One brand. One company.The new Canada Life On Jan. 1, 2020, The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company became one company – The Canada Life Assurance Company.

There’s nothing you need to do If you have a Great-West Life, London Life, or Canada Life™ policy or contract, it’s now with The Canada Life Assurance Company. Your policy coverage and contract details haven’t changed. And you can continue to work with the same advisor you know and trust.

Great-West Life, London Life and Canada Life amalgamated on Jan. 1, 2020

You’ll see references to Great-West Life and London Life for a while It takes time to update websites, materials and forms with this change. Until that’s done, all references to Great-West Life or London Life – whether online, in banking transactions or in print (including any materials with this notice) – refer to The Canada Life Assurance Company.

Please keep this notice with your records.Learn more at canadalife.com/onecompany or contact your advisor.Canada Life: 1-888-252-1847London Life: 1-877-566-5433Great-West Life Investments: 1-800-665-5758Great-West Life Insurance: 1-800-665-0551

Canada Life head office:100 Osborne Street North, Winnipeg MB R3C 1V3

London Life and design, Great-West Life and the key design, and Canada Life and designs, are trademarks of The Canada Life Assurance Company.

Une marque. Une compagnie.La nouvelle Canada Vie Le 1er janvier 2020, La Great-West, compagnie d’assurance-vie, la London Life, Compagnie d’Assurance-Vie et La Compagnie d’Assurance du Canada sur la Vie se sont unies pour ne former qu’une seule compagnie – La Compagnie d’Assurance du Canada sur la Vie.

Vous n’avez aucune mesure à prendre Si votre police ou contrat a été établi auprès de la Great-West, de la London Life ou de la Canada VieMC, sachez qu’il s’agit désormais d’un produit de La Compagnie d’Assurance du Canada sur la Vie. La protection que vous procure votre police et les particularités de votre contrat n’ont pas changé. Vous pouvez aussi continuer de travailler avec le même conseiller que vous connaissez et en qui vous avez confiance.

La Great-West, la London Life etla Canada Vie ont fusionné le 1er janvier 2020

Vous continuerez de voir des références à la Great-West et à la London Life pendant un certain temps Il faut du temps pour mettre les sites Web, le matériel et les formulaires à jour afin qu’ils reflètent ce changement. D’ici là, toute référence à la Great-West ou à la London Life – qu’elle soit en ligne, dans des opérations bancaires ou dans des documents imprimés (y compris tout le matériel inclus avec cette annonce) – doit être comprise comme faisant référence à La Compagnied’Assurance du Canada sur la Vie.

Veuillez conserver la présente annonce dans vos dossiers.Pour en savoir plus sur ce changement, consultez le site canadavie.com/unecompagnie ou communiquez avec votre conseiller.Canada Vie : 1 888 252-1847London Life : 1 877 566-5433Investissements de la Great-West : 1 800 665-9479Assurance de la Great-West : 1 800 665-2630

Siège social de la Canada Vie :100 rue Osborne Nord, Winnipeg MB R3C 1V3

London Life et le symbole social, la Great-West et la conception graphique de la clé, et Canada Vie et les symboles sociaux sont des marques de commerce de La Compagnie d’Assurance du Canada sur la Vie.

70-0247 BIL-11/19 MCC# 903874

FREEDOM FUNDS AND MARKETWATCH POLICIES

INFORMATION FOLDERM A Y 2 0 1 9

Digital copy available at Londonlife.com/informationfolders

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: London 255 Dufferin Avenue London, Ontario N6A 4K1 Montreal 1350 Boul. Rene-Levesque West Montreal, Quebec H3G 1T4 London Life’s head office is located at: London 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.

March 5, 2019

Jeffrey F. Macoun 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 www.londonlife.com. 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 www.olhi.ca. 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 www.lautorite.qc.ca. For information about additional protection available for all life insurance policyowners, contact Assuris, a company established by the Canadian life insurance industry. See www.assuris.ca for details. For information about how to contact the insurance regulator in your province visit the Canadian Council of Insurance Regulators website at www.ccir-ccrra.org.

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Table of contents

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

How London Life investment policies work . 5

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

Allocating premiums, redeeming and exchanging investment fund units ............. 11

When your policy matures .......................... 13

Guaranteed benefits .................................... 14

Fees and expenses ...................................... 17

Income tax considerations .......................... 22

Administration of the investment funds ..... 24

Investment policy ......................................... 25

Investment managers .................................. 26

Fund risks..................................................... 27

Fund Facts.................................................... 33

Asset allocation funds ................................. 34Conservative Profile (PSG) ................................ 34Moderate Profile (PSG) ...................................... 36Balanced Profile (PSG) ...................................... 38Advanced Profile (PSG) ..................................... 40Aggressive Profile (PSG) ................................... 42

Lifecycle profile funds ................................. 44Income Profile (PSG) .......................................... 442010 Profile (PSG) ............................................. 462015 Profile (PSG) ............................................. 482020 Profile (PSG) ............................................. 502025 Profile (PSG) ............................................. 522030 Profile (PSG) ............................................. 542035 Profile (PSG) ............................................. 562040 Profile (PSG) ............................................. 582045 Profile (PSG) ............................................. 602050 Profile (PSG) ............................................. 62

Cash and cash equivalent funds................. 64Money Market (Portico) ...................................... 64

Fixed income funds ..................................... 66Diversified Income Profile (PSG) ....................... 66Core Bond (Portico) ............................................ 68Core Plus Bond (Portico) ................................... 70Mortgage (Portico) .............................................. 72Government Bond (Portico) ............................... 74

Balanced funds ............................................ 76Income (Portico) ................................................. 76Income (Mackenzie) ........................................... 78Diversified (London Capital) ............................... 80Balanced Growth (GWLIM) ................................ 82North American Balanced (London Capital) ...... 84Equity/Bond (GWLIM) ........................................ 86Canadian Balanced (Mackenzie) ....................... 88Growth and Income (Mackenzie) ....................... 90Balanced (Beutel Goodman) .............................. 92Global Income (Sentry) ...................................... 94Global Monthly Income (London Capital) ........ 96

Canadian equity funds ................................. 98Canadian Equity Profile (PSG) .......................... 98Equity Profile (PSG) ..........................................100Canadian Low Volatility (London Capital) ...... 102Canadian Value Equity (Laketon) .................... 104Canadian Equity (GWLIM) ............................... 106SRI Canadian Equity (GWLIM) ........................ 108Growth Equity (Laketon) .................................. 110Canadian Equity Growth (Mackenzie) ............. 112Canadian Equity Growth (CC&L) ..................... 114Equity (Mackenzie) ........................................... 116Canadian Equity (Beutel Goodman) ................ 118Dividend (GWLIM) ............................................ 120Dividend (Mackenzie) ....................................... 122Mid Cap Canada (GWLIM) ............................... 124Growth Equity (AGF) ........................................ 126

Canadian specialty and alternative funds ........................................................... 128Real Estate (GWLRA) ...................................... 128Canadian Resource (Mackenzie) ..................... 130Precious Metals (Mackenzie) ........................... 132

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North American funds ............................... 134Smaller Company (Mackenzie) ........................ 134Science and Technology (London Capital) ...... 136Foreign equity funds ................................. 138Global Equity Profile (PSG) ............................. 138Global Low Volatility (ILIM) ............................... 140Foreign Equity (Mackenzie) .............................. 142Global Equity (Putnam) .................................... 144Global Growth (Mackenzie) .............................. 146U.S. Equity (London Capital) ............................ 148U.S. Growth (Putnam) ...................................... 150American Growth (AGF) ................................... 152U.S. Mid Cap (London Capital) …………..…....154International Equity (JPMorgan) ....................... 156International Equity (Mackenzie) ...................... 158

Foreign specialty and alternative funds ... 160European Equity (Setanta) ............................... 160Far East Equity (CLI) ........................................ 162

Glossary of terms ...................................... 164

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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

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

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 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

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Product feature

Marketwatch growth plan

Freedom Fund growth plan

Freedom Fund systematic redemption plan

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. 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.

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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 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, 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 currently LIFs issued under Ontario, Alberta, Federal PBSA, British Columbia, Manitoba, Nova Scotia, Newfoundland and Labrador and Quebec pension legislation

90

Maximum issue age for LIFs issued under New Brunswick pension legislation

80

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

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

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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

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.

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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.

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.

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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 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

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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

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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 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 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.

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

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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

• 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, 2019 Canadian Value Equity (Laketon)

$10,000

July 1, 2020 Canadian Value Equity (Laketon)

$10,000

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

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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, 2021, you redeem units of the Canadian Value Equity (Laketon) fund for $4,950.

If the market value is greater than the basic amount Let’s assume that on July 1, 2021, before you redeem the units, the market value of your Canadian Value Equity (Laketon) 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, 2021, before you redeem the units, the market value of your Canadian Value Equity (Laketon) 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

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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), and includes a trailing commission. The MER is 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. 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 Diversified Fixed Income Profile (PSG) 1.85% Core Bond (Portico) 1.65% Core Plus Bond (Portico) 1.75% Mortgage (Portico) 2.05% Government Bond (Portico) 1.65%

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

Fund name Investment management fee

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Balanced Growth (GWLIM) 2.30% North American Balanced (London Capital) 2.30% Equity/Bond (GWLIM) 2.30% Canadian Balanced (Mackenzie) 2.44% Growth & Income (Mackenzie) 2.24% 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 Value Equity (Laketon) 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) 2.54% Canadian Equity (Beutel Goodman) 2.54% Dividend (GWLIM) 2.30% Dividend (Mackenzie) 2.45% Mid Cap Canada (GWLIM) 2.55% Growth Equity (AGF) 2.90%

Canadian specialty and alternative funds Real Estate (GWLRA) 2.69% Canadian Resource (Mackenzie) 2.80% Precious Metals (Mackenzie) 3.00%

North American funds Smaller Company (Mackenzie) 2.59% Science and Technology (London Capital) 2.67%

Foreign equity funds Global Equity Profile (PSG) 2.85%

Fund name Investment management fee

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Global Low Volatility (ILIM) 2.59% 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) 2.79% U.S. Mid Cap (London Capital) 2.70% International Equity (JPMorgan) 2.65% International Equity (Mackenzie) 2.70%

Foreign specialty and alternative funds European Equity (Setanta) 2.65% Far East Equity (CLI) 2.80%

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

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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%

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.

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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 all their income and realized capital gains and losses are allocated to you and other investment fund unitholders each year. 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 • Foreign source income • Any other investment income allocated to you When you redeem units of an investment fund, you may 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

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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. 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 any 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 an annual 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 except withdrawals under the Home Buyers’ Plan or Lifelong Learning Plan.

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.

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Administration of the investment funds

Keeping you informed A statement will be sent to you no less than semi-annually (end of June and December) and it 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.

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 www.londonlife.com. 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 www.londonlife.com.

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 www.assuris.ca or in its brochure, which can be obtained from your financial security advisor, life insurance company, info@assuris.ca or by calling 1-866-878-1225.

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Investment policy

We have established investment and lending policies in relation to our segregated funds 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.

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 guaranteed by any government authority in Canada. This limitation will not apply to a segregated fund that is an index fund. 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.

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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.

• 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.

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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 - 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 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.

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

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 significantly in short periods of time which will have a direct or indirect impact on the value of the segregated fund. In addition, new discoveries or changes in government regulations can affect the price of commodities.

Credit risk An issuer of a bond or other fixed-income investment may not be able to pay interest or to repay the principal at maturity. The risk of such a failure to pay is known as credit risk. Some issuers have more credit risk than others. Issuers with higher credit risk typically pay higher interest rates than interest rates paid by issuers with lower credit risk because higher credit risk companies expose investors to a greater risk of loss. Credit risk can increase or decline during the term of the fixed-income investment. Companies, governments and other entities that borrow money, and the debt securities they issue, are assigned credit ratings by specialized rating agencies. The ratings are a measure of credit risk and take into account many factors, including the value of any collateral underlying a fixed income investment. Credit ratings are one factor used by the portfolio managers of the segregated funds in making investment decisions. A credit rating may prove to be wrong, which can lead to unanticipated losses on fixed-income investments. If the market perceives that a credit risk rating is too high, then the value of the investments may decrease substantially. A downgrade in an issuer’s credit rating or other adverse news regarding an issuer can reduce a security’s market value. The difference in interest rates between an issuer’s bond and a government-issued bond that are otherwise identical in all respects except for the credit rating is known as the credit spread. Credit spreads widen if the market determines

that a higher return is necessary to compensate for the increased risk of owning a particular fixed-income investment. An increase in credit spread after the purchase of a fixed-income investment decreases the value of that investment. Cyber Security Risk Due to the widespread use of technology the segregated funds and their service providers’ have become potentially more susceptible to operational risks through breaches in cyber security. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or segregated fund assets, or cause the segregated fund and/or its service providers to suffer data corruption or lose operational functionality.

Derivative risk A derivative security is a financial instrument that derives its value from an underlying security, such as a stock or bond, a currency, or a financial market. It is not a direct investment in the underlying security itself. They are used to reduce the risks associated with changes in interest rates and exchange rates and to enhance returns. The segregated funds can invest in derivatives for hedging purposes and for non-hedging purposes. “Hedging” means a transaction or a series of transactions designed to offset or reduce a specific risk associated with specific positions held by the Funds in certain investments or groups of investments. When derivatives are used for a non-hedging purpose, it allows the segregated 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. The segregated funds that invest directly in an underlying fund don’t invest directly in derivatives. Most of the other segregated 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 segregated fund’s investment objectives. The segregated funds may not use derivatives for leverage.

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The use of derivatives carries several risks:

• When a derivative is used for hedging, if a market assumption is wrong, the segregated fund could forego gains that it would have attained if it had not entered into the hedging arrangement. In addition, there is no guarantee that hedging will be effective and that it will eliminate or reduce a loss or exposure that it was designed to hedge.

• When a derivative is used for non-hedging purposes, it may expose the segregated fund to volatility and other risks that affect the underlying market. Any losses that the segregated fund may incur as a result of investing in derivatives may be greater than if the segregated fund had invested in the underlying security itself.

• A segregated fund may be unable to “close out” a position to achieve the intended result if trading in a derivative is halted, or if the market for it becomes illiquid or is subject to trading limits.

• The price of a derivative may not accurately reflect the value of the underlying security.

• Many types of derivative contracts involve contracts with third parties. The other party to a derivative contract may not be able to honour its obligations under the contract. In addition, if money has been deposited with a derivatives dealer, the dealer may go bankrupt and money deposited with the dealer will be lost.

Emerging markets risk Emerging markets have the risks described under foreign currency risk and foreign investment risk. In addition, they are more likely to experience political, economic and social instability and may be subject to corruption or have lower business standards. Instability may result in the expropriation of assets or restrictions on payment of dividends, income or proceeds from the sale of a mutual fund’s securities. In addition, accounting and auditing standards and practices may be less stringent than those of developed countries resulting in limited availability of information relating to a mutual fund’s investments. Further, emerging market securities are often less liquid and custody and settlement mechanisms in emerging market countries may be less developed resulting in delays and the incurring of additional costs to execute trades of securities.

Foreign currency risk The net asset value of a segregated fund is calculated in Canadian dollars. Foreign investments are generally purchased in currencies other than Canadian dollars. When foreign investments are purchased in a currency other than Canadian dollars, the value of those foreign investments will be affected by changes in the value of the Canadian dollar relative to those currencies. If the Canadian dollar rises in value relative to the other currency but the value of the foreign investment otherwise remains constant, the value of the investment in Canadian dollars will have fallen. Similarly, if the Canadian dollar has fallen relative to the other currency, the value of an investment in Canadian dollars will have increased.

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 a segregated fund invests. Some or all of these factors could make a foreign investment more or less volatile than a Canadian investment.

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

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decrease. Fixed-income securities with longer terms-to-maturity are generally more sensitive to interest rate changes than those of shorter terms-to-maturity. Changing interest rates can also indirectly impact the share prices of equity securities. When interest rates are high, it may cost a company more to fund its operations or pay down existing debt. This can impair a company’s profitability and earnings growth potential, which can negatively impact its share price. Conversely, lower interest rates can make financing for a company cheaper, which can potentially increase its earnings growth potential. Interest rates can also impact the demand for goods and services that a company provides by impacting overall economic activity.

Large transaction risk Units of the segregated funds may be held by large investors, including other segregated funds. These investors may purchase or redeem large numbers of units of a segregated fund at one time. The purchase or redemption of a substantial number of units of a segregated fund may require the portfolio manager of the segregated fund to change the composition of the portfolio of the fund significantly or may force the portfolio manager of the fund to buy or sell investments at unfavourable prices, which can affect segregated fund’s performance. Legislation risk Securities, tax, or other regulators may make changes to legislation, rules, and administrative practice. Those changes may have an adverse impact on the value of a segregated fund. Market Risk There are risks associated with being invested in the equity and fixed-income markets generally. The market value of a segregated fund’s investments will rise and fall based on specific company developments and broader equity or fixed-income market conditions. Market value will also vary with changes in the general economic and financial conditions in countries where the investments are based

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. 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

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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. At a later date, the segregated fund repurchases the securities in order to return them to the lender. In the interim, the segregated fund must pay compensation to the lender for the loan of the securities and provide collateral to the lender for the loan. Short selling involves certain risks:

• There is no assurance that the borrowed securities will decline in value during the period of the short sale by more than the compensation paid to the lender, and securities sold short may instead increase in value.

• A segregated fund may experience difficulties in purchasing and returning borrowed securities if a liquid market for the securities does not exist at that time.

• A lender may require a segregated fund to return borrowed securities at any time. This

may require the segregated fund to purchase such securities on the open market at an inopportune time.

• The lender from whom a segregated fund has borrowed securities, or the prime broker who is used to facilitate short selling, may become insolvent and the segregated fund may lose the collateral it has deposited with the lender and/or the prime broker.

Where 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. Securities of smaller companies are usually traded less frequently and in smaller volumes than those of large companies. Smaller companies may have limited financial resources, and a less established market for their securities. Segregated funds that invest a significant portion of their assets in small companies are subject to smaller company risk and may find it more difficult to buy and sell securities and tend to be more volatile than segregated funds that focus on larger capitalization companies.

Sovereign risk Sovereign risk is the risk that a foreign nation will either fail to meet debt repayments nor honour sovereign debt payments. This may be more prevalent in foreign markets that experience great political, social or economic instability. It also includes the risk that a foreign central bank will alter its foreign exchange regulations, significantly reducing or completely nullifying the value of its foreign exchange contracts.

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Underlying fund risk 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 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. In addition, the performance of the segregated fund is directly related to the investment performance of the underlying fund(s) held by it.

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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: www.londonlife.comEmail: On our website please go to the “Contact Us Section” Telephone: 1-877-566-5433

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,333.31 on December 31, 2018. This works out to an average of 2.92% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................18.11

............................................................................................................................18.08

............................................................................................................................15.09

............................................................................................................................7.03

............................................................................................................................6.01

............................................................................................................................5.27

............................................................................................................................5.17

............................................................................................................................3.37

............................................................................................................................3.01

............................................................................................................................3.00

............................................................................................................................84.14

............................................................................................................................17

............................................................................................................................56.47

............................................................................................................................19.32

............................................................................................................................11.13

............................................................................................................................7.19

............................................................................................................................5.66

............................................................................................................................0.22

Quick facts: Date fund available: October 18, 1999Date fund created: October 18, 1999Managed by: GLC Asset Management Group Ltd.

Total fund value: $1,801,465,647Portfolio turnover rate: 6.45%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.66 18.98 8,211,002Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-10.00

-5.000.005.00

10.0015.00

Mortgage (Portico)

Unconstrained Fixed Income (Mackenzie)

International Bond (Brandywine)

Long Term Bond (Portico)

Total

Fixed income

Foreign equity

Cash and equivalentsCanadian real estate

Canadian equity

Other

Total investments:

Global Infrastructure Equity (London Capital)

Canadian Value Equity (Laketon)

Real Estate (GWLRA)

Corporate Bond (Portico)

Core Plus Bond (Portico)Core Bond (Portico)

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London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Conservative Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.66

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

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London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,406.93 on December 31, 2018. This works out to an average of 3.47% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................16.17

............................................................................................................................16.14

............................................................................................................................12.12

............................................................................................................................6.04

............................................................................................................................5.04

............................................................................................................................4.59

............................................................................................................................4.46

............................................................................................................................4.16

............................................................................................................................4.02

............................................................................................................................4.02

............................................................................................................................76.76

............................................................................................................................18

............................................................................................................................45.43

............................................................................................................................17.74

............................................................................................................................17.36

............................................................................................................................12.23

............................................................................................................................6.32

............................................................................................................................0.91

............................................................................................................................0.01

Quick facts: Date fund available: October 18, 1999Date fund created: October 18, 1999Managed by: GLC Asset Management Group Ltd.

Total fund value: $1,844,741,394Portfolio turnover rate: 10.14%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.84 19.82 5,837,086Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-15.00

-7.500.007.50

15.00

Mortgage (Portico)

Corporate Bond (Portico)

Foreign Equity (Mackenzie)

Global Infrastructure Equity (London Capital)

Total

Fixed income

Other

Cash and equivalents

Foreign real estateCanadian real estate

Canadian equity

Foreign equity

Total investments:

Unconstrained Fixed Income (Mackenzie)

International Bond (Brandywine)

U.S. Value (London Capital)

Real Estate (GWLRA)

Core Plus Bond (Portico)Core Bond (Portico)

36

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Moderate Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

37

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,595.93 on December 31, 2018. This works out to an average of 4.79% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................14.27

............................................................................................................................12.20

............................................................................................................................8.66

............................................................................................................................8.15

............................................................................................................................7.09

............................................................................................................................5.83

............................................................................................................................5.57

............................................................................................................................4.48

............................................................................................................................4.01

............................................................................................................................3.94

............................................................................................................................74.20

............................................................................................................................18

............................................................................................................................30.83

............................................................................................................................28.28

............................................................................................................................18.34

............................................................................................................................15.08

............................................................................................................................5.63

............................................................................................................................1.83

............................................................................................................................0.01

Quick facts: Date fund available: October 18, 1999Date fund created: October 18, 1999Managed by: GLC Asset Management Group Ltd.

Total fund value: $2,380,246,966Portfolio turnover rate: 14.38%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.97 19.88 3,880,092Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-20.00-10.00

0.0010.0020.0030.00

U.S. Value (London Capital)

Real Estate (GWLRA)

International Equity (Setanta)

International Opportunity (JPMorgan)

Total

Fixed income

Canadian equity

Cash and equivalents

Foreign real estateCanadian real estate

Other

Foreign equity

Total investments:

Global Equity (Putnam)

Foreign Equity (Mackenzie)

Canadian Value Equity (Laketon)

Mortgage (Portico)

Core Plus Bond (Portico)Core Bond (Portico)

38

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Balanced Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.97

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

39

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,736.85 on December 31, 2018. This works out to an average of 5.68% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................9.24

............................................................................................................................9.22

............................................................................................................................8.20

............................................................................................................................7.35

............................................................................................................................7.14

............................................................................................................................6.49

............................................................................................................................5.60

............................................................................................................................5.55

............................................................................................................................5.01

............................................................................................................................4.93

............................................................................................................................68.73

............................................................................................................................19

............................................................................................................................40.61

............................................................................................................................25.13

............................................................................................................................18.67

............................................................................................................................7.87

............................................................................................................................5.88

............................................................................................................................1.84

............................................................................................................................0.01

Quick facts: Date fund available: October 18, 1999Date fund created: October 18, 1999Managed by: GLC Asset Management Group Ltd.

Total fund value: $861,804,044Portfolio turnover rate: 18.25%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.08 20.03 755,347Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

Core Plus Bond (Portico)

Real Estate (GWLRA)

International Equity (Setanta)

Foreign Equity (Mackenzie)

Total

Foreign equity

Fixed income

Cash and equivalents

Foreign real estateCanadian real estate

Other

Canadian equity

Total investments:

Mid Cap Canada (GWLIM)

International Opportunity (JPMorgan)

American Growth (AGF)

Canadian Value Equity (Laketon)

U.S. Value (London Capital)Core Bond (Portico)

40

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Advanced Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

41

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,864.80 on December 31, 2018. This works out to an average of 6.43% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................9.81

............................................................................................................................8.94

............................................................................................................................7.62

............................................................................................................................7.43

............................................................................................................................7.16

............................................................................................................................7.06

............................................................................................................................6.46

............................................................................................................................6.36

............................................................................................................................5.96

............................................................................................................................5.95

............................................................................................................................72.75

............................................................................................................................16

............................................................................................................................52.86

............................................................................................................................31.93

............................................................................................................................7.78

............................................................................................................................5.21

............................................................................................................................1.85

............................................................................................................................0.37

............................................................................................................................0.01

Quick facts: Date fund available: October 18, 1999Date fund created: October 18, 1999Managed by: GLC Asset Management Group Ltd.

Total fund value: $705,824,381Portfolio turnover rate: 21.51%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.20 21.99 602,334Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-40.00-20.00

0.0020.0040.0060.00

International Opportunity (JPMorgan)

Real Estate (GWLRA)

Mid Cap Canada (GWLIM)

Canadian Equity (Fidelity)

Total

Foreign equity

Other

Canadian real estate

Foreign real estateFixed income

Cash and equivalents

Canadian equity

Total investments:

Cambridge All Canadian Equity (CI)

Canadian Resource (Mackenzie)

Foreign Equity (Mackenzie)

Canadian Value Equity (Laketon)

American Growth (AGF)U.S. Value (London Capital)

42

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Aggressive Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

43

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,390.69 on December 31, 2018. This works out to an average of 3.35% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................16.51

............................................................................................................................16.50

............................................................................................................................13.01

............................................................................................................................8.00

............................................................................................................................5.09

............................................................................................................................5.00

............................................................................................................................4.57

............................................................................................................................4.00

............................................................................................................................3.96

............................................................................................................................3.77

............................................................................................................................80.41

............................................................................................................................17

............................................................................................................................48.32

............................................................................................................................19.90

............................................................................................................................15.24

............................................................................................................................10.42

............................................................................................................................6.09

Quick facts: Date fund available: December 4, 2006Date fund created: December 4, 2006Managed by: GLC Asset Management Group Ltd.

Total fund value: $54,621,032Portfolio turnover rate: 18.53%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.83 13.25 326,496Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-7.50

0.00

7.50

15.00

Mortgage (Portico)

Unconstrained Fixed Income (Mackenzie)

International Bond (Brandywine)

U.S. Value (London Capital)

Total

Fixed income

Foreign equity

Cash and equivalentsCanadian equity

Other

Total investments:

Canadian Value Equity (Laketon)

Long Term Bond (Portico)

Corporate Bond (Portico)

Real Estate (GWLRA)

Core Plus Bond (Portico)Core Bond (Portico)

44

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Income Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

45

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,389.44 on December 31, 2018. This works out to an average of 3.34% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................16.61

............................................................................................................................16.59

............................................................................................................................13.05

............................................................................................................................8.02

............................................................................................................................5.11

............................................................................................................................5.02

............................................................................................................................4.64

............................................................................................................................4.03

............................................................................................................................3.84

............................................................................................................................3.72

............................................................................................................................80.63

............................................................................................................................17

............................................................................................................................48.61

............................................................................................................................19.96

............................................................................................................................15.00

............................................................................................................................10.30

............................................................................................................................6.11

Quick facts: Date fund available: December 4, 2006Date fund created: December 4, 2006Managed by: GLC Asset Management Group Ltd.

Total fund value: $11,362,165Portfolio turnover rate: 17.66%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.84 13.01 12,546Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-7.50

0.00

7.50

15.00

Mortgage (Portico)

Unconstrained Fixed Income (Mackenzie)

International Bond (Brandywine)

U.S. Value (London Capital)

Total

Fixed income

Foreign equity

Cash and equivalentsCanadian equity

Other

Total investments:

Canadian Value Equity (Laketon)

Long Term Bond (Portico)

Corporate Bond (Portico)

Real Estate (GWLRA)

Core Plus Bond (Portico)Core Bond (Portico)

46

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

2010 Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

47

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,414.81 on December 31, 2018. This works out to an average of 3.53% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................16.59

............................................................................................................................16.58

............................................................................................................................13.05

............................................................................................................................8.03

............................................................................................................................5.12

............................................................................................................................5.02

............................................................................................................................4.58

............................................................................................................................4.02

............................................................................................................................3.89

............................................................................................................................3.73

............................................................................................................................80.61

............................................................................................................................17

............................................................................................................................48.54

............................................................................................................................19.97

............................................................................................................................15.08

............................................................................................................................10.32

............................................................................................................................6.10

Quick facts: Date fund available: December 4, 2006Date fund created: December 4, 2006Managed by: GLC Asset Management Group Ltd.

Total fund value: $45,840,331Portfolio turnover rate: 11.37%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.84 12.71 33,787Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-7.50

0.00

7.50

15.00

Mortgage (Portico)

Unconstrained Fixed Income (Mackenzie)

International Bond (Brandywine)

U.S. Value (London Capital)

Total

Fixed income

Foreign equity

Cash and equivalentsCanadian equity

Other

Total investments:

Canadian Value Equity (Laketon)

Long Term Bond (Portico)

Corporate Bond (Portico)

Real Estate (GWLRA)

Core Plus Bond (Portico)Core Bond (Portico)

48

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

2015 Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

49

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,487.63 on December 31, 2018. This works out to an average of 4.05% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................16.59

............................................................................................................................16.55

............................................................................................................................12.52

............................................................................................................................8.04

............................................................................................................................4.74

............................................................................................................................4.46

............................................................................................................................4.40

............................................................................................................................3.93

............................................................................................................................3.86

............................................................................................................................3.75

............................................................................................................................78.84

............................................................................................................................17

............................................................................................................................45.98

............................................................................................................................19.53

............................................................................................................................16.84

............................................................................................................................11.48

............................................................................................................................6.19

Quick facts: Date fund available: December 4, 2006Date fund created: December 4, 2006Managed by: GLC Asset Management Group Ltd.

Total fund value: $173,976,659Portfolio turnover rate: 21.52%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.96 12.89 26,973Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-7.50

0.00

7.50

15.00

Mortgage (Portico)

Corporate Bond (Portico)

U.S. Value (London Capital)

Canadian Value Equity (Laketon)

Total

Fixed income

Foreign equity

Cash and equivalentsCanadian equity

Other

Total investments:

Foreign Equity (Mackenzie)

Global Infrastructure Equity (London Capital)

International Bond (Brandywine)

Real Estate (GWLRA)

Core Plus Bond (Portico)Core Bond (Portico)

50

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

2020 Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

51

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,552.20 on December 31, 2018. This works out to an average of 4.49% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................16.31

............................................................................................................................14.64

............................................................................................................................10.05

............................................................................................................................8.06

............................................................................................................................6.70

............................................................................................................................4.84

............................................................................................................................4.44

............................................................................................................................3.87

............................................................................................................................3.78

............................................................................................................................3.56

............................................................................................................................76.25

............................................................................................................................21

............................................................................................................................38.06

............................................................................................................................23.18

............................................................................................................................17.54

............................................................................................................................15.42

............................................................................................................................5.80

Quick facts: Date fund available: December 4, 2006Date fund created: December 4, 2006Managed by: GLC Asset Management Group Ltd.

Total fund value: $257,005,798Portfolio turnover rate: 16.34%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.07 13.13 34,966Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-15.00

-7.500.007.50

15.0022.50

Mortgage (Portico)

U.S. Value (London Capital)

Foreign Equity (Mackenzie)

International Opportunity (JPMorgan)

Total

Fixed income

Other

Cash and equivalentsCanadian equity

Foreign equity

Total investments:

International Bond (Brandywine)

Dividend (GWLIM)

Canadian Value Equity (Laketon)

Real Estate (GWLRA)

Core Plus Bond (Portico)Core Bond (Portico)

52

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

2025 Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.07

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

53

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,604.16 on December 31, 2018. This works out to an average of 4.84% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................14.12

............................................................................................................................12.24

............................................................................................................................8.60

............................................................................................................................8.08

............................................................................................................................7.74

............................................................................................................................5.95

............................................................................................................................5.30

............................................................................................................................4.45

............................................................................................................................4.19

............................................................................................................................3.94

............................................................................................................................74.61

............................................................................................................................25

............................................................................................................................30.68

............................................................................................................................29.25

............................................................................................................................19.00

............................................................................................................................15.62

............................................................................................................................5.44

Quick facts: Date fund available: December 4, 2006Date fund created: December 4, 2006Managed by: GLC Asset Management Group Ltd.

Total fund value: $242,831,880Portfolio turnover rate: 20.54%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.11 13.28 649Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-20.00-10.00

0.0010.0020.0030.00

U.S. Value (London Capital)

Mortgage (Portico)

International Equity (Setanta)

International Opportunity (JPMorgan)

Total

Fixed income

Canadian equity

Cash and equivalentsOther

Foreign equity

Total investments:

Global Equity (Putnam)

Foreign Equity (Mackenzie)

Canadian Value Equity (Laketon)

Real Estate (GWLRA)

Core Plus Bond (Portico)Core Bond (Portico)

54

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

2030 Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.11

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

55

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,663.63 on December 31, 2018. This works out to an average of 5.22% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................12.36

............................................................................................................................10.60

............................................................................................................................8.97

............................................................................................................................8.27

............................................................................................................................6.58

............................................................................................................................5.51

............................................................................................................................5.19

............................................................................................................................4.92

............................................................................................................................4.79

............................................................................................................................4.76

............................................................................................................................71.95

............................................................................................................................21

............................................................................................................................34.28

............................................................................................................................25.08

............................................................................................................................21.81

............................................................................................................................13.53

............................................................................................................................5.28

Quick facts: Date fund available: December 4, 2006Date fund created: December 4, 2006Managed by: GLC Asset Management Group Ltd.

Total fund value: $212,256,154Portfolio turnover rate: 21.19%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.10 13.39 5,921Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

U.S. Value (London Capital)

Canadian Value Equity (Laketon)

Mortgage (Portico)

International Opportunity (JPMorgan)

Total

Foreign equity

Canadian equity

Cash and equivalentsOther

Fixed income

Total investments:

Foreign Equity (Mackenzie)

American Growth (AGF)

International Equity (Setanta)

Real Estate (GWLRA)

Core Plus Bond (Portico)Core Bond (Portico)

56

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

2035 Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

57

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,719.36 on December 31, 2018. This works out to an average of 5.57% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................10.58

............................................................................................................................9.27

............................................................................................................................9.22

............................................................................................................................8.82

............................................................................................................................7.07

............................................................................................................................6.03

............................................................................................................................5.52

............................................................................................................................5.30

............................................................................................................................4.86

............................................................................................................................4.85

............................................................................................................................71.52

............................................................................................................................21

............................................................................................................................38.72

............................................................................................................................24.22

............................................................................................................................20.18

............................................................................................................................11.78

............................................................................................................................5.08

Quick facts: Date fund available: December 4, 2006Date fund created: December 4, 2006Managed by: GLC Asset Management Group Ltd.

Total fund value: $177,506,681Portfolio turnover rate: 22.33%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.12 13.36 848Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

Core Plus Bond (Portico)

Canadian Value Equity (Laketon)

International Equity (Setanta)

Foreign Equity (Mackenzie)

Total

Foreign equity

Fixed income

Cash and equivalentsOther

Canadian equity

Total investments:

Mid Cap Canada (GWLIM)

International Opportunity (JPMorgan)

American Growth (AGF)

Real Estate (GWLRA)

U.S. Value (London Capital)Core Bond (Portico)

58

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

2040 Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

59

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,751.52 on December 31, 2018. This works out to an average of 5.76% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................9.40

............................................................................................................................9.15

............................................................................................................................8.35

............................................................................................................................7.39

............................................................................................................................7.30

............................................................................................................................6.83

............................................................................................................................5.81

............................................................................................................................5.54

............................................................................................................................5.26

............................................................................................................................5.26

............................................................................................................................70.29

............................................................................................................................19

............................................................................................................................42.53

............................................................................................................................26.34

............................................................................................................................15.46

............................................................................................................................10.71

............................................................................................................................4.99

Quick facts: Date fund available: December 4, 2006Date fund created: December 4, 2006Managed by: GLC Asset Management Group Ltd.

Total fund value: $157,263,859Portfolio turnover rate: 24.10%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.16 13.24 676Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

Core Bond (Portico)

Core Plus Bond (Portico)

International Opportunity (JPMorgan)

Foreign Equity (Mackenzie)

Total

Foreign equity

Fixed income

Cash and equivalentsOther

Canadian equity

Total investments:

Mid Cap Canada (GWLIM)

International Equity (Setanta)

American Growth (AGF)

Canadian Value Equity (Laketon)

Real Estate (GWLRA)U.S. Value (London Capital)

60

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

2045 Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.16

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

61

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,775.41 on December 31, 2018. This works out to an average of 5.91% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................9.54

............................................................................................................................9.26

............................................................................................................................7.64

............................................................................................................................7.41

............................................................................................................................6.42

............................................................................................................................6.07

............................................................................................................................5.77

............................................................................................................................5.67

............................................................................................................................5.54

............................................................................................................................5.15

............................................................................................................................68.47

............................................................................................................................19

............................................................................................................................45.97

............................................................................................................................28.16

............................................................................................................................10.88

............................................................................................................................10.06

............................................................................................................................4.94

Quick facts: Date fund available: December 4, 2006Date fund created: December 4, 2006Managed by: GLC Asset Management Group Ltd.

Total fund value: $131,227,348Portfolio turnover rate: 24.20%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.21 13.08 3,385Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

American Growth (AGF)

International Opportunity (JPMorgan)

Foreign Equity (Mackenzie)

International Equity (Setanta)

Total

Foreign equity

Fixed income

Cash and equivalentsOther

Canadian equity

Total investments:

Canadian Equity (Fidelity)

Mid Cap Canada (GWLIM)

Core Bond (Portico)

Canadian Value Equity (Laketon)

Real Estate (GWLRA)U.S. Value (London Capital)

62

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

2050 Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

63

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,010.89 on December 31, 2018. This works out to an average of 0.11% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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 2018 London Life waived fees equal to 0.11 per cent.

............................................................................................................................10.25

............................................................................................................................9.97

............................................................................................................................9.34

............................................................................................................................7.97

............................................................................................................................6.49

............................................................................................................................6.04

............................................................................................................................5.68

............................................................................................................................4.96

............................................................................................................................4.08

............................................................................................................................4.00

............................................................................................................................68.76

............................................................................................................................27

............................................................................................................................97.25

............................................................................................................................2.75

Quick facts: Date fund available: November 1, 1988Date fund created: November 1, 1988Managed by: GLC Asset Management Group Ltd.

Total fund value: $702,026,285Portfolio turnover rate: --

Guarantee option MER (%) NAV ($) Units outstanding

All options 1.24 24.95 1,364,376Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 20180.00

0.50

1.00

1.50

Gov. of Canada 01/10/2019

Gov. of Canada Treasury Bill, 7/25/2019

Gov. of Canada Treasury Bill, 4/4/2019

Gov. of Canada Treasury Bill, 9/19/2019

Total

Cash and equivalentsOther

Total investments:

Gov. of Canada Treasury Bill, 6/13/2019

Gov. of Canada Treasury Bill, 4/18/2019

Gov. of Canada Treasury Bill, 3/21/2019

Gov. of Canada Treasury Bill, 2/21/2019

Gov. of Canada Treasury Bill, 1/24/2019Gov. of Canada Treasury Bill, 2/7/2019

64

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Money Market (Portico)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 1.24

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

65

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Diversified 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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,225.97 on December 31, 2018. This works out to an average of 2.06% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.NotesEffective October 2017 the name of the segregated fund changed to Diversified Fixed Income Profile (PSG) from Fixed Income Profile (PSG). No other changes were made to the segregated fund.

............................................................................................................................23.00

............................................................................................................................20.00

............................................................................................................................15.00

............................................................................................................................10.00

............................................................................................................................10.00

............................................................................................................................8.00

............................................................................................................................6.00

............................................................................................................................5.00

............................................................................................................................3.00

............................................................................................................................100.00

............................................................................................................................9

............................................................................................................................77.85

............................................................................................................................14.62

............................................................................................................................7.41

............................................................................................................................0.10

............................................................................................................................0.02

Quick facts: Date fund available: November 5, 2001Date fund created: November 5, 2001Managed by: GLC Asset Management Group Ltd.

Total fund value: $165,798,114Portfolio turnover rate: 10.04%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.34 15.64 595,205Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-15.00

-7.500.007.50

15.00

Mortgage (Portico)

Corporate Bond (Portico)

Long Term Bond (Portico)

Short Term Bond (Portico)

Total investments:

Other

Canadian equityForeign equity

Cash and equivalents

Fixed income

Total

Real Return Bond (Portico)

Unconstrained Fixed Income (Mackenzie)

International Bond (Brandywine)

Core Bond (Portico)Core Plus Bond (Portico)

66

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Diversified Fixed Income Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.34

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

67

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Core Bond (Portico)

What does the fund invest in?This segregated fund invests primarily in Canadian fixed-income securities issued by governments and corporations.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,261.91 on December 31, 2018. This works out to an average of 2.35% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................3.46

............................................................................................................................3.26

............................................................................................................................3.24

............................................................................................................................3.01

............................................................................................................................2.82

............................................................................................................................2.71

............................................................................................................................2.65

............................................................................................................................1.99

............................................................................................................................1.87

............................................................................................................................1.64

............................................................................................................................26.63

............................................................................................................................127

............................................................................................................................96.96

............................................................................................................................2.43

............................................................................................................................0.62

Quick facts: Date fund available: December 31, 1961Date fund created: December 31, 1961Managed by: GLC Asset Management Group Ltd.

Total fund value: $2,751,805,459Portfolio turnover rate: 15.96%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.04 359.98 67,225Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-15.00

-7.500.007.50

15.00

Gov. of Canada, 3.25%, 6/1/2021

Gov. of Canada, 3.5%, 6/1/2020

Gov. of Canada, 5.75%, 6/1/2029

Province of Ontario, 4.6%, 6/2/2039

Total

Fixed income

OtherCash and equivalents

Total investments:

Province of Ontario, 3.5%, 6/2/2024

Province of Ontario, 4.7%, 6/2/2037

Gov. of Canada, 2.25%, 6/1/2025

Gov. of Canada, 2.5%, 6/1/2024

Gov. of Canada, 4%, 6/1/2041Gov. of Canada, 2.75%, 6/1/2022

68

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Core Bond (Portico)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

69

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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).

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,228.99 on December 31, 2018. This works out to an average of 2.08% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................3.64

............................................................................................................................2.95

............................................................................................................................2.76

............................................................................................................................2.62

............................................................................................................................2.58

............................................................................................................................2.51

............................................................................................................................2.38

............................................................................................................................2.15

............................................................................................................................2.00

............................................................................................................................1.85

............................................................................................................................25.43

............................................................................................................................127

............................................................................................................................88.78

............................................................................................................................6.10

............................................................................................................................5.12

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: GLC Asset Management Group Ltd.

Total fund value: $1,121,140,794Portfolio turnover rate: 1.55%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.21 16.91 531,565Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-15.00

-7.500.007.50

15.00

Gov. of Canada, 0.5%, 2/1/2019

Canada Housing Trust No.1, 1.25%, 12/15/2020

Canada Housing Trust No.1, 2.4%, 12/15/2022

Gov. of Canada, 2.75%, 12/1/2048

Total

Fixed income

OtherCash and equivalents

Total investments:

Province of British Columbia, 3.2%, 6/18/2044

Province of Ontario, 4.65%, 6/2/2041

Province of Ontario, 4.7%, 6/2/2037

Canada Housing Trust No.1 (FRN), 2.25%, 3/15/2020

Canada Housing Trust No.1, 2.65%, 3/15/2022Province of Quebec, 4.25%, 12/1/2043

70

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Core Plus Bond (Portico)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.21

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

71

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Mortgage (Portico)

What does the fund invest in?This segregated fund invests primarily in mortgages on Canadian residential and commercial properties.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,095.92 on December 31, 2018. This works out to an average of 0.92% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................1.35

............................................................................................................................1.25

............................................................................................................................1.22

............................................................................................................................1.22

............................................................................................................................1.08

............................................................................................................................0.90

............................................................................................................................0.77

............................................................................................................................0.64

............................................................................................................................0.60

............................................................................................................................0.59

............................................................................................................................9.62

............................................................................................................................19

............................................................................................................................87.48

............................................................................................................................11.06

............................................................................................................................1.46

Quick facts: Date fund available: July 31, 1969Date fund created: July 31, 1969Managed by: GLC Asset Management Group Ltd.

Total fund value: $1,668,756,360Portfolio turnover rate: 3.23%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.49 220.42 90,927Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-6.00-3.000.003.006.009.00

Gov. of Canada, 2.25%, 6/1/2025

Gov. of Canada, 2.75%, 6/1/2022

Canada Housing Trust No.1, 1.2%, 6/15/2020

Canada Housing Trust No.1, 2%, 12/15/2019

Total

Other

Cash and equivalentsFixed income

Total investments:

Gov. of Canada, 1.5%, 6/1/2023

BP LP, 3.244%, 1/9/2020

Canada Housing Trust No.1, 2.4%, 12/15/2022

Canada Housing Trust No.1, 2.65%, 3/15/2022

Canada Housing Trust No.1, 3.8%, 6/15/2021Canada Housing Trust No.1, 3.35%, 12/15/2020

72

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Mortgage (Portico)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.49

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

73

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Government Bond (Portico)

What does the fund invest in?This segregated fund invests primarily in fixed-income securities issued by Canadian governments.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,045.09 on December 31, 2018. This works out to an average of 0.44% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................5.81

............................................................................................................................5.71

............................................................................................................................5.05

............................................................................................................................4.99

............................................................................................................................4.55

............................................................................................................................4.49

............................................................................................................................4.39

............................................................................................................................4.37

............................................................................................................................3.92

............................................................................................................................3.76

............................................................................................................................47.04

............................................................................................................................38

............................................................................................................................70.79

............................................................................................................................19.63

............................................................................................................................9.58

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: GLC Asset Management Group Ltd.

Total fund value: $40,656,761Portfolio turnover rate: 32.36%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.05 15.17 244,803Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-6.00-3.000.003.006.00

Canada Housing Trust No.1, 3.8%, 6/15/2021

Canada Housing Trust No.1, 2.4%, 12/15/2022

Province of Ontario, 4%, 6/2/2021

Province of Ontario, 4.2%, 6/2/2020

Total

Fixed income

OtherCash and equivalents

Total investments:

Gov. of Canada, 1.5%, 3/1/2020

Canada Housing Trust No.1, 1.95%, 6/15/2019

Province of Ontario, 2.1%, 9/8/2019

Gov. of Canada, 2.75%, 6/1/2022

Canada Housing Trust No.1, 1.15%, 12/15/2021Canada Housing Trust No.1, 2%, 12/15/2019

74

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Government Bond (Portico)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.05

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

75

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,443.20 on December 31, 2018. This works out to an average of 3.74% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................2.64

............................................................................................................................2.49

............................................................................................................................2.36

............................................................................................................................2.31

............................................................................................................................2.04

............................................................................................................................2.03

............................................................................................................................1.92

............................................................................................................................1.37

............................................................................................................................1.35

............................................................................................................................1.29

............................................................................................................................19.80

............................................................................................................................164

............................................................................................................................64.91

............................................................................................................................30.05

............................................................................................................................3.19

............................................................................................................................1.85

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: GLC Asset Management Group Ltd.

Total fund value: $673,141,937Portfolio turnover rate: 18.82%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.26 24.02 2,750,407Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-15.00

-7.500.007.50

15.0022.50

Bank of Nova Scotia

Bank of Montreal

Canadian Imperial Bank of Commerce

Suncor Energy Inc.

Total

Fixed income

OtherCash and equivalents

Canadian equity

Total investments:

TELUS Corporation

Gov. of Canada, 4%, 6/1/2041

Magna International Inc.

BCE Inc.

Toronto-Dominion BankRoyal Bank of Canada

76

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Income (Portico)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.26

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

77

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,575.50 on December 31, 2018. This works out to an average of 4.65% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................4.40

............................................................................................................................3.58

............................................................................................................................3.34

............................................................................................................................2.19

............................................................................................................................1.72

............................................................................................................................1.63

............................................................................................................................1.32

............................................................................................................................1.32

............................................................................................................................1.29

............................................................................................................................1.26

............................................................................................................................22.05

............................................................................................................................513

............................................................................................................................68.43

............................................................................................................................15.43

............................................................................................................................13.20

............................................................................................................................2.07

............................................................................................................................0.88

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Mackenzie Investments

Total fund value: $228,373,986Portfolio turnover rate: 88.44%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.32 24.52 837,804Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-15.00

-7.500.007.50

15.0022.50

Province of Ontario, 2.9%, 6/2/2049

Province of Quebec, 2.75%, 9/1/2028

Royal Bank of Canada

Province of Quebec, 3.5%, 12/1/2048

Total

Fixed income

Foreign equity

Cash and equivalentsOther

Canadian equity

Total investments:

Toronto-Dominion Bank

Bank of Nova Scotia

U.S Dept. of the Treasury, 2.25%, 11/15/2027

Canada Housing Trust No.1 (FRN), 1.93%, 9/15/2023

Gov. of Canada, 2.75%, 12/1/2048Province of Ontario, 0.029%, 6/2/2028

78

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Income (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.32

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

79

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,497.52 on December 31, 2018. This works out to an average of 4.12% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................33.82

............................................................................................................................24.41

............................................................................................................................10.22

............................................................................................................................9.05

............................................................................................................................8.75

............................................................................................................................4.77

............................................................................................................................3.88

............................................................................................................................3.07

............................................................................................................................2.03

............................................................................................................................100.00

............................................................................................................................9

............................................................................................................................33.92

............................................................................................................................28.01

............................................................................................................................24.49

............................................................................................................................9.75

............................................................................................................................3.82

Quick facts: Date fund available: January 29, 1988Date fund created: January 29, 1988Managed by: GLC Asset Management Group Ltd.

Total fund value: $1,008,095,405Portfolio turnover rate: 19.01%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.81 309.09 215,690Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

Mortgage (Portico)

U.S. Equity (London Capital)

U.S. Mid Cap (London Capital)

Money Market (Portico)

Total investments:

Canadian equity

OtherCash and equivalents

Foreign equity

Fixed income

Total

Emerging Markets (Putnam)

Mid Cap Canada (GWLIM)

International Equity (JPMorgan)

Canadian Value Equity (Laketon)Core Bond (Portico)

80

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Diversified (London Capital)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.81

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

81

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,656.45 on December 31, 2018. This works out to an average of 5.18% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................3.74

............................................................................................................................3.70

............................................................................................................................2.46

............................................................................................................................2.08

............................................................................................................................2.07

............................................................................................................................1.70

............................................................................................................................1.63

............................................................................................................................1.62

............................................................................................................................1.51

............................................................................................................................1.42

............................................................................................................................21.94

............................................................................................................................246

............................................................................................................................44.42

............................................................................................................................30.84

............................................................................................................................20.17

............................................................................................................................3.97

............................................................................................................................0.60

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: GLC Asset Management Group Ltd.

Total fund value: $77,764,200Portfolio turnover rate: 46.23%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.76 18.03 300,751Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

Bank of Nova Scotia

Canadian National Railway Company

Bank of Montreal

Gov. of Canada, 3.5%, 6/1/2020

Total

Canadian equity

Foreign equity

Cash and equivalentsOther

Fixed income

Total investments:

Boyd Group Income Fund

Morguard Corporation

Suncor Energy Inc.

CGI Group Inc.

Toronto-Dominion BankRoyal Bank of Canada

82

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Balanced Growth (GWLIM)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.76

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

83

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,598.98 on December 31, 2018. This works out to an average of 4.81% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................2.63

............................................................................................................................2.39

............................................................................................................................2.21

............................................................................................................................1.72

............................................................................................................................1.63

............................................................................................................................1.59

............................................................................................................................1.56

............................................................................................................................1.53

............................................................................................................................1.46

............................................................................................................................1.39

............................................................................................................................18.12

............................................................................................................................234

............................................................................................................................40.65

............................................................................................................................33.96

............................................................................................................................20.40

............................................................................................................................2.94

............................................................................................................................2.05

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: GLC Asset Management Group Ltd.

Total fund value: $77,711,507Portfolio turnover rate: 50.28%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.77 17.85 269,794Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-20.00-10.00

0.0010.0020.0030.00

Royal Bank of Canada

Gov. of Canada, 2.25%, 6/1/2025

Gov. of Canada, 2.75%, 6/1/2022

Gov. of Canada, 2.5%, 6/1/2024

Total

Fixed income

Foreign equity

OtherCash and equivalents

Canadian equity

Total investments:

Brookfield Asset Management Inc.

Suncor Energy Inc.

Enbridge Inc.

Gov. of Canada, 3.5%, 6/1/2020

Bank of Nova ScotiaToronto-Dominion Bank

84

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

North American Balanced (London Capital)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.77

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

85

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,738.46 on December 31, 2018. This works out to an average of 5.69% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................3.32

............................................................................................................................3.30

............................................................................................................................2.18

............................................................................................................................1.86

............................................................................................................................1.86

............................................................................................................................1.51

............................................................................................................................1.43

............................................................................................................................1.43

............................................................................................................................1.36

............................................................................................................................1.27

............................................................................................................................19.51

............................................................................................................................333

............................................................................................................................39.60

............................................................................................................................29.18

............................................................................................................................24.65

............................................................................................................................5.07

............................................................................................................................1.50

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: GLC Asset Management Group Ltd.

Total fund value: $106,581,620Portfolio turnover rate: 41.45%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.73 19.89 289,489Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

Bank of Nova Scotia

CGI Group Inc.

Bank of Montreal

Gov. of Canada, 0.75%, 8/1/2019

Total

Canadian equity

Foreign equity

OtherCash and equivalents

Fixed income

Total investments:

Boyd Group Income Fund

Morguard Corporation

Suncor Energy Inc.

Canadian National Railway Company

Toronto-Dominion BankRoyal Bank of Canada

86

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Equity/Bond (GWLIM)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

87

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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 Balanced Fund.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,454.41 on December 31, 2018. This works out to an average of 3.82% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................3.68

............................................................................................................................3.63

............................................................................................................................2.50

............................................................................................................................1.78

............................................................................................................................1.77

............................................................................................................................1.33

............................................................................................................................1.31

............................................................................................................................1.29

............................................................................................................................1.25

............................................................................................................................1.24

............................................................................................................................19.79

............................................................................................................................1545

............................................................................................................................41.83

............................................................................................................................30.55

............................................................................................................................24.77

............................................................................................................................3.01

............................................................................................................................-0.16

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Mackenzie Investments

Total fund value: $105,891,142Portfolio turnover rate: 3.20%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.95 21.11 392,394Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

Toronto-Dominion Bank

Canadian National Railway Company

Province of Quebec, 3.5%, 12/1/2048

Gov. of Canada RR, 1.25%, 12/1/2047

Total

Fixed income

Foreign equity

OtherCash and equivalents

Canadian equity

Total investments:

Gov. of Canada, 2.75%, 12/1/2048

Rogers Communications Inc.

Alimentation Couche-Tard Inc.

Royal Bank of Canada

Province of Ontario, 2.9%, 6/2/2049Gov. of Canada, 2%, 6/1/2028

88

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Canadian Balanced (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.95

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

89

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,633.74 on December 31, 2018. This works out to an average of 5.03% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................5.62

............................................................................................................................3.94

............................................................................................................................3.88

............................................................................................................................3.61

............................................................................................................................3.45

............................................................................................................................3.20

............................................................................................................................2.91

............................................................................................................................2.65

............................................................................................................................2.62

............................................................................................................................2.51

............................................................................................................................34.38

............................................................................................................................408

............................................................................................................................50.42

............................................................................................................................23.88

............................................................................................................................17.88

............................................................................................................................7.03

............................................................................................................................0.80

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Mackenzie Investments

Total fund value: $176,430,782Portfolio turnover rate: 75.51%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.70 21.60 498,085Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

Dollarama Inc.

Alimentation Couche-Tard Inc.

Henry Schein, Inc.

Bank of Nova Scotia

Total

Canadian equity

Foreign equity

Cash and equivalentsOther

Fixed income

Total investments:

Johnson & Johnson

Amcor Limited

Shaw Communications Inc.

Onex Corporation

Pembina Pipeline CorporationBrookfield Asset Management Inc.

90

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Growth & Income (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.70

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

91

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,847.87 on December 31, 2018. This works out to an average of 6.33% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................4.18

............................................................................................................................4.00

............................................................................................................................3.83

............................................................................................................................2.30

............................................................................................................................2.21

............................................................................................................................2.15

............................................................................................................................2.12

............................................................................................................................2.08

............................................................................................................................2.00

............................................................................................................................1.94

............................................................................................................................26.81

............................................................................................................................178

............................................................................................................................42.30

............................................................................................................................29.52

............................................................................................................................25.24

............................................................................................................................2.96

............................................................................................................................-0.02

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Beutel, Goodman & Company Ltd.

Total fund value: $1,426,308,750Portfolio turnover rate: 82.08%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.94 25.01 1,832,495Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-15.00

0.00

15.00

30.00

Rogers Communications Inc.

Brookfield Asset Management Inc.

Bank of Nova Scotia

Gov. of Canada, 2.75%, 12/1/2048

Total

Canadian equity

Foreign equity

OtherCash and equivalents

Fixed income

Total investments:

Canadian Natural Resources Limited

Magna International Inc.

Nutrien Ltd.

Metro Inc.

Toronto-Dominion BankRoyal Bank of Canada

92

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Balanced (Beutel Goodman)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

93

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Global Income (Sentry)

What does the fund invest in?This segregated fund invests primarily in fixed-income securities and stocks anywhere in the world.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,364.97 on December 31, 2018. This works out to an average of 3.16% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................3.29

............................................................................................................................2.91

............................................................................................................................2.40

............................................................................................................................1.71

............................................................................................................................1.50

............................................................................................................................1.48

............................................................................................................................1.39

............................................................................................................................1.32

............................................................................................................................1.28

............................................................................................................................1.19

............................................................................................................................18.47

............................................................................................................................434

............................................................................................................................56.85

............................................................................................................................25.58

............................................................................................................................12.21

............................................................................................................................5.35

............................................................................................................................0.01

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Sentry Investments

Total fund value: $121,915,896Portfolio turnover rate: 47.44%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.93 21.58 333,688Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

Province of Ontario, 2.9%, 12/2/2046

HSBC Holdings plc, 6.875%, 12/29/2049

407 International Inc., 3.6%, 5/21/2047

Canadian Western Bank, 2.751%, 6/29/2020

Total

Fixed income

Canadian equity

OtherCash and equivalents

Foreign equity

Total investments:

Gov. of Canada, 1%, 9/1/2022

Brookfield Asset Management Inc.

Canada Housing Trust No.1, 1.9%, 9/15/2026

Gov. of Canada, 0.75%, 9/1/2021

Gov. of Canada, 3.5%, 12/1/2045Gov. of Canada, 2%, 6/1/2028

94

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Global Income (Sentry)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

95

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,860.06 on December 31, 2018. This works out to an average of 6.40% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................1.28

............................................................................................................................1.22

............................................................................................................................1.17

............................................................................................................................1.13

............................................................................................................................1.00

............................................................................................................................0.97

............................................................................................................................0.95

............................................................................................................................0.93

............................................................................................................................0.93

............................................................................................................................0.90

............................................................................................................................10.48

............................................................................................................................539

............................................................................................................................40.91

............................................................................................................................33.90

............................................................................................................................15.84

............................................................................................................................7.86

............................................................................................................................1.50

Quick facts: Date fund available: November 5, 2001Date fund created: November 5, 2001Managed by: GLC Asset Management Group Ltd.

Total fund value: $91,198,910Portfolio turnover rate: 8.24%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.82 18.91 236,828Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-40.00-20.00

0.0020.0040.0060.00

Bank of Nova Scotia

Bank of Montreal

Canadian Imperial Bank of Commerce

The Procter & Gamble Company

Total

Foreign equity

Canadian equity

OtherCash and equivalents

Fixed income

Total investments:

U.S Dept. of the Treasury, 1%, 11/15/2019

Federated Investors, Inc.

Magna International Inc.

BCE Inc.

Toronto-Dominion BankRoyal Bank of Canada

96

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Global Monthly Income (London Capital)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.82

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

97

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,740.48 on December 31, 2018. This works out to an average of 5.70% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................15.02

............................................................................................................................14.03

............................................................................................................................13.00

............................................................................................................................10.02

............................................................................................................................9.99

............................................................................................................................9.99

............................................................................................................................8.02

............................................................................................................................7.02

............................................................................................................................6.90

............................................................................................................................6.01

............................................................................................................................100.00

............................................................................................................................10

............................................................................................................................90.52

............................................................................................................................5.87

............................................................................................................................1.79

............................................................................................................................1.72

............................................................................................................................0.11

Quick facts: Date fund available: November 5, 2001Date fund created: November 5, 2001Managed by: GLC Asset Management Group Ltd.

Total fund value: $25,240,897Portfolio turnover rate: 2.93%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.11 20.64 159,076Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-40.00-20.00

0.0020.0040.0060.00

Canadian All Cap Value (Mackenzie)

Dividend (GWLIM)

Mid Cap Canada (GWLIM)

Canadian Resource (Mackenzie)

Total

Canadian equity

Cash and equivalents

Fixed incomeOther

Foreign equity

Total investments:

Canadian Equity Growth (CC&L)

Growth Equity (Laketon)

Canadian Equity (Bissett)

Cambridge All Canadian Equity (CI)

Pure Canadian Equity (Beutel Goodman)Canadian Value Equity (Laketon)

98

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Canadian Equity Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.11

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

99

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,922.53 on December 31, 2018. This works out to an average of 6.75% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................10.87

............................................................................................................................9.44

............................................................................................................................9.39

............................................................................................................................8.93

............................................................................................................................8.18

............................................................................................................................7.96

............................................................................................................................7.14

............................................................................................................................7.10

............................................................................................................................5.97

............................................................................................................................5.95

............................................................................................................................80.93

............................................................................................................................14

............................................................................................................................59.67

............................................................................................................................35.93

............................................................................................................................2.74

............................................................................................................................1.66

Quick facts: Date fund available: December 4, 2006Date fund created: December 4, 2006Managed by: GLC Asset Management Group Ltd.

Total fund value: $11,053,613Portfolio turnover rate: 26.70%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.23 13.46 31,147Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-40.00-20.00

0.0020.0040.0060.00

Canadian Equity (Bissett)

Global Dividend (Setanta)

International Equity (Setanta)

Canadian Equity (Laketon)

Total

Foreign equity

Cash and equivalentsOther

Canadian equity

Total investments:

Mid Cap Canada (GWLIM)

International Opportunity (JPMorgan)

American Growth (AGF)

Dividend (GWLIM)

Canadian All Cap Value (Mackenzie)U.S. Value (London Capital)

100

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Equity Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.23

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

101

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,943.67 on December 31, 2018. This works out to an average of 6.87% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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 timeNotesEffective 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.

............................................................................................................................5.25

............................................................................................................................5.06

............................................................................................................................4.89

............................................................................................................................4.85

............................................................................................................................4.78

............................................................................................................................4.69

............................................................................................................................4.63

............................................................................................................................4.62

............................................................................................................................4.53

............................................................................................................................4.52

............................................................................................................................47.84

............................................................................................................................31

............................................................................................................................98.00

............................................................................................................................1.51

............................................................................................................................0.48

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: GLC Asset Management Group Ltd.

Total fund value: $26,218,712Portfolio turnover rate: 60.84%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.93 19.79 73,353Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-15.00

0.0015.0030.0045.00

BCE Inc.

Toronto-Dominion Bank

Bank of Montreal

Parkland Fuel Corporation

Total

Canadian equity

Cash and equivalentsOther

Total investments:

TransCanada Corporation

Royal Bank of Canada

Onex Corporation

Intact Financial Corporation

CGI Group Inc.Winpak Ltd.

102

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Canadian Low Volatility (London Capital)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

103

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Canadian Value Equity (Laketon)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,509.50 on December 31, 2018. This works out to an average of 4.20% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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 May 2019 GLC Asset Management Group Ltd. renamed the segregated fund to Canadian Value Equity (Laketon) from Canadian Equity (London Capital). No other changes were made to the segregated fund.

............................................................................................................................7.75

............................................................................................................................6.99

............................................................................................................................6.33

............................................................................................................................4.66

............................................................................................................................4.40

............................................................................................................................4.02

............................................................................................................................3.91

............................................................................................................................3.57

............................................................................................................................3.53

............................................................................................................................3.50

............................................................................................................................48.66

............................................................................................................................38

............................................................................................................................98.89

............................................................................................................................0.74

............................................................................................................................0.37

Quick facts: Date fund available: December 31, 1961Date fund created: December 31, 1961Managed by: GLC Asset Management Group Ltd.

Total fund value: $1,107,129,015Portfolio turnover rate: 30.30%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.88 687.88 35,374Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-60.00-30.00

0.0030.0060.00

Royal Bank of Canada

Suncor Energy Inc.

Bank of Montreal

TransCanada Corporation

Total

Canadian equity

Cash and equivalentsOther

Total investments:

Canadian Imperial Bank of Commerce

Manulife Financial Corporation

Brookfield Asset Management Inc.

Enbridge Inc.

Bank of Nova ScotiaToronto-Dominion Bank

104

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Canadian Value Equity (Laketon)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.88

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

105

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Canadian Equity (GWLIM)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,896.55 on December 31, 2018. This works out to an average of 6.61% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................7.43

............................................................................................................................7.35

............................................................................................................................4.65

............................................................................................................................3.69

............................................................................................................................3.47

............................................................................................................................3.14

............................................................................................................................2.97

............................................................................................................................2.79

............................................................................................................................2.55

............................................................................................................................2.33

............................................................................................................................40.39

............................................................................................................................58

............................................................................................................................85.03

............................................................................................................................11.26

............................................................................................................................3.41

............................................................................................................................0.31

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: GLC Asset Management Group Ltd.

Total fund value: $492,318,400Portfolio turnover rate: 27.97%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.88 23.48 195,590Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00

0.00

30.00

60.00

Bank of Nova Scotia

Suncor Energy Inc.

Bank of Montreal

Brookfield Asset Management Inc.

Total

Canadian equity

OtherCash and equivalents

Foreign equity

Total investments:

Enbridge Inc.

CGI Group Inc.

Boyd Group Income Fund

Canadian National Railway Company

Royal Bank of CanadaToronto-Dominion Bank

106

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Canadian Equity (GWLIM)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.88

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

107

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,865.26 on December 31, 2018. This works out to an average of 6.43% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................7.87

............................................................................................................................7.66

............................................................................................................................4.82

............................................................................................................................3.73

............................................................................................................................3.62

............................................................................................................................3.17

............................................................................................................................3.08

............................................................................................................................2.83

............................................................................................................................2.65

............................................................................................................................2.55

............................................................................................................................41.99

............................................................................................................................55

............................................................................................................................85.26

............................................................................................................................11.73

............................................................................................................................2.60

............................................................................................................................0.40

Quick facts: Date fund available: November 5, 2001Date fund created: November 5, 2001Managed by: GLC Asset Management Group Ltd.

Total fund value: $68,917,888Portfolio turnover rate: 22.45%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.92 24.95 158,744Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-40.00-20.00

0.0020.0040.0060.00

Bank of Nova Scotia

Suncor Energy Inc.

Bank of Montreal

Brookfield Asset Management Inc.

Total

Canadian equity

OtherCash and equivalents

Foreign equity

Total investments:

BCE Inc.

CGI Group Inc.

Boyd Group Income Fund

Canadian National Railway Company

Royal Bank of CanadaToronto-Dominion Bank

108

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

SRI Canadian Equity (GWLIM)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

109

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Growth Equity (Laketon)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,545.09 on December 31, 2018. This works out to an average of 4.45% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................8.57

............................................................................................................................8.36

............................................................................................................................6.57

............................................................................................................................4.34

............................................................................................................................4.13

............................................................................................................................4.01

............................................................................................................................3.45

............................................................................................................................3.43

............................................................................................................................3.15

............................................................................................................................3.14

............................................................................................................................49.16

............................................................................................................................40

............................................................................................................................85.61

............................................................................................................................11.91

............................................................................................................................1.36

............................................................................................................................1.12

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: GLC Asset Management Group Ltd.

Total fund value: $17,559,092Portfolio turnover rate: 22.45%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.93 17.59 41,512Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-40.00-20.00

0.0020.0040.0060.00

Bank of Nova Scotia

Brookfield Asset Management Inc.

Suncor Energy Inc.

Waste Connections, Inc.

Total

Canadian equity

Cash and equivalentsOther

Foreign equity

Total investments:

Canadian Natural Resources Limited

CGI Group Inc.

Canadian Pacific Railway Limited

Rogers Communications Inc.

Toronto-Dominion BankRoyal Bank of Canada

110

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Growth Equity (Laketon)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

111

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Canadian Equity Growth (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks currently through the Mackenzie Canadian Growth Fund.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,706.83 on December 31, 2018. This works out to an average of 5.49% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................4.99

............................................................................................................................4.70

............................................................................................................................4.57

............................................................................................................................4.45

............................................................................................................................4.35

............................................................................................................................4.31

............................................................................................................................4.26

............................................................................................................................4.07

............................................................................................................................3.87

............................................................................................................................3.86

............................................................................................................................43.43

............................................................................................................................32

............................................................................................................................49.03

............................................................................................................................45.01

............................................................................................................................6.35

............................................................................................................................-0.38

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Mackenzie Investments

Total fund value: $51,923,347Portfolio turnover rate: 103.43%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.08 19.06 111,786Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

Accenture plc

Baxter International Inc.

Koninklijke Philips N.V.

Dollarama Inc.

Total

Canadian equity

Cash and equivalentsOther

Foreign equity

Total investments:

Becton, Dickinson and Company

Fiserv, Inc.

Stryker Corporation

CCL Industries Inc.

Aon plcRoyal Bank of Canada

112

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Canadian Equity Growth (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

113

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Canadian Equity Growth (CC&L)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,685.73 on December 31, 2018. This works out to an average of 5.36% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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). The performance before that date was achieved under the previous investment manager.

............................................................................................................................7.77

............................................................................................................................7.68

............................................................................................................................4.06

............................................................................................................................3.76

............................................................................................................................3.72

............................................................................................................................3.03

............................................................................................................................2.82

............................................................................................................................2.78

............................................................................................................................2.49

............................................................................................................................2.26

............................................................................................................................40.36

............................................................................................................................92

............................................................................................................................95.92

............................................................................................................................3.57

............................................................................................................................0.54

............................................................................................................................-0.02

Quick facts: Date fund available: November 5, 2001Date fund created: November 5, 2001Managed by: Connor, Clark & Lunn Investment Management Ltd.

Total fund value: $88,952,604Portfolio turnover rate: 66.23%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.10 22.51 248,488Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-60.00-30.00

0.0030.0060.00

Canadian National Railway Company

Suncor Energy Inc.

Bank of Montreal

Nutrien Ltd.

Total

Canadian equity

Cash and equivalentsOther

Foreign equity

Total investments:

Manulife Financial Corporation

Alimentation Couche-Tard Inc.

Enbridge Inc.

Bank of Nova Scotia

Toronto-Dominion BankRoyal Bank of Canada

114

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Canadian Equity Growth (CC&L)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

115

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Equity (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,702.67 on December 31, 2018. This works out to an average of 5.47% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................7.33

............................................................................................................................4.90

............................................................................................................................4.83

............................................................................................................................4.64

............................................................................................................................4.49

............................................................................................................................4.30

............................................................................................................................3.99

............................................................................................................................3.70

............................................................................................................................3.43

............................................................................................................................3.27

............................................................................................................................44.88

............................................................................................................................35

............................................................................................................................63.05

............................................................................................................................22.83

............................................................................................................................8.31

............................................................................................................................5.61

............................................................................................................................0.20

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Mackenzie Investments

Total fund value: $64,437,912Portfolio turnover rate: 50.10%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.05 20.89 118,445Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

Dollarama Inc.

Onex Corporation

Shaw Communications Inc.

Amcor Limited

Total

Canadian equity

Cash and equivalents

Fixed incomeOther

Foreign equity

Total investments:

Bank of Nova Scotia

Henry Schein, Inc.

Alimentation Couche-Tard Inc.

Government of Newfoundland and Labrador, 3/14/2019

Pembina Pipeline CorporationBrookfield Asset Management Inc.

116

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Equity (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

117

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Canadian Equity (Beutel Goodman)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $2,159.77 on December 31, 2018. This works out to an average of 8.00% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................7.41

............................................................................................................................7.10

............................................................................................................................6.81

............................................................................................................................4.09

............................................................................................................................3.93

............................................................................................................................3.81

............................................................................................................................3.77

............................................................................................................................3.69

............................................................................................................................3.44

............................................................................................................................2.88

............................................................................................................................46.93

............................................................................................................................60

............................................................................................................................75.09

............................................................................................................................22.10

............................................................................................................................2.83

............................................................................................................................-0.01

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Beutel, Goodman & Company Ltd.

Total fund value: $491,946,459Portfolio turnover rate: 25.91%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.05 29.83 284,981Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-40.00-20.00

0.0020.0040.0060.00

Rogers Communications Inc.

Brookfield Asset Management Inc.

Bank of Nova Scotia

Canadian Natural Resources Limited

Total

Canadian equity

Cash and equivalentsOther

Foreign equity

Total investments:

Canadian National Railway Company

Magna International Inc.

Nutrien Ltd.

Metro Inc.

Toronto-Dominion BankRoyal Bank of Canada

118

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Canadian Equity (Beutel Goodman)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

119

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Dividend (GWLIM)

What does the fund invest in?This segregated fund invests primarily in dividend yielding Canadian stocks.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,726.88 on December 31, 2018. This works out to an average of 5.62% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................6.08

............................................................................................................................6.02

............................................................................................................................4.91

............................................................................................................................3.78

............................................................................................................................2.83

............................................................................................................................2.74

............................................................................................................................2.50

............................................................................................................................2.28

............................................................................................................................2.26

............................................................................................................................2.15

............................................................................................................................35.55

............................................................................................................................75

............................................................................................................................80.47

............................................................................................................................12.29

............................................................................................................................6.78

............................................................................................................................0.45

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: GLC Asset Management Group Ltd.

Total fund value: $1,938,730,278Portfolio turnover rate: 17.16%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.77 34.99 4,096,954Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-40.00-20.00

0.0020.0040.0060.00

Bank of Nova Scotia

Bank of Montreal

TELUS Corporation

Rogers Communications Inc.

Total

Canadian equity

OtherCash and equivalents

Foreign equity

Total investments:

Suncor Energy Inc.

Canadian National Railway Company

Manulife Financial Corporation

Enbridge Inc.

Toronto-Dominion BankRoyal Bank of Canada

120

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Dividend (GWLIM)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.77

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

121

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,868.79 on December 31, 2018. This works out to an average of 6.45% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................6.97

............................................................................................................................6.87

............................................................................................................................6.86

............................................................................................................................4.23

............................................................................................................................3.84

............................................................................................................................3.21

............................................................................................................................3.15

............................................................................................................................2.74

............................................................................................................................2.65

............................................................................................................................2.60

............................................................................................................................43.10

............................................................................................................................154

............................................................................................................................78.26

............................................................................................................................21.12

............................................................................................................................1.15

............................................................................................................................-0.53

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Mackenzie Investments

Total fund value: $318,351,315Portfolio turnover rate: 1.96%

Guarantee option MER (%) NAV ($) Units outstanding

All options 2.97 27.73 985,105Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00

0.00

30.00

60.00

Toronto-Dominion Bank

Shaw Communications Inc.

Manulife Financial Corporation

TELUS Corporation

Total

Canadian equity

Cash and equivalentsOther

Foreign equity

Total investments:

Canadian Natural Resources Limited

Suncor Energy Inc.

TransCanada Corporation

Enbridge Inc.

Bank of Nova ScotiaRoyal Bank of Canada

122

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Dividend (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 2.97

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

123

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $2,264.83 on December 31, 2018. This works out to an average of 8.52% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................6.22

............................................................................................................................6.03

............................................................................................................................3.71

............................................................................................................................3.50

............................................................................................................................3.33

............................................................................................................................3.13

............................................................................................................................3.07

............................................................................................................................2.93

............................................................................................................................2.88

............................................................................................................................2.87

............................................................................................................................37.67

............................................................................................................................56

............................................................................................................................81.16

............................................................................................................................11.83

............................................................................................................................6.78

............................................................................................................................0.22

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: GLC Asset Management Group Ltd.

Total fund value: $704,394,630Portfolio turnover rate: 34.31%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.05 30.93 264,970Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-60.00-30.00

0.0030.0060.0090.00

Killam Apartment REIT

Aritzia Inc.

Boralex Inc.

Morneau Shepell Inc.

Total

Canadian equity

OtherCash and equivalents

Foreign equity

Total investments:

Industrial Alliance Insurance and Financial

CyrusOne Inc. REIT

Winpak Ltd.

Morguard Corporation

Kinaxis Inc.Boyd Group Income Fund

124

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Mid Cap Canada (GWLIM)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

125

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Growth Equity (AGF)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,437.29 on December 31, 2018. This works out to an average of 3.69% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................6.96

............................................................................................................................5.38

............................................................................................................................4.58

............................................................................................................................3.97

............................................................................................................................3.80

............................................................................................................................3.50

............................................................................................................................2.84

............................................................................................................................2.80

............................................................................................................................2.64

............................................................................................................................2.32

............................................................................................................................38.80

............................................................................................................................68

............................................................................................................................90.20

............................................................................................................................6.03

............................................................................................................................2.92

............................................................................................................................0.85

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: AGF Investments Inc.

Total fund value: $81,308,794Portfolio turnover rate: 28.38%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.49 16.18 89,201Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-80.00-40.00

0.0040.0080.00

120.00

Canadian Pacific Railway Limited

Parex Resources Inc.

Parkland Fuel Corporation

Suncor Energy Inc.

Total

Canadian equity

Foreign equityCash and equivalents

Other

Total investments:

Canadian Natural Resources Limited

Toronto-Dominion Bank

Boyd Group Income Fund

CGI Group Inc.

Bank of Nova ScotiaRoyal Bank of Canada

126

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Growth Equity (AGF)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.49

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

127

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,563.12 on December 31, 2018. This works out to an average of 4.57% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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 $475 million worth of real property and has sold $58 million worth.

............................................................................................................................4.94

............................................................................................................................4.24

............................................................................................................................3.86

............................................................................................................................3.60

............................................................................................................................3.40

............................................................................................................................3.04

............................................................................................................................3.00

............................................................................................................................2.99

............................................................................................................................2.94

............................................................................................................................2.26

............................................................................................................................34.27

............................................................................................................................91

............................................................................................................................90.56

............................................................................................................................5.71

............................................................................................................................3.73

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: GWL Realty Advisors Inc.

Total fund value: $2,560,274,605Portfolio turnover rate: 5.23%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.21 29.83 1,174,770Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-20.00-10.00

0.0010.0020.0030.00

Marine Way Market, Burnaby, B.C.

33 Yonge Street, Toronto

Sumas Mountain Village, B.C.

Gulf Canada Square, Calgary

Total

Canadian equity

Fixed incomeCash and equivalents

Total investments:

Goreway Business Park, Brampton

5150 - 5160 Yonge Street, Toronto

Crestwood Corporate Centre, B.C.

First Canadian Centre, Calgary

Credit Ridge Commons, Brampton1770 Joseph Manseau St., Montreal

128

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Real Estate (GWLRA)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

129

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,171.43 on December 31, 2018. This works out to an average of 1.59% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................3.71

............................................................................................................................3.61

............................................................................................................................3.47

............................................................................................................................3.43

............................................................................................................................3.29

............................................................................................................................2.96

............................................................................................................................2.71

............................................................................................................................2.65

............................................................................................................................2.55

............................................................................................................................2.54

............................................................................................................................30.92

............................................................................................................................93

............................................................................................................................59.88

............................................................................................................................30.73

............................................................................................................................4.11

............................................................................................................................3.72

............................................................................................................................1.56

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Mackenzie Investments

Total fund value: $277,414,606Portfolio turnover rate: 7.61%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.45 28.05 491,135Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-75.00

0.00

75.00

150.00

Buried Hill Energy (Cyprus) Public Co. Ltd. Private

AngloGold Ashanti Limited Sponsored ADR

Noble Energy, Inc.

Detour Gold Corporation

Total

Canadian equity

Cash and equivalents

Fixed incomeOther

Foreign equity

Total investments:

Western Forest Products Inc.

Agnico Eagle Mines Limited

Nutrien Ltd.

Tourmaline Oil Corp.

The Williams Companies, Inc.First Quantum Minerals Ltd.

130

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Canadian Resource (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.45

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

131

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,177.58 on December 31, 2018. This works out to an average of 1.65% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................6.92

............................................................................................................................6.77

............................................................................................................................5.81

............................................................................................................................5.64

............................................................................................................................5.43

............................................................................................................................4.82

............................................................................................................................4.48

............................................................................................................................3.92

............................................................................................................................3.59

............................................................................................................................3.33

............................................................................................................................50.72

............................................................................................................................78

............................................................................................................................58.63

............................................................................................................................34.73

............................................................................................................................4.49

............................................................................................................................2.16

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Mackenzie Investments

Total fund value: $107,777,034Portfolio turnover rate: 7.20%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.59 24.57 924,207Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-150.00

-75.000.00

75.00150.00

Evolution Mining Limited

Newmont Mining Corporation

AngloGold Ashanti Limited Sponsored ADR

Pretium Resources Inc.

Total

Canadian equity

OtherCash and equivalents

Foreign equity

Total investments:

Barrick Gold Corporation

Randgold Resources Ltd. ADR

Saracen Mineral Holdings Limited

Wesdome Gold Mines Ltd.

Detour Gold CorporationAgnico Eagle Mines Limited

132

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Precious Metals (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.59

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

133

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Smaller Company (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in stock of North American small and mid-size companies.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $2,698.84 on December 31, 2018. This works out to an average of 10.44% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................5.80

............................................................................................................................4.94

............................................................................................................................4.83

............................................................................................................................4.40

............................................................................................................................3.93

............................................................................................................................3.61

............................................................................................................................3.49

............................................................................................................................3.38

............................................................................................................................3.35

............................................................................................................................3.32

............................................................................................................................41.06

............................................................................................................................114

............................................................................................................................69.90

............................................................................................................................23.98

............................................................................................................................5.92

............................................................................................................................0.20

Quick facts: Date fund available: November 5, 2001Date fund created: November 5, 2001Managed by: Mackenzie Investments

Total fund value: $110,287,288Portfolio turnover rate: 56.45%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.10 30.84 96,620Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-40.00-20.00

0.0020.0040.0060.00

Syneos Health, Inc.

Spirit Airlines, Inc.

Dave & Buster's Entertainment, Inc.

Cambrex Corporation

Total

Foreign equity

OtherCash and equivalents

Canadian equity

Total investments:

Instructure, Inc.

Commvault Systems, Inc.

DexCom, Inc.

ExlService Holdings, Inc.

Carter's, Inc.MAXIMUS, Inc.

134

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Smaller Company (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

135

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Science and Technology (London Capital)

What does the fund invest in?This segregated fund invests primarily in the Canadian and U.S. science and technology companies.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $4,343.08 on December 31, 2018. This works out to an average of 15.82% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.NotesEffective November 2017 GLC Asset Management Group Ltd. renamed the segregated fund to Science and Technology (London Capital) from Science and Technology (GWLIM). No other changes were made to the segregated fund.

............................................................................................................................9.03

............................................................................................................................8.48

............................................................................................................................8.19

............................................................................................................................4.60

............................................................................................................................4.51

............................................................................................................................3.97

............................................................................................................................3.56

............................................................................................................................3.48

............................................................................................................................3.25

............................................................................................................................3.10

............................................................................................................................52.17

............................................................................................................................49

............................................................................................................................78.72

............................................................................................................................18.31

............................................................................................................................2.38

............................................................................................................................0.60

Quick facts: Date fund available: November 5, 2001Date fund created: November 5, 2001Managed by: GLC Asset Management Group Ltd.

Total fund value: $233,808,093Portfolio turnover rate: 20.10%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.18 31.62 198,917Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00

0.0030.0060.0090.00

Alphabet Inc.

Visa Inc.

Facebook, Inc.

Open Text Corporation

Total

Foreign equity

OtherCash and equivalents

Canadian equity

Total investments:

PayPal Holdings, Inc.

Mastercard Incorporated

Constellation Software Inc.

CGI Group Inc.

Apple Inc.Microsoft Corporation

136

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Science and Technology (London Capital)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

137

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $2,182.20 on December 31, 2018. This works out to an average of 8.12% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................13.79

............................................................................................................................13.75

............................................................................................................................11.81

............................................................................................................................11.18

............................................................................................................................9.28

............................................................................................................................8.90

............................................................................................................................8.24

............................................................................................................................6.92

............................................................................................................................6.07

............................................................................................................................5.20

............................................................................................................................95.14

............................................................................................................................11

............................................................................................................................92.77

............................................................................................................................5.99

............................................................................................................................0.73

............................................................................................................................0.52

Quick facts: Date fund available: November 5, 2001Date fund created: November 5, 2001Managed by: GLC Asset Management Group Ltd.

Total fund value: $81,704,064Portfolio turnover rate: 9.56%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.42 16.34 163,703Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00

0.00

30.00

60.00

American Growth (AGF)

Foreign Equity (Mackenzie)

Global Dividend (Setanta)

International Opportunity (JPMorgan)

Total

Foreign equity

OtherCanadian equity

Cash and equivalents

Total investments:

Emerging Markets (Putnam)

Global Equity (CLI)

Global Equity (Franklin Templeton)

International Equity (Setanta)

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

138

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Global Equity Profile (PSG)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.42

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

139

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $2,208.61 on December 31, 2018. This works out to an average of 8.25% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................1.43

............................................................................................................................1.34

............................................................................................................................1.33

............................................................................................................................1.33

............................................................................................................................1.30

............................................................................................................................1.30

............................................................................................................................1.29

............................................................................................................................1.28

............................................................................................................................1.28

............................................................................................................................1.27

............................................................................................................................13.14

............................................................................................................................162

............................................................................................................................92.78

............................................................................................................................5.31

............................................................................................................................1.86

............................................................................................................................0.04

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Irish Life Investment Managers Limited

Total fund value: $216,424,633Portfolio turnover rate: 69.35%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.08 30.59 124,087Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-60.00-30.00

0.0030.0060.00

Aflac Incorporated

Pfizer Inc.

Roche Holdings AG

Exelon Corporation

Total

Foreign equity

Cash and equivalentsOther

Canadian equity

Total investments:

ConocoPhillips

The Procter & Gamble Company

Duke Energy Corporation

Merck & Co., Inc.

Nippon Telegraph and Telephone CorporationNewmont Mining Corporation

140

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Global Low Volatility (ILIM)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

141

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,982.34 on December 31, 2018. This works out to an average of 7.08% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................3.89

............................................................................................................................3.62

............................................................................................................................3.57

............................................................................................................................3.48

............................................................................................................................3.40

............................................................................................................................3.34

............................................................................................................................3.32

............................................................................................................................3.03

............................................................................................................................2.97

............................................................................................................................2.81

............................................................................................................................33.44

............................................................................................................................34

............................................................................................................................68.25

............................................................................................................................29.14

............................................................................................................................2.39

............................................................................................................................0.23

Quick facts: Date fund available: November 5, 2001Date fund created: November 5, 2001Managed by: Mackenzie Investments

Total fund value: $726,174,078Portfolio turnover rate: 6.91%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.13 21.08 275,739Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-40.00-20.00

0.0020.0040.0060.00

Henkel AG & Co. KGaA

Omnicom Group Inc.

Amcor Limited

Oracle Corporation

Total

Foreign equity

Canadian equityOther

Cash and equivalents

Total investments:

Comcast Corporation

The Procter & Gamble Company

Johnson & Johnson

PepsiCo, Inc.

Seven & i Holdings Co., Ltd.Henry Schein, Inc.

142

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Foreign Equity (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

143

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Global Equity (Putnam)

What does the fund invest in?This segregated fund invests primarily in stocks anywhere in the world.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,963.42 on December 31, 2018. This works out to an average of 6.98% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................4.14

............................................................................................................................3.04

............................................................................................................................3.00

............................................................................................................................2.50

............................................................................................................................2.22

............................................................................................................................2.21

............................................................................................................................1.99

............................................................................................................................1.95

............................................................................................................................1.76

............................................................................................................................1.66

............................................................................................................................24.47

............................................................................................................................89

............................................................................................................................91.48

............................................................................................................................5.84

............................................................................................................................2.54

............................................................................................................................0.15

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Putnam Investments Canada ULC.

Total fund value: $311,691,783Portfolio turnover rate: 56.42%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.16 12.97 355,529Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00

0.00

30.00

60.00

Assured Guaranty Ltd.

Becton, Dickinson and Company

Ball Corporation

Advance Auto Parts, Inc.

Total

Foreign equity

Cash and equivalentsOther

Canadian equity

Total investments:

Compass Group PLC

Boston Scientific Corporation

Amazon.com, Inc.

Unilever N.V. Depositary Receipt

Alphabet Inc.NRG Energy, Inc.

144

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Global Equity (Putnam)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.16

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

145

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Global Growth (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in stocks worldwide currently through the Mackenzie Global Growth Fund.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $2,436.70 on December 31, 2018. This works out to an average of 9.32% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................4.47

............................................................................................................................4.12

............................................................................................................................4.11

............................................................................................................................3.80

............................................................................................................................3.74

............................................................................................................................3.45

............................................................................................................................3.21

............................................................................................................................3.20

............................................................................................................................3.19

............................................................................................................................3.04

............................................................................................................................36.32

............................................................................................................................40

............................................................................................................................90.54

............................................................................................................................5.92

............................................................................................................................4.39

............................................................................................................................-0.84

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Mackenzie Investments

Total fund value: $90,251,951Portfolio turnover rate: 6.19%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.30 16.06 169,213Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00

0.00

30.00

60.00

Fiserv, Inc.

Becton, Dickinson and Company

Rentokil Initial plc

Koninklijke Philips N.V.

Total

Foreign equity

Canadian equityOther

Cash and equivalents

Total investments:

Baxter International Inc.

SGS SA

Stryker Corporation

Accenture plc

Aon plcWolters Kluwer N.V. Depositary Receipt

146

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Global Growth (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.30

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

147

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

U.S. Equity (London Capital)

What does the fund invest in?This segregated fund invests primarily in United States stocks.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $2,553.23 on December 31, 2018. This works out to an average of 9.83% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................3.12

............................................................................................................................3.09

............................................................................................................................2.91

............................................................................................................................2.89

............................................................................................................................2.88

............................................................................................................................2.85

............................................................................................................................2.59

............................................................................................................................2.58

............................................................................................................................2.50

............................................................................................................................2.34

............................................................................................................................27.74

............................................................................................................................70

............................................................................................................................98.67

............................................................................................................................1.28

............................................................................................................................0.05

Quick facts: Date fund available: January 1, 1988Date fund created: January 1, 1988Managed by: GLC Asset Management Group Ltd.

Total fund value: $350,285,887Portfolio turnover rate: 87.77%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.00 45.29 252,494Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00

0.00

30.00

60.00

The Progressive Corporation

The Boeing Company

Comcast Corporation

Southwest Airlines Co.

Total

Foreign equity

OtherCash and equivalents

Total investments:

UnitedHealth Group Incorporated

HP Inc.

S&P Global Inc.

Adobe Inc.

Mastercard IncorporatedFacebook, Inc.

148

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

U.S. Equity (London Capital)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.00

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

149

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $3,125.13 on December 31, 2018. This works out to an average of 12.07% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................6.50

............................................................................................................................5.34

............................................................................................................................4.84

............................................................................................................................4.19

............................................................................................................................4.05

............................................................................................................................3.14

............................................................................................................................2.98

............................................................................................................................2.94

............................................................................................................................2.75

............................................................................................................................2.55

............................................................................................................................39.28

............................................................................................................................64

............................................................................................................................99.46

............................................................................................................................0.52

............................................................................................................................0.02

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Mackenzie Investments

Total fund value: $160,585,971Portfolio turnover rate: 6.30%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.19 22.35 330,358Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 20180.00

20.0040.0060.0080.00

Apple Inc.

Visa Inc.

UnitedHealth Group Incorporated

American Tower Corporation (REIT) REIT

Total

Foreign equity

OtherCash and equivalents

Total investments:

salesforce.com, inc.

Danaher Corporation

PayPal Holdings, Inc.

Amazon.com, Inc.

Alphabet Inc.Microsoft Corporation

150

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

U.S. Growth (Putnam)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

151

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

American Growth (AGF)

What does the fund invest in?This segregated fund invests primarily in United States stocks.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $3,305.17 on December 31, 2018. This works out to an average of 12.70% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................8.05

............................................................................................................................4.41

............................................................................................................................4.32

............................................................................................................................3.77

............................................................................................................................3.64

............................................................................................................................3.57

............................................................................................................................3.52

............................................................................................................................3.47

............................................................................................................................3.38

............................................................................................................................3.29

............................................................................................................................41.42

............................................................................................................................36

............................................................................................................................94.41

............................................................................................................................5.48

............................................................................................................................0.11

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: AGF Investments Inc.

Total fund value: $1,020,986,518Portfolio turnover rate: 74.21%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.35 15.25 519,598Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00

0.0030.0060.0090.00

T-Mobile US, Inc.

CSX Corporation

Centene Corporation

Alaska Air Group, Inc.

Total

Foreign equity

Cash and equivalentsOther

Total investments:

E*TRADE Financial Corporation

Occidental Petroleum Corporation

UnitedHealth Group Incorporated

Costco Wholesale Corporation

Illumina, Inc.Amazon.com, Inc.

152

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

American Growth (AGF)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.35

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

153

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

U.S. Mid Cap (London Capital)

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $2,583.51 on December 31, 2018. This works out to an average of 9.96% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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 2017 GLC Asset Management Group Ltd. renamed the segregated fund to U.S. Mid Cap (London Capital) from U.S. Mid Cap (GWLIM). No other changes were made to the segregated fund.

............................................................................................................................3.08

............................................................................................................................2.71

............................................................................................................................2.69

............................................................................................................................2.69

............................................................................................................................2.63

............................................................................................................................2.62

............................................................................................................................2.60

............................................................................................................................2.55

............................................................................................................................2.50

............................................................................................................................2.49

............................................................................................................................26.55

............................................................................................................................70

............................................................................................................................98.02

............................................................................................................................1.48

............................................................................................................................0.49

Quick facts: Date fund available: November 5, 2001Date fund created: November 5, 2001Managed by: GLC Asset Management Group Ltd.

Total fund value: $38,822,475Portfolio turnover rate: 89.29%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.23 11.81 109,705Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00

0.00

30.00

60.00

FactSet Research Systems Inc.

UGI Corporation

Chemed Corporation

Reinsurance Group of America, Incorporated

Total

Foreign equity

OtherCash and equivalents

Total investments:

Old Dominion Freight Line, Inc.

Pool Corporation

MAXIMUS, Inc.

Graco Inc.

The Toro CompanyFair Isaac Corporation

154

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

U.S. Mid Cap (London Capital)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.23

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

155

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

International Equity (JPMorgan)

What does the fund invest in?This segregated fund invests primarily in stocks outside of Canada and the U.S.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,605.67 on December 31, 2018. This works out to an average of 4.85% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................3.64

............................................................................................................................3.33

............................................................................................................................2.93

............................................................................................................................2.66

............................................................................................................................2.40

............................................................................................................................2.40

............................................................................................................................2.33

............................................................................................................................2.05

............................................................................................................................2.02

............................................................................................................................1.99

............................................................................................................................25.75

............................................................................................................................85

............................................................................................................................97.03

............................................................................................................................2.84

............................................................................................................................0.14

Quick facts: Date fund available: July 1, 1995Date fund created: July 1, 1995Managed by: JPMorgan Asset Management (Canada) Inc.

Total fund value: $252,410,144Portfolio turnover rate: 29.83%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.16 17.59 210,289Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-40.00-20.00

0.0020.0040.0060.00

Novartis AG

Roche Holdings AG

Diageo PLC

BHP Group

Total

Foreign equity

OtherCash and equivalents

Total investments:

SAP SE

GlaxoSmithKline PLC

AIA Group Limited

Unilever PLC

Royal Dutch Shell PLCNestlé S.A.

156

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

International Equity (JPMorgan)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.16

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

157

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

International Equity (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in stocks of companies outside of North America currently through the Mackenzie Ivy International Fund.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,569.13 on December 31, 2018. This works out to an average of 4.61% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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 October 2017 the name of the segregated fund changed to International Equity (Mackenzie) from International Growth (Mackenzie). No other changes were made to the segregated fund.

............................................................................................................................5.54

............................................................................................................................5.46

............................................................................................................................5.27

............................................................................................................................5.04

............................................................................................................................5.03

............................................................................................................................5.01

............................................................................................................................4.66

............................................................................................................................4.06

............................................................................................................................4.04

............................................................................................................................3.79

............................................................................................................................47.89

............................................................................................................................26

............................................................................................................................88.16

............................................................................................................................13.21

............................................................................................................................-1.37

Quick facts: Date fund available: November 5, 2001Date fund created: November 5, 2001Managed by: Mackenzie Investments

Total fund value: $41,563,286Portfolio turnover rate: 3.88%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.19 13.33 111,209Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-60.00-30.00

0.0030.0060.00

Amcor Limited

Brambles Limited

Burford Capital Limited

Reckitt Benckiser Group plc

Total

Foreign equity

OtherCash and equivalents

Total investments:

Aggreko Plc

Sonic Healthcare Limited

Admiral Group plc

CK Hutchison Holdings Limited

Seven & i Holdings Co., Ltd.Henkel AG & Co. KGaA

158

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

International Equity (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

159

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

European Equity (Setanta)

What does the fund invest in?This segregated fund invests primarily in companies located or active in Europe.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $1,742.04 on December 31, 2018. This works out to an average of 5.71% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................5.78

............................................................................................................................5.52

............................................................................................................................5.45

............................................................................................................................5.20

............................................................................................................................4.95

............................................................................................................................4.20

............................................................................................................................4.17

............................................................................................................................3.96

............................................................................................................................3.93

............................................................................................................................3.67

............................................................................................................................46.83

............................................................................................................................28

............................................................................................................................92.42

............................................................................................................................7.47

............................................................................................................................0.11

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Setanta Asset Management Limited

Total fund value: $56,170,345Portfolio turnover rate: 10.27%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.24 10.71 231,359Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00

0.00

30.00

60.00

Groupe Bruxelles Lambert SA

Telefonaktiebolaget LM Ericsson (publ)

GlaxoSmithKline PLC

Novartis AG

Total

Foreign equity

OtherCash and equivalents

Total investments:

Lancashire Holdings Limited

Origin Enterprises plc

Unilever N.V. Depositary Receipt

Diageo PLC

Melrose Industries PLCDCC PLC

160

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

European Equity (Setanta)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (Annual rate

as a % of the fund’s value)

All options 3.24

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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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%.•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.•

161

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

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.

Are there any guarantees?This 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. Returns are after the MER has been deducted.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee level you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund on December 31, 2008 would have $2,049.69 on December 31, 2018. This works out to an average of 7.44% 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.

How risky is it?

Low Low to moderate Moderate Moderate to high High

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.

............................................................................................................................7.90

............................................................................................................................4.67

............................................................................................................................4.00

............................................................................................................................3.49

............................................................................................................................2.73

............................................................................................................................2.38

............................................................................................................................2.33

............................................................................................................................2.30

............................................................................................................................2.18

............................................................................................................................2.08

............................................................................................................................34.07

............................................................................................................................103

............................................................................................................................90.43

............................................................................................................................9.59

............................................................................................................................-0.02

Quick facts: Date fund available: July 27, 1998Date fund created: July 27, 1998Managed by: Canada Life Investments

Total fund value: $80,673,243Portfolio turnover rate: 83.30%

Guarantee option MER (%) NAV ($) Units outstanding

All options 3.32 24.88 198,230Minimum investmentMER – Management expense ratio

NAV – Net asset value

1 1

1 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•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-60.00-30.00

0.0030.0060.0090.00

Samsung Electronics Co., Ltd.

Alibaba Group Holding Limited Sponsored ADR

China Construction Bank Corporation

Commonwealth Bank of Australia

Total

Foreign equity

OtherCash and equivalents

Total investments:

BHP Group

AIA Group Limited

Xtrackers Harvest CSI300 UCITS ETF

Taiwan Semiconductor Manufacturing Company Limited

Tencent Holdings LimitedLyxor MSCI India UCITS ETF

162

London Life Insurance Company FUND FACTS — London Life Freedom Funds and Marketwatch PolicyAll information as at December 31, 2018

Far East Equity (CLI)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund and will depend on the sales charge option you choose.1. Sales charges

Sales charge option What you pay How it works

Back-end load units If you redeem units within:1 year of investing, you pay 5.00%2 years of investing, you pay 5.00%3 years of investing, you pay 4.00%4 years of investing, you pay 3.00%5 years of investing, you pay 2.50%6 years of investing, you pay 1.00%After 6 years, you pay 0.00%

No-load units There is no fee to invest or redeem units.

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 optionMER (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.

Sales charge option Trailing commission

Back-end load units Up to 0.50% of the value of your investment each year.No-load units Up to 1% 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 and cancel the investment fund contract, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy 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 to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units 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 informationThe 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: www.londonlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-877-566-5433

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.

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

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

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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 fund 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.

Freedom Fund, Investment Voyager, London Life and design are trademarks of London Life Insurance Company. 47-0121-5/19