Investment Committee

Composition

The Investment Committee is composed of six members and comprised of directors, officers and external experts appointed by the Board of Directors. The President and Chief Executive Officer is a member and chairs the committee.

Members

Richard Gagnon, Chairman
Luc Bergeron, Vice-President, Actuarial and Risk Management
Jocelyne Desloges, Vice-President, Finance and Administration

René Delsanne, Director
Clément Albert, External Expert
Jean-Louis Gauvin, External Expert

Mandate

The committee is also responsible for recommending the choice of investment managers to the Board of Directors, receiving their reports, ensuring they adhere to the Company's investment policy and evaluating their performance on the basis of pre-determined objectives.

In addition, under the terms of an agreement between Humania Assurance and its subsidiary LS-Travel, the Humania Assurance Investment Committee acts as the investment committee for LS-Travel and fulfils, on its behalf, the same responsibilities as indicated above.

Activity Report

Throughout the year, the committee analyzed the managers' performance in respect of the investment portfolios of the Company and its subsidiary LS-Travel.

In addition, the committee conducted a quarterly review of the investment policy compliance reports prepared by the managers and reported back to the Board of Directors.

The committee members tracked the degree to which the Company's assets aligned with its liabilities. Quarterly matching reports were submitted to the Board of Directors.

During the year, committee members proposed an updated investment policy to the Board of Directors, in order to better reflect certain corporate changes and to permit the use of new financial instruments. Further to these changes, the committee decided to acquire a stake in an infrastructure fund.

In 2015, the committee will place a particular focus on returns generated by the new financial instruments adopted in recent years, in order to maintain a quality match position while maximizing returns.

Richard Gagnon
Chairman