Independent Auditor's Report

To Policyholders of LS Mutual Management,

The accompanying summary consolidated financial statements, which comprise the summary consolidated statement of financial position as at December 31, 2014 and the summary consolidated statements of earnings, comprehensive income and changes in equity for the year then ended, and related notes to summary consolidated financial statements, are derived from the audited consolidated financial statements of LS Mutual Management for the year ended December 31, 2014. We expressed an unmodified audit opinion on those consolidated financial statements in our report dated February 26, 2015.

The summary consolidated financial statements do not contain all the disclosures required by International Financial Reporting Standards (IFRS). Reading the summary consolidated financial statements, therefore, is not a substitute for reading the audited consolidated financial statements of LS Mutual Management.

Management's responsibility for the summary consolidated financial statements

Management is responsible for the preparation of a summary of the consolidated financial statements in accordance with the criteria described in Note 1.

Auditor's responsibility

Our responsibility is to express an opinion on the summary consolidated financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard (CAS) 810, “Engagements to Report on Summary Financial Statements”.

Opinion

In our opinion, the summary consolidated financial statements derived from the audited consolidated financial statements of LS Mutual Management for the year ended December 31, 2014 are a fair summary of those consolidated financial statements, in accordance with the criteria described in Note 1.

Raymond Chabot Grant Thornton

Québec, February 26, 2015

1CPA auditor, CA public accountancy permit no A125181