canadian Equities................................. 33.89Bonds.................................................... 24.72United States Equities .......................... 19.21International Equities ............................ 14.17Cash & Other Investments...................... 8.01

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,332.50 on December 31, 2016. This works out to an average of 2.91 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person planning for retirement around 2035 and want exposure to multi-managers in one fund that evolves to a more conservative asset mix over time and are comfortable with low to moderate risk.

December 4, 2006 December 4, 2006

GLC Asset Management Group Ltd.

$182,711,916 7.05%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.08 13.44 11,707

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00

-40.00

-20.00

0.00

20.00

40.00

Very Low Low Low to Moderate Moderate Moderate

to High High

52

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2035 Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.08

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

53

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2040 Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities and Canadian and foreign equities. The fund automatically evolves to a more conservative asset mix over time to match the policyowner's investment horizon.

Core Bond (Portico)....................................................................... 9.71U.S. Value (London Capital) .......................................................... 9.28Real Estate (GWLRA) ................................................................... 8.79Canadian Equity (London Capital) ................................................ 8.58Core Plus Bond (Portico)............................................................... 7.21Global Equity (Putnam) ................................................................. 6.60Foreign Equity (Mackenzie)........................................................... 6.48American Growth (AGF)................................................................ 5.59Canadian Equity (CI/Synergy)....................................................... 5.39Canadian All Cap Value (Mackenzie) ............................................ 5.28Total ............................................................................................ 72.92Total investments: .......................................................................... 18

Canadian Equities................................. 36.22United States Equities .......................... 21.85Bonds.................................................... 19.66International Equities ............................ 15.67Cash & Other Investments...................... 6.60

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,331.98 on December 31, 2016. This works out to an average of 2.91 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person planning for retirement around 2040 and want exposure to multi-managers in one fund that evolves to a more conservative asset mix over time and are comfortable with moderate risk.

December 4, 2006 December 4, 2006

GLC Asset Management Group Ltd.

$146,568,500 7.47%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.08 13.45 900

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00

-40.00

-20.00

0.00

20.00

40.00

Very Low Low Low to Moderate Moderate Moderate

to High High

54

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2040 Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.08

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

55

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2045 Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities and Canadian and foreign equities. The fund automatically evolves to a more conservative asset mix over time to match the policyowner's investment horizon.

U.S. Value (London Capital) .......................................................... 9.57Canadian Equity (London Capital) ................................................ 9.27Real Estate (GWLRA) ................................................................... 9.00Core Bond (Portico)....................................................................... 7.31Global Equity (Putnam) ................................................................. 7.30American Growth (AGF)................................................................ 6.59Foreign Equity (Mackenzie)........................................................... 6.48Canadian Equity (CI/Synergy)....................................................... 6.09Core Plus Bond (Portico)............................................................... 5.31Canadian Resource (Mackenzie) .................................................. 5.22Total ............................................................................................ 72.14Total investments: .......................................................................... 17

Canadian Equities................................. 38.22United States Equities .......................... 24.06International Equities ............................ 17.26Bonds.................................................... 15.22Cash & Other Investments...................... 5.25

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,323.09 on December 31, 2016. This works out to an average of 2.84 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person planning for retirement around 2045 and want exposure to multi-managers in one fund that evolves to a more conservative asset mix over time and are comfortable with moderate risk.

December 4, 2006 December 4, 2006

GLC Asset Management Group Ltd.

$125,467,283 6.25%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.09 13.38 652

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00

-40.00

-20.00

0.00

20.00

40.00

Very Low Low Low to Moderate Moderate Moderate

to High High

56

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2045 Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.09

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

57

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2050 Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in fixed-income securities and Canadian and foreign equities. The fund automatically evolves to a more conservative asset mix over time to match the policyowner's investment horizon.

Canadian Equity (London Capital) .............................................. 10.37U.S. Value (London Capital) ........................................................ 10.06Real Estate (GWLRA) ................................................................... 9.10Global Equity (Putnam) ................................................................. 7.78American Growth (AGF)................................................................ 7.07Foreign Equity (Mackenzie)........................................................... 6.68Canadian Equity (CI/Synergy)....................................................... 6.39Canadian Resource (Mackenzie) .................................................. 5.94International Growth (Mackenzie) ................................................. 5.50Mid Cap Canada (GWLIM)............................................................ 5.34Total ............................................................................................ 74.23Total investments: .......................................................................... 17

Canadian Equities................................. 40.52United States Equities .......................... 25.57International Equities ............................ 18.34Bonds.................................................... 10.26Cash & Other Investments...................... 5.32

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,311.27 on December 31, 2016. This works out to an average of 2.75 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person planning for retirement around 2050 and want exposure to multi-managers in one fund that evolves to a more conservative asset mix over time and are comfortable with moderate risk.

December 4, 2006 December 4, 2006

GLC Asset Management Group Ltd.

$95,622,272 4.77%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.19 13.28 2,408

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00

-40.00

-20.00

0.00

20.00

40.00

Very Low Low Low to Moderate Moderate Moderate

to High High

58

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

2050 Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.19

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

59

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Money Market (Portico)

What does the fund invest in?This segregated fund invests primarily in Canadian money market instruments such as high-quality commercial paper and short-term government debt securities.

Government of Canada 02-09-2017.............................................. 9.34Government of Canada 01-26-2017.............................................. 8.06Government of Canada 06-29-2017.............................................. 6.08Government of Canada 05-04-2017.............................................. 5.66Government of Canada 03-09-2017.............................................. 5.05Government of Canada 03-23-2017.............................................. 4.43Bank of Montreal 05-08-2017........................................................ 4.21Government of Canada 02-23-2017.............................................. 3.65Government of Canada 01-12-2017.............................................. 3.45Government of Canada 07-27-2017.............................................. 2.76Total ............................................................................................ 52.68Total investments: .......................................................................... 45

Bonds.................................................... 99.11Cash & Other Investments...................... 0.89

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,062.73 on December 31, 2016. This works out to an average of 0.61 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 10 years and down in value 0 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person seeking short-term safety and planning to hold their investment for a short period of time.

NotesLondon Life is currently waiving a portion of the fees for this fund. There is no obligation on London Life to continue waiving these fees and it may cease to do so at any time without notice. During 2016 London Life waived fees equal to 0.75 per cent.

November 1, 1988 November 1, 1988

GLC Asset Management Group Ltd.

$721,851,866 --

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 0.60 24.86 2,167,171

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 20160.001.002.003.004.005.006.00

Very Low Low Low to Moderate Moderate Moderate

to High High

60

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Money Market (Portico)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 0.60

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

61

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Fixed Income Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in Canadian fixed-income securities It targets an asset mix of 100 per cent fixed income.

Core Bond (Portico)..................................................................... 20.01Core Plus Bond (Portico)............................................................. 20.00Mortgage (Portico)....................................................................... 15.00Government Bond (Portico)......................................................... 11.00Long Term Bond (Portico) ........................................................... 10.01International Bond (Brandywine) ................................................... 9.96North American High Yield Bond (Putnam) ................................... 8.00Real Return Bond (Portico) ........................................................... 3.02Short Term Bond (Portico)............................................................. 3.00Total .......................................................................................... 100.00Total investments: ............................................................................ 9

Bonds.................................................... 85.18Cash & Other Investments.................... 14.57United States Equities ............................ 0.25

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,286.99 on December 31, 2016. This works out to an average of 2.56 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 9 years and down in value 1 year of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term, wants exposure to multi-managers in one fund with a target of 100 per cent invested in fixed income and is comfortable with low risk.

November 5, 2001 November 5, 2001

GLC Asset Management Group Ltd.

$133,385,075 10.98%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.43 15.64 893,059

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-10.00

-5.00

0.00

5.00

10.00

15.00

Very Low Low Low to Moderate Moderate Moderate

to High High

62

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Fixed Income Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.43

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

63

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Core Bond (Portico)

What does the fund invest in?This segregated fund invests primarily in Canadian fixed income securities issued by governments and corporations.

Government of Canada 4.00% 06-01-2041 .................................. 3.73Government of Canada 2.75% 06-01-2022 .................................. 2.63Government of Canada 3.75% 06-01-2019 .................................. 2.47Government of Canada 3.25% 06-01-2021 .................................. 2.20Government of Canada 3.50% 06-01-2020 .................................. 2.18Government of Canada 2.25% 06-01-2025 .................................. 1.90Government of Canada 1.25% 09-01-2018 .................................. 1.77Government of Canada 4.00% 06-01-2017 .................................. 1.75Province of Ontario 4.70% 06-02-2037......................................... 1.73Province of Ontario 3.50% 06-02-2024......................................... 1.72Total ............................................................................................ 22.08Total investments: ........................................................................ 152

Bonds.................................................... 97.99Cash & Other Investments...................... 2.01

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,325.66 on December 31, 2016. This works out to an average of 2.86 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking potential for interest income in their portfolio and is comfortable with low risk. Since the fund invests in bonds its value is affected by changes in interest rates.

December 31, 1961 December 31, 1961

GLC Asset Management Group Ltd.

$3,133,703,660 10.68%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.03 360.46 114,503

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-10.00

-5.00

0.00

5.00

10.00

15.00

Very Low Low Low to Moderate Moderate Moderate

to High High

64

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Core Bond (Portico)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.03

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

65

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Core Plus Bond (Portico)

What does the fund invest in?This segregated fund invests primarily in Canadian fixed income securities currently through the Quadrus Core Plus Bond Fund (Portico).

Canada Housing Trust No. 1 1.70% 12-15-2017 .......................... 4.10Canada Housing Trust No. 1 2.65% 03-15-2022 .......................... 4.00Province of Ontario 4.65% 06-02-2041......................................... 3.70Province of Quebec 4.25% 12-01-2043 ........................................ 3.70Canada Housing Trust No. 1 1.25% 12-15-2020 .......................... 3.60Province of Ontario 2.60% 06-02-2025......................................... 2.70Canada Housing Trust No. 1 1.75% 06-15-2018 .......................... 2.60Canada Housing Trust No. 1 2.55% 03-15-2025 .......................... 2.50Canada Housing Trust No. 1 2.90% 06-15-2024 .......................... 2.10Cash and short-term investments ................................................. 2.10Total ............................................................................................ 31.10Total investments: .......................................................................... 96

Bonds.................................................... 97.30Cash & Other Investments...................... 2.70

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,291.89 on December 31, 2016. This works out to an average of 2.59 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking potential for interest income in their portfolio and is comfortable with low risk. Since the fund invests in bonds its value is affected by changes in interest rates.

July 27, 1998 July 27, 1998

GLC Asset Management Group Ltd.

$1,412,408,105 2.53%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.27 17.03 986,635

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-10.00

-5.00

0.00

5.00

10.00

15.00

Very Low Low Low to Moderate Moderate Moderate

to High High

66

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Core Plus Bond (Portico)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.27

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

67

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Mortgage (Portico)

What does the fund invest in?This segregated fund invests primarily in mortgages on Canadian residential and commercial properties.

Mortgages ................................................................................... 81.75Government of Canada 1.50% 09-01-2017 .................................. 2.10Government of Canada 1.25% 02-01-2018 .................................. 1.71Canada Housing Trust 3.35% 12-15-2020.................................... 1.34Canada Housing Trust 3.80% 06-15-2021.................................... 1.24Canada Housing Trust 2.65% 03-15-2022.................................... 1.19Overnight Deposits........................................................................ 0.96Canada Mortgage & Housing 4.35% 02-01-2017 ......................... 0.93Canada Housing Trust 2.40% 12-15-2022.................................... 0.88Government of Canada 1.25% 09-01-2018 .................................. 0.85Total ............................................................................................ 92.95Total investments: .......................................................................... 30

Cash & Other Investments.................... 82.78Bonds.................................................... 17.22

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,185.26 on December 31, 2016. This works out to an average of 1.71 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking potential for interest income in their portfolio and is comfortable with low risk. Since the fund invests in mortgages its value is affected by changes in interest rates.

July 31, 1969 July 31, 1969

GLC Asset Management Group Ltd.

$1,771,763,490 11.93%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.48 222.78 151,560

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-8.00

-4.00

0.00

4.00

8.00

12.00

Very Low Low Low to Moderate Moderate Moderate

to High High

68

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Mortgage (Portico)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.48

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

69

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Government Bond (Portico)

What does the fund invest in?This segregated fund invests primarily in fixed income securities issued by Canadian governments.

Canada Housing Trust 4.10% 12-15-2018.................................... 7.13Canada Housing Trust 1.70% 12-15-2017.................................... 6.79Canada Housing Trust 2.00% 12-15-2019.................................... 6.28Canada Housing Trust 1.25% 12-15-2020.................................... 5.85Canada Housing Trust 1.95% 06-15-2019.................................... 5.79Government of Canada 1.50% 03-01-2020 .................................. 4.93Canada Housing Trust 3.80% 06-15-2021.................................... 4.81Canada Housing Trust 2.35% 12-15-2018.................................... 3.92Province of Quebec 3.50% 12-01-2022 ........................................ 3.85Province of Ontario 2.10% 09-08-2018......................................... 3.84Total ............................................................................................ 53.20Total investments: .......................................................................... 43

Bonds.................................................... 98.81Cash & Other Investments...................... 1.19

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,183.61 on December 31, 2016. This works out to an average of 1.70 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking potential for interest income in their portfolio and is comfortable with low risk. Since the fund invests in bonds its value is affected by changes in interest rates.

July 27, 1998 July 27, 1998

GLC Asset Management Group Ltd.

$68,215,297 52.52%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.04 15.47 431,301

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-10.00

-5.00

0.00

5.00

10.00

15.00

Very Low Low Low to Moderate Moderate Moderate

to High High

70

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Government Bond (Portico)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.04

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

71

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Income (Portico)

What does the fund invest in?This segregated fund invests primarily in Canadian fixed income securities with some exposure to Canadian and foreign stocks.

Royal Bank of Canada .................................................................. 2.96Toronto-Dominion Bank................................................................. 2.90BCE INC........................................................................................ 2.57Bank of Montreal ........................................................................... 2.52Bank of Nova Scotia...................................................................... 2.34Canadian Imperial Bank of Commerce ......................................... 2.14Magna International Inc................................................................. 2.09Overnight Deposits........................................................................ 1.71Suncor Energy Inc......................................................................... 1.62Government of Canada 3.50% 06-01-2020 .................................. 1.37Total ............................................................................................ 22.22Total investments: ........................................................................ 173

Bonds.................................................... 63.88Canadian Equities................................. 33.90Cash & Other Investments...................... 2.22

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,406.64 on December 31, 2016. This works out to an average of 3.47 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking potential for interest income and modest growth from Canadian and foreign stocks and is comfortable with low risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

GLC Asset Management Group Ltd.

$908,161,650 22.63%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.25 24.25 4,209,318

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-20.00

-10.00

0.00

10.00

20.00

30.00

Very Low Low Low to Moderate Moderate Moderate

to High High

72

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Income (Portico)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.25

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

73

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Income (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in Canadian fixed income securities and stocks with exposure to foreign stocks.

Province of Ontario 2.40% 06-02-2026......................................... 4.45Government of Canada 01-04-2017.............................................. 3.10Province of Quebec 2.50% 09-01-2026 ........................................ 2.49Province of Quebec 3.50% 12-01-2045 ........................................ 1.58Government of Canada 1.25% 12-01-2047 .................................. 1.37Toronto-Dominion Bank................................................................. 1.15Bank of Nova Scotia...................................................................... 1.02US Treasury Inflation Index 1.00% 02-15-2046 Real Return ........ 0.98Canada Housing Trust 1.90% 09-15-2026.................................... 0.87Royal Bank of Canada .................................................................. 0.86Total ............................................................................................ 17.88Total investments: ........................................................................ 438

Bonds.................................................... 68.14Canadian Equities................................. 15.80United States Equities ............................ 7.46International Equities .............................. 6.92Cash & Other Investments...................... 1.67

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,402.27 on December 31, 2016. This works out to an average of 3.44 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking exposure to bonds and Canadian and foreign stocks and is comfortable with low to moderate risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

Mackenzie Investments

$225,670,807 123.17%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.31 24.36 1,135,633

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-30.00-20.00-10.00

0.0010.0020.0030.00

Very Low Low Low to Moderate Moderate Moderate

to High High

74

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Income (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.31

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

75

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Diversified (London Capital)

What does the fund invest in?This segregated fund invests in Canadian fixed-income securities and Canadian and foreign equities through various segregated funds of London Life.

Core Bond (Portico)..................................................................... 34.16Canadian Equity (London Capital) .............................................. 32.91U.S. Equity (London Capital)....................................................... 14.92International Equity (JPMorgan).................................................. 11.01Mortgage (Portico)......................................................................... 6.00Money Market (Portico) ................................................................. 1.00Total .......................................................................................... 100.00Total investments: ............................................................................ 6

Bonds.................................................... 35.50Canadian Equities................................. 32.06United States Equities .......................... 13.47International Equities ............................ 11.60Cash & Other Investments...................... 7.37

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,260.55 on December 31, 2016. This works out to an average of 2.34 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term, wants exposure to fixed income and equities in a single fund and is comfortable with low to moderate risk.

January 29, 1988 January 29, 1988

GLC Asset Management Group Ltd.

$1,211,482,723 7.37%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.79 310.04 272,251

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-30.00-20.00-10.00

0.0010.0020.0030.00

Very Low Low Low to Moderate Moderate Moderate

to High High

76

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Diversified (London Capital)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.79

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

77

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Balanced Growth (GWLIM)

What does the fund invest in?This segregated fund invests primarily in Canadian fixed income securities and stocks with exposure to foreign stocks.

Toronto-Dominion Bank................................................................. 3.48Royal Bank of Canada .................................................................. 3.23Bank of Nova Scotia...................................................................... 2.47Canadian National Railway Co...................................................... 1.85Government of Canada 2.75% 06-01-2022 .................................. 1.48Suncor Energy Inc......................................................................... 1.40Manulife Financial Corp................................................................. 1.34Canadian Imperial Bank of Commerce ......................................... 1.34Badger Daylighting Ltd .................................................................. 1.34Government of Canada 3.75% 06-01-2019 .................................. 1.31Total ............................................................................................ 19.25Total investments: ........................................................................ 280

Canadian Equities................................. 46.74Bonds.................................................... 30.80United States Equities .......................... 20.10Cash & Other Investments...................... 1.33International Equities .............................. 1.03

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,285.00 on December 31, 2016. This works out to an average of 2.54 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking exposure to bonds and Canadian and foreign stocks and is comfortable with low to moderate risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

GLC Asset Management Group Ltd.

$71,782,272 53.12%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.74 17.87 444,864

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00

-40.00

-20.00

0.00

20.00

40.00

Very Low Low Low to Moderate Moderate Moderate

to High High

78

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Balanced Growth (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.74

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

79

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

North American Balanced (London Capital)

What does the fund invest in?This segregated fund invests primarily in Canadian fixed income securities and stocks with exposure to foreign stocks.

Royal Bank of Canada .................................................................. 2.81Toronto-Dominion Bank................................................................. 2.60Government of Canada 2.75% 06-01-2022 .................................. 2.22Government of Canada 3.50% 06-01-2020 .................................. 1.67Bank of Nova Scotia...................................................................... 1.66Suncor Energy Inc......................................................................... 1.54Manulife Financial Corp................................................................. 1.50Canadian Natural Resources Ltd .................................................. 1.25Government of Canada 3.75% 06-01-2019 .................................. 1.22Brookfield Asset Management....................................................... 1.13Total ............................................................................................ 17.60Total investments: ........................................................................ 257

Bonds.................................................... 38.72Canadian Equities................................. 33.99United States Equities .......................... 24.34Cash & Other Investments...................... 1.67International Equities .............................. 1.28

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,348.06 on December 31, 2016. This works out to an average of 3.03 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking exposure to bonds and Canadian and foreign stocks and is comfortable with low to moderate risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

GLC Asset Management Group Ltd.

$88,650,065 29.24%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.75 17.78 389,702

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-30.00-20.00-10.00

0.0010.0020.0030.00

Very Low Low Low to Moderate Moderate Moderate

to High High

80

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

North American Balanced (London Capital)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.75

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

81

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Equity/Bond (GWLIM)

What does the fund invest in?This segregated fund invests primarily in Canadian fixed income securities and stocks with exposure to foreign stocks.

LL International Equity (54) JF ...................................................... 9.13Toronto-Dominion Bank................................................................. 3.13Royal Bank of Canada .................................................................. 2.90Bank of Nova Scotia...................................................................... 2.22Canadian National Railway Co...................................................... 1.65Canada Housing Trust 1.70% 12-15-2017.................................... 1.57Canada Housing Trust 2.65% 03-15-2022.................................... 1.49Suncor Energy Inc......................................................................... 1.26Manulife Financial Corp................................................................. 1.21Canadian Imperial Bank of Commerce ......................................... 1.20Total ............................................................................................ 25.76Total investments: ........................................................................ 221

Canadian Equities................................. 41.77Bonds.................................................... 31.09United States Equities .......................... 15.65Cash & Other Investments...................... 1.60International Equities .............................. 0.77

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,341.90 on December 31, 2016. This works out to an average of 2.98 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking exposure to bonds and Canadian and foreign stocks and is comfortable with low to moderate risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

GLC Asset Management Group Ltd.

$103,217,497 48.88%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.73 19.69 410,150

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00

-40.00

-20.00

0.00

20.00

40.00

Very Low Low Low to Moderate Moderate Moderate

to High High

82

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Equity/Bond (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.73

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

83

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Balanced (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in Canadian fixed income securities and stocks currently through the Mackenzie Canadian Large Cap Balanced Fund.

The Toronto-Dominion Bank.......................................................... 2.60Province of Quebec 3.50% 12-01-2045 ........................................ 2.10Government of Canada 2.75% 12-01-2048 .................................. 2.00Royal Bank of Canada .................................................................. 2.00Canadian National Railway Co...................................................... 1.50The Bank of Nova Scotia............................................................... 1.40Canadian Natural Resources Ltd. ................................................. 1.30Province of Ontario 2.90% 12-02-2046......................................... 1.30Province of Quebec 2.50% 09-01-2026 ........................................ 1.20Alphabet Inc. ................................................................................. 1.10Total ............................................................................................ 16.50Total investments: ........................................................................ 349

Bonds.................................................... 38.20Canadian Equities................................. 34.30United States Equities .......................... 17.20International Equities .............................. 9.80Cash & Other Investments...................... 0.50

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,283.42 on December 31, 2016. This works out to an average of 2.53 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking exposure to stocks and bonds and is comfortable with low to moderate risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

Mackenzie Investments

$124,391,856 1.82%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.93 22.10 537,526

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-30.00-20.00-10.00

0.0010.0020.0030.00

Very Low Low Low to Moderate Moderate Moderate

to High High

84

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Balanced (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.93

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

85

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Growth & Income (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in Canadian fixed income securities and stocks with exposure to foreign stocks.

Loblaw Co Ltd ............................................................................... 4.06Brookfield Asset Management....................................................... 4.01Alimentation Couche-Tard CL B .................................................... 3.53Pembina Pipeline Corp.................................................................. 3.41Onex Corp ..................................................................................... 3.38Shaw Communications Inc............................................................ 3.07Crescent Point Energy Corp.......................................................... 3.06Manulife Financial Corp................................................................. 2.96Toronto-Dominion Bank................................................................. 2.93Royal Bank of Canada .................................................................. 2.92Total ............................................................................................ 33.33Total investments: ........................................................................ 318

Canadian Equities................................. 50.57Bonds.................................................... 23.48United States Equities .......................... 17.48International Equities .............................. 7.08Cash & Other Investments...................... 1.39

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,451.02 on December 31, 2016. This works out to an average of 3.79 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking exposure to bonds and Canadian and foreign stocks and is comfortable with low to moderate risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

Mackenzie Investments

$175,903,757 104.88%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.69 22.60 620,842

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-30.00-20.00-10.00

0.0010.0020.0030.00

Very Low Low Low to Moderate Moderate Moderate

to High High

86

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Growth & Income (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.69

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

87

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Balanced (Beutel Goodman)

What does the fund invest in?This segregated fund invests primarily in Canadian fixed income securities and stocks with exposure to foreign stocks.

Toronto-Dominion Bank................................................................. 4.03Royal Bank of Canada .................................................................. 4.02Rogers Communication Inc ........................................................... 2.87Bank of Nova Scotia...................................................................... 2.80Cenovus Energy Inc ...................................................................... 2.18Canadian Natural Resources Ltd .................................................. 2.04Magna International Inc................................................................. 1.90Brookfield Asset Management....................................................... 1.84Verizon Communications Inc......................................................... 1.84Parker Hannifin Corp..................................................................... 1.73Total ............................................................................................ 25.25Total investments: ........................................................................ 219

Canadian Equities................................. 39.29Bonds.................................................... 33.29United States Equities .......................... 24.16International Equities .............................. 2.97Cash & Other Investments...................... 0.29

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,610.15 on December 31, 2016. This works out to an average of 4.88 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking exposure to bonds and Canadian and foreign stocks and is comfortable with low to moderate risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

Beutel, Goodman & Company Ltd.

$941,358,611 82.24%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.92 24.51 2,179,286

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-30.00-20.00-10.00

0.0010.0020.0030.00

Very Low Low Low to Moderate Moderate Moderate

to High High

88

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Balanced (Beutel Goodman)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.92

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

89

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Global Income (Sentry)

What does the fund invest in?This segregated fund invests primarily in fixed income securities and stocks anywhere in the world.

Government of Canada 3.50% 12-01-2045 .................................. 3.67Government of Canada 1.50% 06-01-2026 .................................. 3.63Canada Housing Trust 1.70% 12-15-2017.................................... 2.98Government of Canada 0.75% 09-01-2021 .................................. 2.29Province of Ontario 2.90% 12-02-2046......................................... 2.01HSBC Holdings PLC F/R 12-29-2049 ........................................... 1.62Williams Partners/ACMP 4.875% 05-15-2023 .............................. 1.57OPB Finance Trust 1.88% 02-24-2022 ......................................... 1.47Total Cash ..................................................................................... 1.40Encana Corp. 3.9% 11-15-2021 .................................................... 1.39Total ............................................................................................ 22.03Total investments: ........................................................................ 296

Bonds.................................................... 60.80United States Equities .......................... 12.52Canadian Equities................................. 12.42International Equities ............................ 11.91Cash & Other Investments...................... 2.35

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,293.45 on December 31, 2016. This works out to an average of 2.61 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking exposure to Canadian and foreign bonds and stocks and is comfortable with low to moderate risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.

NotesEffective November 2016 Sentry Investments Inc. assumed portfolio management responsibilities for the Growth & Income Fund (AGF). The name of the fund changed to Global Income Fund (Sentry) from Growth & Income Fund (AGF). The investment objective of the segregated fund changed from investing primarily in Canadian fixed income securities and stocks to investing primarily in fixed income securities and stocks anywhere in the world. The performance before that date was achieved under the previous manager and investment objective.

July 27, 1998 July 27, 1998

Sentry Investments

$135,423,377 170.17%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.92 21.55 444,079

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-20.00

-10.00

0.00

10.00

20.00

30.00

Very Low Low Low to Moderate Moderate Moderate

to High High

90

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Global Income (Sentry)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.92

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

91

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Global Monthly Income (London Capital)

What does the fund invest in?This segregated fund invests primarily in fixed income securities and stocks from around the world currently through the Quadrus Global Monthly Income Fund.

Global Dividend Fund (Setanta) Series R ................................... 25.00Canadian Dividend Class (Laketon) Series R............................. 16.80International Bond Fund (CLI) Series R ...................................... 14.10U.S. Dividend Fund (GWLIM) Series R....................................... 12.90Corporate Bond Fund (Portico) Series R .................................... 10.00Global Real Estate Fund (London Capital) Series R..................... 9.10Core Bond Fund (Portico) Series R............................................... 6.00Mackenzie North American Corporate Bond Fund Series R......... 5.00Mackenzie Canadian Money Market Fund Series R..................... 1.00Total ............................................................................................ 99.90Total investments: ............................................................................ 9

Bonds.................................................... 32.90United States Equities .......................... 24.20International Equities ............................ 19.50Canadian Equities................................. 17.70Cash & Other Investments...................... 5.70

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,326.25 on December 31, 2016. This works out to an average of 2.86 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 6 years and down in value 4 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking exposure to Canadian and foreign bonds and Canadian and foreign income-oriented stocks and is comfortable with low to moderate risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.

NotesEffective November 2016 GLC Asset Management Group Ltd. assumed portfolio management responsibilities for the Balanced Fund (Invesco). The name of the fund changed to Global Monthly Income Fund (London Capital) from Balanced Fund (Invesco). The investment objective of the segregated fund changed from investing primarily in Canadian fixed income securities and stocks to investing primarily in fixed income securities and stocks anywhere in the world. The performance before that date was achieved under the previous manager and investment objective.

November 5, 2001 November 5, 2001

GLC Asset Management Group Ltd.

$67,932,838 103.70%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.91 18.32 250,445

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-40.00

-20.00

0.00

20.00

40.00

60.00

Very Low Low Low to Moderate Moderate Moderate

to High High

92

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Global Monthly Income (London Capital)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.91

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

93

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Equity Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in Canadian equities. It targets an asset mix of 100 per cent equities.

Canadian Equity (London Capital) .............................................. 14.97Canadian All Cap Value (Mackenzie) .......................................... 11.98Canadian Equity (Beutel Goodman)............................................ 11.93Dividend (GWLIM)......................................................................... 9.97Mid Cap Canada (GWLIM)............................................................ 8.11Canadian Resource (Mackenzie) .................................................. 8.10Equity (Mackenzie)........................................................................ 7.97Canadian Equity (Bissett).............................................................. 6.99Canadian Equity Growth (CC&L) .................................................. 6.00Growth Equity (Laketon)................................................................ 5.99Total ............................................................................................ 92.02Total investments: .......................................................................... 12

Canadian Equities................................. 81.29United States Equities .......................... 12.24International Equities .............................. 2.86Cash & Other Investments...................... 2.04Bonds...................................................... 1.57

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,361.74 on December 31, 2016. This works out to an average of 3.14 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, wants exposure to multi-managers in one fund with a target of 100 per cent invested in equities and is comfortable with moderate risk.

November 5, 2001 November 5, 2001

GLC Asset Management Group Ltd.

$34,256,938 9.02%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.08 22.47 240,095

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

94

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Equity Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.08

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

95

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Equity Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in Canadian and foreign equities. It targets an asset mix of 100 per cent equities.

Canadian All Cap Value (Mackenzie) .......................................... 12.48Canadian Equity (Leith Wheeler) ................................................ 12.48U.S. Value (London Capital) ........................................................ 11.94Dividend (GWLIM)....................................................................... 10.98Global Equity (Invesco Trimark) .................................................. 10.48Mid Cap Canada (GWLIM)............................................................ 7.08Canadian Equity (Laketon)............................................................ 6.99International Equity (Setanta)........................................................ 6.04Global Equity (Putnam) ................................................................. 5.49Emerging Markets (Mackenzie)..................................................... 5.08Total ............................................................................................ 89.03Total investments: .......................................................................... 13

Canadian Equities................................. 47.46United States Equities .......................... 28.55International Equities ............................ 20.77Cash & Other Investments...................... 3.01Bonds...................................................... 0.21

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,352.32 on December 31, 2016. This works out to an average of 3.06 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, wants exposure to multi-managers in one fund with a target of 100 per cent invested in equities and is comfortable with moderate risk.

December 4, 2006 December 4, 2006

GLC Asset Management Group Ltd.

$10,323,678 13.25%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.22 13.67 35,813

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

96

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Equity Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.22

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

97

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Low Volatility (London Capital)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks with a focus on those companies and/or sectors that are believed to likely have lower sensitivity to broader market movements.

Overnight Deposits........................................................................ 5.90Laurentian Bank of Canada........................................................... 5.00Bank of Montreal ........................................................................... 4.98Transcanada Corp......................................................................... 4.95Emera Inc ...................................................................................... 4.89BCE INC........................................................................................ 4.81Toronto-Dominion Bank................................................................. 4.75Stella-Jones Inc............................................................................. 4.66Canadian Imperial Bank of Commerce ......................................... 4.63Intact Financial Corp ..................................................................... 4.56Total ............................................................................................ 49.11Total investments: .......................................................................... 43

Canadian Equities................................. 93.64Cash & Other Investments...................... 6.36

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,277.07 on December 31, 2016. This works out to an average of 2.48 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks, and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time

NotesEffective November 2016 GLC Asset Management Group Ltd. assumed portfolio management responsibilities for the Larger Company Fund (Mackenzie). The name of the fund changed to Canadian Low Volatility (London Capital) from Larger Company Fund (Mackenzie). The performance before that date was achieved under the previous manager and investment objective.

July 27, 1998 July 27, 1998

GLC Asset Management Group Ltd.

$25,356,047 110.88%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.01 19.83 98,678

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

98

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Low Volatility (London Capital)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.01

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

99

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Equity (London Capital)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks.

Royal Bank of Canada .................................................................. 8.03Toronto-Dominion Bank................................................................. 7.45Bank of Nova Scotia...................................................................... 4.88Suncor Energy Inc......................................................................... 4.44Manulife Financial Corp................................................................. 4.27Canadian Natural Resources Ltd .................................................. 3.56Brookfield Asset Management....................................................... 3.31Canadian National Railway Co...................................................... 3.23CP Railway Ltd .............................................................................. 2.76Sun Life Financial Inc .................................................................... 2.70Total ............................................................................................ 44.61Total investments: .......................................................................... 53

Canadian Equities................................. 97.42Cash & Other Investments...................... 2.58

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,168.97 on December 31, 2016. This works out to an average of 1.57 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

December 31, 1961 December 31, 1961

GLC Asset Management Group Ltd.

$1,547,571,612 27.61%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.86 731.77 49,326

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

100

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Equity (London Capital)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.86

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

101

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Equity (GWLIM)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.

Toronto-Dominion Bank................................................................. 7.24Royal Bank of Canada .................................................................. 6.91Bank of Nova Scotia...................................................................... 5.30Canadian National Railway Co...................................................... 3.93Suncor Energy Inc......................................................................... 2.88Canadian Imperial Bank of Commerce ......................................... 2.85Bank of Montreal ........................................................................... 2.70Enbridge Inc .................................................................................. 2.67Keyera Corp .................................................................................. 2.59Manulife Financial Corp................................................................. 2.59Total ............................................................................................ 39.67Total investments: .......................................................................... 70

Canadian Equities................................. 92.82United States Equities ............................ 5.98Cash & Other Investments...................... 1.20

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,307.86 on December 31, 2016. This works out to an average of 2.72 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks which includes moderate exposure to foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

GLC Asset Management Group Ltd.

$582,949,326 60.03%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.86 24.32 272,328

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-80.00

-40.00

0.00

40.00

80.00

Very Low Low Low to Moderate Moderate Moderate

to High High

102

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Equity (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.86

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

103

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

SRI Canadian Equity (GWLIM)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks that conduct their business in a socially responsible manner with exposure to foreign stocks.

Toronto-Dominion Bank................................................................. 7.21Royal Bank of Canada .................................................................. 6.83Bank of Nova Scotia...................................................................... 5.26Canadian National Railway Co...................................................... 3.88Suncor Energy Inc......................................................................... 2.86Canadian Imperial Bank of Commerce ......................................... 2.82Bank of Montreal ........................................................................... 2.70Enbridge Inc .................................................................................. 2.64Manulife Financial Corp................................................................. 2.57Boyd Group Income Fund ............................................................. 2.56Total ............................................................................................ 39.34Total investments: .......................................................................... 68

Canadian Equities................................. 91.93United States Equities ............................ 6.27Cash & Other Investments...................... 1.80

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,378.23 on December 31, 2016. This works out to an average of 3.26 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks, which includes moderate exposure to foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

NotesEffective November 2016 GLC Asset Management Group Ltd. renamed the segregated fund from Ethics (GWLIM) to SRI Canadian Equity (GWLIM). No other changes were made to the segregated fund.

November 5, 2001 November 5, 2001

GLC Asset Management Group Ltd.

$88,956,326 61.83%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.90 25.85 219,105

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-80.00

-40.00

0.00

40.00

80.00

Very Low Low Low to Moderate Moderate Moderate

to High High

104

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

SRI Canadian Equity (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.90

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

105

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Growth Equity (Laketon)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.

Toronto-Dominion Bank................................................................. 8.67Royal Bank of Canada .................................................................. 8.56Bank of Nova Scotia...................................................................... 5.72Enbridge Inc .................................................................................. 4.13Brookfield Asset Management....................................................... 3.79Alimentation Couche-Tard CL B .................................................... 3.65Canadian National Railway Co...................................................... 3.52Restuarant Brands International Inc.............................................. 3.42Loblaw Co Ltd ............................................................................... 3.07Manulife Financial Corp................................................................. 2.94Total ............................................................................................ 47.47Total investments: .......................................................................... 49

Canadian Equities................................. 92.14United States Equities ............................ 4.51Cash & Other Investments...................... 2.03International Equities .............................. 1.32

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,043.88 on December 31, 2016. This works out to an average of 0.43 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 6 years and down in value 4 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks which includes moderate exposure to U.S stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

GLC Asset Management Group Ltd.

$21,333,656 64.42%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.92 17.96 67,673

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

106

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Growth Equity (Laketon)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.92

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

107

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Equity Growth (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks currently through the Mackenzie Canadian Large Cap Growth Fund.

The Toronto-Dominion Bank.......................................................... 4.30Royal Bank of Canada .................................................................. 3.40Canadian National Railway Co...................................................... 2.50The Bank of Nova Scotia............................................................... 2.30Canadian Natural Resources Ltd. ................................................. 2.10Alphabet Inc. ................................................................................. 1.90Bank of Montreal ........................................................................... 1.90Manulife Financial Corp................................................................. 1.70Saputo Inc. .................................................................................... 1.70Prudential Financial Inc. ................................................................ 1.60Total ............................................................................................ 23.40Total investments: .......................................................................... 96

Canadian Equities................................. 54.80United States Equities .......................... 28.50International Equities ............................ 16.30Cash & Other Investments...................... 0.40

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,218.20 on December 31, 2016. This works out to an average of 1.99 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

Mackenzie Investments

$66,058,015 4.45%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.05 19.18 143,872

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00

-40.00

-20.00

0.00

20.00

40.00

Very Low Low Low to Moderate Moderate Moderate

to High High

108

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Equity Growth (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.05

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

109

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Equity Growth (CC&L)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.

Royal Bank of Canada .................................................................. 7.55Toronto-Dominion Bank................................................................. 7.47Bank of Nova Scotia...................................................................... 5.55Manulife Financial Corp................................................................. 3.64Sun Life Financial Inc .................................................................... 2.85Canadian National Railway Co...................................................... 2.83CP Railway Ltd .............................................................................. 2.72Bank of Montreal ........................................................................... 2.58Enbridge Inc .................................................................................. 2.57Seven Generations Energy Ltd ..................................................... 2.45Total ............................................................................................ 40.22Total investments: ........................................................................ 106

Canadian Equities................................. 98.02International Equities .............................. 1.42Cash & Other Investments...................... 0.33Bonds...................................................... 0.22

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,382.40 on December 31, 2016. This works out to an average of 3.29 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

NotesConnor, Clark & Lunn Investment Management Ltd. assumed portfolio management responsibilities for the Canadian Equity Growth Fund (Invesco) in May 2013. The name of the fund was changed to Canadian Equity Growth Fund (CC&L).

November 5, 2001 November 5, 2001

Connor, Clark & Lunn Investment Management Ltd.

$112,853,574 71.26%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.08 25.00 373,424

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

110

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Equity Growth (CC&L)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.08

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

111

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Equity (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.

Province of Quebec 03-03-2017 ................................................... 7.04Loblaw Co Ltd ............................................................................... 4.21Brookfield Asset Management....................................................... 4.11Omnicom Group Inc. ..................................................................... 3.69Pembina Pipeline Corp.................................................................. 3.63Alimentation Couche-Tard CL B .................................................... 3.59United Parcel Service Inc. (UPS) Class B..................................... 3.51Onex Corp ..................................................................................... 3.49W.W. Grainger Inc. ........................................................................ 3.27Crescent Point Energy Corp.......................................................... 3.23Total ............................................................................................ 39.75Total investments: .......................................................................... 50

Canadian Equities................................. 52.62United States Equities .......................... 26.69International Equities ............................ 10.80Bonds...................................................... 9.39Cash & Other Investments...................... 0.50

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,445.70 on December 31, 2016. This works out to an average of 3.75 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks which includes moderate exposure to foreign stocks and is comfortable with low to moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

Mackenzie Investments

$85,080,151 55.43%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.03 22.23 193,644

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-40.00

-20.00

0.00

20.00

40.00

Very Low Low Low to Moderate Moderate Moderate

to High High

112

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Equity (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.03

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

113

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Equity (Beutel Goodman)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.

Toronto-Dominion Bank................................................................. 7.46Royal Bank of Canada .................................................................. 7.43Rogers Communication Inc ........................................................... 5.31Bank of Nova Scotia...................................................................... 5.18Cenovus Energy Inc ...................................................................... 4.03Canadian Natural Resources Ltd .................................................. 3.75Magna International Inc................................................................. 3.51Brookfield Asset Management....................................................... 3.41Canadian Imperial Bank of Commerce ......................................... 3.15Agrium Inc. .................................................................................... 2.63Total ............................................................................................ 45.84Total investments: .......................................................................... 63

Canadian Equities................................. 72.68United States Equities .......................... 21.76International Equities .............................. 2.68Bonds...................................................... 2.64Cash & Other Investments...................... 0.24

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,662.35 on December 31, 2016. This works out to an average of 5.21 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks which includes moderate exposure to foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

Beutel, Goodman & Company Ltd.

$330,812,951 18.13%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.04 29.17 403,270

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

114

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Equity (Beutel Goodman)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.04

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

115

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Dividend (GWLIM)

What does the fund invest in?This segregated fund invests primarily in dividend yielding Canadian stocks.

Royal Bank of Canada .................................................................. 6.36Bank of Nova Scotia...................................................................... 5.71Toronto-Dominion Bank................................................................. 5.67Overnight Deposits........................................................................ 4.98Transcanada Corp......................................................................... 2.99Manulife Financial Corp................................................................. 2.95Enbridge Inc .................................................................................. 2.82Canadian National Railway Co...................................................... 2.73Bank of Montreal ........................................................................... 2.40Canadian Imperial Bank of Commerce ......................................... 2.19Total ............................................................................................ 38.79Total investments: .......................................................................... 84

Canadian Equities................................. 84.76United States Equities ............................ 6.90Cash & Other Investments...................... 5.34International Equities .............................. 2.99

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,412.91 on December 31, 2016. This works out to an average of 3.52 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking dividend income along with the growth potential of stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

GLC Asset Management Group Ltd.

$2,209,970,595 18.52%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.75 37.05 5,833,832

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

116

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Dividend (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.75

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

117

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Dividend (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks currently through the Mackenzie Canadian Large Cap Dividend Fund.

The Toronto-Dominion Bank.......................................................... 6.20The Bank of Nova Scotia............................................................... 5.40Royal Bank of Canada .................................................................. 4.70TransCanada Corp. ....................................................................... 4.30Manulife Financial Corp................................................................. 4.10Bank of Montreal ........................................................................... 4.00Canadian Pacific Railway Ltd........................................................ 2.90Brookfield Asset Management Inc................................................. 2.60Canadian Natural Resources Ltd. ................................................. 2.50Suncor Energy Inc......................................................................... 2.50Total ............................................................................................ 39.20Total investments: ........................................................................ 124

Canadian Equities................................. 79.60United States Equities .......................... 10.00International Equities .............................. 8.50Cash & Other Investments...................... 1.90

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,285.87 on December 31, 2016. This works out to an average of 2.55 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 6 years and down in value 4 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking dividend income along with the growth potential of stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

Mackenzie Investments

$331,044,124 2.58%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.94 28.38 1,336,592

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

118

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Dividend (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.94

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

119

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Mid Cap Canada (GWLIM)

What does the fund invest in?This segregated fund invests primarily in Canadian companies that are in the middle capitalization range of the equity market with exposure to foreign stocks.

Boyd Group Income Fund ............................................................. 5.18Kinaxis Inc ..................................................................................... 4.27Badger Daylighting Ltd .................................................................. 4.22Intertape Polymer Group Inc ......................................................... 4.07Winpak Ltd .................................................................................... 3.56Overnight Deposits........................................................................ 3.50CCL Industries Inc ......................................................................... 3.43Descartes Systems Group Inc....................................................... 2.99Equitable Group INC ..................................................................... 2.96Enghouse Systems Ltd ................................................................. 2.72Total ............................................................................................ 36.90Total investments: .......................................................................... 67

Canadian Equities................................. 89.06United States Equities ............................ 7.43Cash & Other Investments...................... 3.51

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,463.59 on December 31, 2016. This works out to an average of 3.88 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 6 years and down in value 4 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks of smaller companies which includes moderate exposure to foreign stocks and is comfortable with moderate to high risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

GLC Asset Management Group Ltd.

$741,236,362 49.07%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.02 35.04 392,613

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-100.00

-50.00

0.00

50.00

100.00

Very Low Low Low to Moderate Moderate Moderate

to High High

120

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Mid Cap Canada (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.02

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

121

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Growth Equity (AGF)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.

Real Matters Inc. Private Placement ............................................. 9.42Overnight Deposits........................................................................ 4.63Parex Resources Inc ..................................................................... 4.35Royal Bank of Canada .................................................................. 3.72Bank of Nova Scotia...................................................................... 3.48Suncor Energy Inc......................................................................... 3.46Canadian Natural Resources Ltd .................................................. 3.06Whitecap Resources Inc ............................................................... 3.00Seven Generations Energy Ltd ..................................................... 2.96CGI Group Inc ............................................................................... 2.89Total ............................................................................................ 40.97Total investments: .......................................................................... 94

Canadian Equities................................. 92.68Cash & Other Investments...................... 5.38International Equities .............................. 1.07United States Equities ............................ 0.83Bonds...................................................... 0.04

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $983.11 on December 31, 2016. This works out to an average of -0.17 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 5 years and down in value 5 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks, which includes moderate exposure to foreign stocks and is comfortable with moderate to high risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

AGF Investments Inc.

$117,517,977 53.62%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.53 19.23 158,370

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-100.00

-50.00

0.00

50.00

100.00

Very Low Low Low to Moderate Moderate Moderate

to High High

122

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Growth Equity (AGF)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.53

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

123

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Real Estate (GWLRA)

What does the fund invest in?This segregated fund invests primarily, directly or indirectly, in a portfolio of income producing Canadian real estate properties.

33 Yonge Street............................................................................. 5.88Total Cash ..................................................................................... 4.891188 West Georgia St. .................................................................. 4.84Credit Ridge Commons ................................................................. 4.13First Canadian Centre ................................................................... 3.81Vancouver Centre.......................................................................... 3.52325 25th Street SE ........................................................................ 3.23Gulf Canada Square...................................................................... 3.07269 Laurier Avenue West .............................................................. 2.915150 - 5160 Yonge St.................................................................... 2.72Total ............................................................................................ 39.01Total investments: ........................................................................ 103

Canadian Equities................................. 88.49Bonds...................................................... 6.08Cash & Other Investments...................... 4.89United States Equities ............................ 0.54

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,590.39 on December 31, 2016. This works out to an average of 4.75 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term and seeking the potential for long-term growth by investing in a portfolio of Canadian real estate properties and are comfortable with low to moderate risk due to the ups and downs of the real estate market. Redemptions may be suspended during any period that the segregated fund does not have sufficient cash or readily marketable securities to meet requests for redemptions. This fund should be considered as a long-term investment and is not suitable for a person who may need to quickly convert their holdings to cash.

NotesOver the past five years, the fund has bought $355 million worth of real property and has sold $95 million worth.

July 27, 1998 July 27, 1998

GWL Realty Advisors Inc.

$2,324,152,013 10.91%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.20 28.33 1,902,785

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-20.00

-10.00

0.00

10.00

20.00

30.00

Very Low Low Low to Moderate Moderate Moderate

to High High

124

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Real Estate (GWLRA)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.20

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

125

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Resource (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in Canadian companies engaged in the energy and natural resource industries currently through the Mackenzie Canadian Resource Fund.

First Quantum Minerals Ltd. .......................................................... 4.10The Williams Companies Inc......................................................... 3.90Advantage Oil & Gas Ltd............................................................... 3.80Whiting Petroleum Corp. ............................................................... 3.70MRC Global Inc. ............................................................................ 3.40California Resources Corp. ........................................................... 3.20Tourmaline Oil Corp....................................................................... 3.00Calfrac Well Services Ltd. 7.50% 12-01-2020 Callable................. 2.60Canadian Natural Resources Ltd. ................................................. 2.60Eni SPA ......................................................................................... 2.50Total ............................................................................................ 32.80Total investments: .......................................................................... 98

Canadian Equities................................. 50.70United States Equities .......................... 30.30International Equities ............................ 11.60Bonds...................................................... 6.10Cash & Other Investments...................... 1.30

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $920.08 on December 31, 2016. This works out to an average of -0.83 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 5 years and down in value 5 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of companies operating in the natural resource industries and is comfortable with higher risk due to investing solely in this one economic sector.

July 27, 1998 July 27, 1998

Mackenzie Investments

$474,629,137 8.31%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.53 41.07 887,784

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-150.00-100.00

-50.000.00

50.00100.00150.00

Very Low Low Low to Moderate Moderate Moderate

to High High

126

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Canadian Resource (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.53

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

127

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Precious Metals (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in precious metals and the stock of Canadian companies which produce or supply precious metals currently through the Mackenzie Precious Metals Class.

Detour Gold Corp. ....................................................................... 10.20Newmont Mining Corp................................................................... 7.20Agnico-Eagle Mines Ltd. ............................................................... 5.50Randgold Resources Ltd............................................................... 5.10Lundin Gold Inc. ............................................................................ 4.00Mountain Province Diamonds Inc.................................................. 3.90Pretium Resources Inc. ................................................................. 3.80First Quantum Minerals Ltd. .......................................................... 3.50Acacia Mining PLC ........................................................................ 3.20AngloGold Ashanti Ltd................................................................... 3.00Total ............................................................................................ 49.40Total investments: .......................................................................... 83

Canadian Equities................................. 67.70International Equities ............................ 19.20United States Equities .......................... 10.50Bonds...................................................... 1.40Cash & Other Investments...................... 1.20

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $710.35 on December 31, 2016. This works out to an average of -3.36 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 5 years and down in value 5 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of companies which produce or supply precious metals and is comfortable with higher risk due to investing solely in this one economic sector.

July 27, 1998 July 27, 1998

Mackenzie Investments

$126,602,764 19.72%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.56 26.22 1,137,044

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-100.00

-50.00

0.00

50.00

100.00

150.00

Very Low Low Low to Moderate Moderate Moderate

to High High

128

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Precious Metals (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.56

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

129

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Smaller Company (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in stock of North American small and mid-size companies.

Spirit Airlines Inc............................................................................ 6.01CommVault Systems Inc. .............................................................. 4.40Maximus Inc. ................................................................................. 3.87Bio-Techne Corp............................................................................ 3.74Broadridge Financial Solutions Inc................................................ 3.70DexCom Inc................................................................................... 3.65Signature Bank.............................................................................. 3.60First Republic Bank ....................................................................... 3.50Silicon Laboratories Inc. ................................................................ 3.12Lattice Semiconductor Corp. ......................................................... 3.02Total ............................................................................................ 38.61Total investments: ........................................................................ 110

United States Equities .......................... 70.61Canadian Equities................................. 25.37Cash & Other Investments...................... 2.15International Equities .............................. 1.87

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,998.23 on December 31, 2016. This works out to an average of 7.17 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks and is comfortable with moderate to high risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

November 5, 2001 November 5, 2001

Mackenzie Investments

$98,442,386 55.14%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.09 27.75 184,022

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-40.00

-20.00

0.00

20.00

40.00

60.00

Very Low Low Low to Moderate Moderate Moderate

to High High

130

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Smaller Company (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.09

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

131

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Science and Technology (GWLIM)

What does the fund invest in?This segregated fund invests primarily in the Canadian and U.S. science and technology companies.

Alphabet Inc.- Class A ................................................................... 8.33Apple Inc ....................................................................................... 5.81Facebook Inc................................................................................. 5.61Microsoft Corp ............................................................................... 5.47CGI Group Inc ............................................................................... 5.19Kinaxis Inc ..................................................................................... 4.41Constellation Software Inc............................................................. 4.09Open Text Corp ............................................................................. 3.44Intel Corp. ...................................................................................... 2.85Amazon.com Inc............................................................................ 2.36Total ............................................................................................ 47.57Total investments: .......................................................................... 59

United States Equities .......................... 70.16Canadian Equities................................. 21.67International Equities .............................. 4.87Cash & Other Investments...................... 3.30

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $2,433.80 on December 31, 2016. This works out to an average of 9.30 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of Canadian and U.S. companies operating in the science and technology sector and is comfortable with moderate to high risk due to investing solely in this one economic sector.

November 5, 2001 November 5, 2001

GLC Asset Management Group Ltd.

$102,072,789 33.67%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.19 24.67 243,051

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-100.00

-50.00

0.00

50.00

100.00

Very Low Low Low to Moderate Moderate Moderate

to High High

132

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Science and Technology (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.19

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

133

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Global Equity Profile (PSG)

What does the fund invest in?This segregated fund, through investments in other funds, invests primarily in foreign stocks. It targets an asset mix of 100 per cent stocks.

American Growth (AGF).............................................................. 15.01U.S. Value (London Capital) ........................................................ 10.20U.S. Dividend (GWLIM)............................................................... 10.18Global Equity (Franklin Templeton) ............................................. 10.02Foreign Equity (Mackenzie)........................................................... 9.84European Equity (Setanta) ............................................................ 9.55U.S. Equity (London Capital)......................................................... 9.04International Growth (Mackenzie) ................................................. 6.94International Equity (JPMorgan).................................................... 5.93Emerging Markets (Mackenzie)..................................................... 5.93Total ............................................................................................ 92.64Total investments: .......................................................................... 12

United States Equities .......................... 52.21International Equities ............................ 40.95Cash & Other Investments...................... 6.51Canadian Equities................................... 0.33

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,443.19 on December 31, 2016. This works out to an average of 3.74 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, wants exposure to multi-managers in one fund with a target of 100 per cent invested in foreign equities and is comfortable with moderate risk.

November 5, 2001 November 5, 2001

GLC Asset Management Group Ltd.

$61,587,281 7.25%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.39 15.57 244,103

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

134

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Global Equity Profile (PSG)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.39

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

135

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Global Low Volatility (ILIM)

What does the fund invest in?This segregated fund invests primarily in stock of companies anywhere in the world with a focus on those companies and/or sectors that are believed to likely have lower sensitivity to broader market movements.

Chevron Corp. ............................................................................... 1.55Philip Morris International Inc. ....................................................... 1.44AT&T Inc........................................................................................ 1.42Verizon Communications Inc......................................................... 1.40Exelon Corp................................................................................... 1.40Altria Group Inc ............................................................................. 1.34Public Service Enterprise Group Inc. ............................................ 1.33Valero Energy Corp. ...................................................................... 1.32Novo Nordisk AS B........................................................................ 1.32Entergy Corp. ................................................................................ 1.31Total ............................................................................................ 13.82Total investments: ........................................................................ 152

United States Equities .......................... 60.74International Equities ............................ 33.13Canadian Equities................................... 5.26Cash & Other Investments...................... 0.87

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,823.33 on December 31, 2016. This works out to an average of 6.19 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of global stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

NotesEffective November 2016 Irish Life Investment Management Limited assumed portfolio management responsibilities for the North American Opportunity Fund (Mackenzie). The name of the fund changed to Global Low Volatility (ILIM) from North American Opportunity Fund (Mackenzie). The investment objective of the segregated fund changed from investing primarily in stocks of North American companies to investing primarily in stock of companies anywhere in the world. The performance before that date was achieved under the previous manager and investment objective.

July 27, 1998 July 27, 1998

Irish Life Investment Managers Limited

$219,183,963 98.58%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.13 28.88 140,833

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

136

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Global Low Volatility (ILIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.13

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

137

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Foreign Equity (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in stocks worldwide currently through the Mackenzie Ivy Foreign Equity Fund.

Cash and short-term investments ............................................... 28.20Omnicom Group Inc. ..................................................................... 3.60Amcor Ltd. ..................................................................................... 3.50Oracle Corp. .................................................................................. 3.50W.W. Grainger Inc. ........................................................................ 3.50Brookfield Asset Management Inc................................................. 3.40Henry Schein Inc. .......................................................................... 3.30Johnson & Johnson....................................................................... 3.20Nike Inc. ........................................................................................ 3.20Compagnie Financiere Richemont SA .......................................... 2.90Total ............................................................................................ 58.30Total investments: .......................................................................... 35

United States Equities .......................... 39.00International Equities ............................ 29.50Cash & Other Investments.................... 28.10Canadian Equities................................... 3.40

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,695.46 on December 31, 2016. This works out to an average of 5.42 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

November 5, 2001 November 5, 2001

Mackenzie Investments

$690,935,991 4.84%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.12 20.37 444,533

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-40.00

-20.00

0.00

20.00

40.00

60.00

Very Low Low Low to Moderate Moderate Moderate

to High High

138

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Foreign Equity (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.12

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

139

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Global Equity (Putnam)

What does the fund invest in?This segregated fund invests primarily in stocks anywhere in the world.

Alphabet Inc.- Class C................................................................... 3.26Yamaha Motor Company Ltd......................................................... 2.49US Treasury-Bill 01-12-2017 ......................................................... 2.25Union Pacific Corp......................................................................... 1.65Assured Guaranty Ltd. .................................................................. 1.61Novartis AG Reg............................................................................ 1.58Monsanto Co. ................................................................................ 1.55Nippon Telegraph & Telephone Corp (NNT).................................. 1.48Amazon.com Inc............................................................................ 1.46E*TRADE Financial Corp. ............................................................. 1.43Total ............................................................................................ 18.76Total investments: ........................................................................ 141

United States Equities .......................... 50.57International Equities ............................ 41.72Bonds...................................................... 3.79Canadian Equities................................... 3.21Cash & Other Investments...................... 0.70

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,208.77 on December 31, 2016. This works out to an average of 1.91 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 6 years and down in value 4 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

NotesPutnam Investments assumed portfolio management responsibilities for the Global Equity Fund (London Capital) in September 2014. The name of the fund was changed to Global Equity Fund (Putnam). The performance before that date was achieved under the previous investment manager.

July 27, 1998 July 27, 1998

Putnam Investments Canada ULC.

$358,220,220 51.42%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.14 11.91 453,605

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

140

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Global Equity (Putnam)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.14

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

141

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Global Growth (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in stocks worldwide currently through the Mackenzie Global Growth Fund.

Becton, Dickinson and Co. ............................................................ 5.00Quintiles Transnational Holdings Inc. ............................................ 4.70First Republic Bank ....................................................................... 4.30Zoetis Inc. ...................................................................................... 4.30WPP PLC ...................................................................................... 4.10S&P Global Inc. ............................................................................. 3.80Accenture PLC .............................................................................. 3.30Alphabet Inc. ................................................................................. 3.30Amphenol Corp. ............................................................................ 3.30Visa Inc.......................................................................................... 3.30Total ............................................................................................ 39.40Total investments: .......................................................................... 40

United States Equities .......................... 71.10International Equities ............................ 21.90Canadian Equities................................... 4.80Cash & Other Investments...................... 2.20

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,406.31 on December 31, 2016. This works out to an average of 3.47 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 6 years and down in value 4 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

NotesEffective November 2016 the name of the segregated fund changed to Global Growth (Mackenzie) from Global Opportunity (Mackenzie). No other changes were made to the segregated fund.

July 27, 1998 July 27, 1998

Mackenzie Investments

$64,086,402 5.91%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.29 13.66 216,470

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

142

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Global Growth (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.29

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

143

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

U.S. Equity (London Capital)

What does the fund invest in?This segregated fund invests primarily in United States stocks.

United States Dollar ..................................................................... 5.03Microsoft Corp ............................................................................... 4.11JPMorgan Chase & Co.................................................................. 3.31Apple Inc ....................................................................................... 3.29Exxon Mobil Corp. ......................................................................... 2.78Bank of America Corp. .................................................................. 2.78T-Mobile US Inc............................................................................. 2.63Visa Inc- Class A Shares ............................................................... 2.62Wells Fargo & Co. ......................................................................... 2.38The Walt Disney Co....................................................................... 2.24Total ............................................................................................ 31.16Total investments: .......................................................................... 62

United States Equities .......................... 90.02Cash & Other Investments...................... 5.19International Equities .............................. 4.80

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,560.88 on December 31, 2016. This works out to an average of 4.55 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of U.S. stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

January 1, 1988 January 1, 1988

GLC Asset Management Group Ltd.

$454,170,049 25.92%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 2.98 40.90 336,240

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-80.00

-40.00

0.00

40.00

80.00

Very Low Low Low to Moderate Moderate Moderate

to High High

144

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

U.S. Equity (London Capital)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 2.98

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

145

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

U.S. Growth (Putnam)

What does the fund invest in?This segregated fund invests primarily in U.S. stocks currently through the Mackenzie US All Cap Growth Fund.

Alphabet Inc. ................................................................................. 5.30Microsoft Corp. .............................................................................. 3.40Amazon.com Inc............................................................................ 3.30Visa Inc.......................................................................................... 3.20Apple Inc. ...................................................................................... 2.70Union Pacific Corp......................................................................... 2.70Johnson Controls International PLC.............................................. 2.60Bank of America Corp. .................................................................. 2.40Vanguard Consumer Discretionary ETF........................................ 2.40Facebook Inc................................................................................. 2.30Total ............................................................................................ 30.30Total investments: ........................................................................ 115

United States Equities .......................... 91.70International Equities .............................. 6.70Canadian Equities................................... 1.40Cash & Other Investments...................... 0.20

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,933.83 on December 31, 2016. This works out to an average of 6.82 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 9 years and down in value 1 year of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of U.S stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

NotesPutnam Investments assumed portfolio management responsibilities as sub-advisor for the Mackenzie US All Cap Growth Fund in September 2014. The segregated fund continues to be managed by Mackenzie Investments but the name of the segregated fund has been changed to U.S. Growth (Putnam) to reflect this change. The performance before that date was achieved under the previous sub-advisor of the underlying fund.

July 27, 1998 July 27, 1998

Mackenzie Investments

$100,534,833 4.82%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.29 17.48 421,818

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-80.00

-40.00

0.00

40.00

80.00

120.00

Very Low Low Low to Moderate Moderate Moderate

to High High

146

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

U.S. Growth (Putnam)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.29

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

147

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

American Growth (AGF)

What does the fund invest in?This segregated fund invests primarily in United States stocks.

Amazon.com Inc............................................................................ 5.09Nvidia Corp.................................................................................... 4.91T-Mobile US Inc............................................................................. 4.54Alphabet Inc.- Class A ................................................................... 4.35Raymond James Financial Inc. ..................................................... 4.08UnitedHealth Group Inc................................................................. 3.90Overnight Deposits........................................................................ 3.36Constellation Brands Inc. Class A ................................................. 3.31Facebook Inc................................................................................. 3.29Applied Materials Inc. .................................................................... 3.09Total ............................................................................................ 39.91Total investments: .......................................................................... 44

United States Equities .......................... 93.94Cash & Other Investments...................... 4.02International Equities .............................. 2.04

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,841.85 on December 31, 2016. This works out to an average of 6.30 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 8 years and down in value 2 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of U.S. stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

AGF Investments Inc.

$861,674,134 70.89%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.38 12.95 638,529

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-100.00

-50.00

0.00

50.00

100.00

Very Low Low Low to Moderate Moderate Moderate

to High High

148

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

American Growth (AGF)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.38

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

149

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

U.S. Mid Cap (GWLIM)

What does the fund invest in?This segregated fund invests primarily in U.S. companies that are in the middle capitalization range of the equity market.

Alleghany Corp.............................................................................. 1.37PNC Financial Services Group Inc................................................ 1.26E*TRADE Financial Corp. ............................................................. 1.23The Priceline Group Inc................................................................. 1.22Level 3 Communications Inc ......................................................... 1.21Everest Re Group Ltd.................................................................... 1.13Akamai Technologies Inc............................................................... 1.13F5 Networks Inc. ........................................................................... 1.13Amphenol Corp. Class A ............................................................... 1.08UnitedHealth Group Inc................................................................. 1.08Total ............................................................................................ 11.84Total investments: ........................................................................ 134

United States Equities .......................... 92.58International Equities .............................. 5.68Cash & Other Investments...................... 1.74

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,555.99 on December 31, 2016. This works out to an average of 4.52 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of U.S. stocks and is comfortable with moderate to high risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

NotesEffective November 2016 GLC Asset Management Group Ltd. renamed the segregated fund to U.S. Mid Cap (GWLIM) from U.S. Growth Sectors (London Capital). With this change the risk rating was changed from ‘moderate' to ‘moderate to high’. No other changes were made to the segregated fund.

November 5, 2001 November 5, 2001

GLC Asset Management Group Ltd.

$27,882,927 79.50%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.21 10.96 158,262

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-80.00

-40.00

0.00

40.00

80.00

Very Low Low Low to Moderate Moderate Moderate

to High High

150

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

U.S. Mid Cap (GWLIM)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.21

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

151

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

International Equity (JPMorgan)

What does the fund invest in?This segregated fund invests primarily in stocks outside of Canada and the U.S.

HSBC Holdings PLC (HK) ............................................................. 2.35Prudential PLC .............................................................................. 2.29Sumitomo Mitsui Financial Group Inc............................................ 2.24Novartis AG Reg............................................................................ 2.02Roche Holding AG Genusscheine................................................. 1.98UBS Group AG Reg. ..................................................................... 1.98Royal Dutch Shell PLC.................................................................. 1.95LafargeHolcim Ltd ......................................................................... 1.81Anheuser-Busch InBev NV............................................................ 1.73Samsung Electronics Co. Ltd. GDR.............................................. 1.72Total ............................................................................................ 20.06Total investments: ........................................................................ 100

International Equities ............................ 98.85Cash & Other Investments...................... 0.75United States Equities ............................ 0.40

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,022.40 on December 31, 2016. This works out to an average of 0.22 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 5 years and down in value 5 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

July 1, 1995 July 1, 1995

JPMorgan Asset Management (Canada) Inc.

$289,186,872 9.53%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.15 17.00 274,225

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-60.00-40.00-20.00

0.0020.0040.0060.00

Very Low Low Low to Moderate Moderate Moderate

to High High

152

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

International Equity (JPMorgan)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.15

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

153

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

International Growth (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in stocks of companies outside of North America currently through the Mackenzie International Growth Fund.

Cash and short-term investments ............................................... 18.20Publicis Groupe SA ....................................................................... 6.20Compagnie Financiere Richemont SA .......................................... 4.60Amcor Ltd. ..................................................................................... 4.50Samsonite International SA........................................................... 4.50Ansell Ltd....................................................................................... 4.30Hoya Corp. .................................................................................... 4.20Sonova Holding AG ....................................................................... 4.20Henkel AG & Co. KGaA................................................................. 4.10Hyundai Motor Co. ........................................................................ 4.00Total ............................................................................................ 58.80Total investments: .......................................................................... 25

International Equities ............................ 77.00Cash & Other Investments.................... 18.50United States Equities ............................ 4.50

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,069.15 on December 31, 2016. This works out to an average of 0.67 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 6 years and down in value 4 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

NotesEffective November 2016 the name of the segregated fund changed to International Growth (Mackenzie) from International Stock (Mackenzie). No other changes were made to the segregated fund.

November 5, 2001 November 5, 2001

Mackenzie Investments

$378,231,078 3.57%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.18 13.07 184,414

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-80.00

-40.00

0.00

40.00

80.00

Very Low Low Low to Moderate Moderate Moderate

to High High

154

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

International Growth (Mackenzie)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.18

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

155

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

European Equity (Setanta)

What does the fund invest in?This segregated fund invests primarily in companies located or active in Europe.

Melrose Industries PLC ................................................................. 8.30Diageo PLC ................................................................................... 6.17Groupe Bruxelles Lambert SA....................................................... 5.90DCC PLC....................................................................................... 5.29CRH PLC....................................................................................... 5.16Total Cash ..................................................................................... 5.13Origin Enterprises PLC.................................................................. 4.42C&C Group PLC............................................................................ 4.21LSL Property Services PLC........................................................... 4.11Vodafone Group PLC .................................................................... 3.76Total ............................................................................................ 52.46Total investments: .......................................................................... 36

International Equities ............................ 94.17Cash & Other Investments...................... 5.29United States Equities ............................ 0.54

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,005.36 on December 31, 2016. This works out to an average of 0.05 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 4 years and down in value 6 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of European companies, and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

July 27, 1998 July 27, 1998

Setanta Asset Management Limited

$58,158,095 7.70%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.32 10.32 333,389

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-80.00

-40.00

0.00

40.00

80.00

Very Low Low Low to Moderate Moderate Moderate

to High High

156

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

European Equity (Setanta)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.32

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

157

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Far East Equity (CLI)

What does the fund invest in?This segregated fund invests primarily in companies located or active in Asia or the Pacific Rim.

Lyxor ETF MSCI India ................................................................... 8.09Samsung Electronics Co. Ltd. ....................................................... 3.10Commonwealth Bank of Australia ................................................. 3.00Westpac Banking Corporation....................................................... 2.80Tencent Holdings Ltd..................................................................... 2.69Fubon Financial Holding Co Ltd .................................................... 2.07China Construction Bank Corp. H ................................................. 2.06Alibaba Group Holding Ltd.- ADR.................................................. 2.01SK Hynix Inc. ................................................................................. 1.93Muangthai Leasing PCL ................................................................ 1.84Total ............................................................................................ 29.58Total investments: ........................................................................ 116

International Equities ............................ 98.66Cash & Other Investments...................... 1.34

Are there any guarantees?This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The MER includes the insurance cost for the guarantee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 10 years for a policyowner. Returns are after the MER has been deducted.It’s important to note that this does not tell you how the fund will perform in the future. Also, your actual return will depend on your personal tax situation.

Average returnA person who invested $1,000 in the fund on December 31, 2006 would have $1,267.67 on December 31, 2016. This works out to an average of 2.40 per cent a year.

Year-by-year returns (%)This chart shows how the fund has performed in each of the past 10 years. In the past 10 years, the fund was up in value 7 years and down in value 3 years of the 10.

How risky is it?

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of Asian and Pacific Rim companies, and is comfortable with high risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.

NotesCanada Life Investments assumed portfolio management responsibilities for the Asian Growth Fund (AGF) in October 2015. The segregated fund was renamed Far East Equity Fund (CLI). The performance before that date was achieved under the previous investment manager. No other changes were made to the segregated fund.

July 27, 1998 July 27, 1998

Canada Life Investments

$77,882,315 171.46%

Guarantee optionManagement expense ratio

(MER) (%)Net asset value

per unit ($)Units

outstanding

All options 3.31 21.83 382,274

• Non-registered and RRSP policies: Back-end load units - $300 lump sum or $25 plus pre-authorized payment agreement (PPA) of $25, systematic redemption plan $10,000; No-load units - $100,000

• RRIF policies: Back-end load units - $10,000

Quick facts:

Minimum investment

Date fund available:Date fund created:Managed by:

Total fund value:Portfolio turnover rate:

Top 10 investments Assets %

Investment segmentation Assets %

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016-100.00

-50.00

0.00

50.00

100.00

Very Low Low Low to Moderate Moderate Moderate

to High High

158

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll Information as at December 31, 2016

Far East Equity (CLI)How much does it cost?One of the following sales charge options will apply. For details, refer to the Fees and expenses section of the information folder and discuss with your financial security advisor.

1. Sales chargesSales charge option What you pay How it works

Back-end load units If you redeem units within: %1 year of investing, you pay 5.002 years of investing, you pay 5.003 years of investing, you pay 4.004 years of investing, you pay 3.005 years of investing, you pay 2.506 years of investing, you pay 1.007 years of investing, you pay 0.00

• Any early redemption fee you pay goes to London Life.• The early redemption fee is a set rate. It is deducted from the amount you withdraw.• The early redemption fee is based on the date you invested the premium.• Where the policy is a systematic redemption plan or a RRIF you can schedule

payments and receive up to 20% of all premiums without paying an early redemption fee.

• You can exchange to units of other funds under the contract at any time without paying an early redemption fee.

• When you invest, London Life pays a commission of up to 5%.

No-load units There is no fee to invest or redeem units. • You, your financial security advisor and London Life must agree to the no-load option.• You can redeem units without paying an early redemption fee.• You can exchange to units of other funds under the contract at any time.

2. Ongoing expensesThe MER includes the management fee and operating expenses of the fund. The MER includes the insurance cost for the guarantee. You do not pay these expenses directly. They affect you because they reduce the return you get on your investment. For details about how the guarantees work, see your insurance contract.

Guarantee option MER (Annual rate as a % of the fund’s value)

All options 3.31

Trailing commissionLondon Life pays a trailing commission for the services and advice provided to you. The trailing commission is paid out of the management fee for as long as you hold the fund. The rate depends on the sales charge option you choose:

• Back-end load units - up to 0.50 per cent of the value of your investment each year• No-load units - up to one per cent of the value of your investment each year

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

What if I change my mind?You can change your mind about investing in this fund but you may have as little as two days to do so. Please see page 29 for details. The page also contains details on how to get more information. This Fund Facts is not complete without page 29.

© 2016 All Rights Reserved.Source: Transmission Media

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Glossary of terms

The section provides an understanding of some of the

terms used in this information folder.

Administrative rules Internal rules that govern our operations, including

policies, guidelines, rules and practices of London Life,

which can change at our sole discretion, without notice.

Annuitant The annuitant is the individual on whose life the maturity

and death benefit guarantees are based.

Beneficiary The beneficiary is the person, persons or entity appointed

to receive any amounts payable after the last annuitant’s

death. If there is no living beneficiary, we will pay the

death benefit to the policyholder’s estate.

Capital gains The profit that results when an asset is sold for more than

its adjusted cost base.

Capital loss The loss that results when an asset is sold for less than its

adjusted cost base.

Diversification Investing in a number of different securities, companies,

industries or geographic locations in an attempt to reduce

the risks inherent in investing.

Guaranteed death benefit The minimum amount to be received by a beneficiary

upon the death of the annuitant. For more information, see

Guaranteed benefits.

Investment management fee The amount paid for supervising a portfolio and

administering policy operations. This fee is a component

of the MER.

Life income fund (LIF) or restricted life income fund (RLIF) A LIF/RLIF is established by the transfer of locked-in

pension assets from a pension plan, a LRSP, a LIRA or

RLSP.

Locked-in plans When used in reference to an RSP, LIF, PRIF, LRIF or

pension plan, “locked in,” means a policy in which

accumulated benefits can only be used to purchase

retirement income as specified by pension regulations.

Load Commissions that may be charged when you allocate

premiums or redeem certain investment funds.

Locked-in retirement account (LIRA), locked-in RRSP (LRSP) or restricted locked-in savings plan (RLSP) A LIRA, LRSP or RLSP are registered retirement savings

plan from which, generally, funds cannot be redeemed

except for the purchase of a life annuity, LIF, PRIF, RLIF

or LRIF. A LIRA, LRSP and RLSP are only available

until the end of the year in which you turn 71 (or such

other age as the tax legislation then in effect may provide).

Locked-in retirement income fund (LRIF) A legislated type of RRIF which applies to locked-in

funds transferred from an LIRA. This type of plan is

available only in certain provinces. The legislation

governs the minimum and maximum annual payout. An

LRIF may be converted to a life annuity at any age, but it

is not necessary to do so.

Management expense ratio (MER) The MER is the total of the annual investment

management fee and operating expenses (including any

applicable expenses of an underlying fund) paid by the

segregated fund, and is expressed as an annualized

percentage of daily average net assets during the year. The

MER includes GST and interest, where appropriate, for all

years. Where the reporting period is less than one year, the

MER has been annualized.

Maturity date The contractual date the policy matures.

Maturity guarantee The minimum amount to be received by the policyholders

upon maturity of the policy. For more information, see

Guaranteed benefits.

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Maximum age Maximum age means the maximum age stipulated for a maturing RRSP as set out in the Income Tax Act (Canada) as amended from time to time. As of the date of this information folder, the date and the maximum age stipulated in the Income Tax Act (Canada) is Dec. 31 of the year the annuitant attains age 71.

Policyholder The policyholder is the individual who is the legal owner of the policy. One or more individuals may own non-registered policies. Registered policies can only be owned by one individual, the annuitant. All policy information is sent to the policyholder.

Portfolio turnover rate The investment fund’s portfolio turnover rate shown in the Fund Facts generally indicates how actively the investment manager manages the investments. A portfolio turnover rate of 100 per cent is equivalent to the investment fund buying and selling each security once in the course of the year. High portfolio turnover rates can increase portfolio costs and may also increase the likelihood of taxable capital gains being distributed by the investment fund. There is no proven relationship between a high turnover rate and the performance of an investment fund.

Registered pension plan (RPP) A plan registered with Canada Revenue Agency and established by an employer to provide pension benefits for employees when they retire. Both employer and employee may contribute to the plan and contributions are tax-deductible.

Prescribed retirement income fund (PRIF) A PRIF is available in certain provinces and is a prescribed retirement arrangement that can be established with funds locked-in by pension legislation. These work the same way as a RIF, with a legislated minimum amount that must be redeemed each year.

Retirement income fund (RIF or RRIF) A registered policy which permits annual redemptions to provide retirement income, while maintaining the tax-free accumulation of the remaining balance. The annual redemptions must be at least equal to a minimum calculated according to a prescribed formula.

Retirement savings plan (RSP or RRSP) A plan available to individuals to defer tax on a specified amount of money to be used for retirement. Income tax on contributions and earnings within the plan is deferred until the money is redeemed at retirement. RRSPs proceeds can be transferred into retirement income funds.

Segregated fund For information, see How our investment funds work.

Underlying fund An underlying fund is a secondary fund, usually a mutual or pooled fund, in which some of our investment funds may invest. By purchasing units in an investment fund, you do not become a unitholder of the underlying fund. For more information, see How our investment funds

work.

M A Y 2 0 1 7

London Life Insurance Company.This document is not an insurance contract.

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INFORMATION FOLDER

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