Appointed Actuary's Report

To the policyholders of LS Mutual Management,

I have valued the policy liabilities and reinsurance recoverables of LS Mutual Management for its consolidated balance sheet at December 31, 2015, and their change in the consolidated statement of income for the year then ended in accordance with accepted actuarial practice in Canada, including selection of appropriate valuation assumptions and methods.

In my opinion, the amount of policy liabilities net of reinsurance recoverables makes appropriate provision for all policyholder obligations and the consolidated financial statements fairly present the results of the valuation.

The valuation is in conformity with the Act Respecting Insurance (Quebec) and its regulations.

Gisèle Bergeron, FCIA, FSA
Appointed Actuary

Montreal, February 25, 2016