Co-operators Life Insurance Company Pooled Investment Funds

Pooled Investment Funds Financial Statements (unaudited) June 30, 2014

Table of Contents Co-operators Balanced Fund 1 Co-operators Canadian Equity Fund 6 Co-operators Canadian Fixed Income Fund 9 Co-operators Canadian Resource Fund 13 Co-operators Money Market Fund 16 Co-operators U.S. Equity Fund 19 Co-operators Bissett Canadian Dividend Fund 22 Co-operators Ethical Balanced Fund 24 Co-operators Ethical Canadian Equity Fund 26 Co-operators Ethical International Equity Fund 28 Co-operators Ethical Select Balanced Portfolio 30 Co-operators Ethical Select Growth Portfolio 32 Co-operators Ethical Select Conservative Portfolio 34 Co-operators Ethical Select Income Portfolio 36 Co-operators Fidelity Canadian Bond Fund 38 Co-operators Fidelity Global Fund 40 Co-operators Fidelity True North Fund 42 Co-operators Mawer Balanced Fund 44 Co-operators Mawer Canadian Equity Fund 46 Co-operators Mawer International Equity Fund 48 Co-operators Aggressive Balanced Fund 50 Co-operators Conservative Balanced Fund 52 Co-operators Aggressive Portfolio 55 Co-operators Conservative Portfolio 58 Co-operators Moderate Portfolio 61 Co-operators Very Aggressive Portfolio 64 Co-operators Very Conservative Portfolio 67 Notes to the Financial Statements 71 BlackRock is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. Used with permission. Fidelity Investments and True North are registered trademarks of FMR LLC. Franklin Bissett Investment Management is part of Franklin Templeton Investments Corp. Northwest Funds, NEI Investments and Ethical Funds are divisions of Northwest & Ethical Investments. Northwest Funds, NEI Investments and Ethical Funds are registered marks and trademarks are owned by Northwest & Ethical Investments L.P.

Co-operators Balanced Fund Fund managed by Addenda Capital Inc. Statement of Financial Position (in thousands of dollars except per unit amounts) Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Cash and cash equivalents 155 16 165 Net assets attributable to unitholders at beginning of year 106,169 127,388 Short-term notes 3,065 3,359 1,345 Receivables from investments sold 525 - - unitholders 7,977 2,722 Investment income receivable 354 335 409 Bonds and debentures 40,754 37,996 47,190 Transactions with unitholders Stocks 71,715 64,635 78,601 Unitholders' contributions 5,633 4,809 116,568 106,341 127,710 Unitholders' withdrawals (4,277) (37,168) Transfers (to) from other funds 471 (776) Liabilities Current Liabilities Net increase (decrease) from unitholders' transactions 1,827 (33,135) Payments for investments purchased 425-160 Payables for management and audit fees (note 7) 170 172 162 595 172 322 Net assets attributable to unitholders at end of period Statement of Cash Flows 115,973 96,975 Net assets attributable to unitholders 115,973 106,169 127,388 For the periods ended June 30 2014 2013 Net assets attributable to unitholders (in thousands of dollars) $ $ per unit 265.21 249.83 222.86 Cash flows from operating activities Statement of Comprehensive Income unitholders 7,977 2,722 Adjustments for: For the periods ended June 30 2014 2013 Unrealized gains (losses) (4,995) 1,904 (in thousands of dollars except per unit amounts) $ $ Current receivables (544) (677) Current liabilities 423 334 Investment Income Purchases of investments (46,972) (86,286) Dividend income 758 817 Proceeds from the sale of investments 42,423 115,288 Interest income for allocation purposes 722 801 Net cash from operating activities (1,688) 33,285 Foreign exchange gain (loss) 56 (216) Other income 5 3 Cash flows from financing activities 1,541 1,405 Proceeds from the issuance of units 6,104 4,809 Amounts paid on redemption of units (4,277) (37,944) Expenses Net cash from financing activities 1,827 (33,135) Management fees (notes 7 and 9) 986 888 Audit, legal and other fees (note 9) 11 16 Net increase (decrease) in cash 139 150 Transaction costs 39 82 Cash at beginning of year 16 165 1,036 986 Cash at end of period 155 315 Net investment income (loss) 505 419 Dividends received, net of withholding taxes 728 856 Interest received 732 772 Gains (losses) on investments Realized gains (losses) 2,438 4,125 Unrealized gains (losses) 5,034 (1,822) 7,472 2,303 unitholders 7,977 2,722 unitholders per unit (note 13) 18.47 5.45 1

Co-operators Balanced Fund Schedule of Investment Portfolio As at June 30, 2014 Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($) CASH AND CASH EQUIVALENTS CORPORATE 19,641 CANADIAN DOLLAR 19,641 19,641 COMMUNICATION 1.42% 127,373 US DOLLARS 135,672 135,672 REGULAR BONDS 147,014 155,313 155,313 90,000 BELL ALIANT,3.540%,2020-06-12 90,000 92,746 70,000 BELL CANADA,3.250%,2020-06-17 69,948 71,622 SHORT TERM NOTES 345,000 BELL CANADA,4.700%,2023-09-11 354,956 374,684 DISCOUNT NOTES 2.65% 480,000 ROGERS COMM INC,5.340%,2021-03-22 522,588 542,687 2,305,000 CANADA T BILLS T/B,DISC.%,2014-10-23 2,296,203 2,296,203 75,000 ROGERS COMM INC,4.000%,2024-03-13 74,780 76,346 775,000 CANADA T BILLS T/B,DISC.%,2014-12-18 768,884 768,884 70,000 ROGERS COMM INC,6.680%,2039-11-04 69,928 87,826 775,000 3,065,087 3,065,087 20,000 SHAW COMMUNICATIONS,5.650%,2019-10-01 22,252 22,734 110,000 SHAW COMMUNICATIONS,4.350%,2024-01-31 109,974 114,353 BONDS AND DEBENTURES 130,000 TELUS CORP,3.350%,2024-04-01 118,909 127,201 CANADA 125,000 TELUS CORP,5.150%,2043-11-26 124,374 135,018 FEDERAL GOVERNMENT 9.46% 1,515,000 1,557,709 1,645,217 REGULAR BONDS 475,000 CANADA GOVT,1.000%,2016-05-01 473,827 474,212 ENERGY 1.32% 200,000 CANADA GOVT,1.250%,2018-03-01 193,852 199,300 REGULAR BONDS 770,000 CANADA GOVT,4.250%,2018-06-01 855,535 853,375 269,757 ALLIANCE PIPELINE,7.217%,2025-12-31 269,652 327,032 800,000 CANADA GOVT,1.250%,2018-09-01 777,802 793,256 95,000 ALTAGAS LTD,3.570%,2023-06-12 95,317 95,390 230,000 CANADA GOVT,3.750%,2019-06-01 253,820 253,826 115,000 CAPITAL POWER LP,4.600%,2015-12-01 114,963 119,253 70,000 CANADA GOVT,3.500%,2020-06-01 76,440 77,119 90,000 CU INC,4.722%,2043-09-09 90,000 98,889 175,000 CANADA GOVT,2.750%,2022-06-01 183,708 184,702 75,000 ENBRIDGE INC,3.940%,2023-06-30 75,000 78,384 425,000 CANADA GOVT,4.000%,2041-06-01 514,450 521,229 240,000 ENBRIDGE INC,4.570%,2044-03-11 239,726 248,186 150,000 CANADA HOUSING TRUST,2.750%,2014-12-15 151,258 151,169 90,000 ENBRIDGE PIPEL. INC.,8.200%,2024-02-15 127,514 124,904 1,000,000 CANADA HOUSING TRUST,1.850%,2016-12-15 1,012,733 1,012,649 85,000 INTER PIPELINE LTD,3.448%,2020-07-20 85,000 87,866 1,150,000 CANADA HOUSING TRUST,2.050%,2017-06-15 1,173,173 1,170,354 85,000 INTER PIPELINE LTD,4.637%,2044-05-30 85,000 86,390 525,000 CANADA HOUSING TRUST,1.700%,2017-12-15 513,392 527,688 112,963 NORTH BATTLEFORD PWR,4.958%,2032-12-31 112,971 122,470 615,000 CANADA HOUSING TRUST,2.350%,2018-12-15 627,493 630,609 125,000 PEMBINA PIPELINE,4.810%,2044-03-25 124,884 129,399 1,225,000 CANADA HOUSING TRUST,3.350%,2020-12-15 1,280,100 1,313,407 10,000 SUNCOR ENERGY INC,5.390%,2037-03-26 9,972 11,352 700,000 CANADA HOUSING TRUST,3.800%,2021-06-15 762,438 769,776 1,392,721 1,429,999 1,529,515 300,000 CANADA HOUSING TRUST,2.400%,2022-12-15 295,745 298,119 375,000 CANADA POST CORP,4.360%,2040-07-16 431,924 441,274 FINANCIAL PRODUCTS 5.86% 95,000 MUSKRAT FALLS,3.630%,2029-06-01 96,614 101,731 REGULAR BONDS 490,443 PEOPLES TR 96502893,4.000%,2016-01-01 463,240 508,256 190,000 AMERICAN EXPRESS CDA,2.310%,2018-03-29 191,288 191,395 360,000 PSP CAPITAL INC,2.940%,2015-12-03 364,159 368,104 165,000 BANK NOVA SCOTIA FF,2.898%,2022-08-03 165,544 169,033 180,000 PSP CAPITAL INC,2.260%,2017-02-16 179,950 183,460 240,000 BANK NOVA SCOTIA FF,3.036%,2024-10-18 241,189 245,681 115,000 PSP CAPITAL INC,3.030%,2020-10-22 114,956 119,438 120,000 BANK OF MONTREAL,3.400%,2021-04-23 119,905 124,889 10,425,443 10,796,609 10,953,053 225,000 BANK OF MONTREAL FF,3.979%,2021-07-08 229,241 234,236 400,000 BANK OF MONTREAL FRN,1.641%,2015-03-23 401,035 400,931 PROVINCIAL AND GUARANTEED 11.49% 40,000 CAISSE CENTRALE DES,2.795%,2018-11-19 40,000 40,836 REGULAR BONDS 150,000 CAP DESJ.INC FF,5.541%,2021-06-01 162,479 160,350 550,000 55 SCHOOL BOARD TR,5.900%,2033-06-02 578,194 680,174 40,000 CAP DESJARDINS,5.187%,2020-05-05 40,000 45,376 190,000 BC PROV,8.000%,2023-09-08 281,413 270,389 70,000 CIBC CAP TRUST FF,10.250%,2108-06-30 93,830 103,240 420,000 BC PROV,6.350%,2031-06-18 594,674 578,348 65,000 CIBC FF,3.150%,2020-11-02 66,996 66,225 225,000 BC PROV,4.700%,2037-06-18 245,757 265,579 180,000 DAIMLER CANADA FIN,2.280%,2017-02-17 181,273 181,719 360,000 CADILLAC FAIRVIEW FT,3.640%,2018-05-09 359,957 383,886 130,000 EMPIRE LIFE INS,2.870%,2023-05-31 130,000 131,486 370,000 CADILLAC FAIRVIEW FT,4.310%,2021-01-25 369,383 411,314 85,000 FORD CREDIT CANADA,3.279%,2021-07-02 85,000 84,992 485,000 CDP FINANCIAL FRN,1.717%,2015-07-15 486,665 486,761 90,000 GE CAP CAN FUNDING,2.420%,2018-05-31 89,996 90,976 400,000 FINANCEMENT QUEBEC,1.538%,2019-05-29 401,200 402,184 95,000 GENWORTH MI CDA,5.680%,2020-06-15 94,953 108,291 300,000 FINANCEMENT QUEBEC,2.450%,2019-12-01 299,653 303,795 55,000 GENWORTH MI CDA,4.242%,2024-04-01 55,000 56,782 200,000 MANITOBA PROV,4.400%,2025-09-05 229,888 223,744 125,000 HSBC BANK CANADA,2.572%,2015-11-23 125,000 126,678 185,000 MANITOBA PROV,4.650%,2040-03-05 183,762 215,834 105,000 IGM FINANCIAL,7.350%,2019-04-08 104,941 126,670 210,000 NEW BRUNSWICK PROV,4.800%,2041-06-03 204,208 245,165 130,000 INDUSTRIAL ALL. FF,2.800%,2024-05-16 129,934 130,632 215,000 NEWFOUNDLAND PROV,4.500%,2037-04-17 246,647 240,153 195,000 JOHN DEERE CANADA,2.650%,2018-07-16 197,676 198,711 200,000 NOVA SCOTIA PROV,5.800%,2033-06-01 269,460 258,884 255,000 MANUFACT LIFE INS FF,2.926%,2023-11-29 257,017 259,830 135,000 ONT SCHL FIN,5.700%,2017-10-11 141,214 151,390 55,000 MANUFACT LIFE INS FF,2.811%,2024-02-21 55,000 55,647 210,000 ONT STRAT INFRA FIN,4.600%,2015-06-01 212,716 216,411 290,000 MANULIFE FIN CORP FF,7.405%,2108-12-31 305,936 354,559 200,000 ONTARIO PROV,4.200%,2020-06-02 220,086 221,046 40,000 MANULIFE FINL CORP,5.161%,2015-06-26 43,280 41,372 425,000 ONTARIO PROV,3.500%,2024-06-02 434,916 440,491 80,000 RBC CAPITAL TRUST FF,6.821%,2049-06-30 80,000 93,433 1,420,000 ONTARIO PROV,4.650%,2041-06-02 1,583,370 1,642,655 255,000 ROYAL BANK CDA,2.364%,2017-09-21 256,974 257,989 133,373 ONTARIO SCH BRDS,5.800%,2028-11-07 154,112 155,024 200,000 ROYAL BANK CDA,2.890%,2018-10-11 205,060 205,390 195,000 OPB FINANCE TRUST,3.890%,2042-07-04 194,864 188,904 230,000 ROYAL BANK CDA FF,3.180%,2020-11-02 230,666 234,411 1,350,000 QUEBEC PROV,3.000%,2023-09-01 1,350,144 1,352,795 165,000 ROYAL BANK CDA FF,2.990%,2024-12-06 165,000 168,407 270,000 QUEBEC PROV,8.500%,2026-04-01 396,434 405,184 120,000 SUN LIFE CAP TRUST,5.863%,2108-12-31 120,000 137,969 500,000 QUEBEC PROV,6.250%,2032-06-01 692,768 670,990 290,000 SUN LIFE FIN INC FF,4.950%,2036-06-01 301,919 305,810 350,000 QUEBEC PROV,5.000%,2038-12-01 421,567 417,358 255,000 TD CAPITAL SECUR. FF,7.243%,2049-12-31 255,172 304,974 75,000 QUEBEC PROV,5.000%,2041-12-01 89,445 90,401 70,000 TD CAPITAL TRUST FF,10.000%,2108-06-30 97,240 101,372 675,000 QUEBEC PROV FRN,1.455%,2018-12-19 675,042 677,342 35,000 TMX GROUP,3.253%,2018-10-03 35,000 36,263 875,000 QUEBEC PROV FRN,1.433%,2019-08-21 875,000 875,088 115,000 TORONTO DOMINION BK,2.563%,2020-06-24 115,000 115,148 11,123,373 12,192,539 12,471,289 125,000 VW CREDIT CDA,2.450%,2017-11-14 126,174 126,670 160,000.00 WELLS FARGO FIN CDA,3.460%,2023-01-24 160,000 162,933 FOREIGN PAY 5,635,000.00 5,754,718 5,981,306 775,000 ONTARIO PROV US,0.950%,2015-05-26 854,858 830,758 MAPLES MUNICIPAL 1.63% 85,000 GOLDMAN SACHS GROUP,3.550%,2021-02-12 84,906 86,423 REGULAR BONDS 305,000 GREAT WEST LIFECO FF,5.691%,2067-06-21 335,146 336,049 305,000 BC MUNI FINANCE,4.150%,2021-06-01 336,906 335,110 150,000 JPMORGAN CHASE & CO,2.920%,2017-09-19 151,046 153,441 185,000 CITY OF TORONTO,3.900%,2023-09-29 184,469 195,706 145,000 MET LIFE GLOB FUND,2.624%,2015-04-10 145,665 146,257 200,000 MONTREAL PQ,5.000%,2018-12-01 222,860 224,104 75,000 MET LIFE GLOB FUND,3.027%,2020-06-11 75,000 76,344 100,000 SOUTH COAST BC TRAN,4.450%,2044-06-09 99,768 108,294 760,000 791,763 798,514 480,000 TORONTO ON,4.500%,2019-12-02 478,517 532,536 455,000 YORK ON,4.000%,2021-06-30 498,091 491,996 1,725,000 1,820,611 1,887,746 2

Co-operators Balanced Fund Schedule of Investment Portfolio As at June 30, 2014 Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($) INDUSTRIAL PRODUCTS 0.64% 7,150 KEYERA CORP,2.580%,COMMON 329,393 561,633 REGULAR BONDS 22,050 LEGACY OIL+GAS,0.000%,COMMON 251,312 207,711 55,000 ALIMENTATION COUCHE-,3.899%,2022-11-01 55,247 55,525 16,700 NUVISTA ENERGY LTD,0.000%,COMMON 181,092 199,565 60,000 BMW CANADA INC,2.390%,2017-11-27 59,997 60,746 20,700 PAINTED PONY PETRO,0.000%,COMMON 239,032 282,555 50,000 BRASCAN CORP,5.950%,2035-06-14 48,040 54,281 21,300 PEMBINA PIPELINE,1.740%,COMMON 724,993 973,836 105,000 BROOKFIELD ASSET MMT,5.040%,2024-03-08 104,958 113,033 16,900 PEYTO EXPLORATION,1.200%,COMMON 601,285 676,000 85,000 CAMECO CORP,4.190%,2024-06-24 84,966 85,649 73,490 SUNCOR ENERGY INC,0.920%,COMMON 2,663,757 3,340,121 120,000 LEISUREWRLD SNR CARE,3.474%,2021-02-03 120,000 122,370 18,660 TOURMALINE OIL CORP,0.000%,COMMON 761,285 1,048,692 105,000 LOBLAW COS LTD,6.150%,2035-01-29 110,818 123,054 29,480 TRANSCANADA CORP,1.920%,COMMON 1,231,240 1,500,532 120,000 RELIANCE LP,4.574%,2017-03-15 120,000 126,054 468,230 12,486,384 15,723,131 700,000 704,026 740,712 MATERIALS 6.77% INFRASTRUCTURE 1.47% 5,360 AGRIUM INC,3.000%,COMMON 516,633 523,779 REGULAR BONDS 16,680 CANFOR CORPORATION,0.000%,COMMON 332,069 387,476 65,000 407 EAST DEV GROUP,2.813%,2016-12-18 65,000 66,035 8,220 CCL INDUSTRIES INC,1.000%,CLASS B NON VTG 599,687 841,728 120,000 407 INTERNATIONAL,3.350%,2024-05-16 119,899 121,294 37,800 FIRST QUANTUM MNRL,0.151%,COMMON 783,892 859,950 165,000 407 INTERNATIONAL,5.750%,2036-02-14 164,789 199,147 26,200 GOLDCORP INC,0.600%,COMMON 717,039 779,450 75,000 407 INTERNATIONAL,4.680%,2053-10-07 74,987 82,322 60,210 INTERFOR CORPORATION,0.000%,COMMON 635,562 889,302 45,000 ALTALINK LP,4.922%,2043-09-17 45,000 50,903 97,600 LUNDIN MINING CORP,0.000%,COMMON 532,829 570,960 85,000 HEALTH MTL COLL LP,6.721%,2049-09-30 85,000 109,520 74,500 PRIMERO MINING,0.000%,COMMON 544,389 636,230 60,000 HOSP. INF. PART(NOH),5.439%,2045-01-31 59,999 69,259 29,300 SILVER WHEATON,0.280%,COMMON 727,061 819,228 170,000 HYDRO ONE INC,4.590%,2043-10-09 169,973 183,569 10,790 STELLA JONES INC,0.280%,COMMON 260,535 315,823 90,000 HYDRO ONE INC,4.170%,2044-06-06 89,908 90,850 15,340 WEST FRASER TIMBER,0.280%,COMMON 631,214 791,391 55,000 LOWER MATTAGAMI ENER,4.944%,2043-09-21 55,000 62,061 16,900 WINPAK LTD,0.120%,COMMON 447,184 419,120 35,000 LOWER MATTAGAMI ENER,4.176%,2046-02-23 35,000 34,955 398,900 6,728,094 7,834,437 75,000 PLENARY HEALT HUMBER,4.895%,2039-05-31 75,000 80,036 300,000 SNC-LAVALIN MCGILL,6.632%,2044-06-30 300,000 372,684 INDUSTRIALS 3.31% 1,340,000 1,339,555 1,522,635 29,360 CDN NATL RAILWAY,1.000%,COMMON 1,091,462 2,036,116 3,653 CDN PACIFIC RAILWAY,1.400%,COMMON 289,661 705,833 MAPLES 5,060 SNC-LAVALIN GROUP,0.960%,COMMON 206,377 282,449 100,000 HEATHROW FUNDING LTD,3.000%,2021-06-17 99,238 100,258 17,440 TOROMONT INDS LTD,0.600%,COMMON 345,376 455,184 75,000 NATL GRID ELECT TRAN,2.730%,2017-09-20 75,000 76,492 9,600 WSP GLOBAL INC,1.500%,COMMON 326,006 357,600 175,000 174,238 176,750 65,113 2,258,882 3,837,182 REAL ESTATE 1.05% CONSUMER DISCRETIONARY 2.33% REGULAR BONDS 2,330 CDN TIRE CORP,2.000%,CLASS A NON VTG 139,241 237,660 84,302 BANKERS HALL LP,4.377%,2023-11-20 84,302 87,847 7,270 DOLLARAMA,0.640%,COMMON 225,813 637,579 156,782 BROOKFIELD OFFICE PR,3.244%,2020-01-09 156,782 158,266 9,360 DOREL INDUSTRIES INC,1.200%,CLASS B SUB VTG 360,023 362,232 140,000 CHOICE PRO REIT,3.600%,2022-09-20 137,603 139,132 14,160 GILDAN ACTIVEWEAR,0.432%,COMMON 579,985 888,115 108,555 FIFTH AVENUE LP,4.710%,2021-08-05 116,612 117,087 14,760 THOMSON REUTERS CORP,1.320%,COMMON 542,421 572,245 175,000 FIRST CAP REALTY,4.790%,2024-08-30 180,871 185,243 47,880 1,847,483 2,697,831 60,000 GRANITE REIT HLD LP,3.788%,2021-07-05 60,000 60,440 239,722 SCOTIA PLAZA,3.210%,2019-06-15 239,722 241,503 CONSUMER STAPLES 0.32% 79,201 SEC LP AND ARCI LTD,5.188%,2033-08-29 79,201 83,403 7,800 LOBLAW COS LTD,0.980%,COMMON 360,661 370,890 145,000 WEM PROPERTY INC.,4.056%,2024-02-13 145,000 147,445 1,188,562 1,200,093 1,220,366 HEALTH CARE 1.20% 10,360 VALEANT PHARMACEUTIC,0.380%,COMMON 838,904 1,390,830 SECURITIZATION 0.86% REGULAR BONDS FINANCIALS 16.67% 375,000 CCIC 2006 WEM-A2,4.934%,2016-09-01 374,987 398,201 47,220 BANK OF NOVA SCOTIA,2.560%,COMMON 2,841,711 3,353,091 115,000 IMSCI 2012-2 A2,3.254%,2022-06-12 116,931 115,371 45,590 BROOKFIELD ASSET MGT,0.640%,CLASS A LTD VT 1,283,676 2,136,802 153,120 MLFA 2007-CAN23-A2,5.255%,2017-05-12 151,475 163,283 14,850 CDN IMP BANK COMMERC,4.000%,COMMON 1,091,473 1,440,450 300,000 SCHOONER TR 2007-8 B,5.198%,2017-06-01 293,121 319,206 8,790 CDN WESTERN BANK,0.800%,COMMON 242,760 350,106 943,120 936,514 996,061 36,960 ELEMENT FINANCIAL,0.000%,COMMON 441,408 497,851 4,900 ELEMENT FINANCIAL,0.000%,SUBSCRIPT RECEIPT 62,475 65,660 37,698,218 TOTAL BONDS AND DEBENTURES 39,553,232 40,753,922 800 IND ALLNCE & FNCL,1.040%,COMMON 35,554 37,328 9,180 INTACT FINANCIAL,1.920%,COMMON 541,615 674,914 STOCKS 92,930 MANULIFE FINCL CORP,0.520%,COMMON 1,736,370 1,966,399 CANADIAN COMMON STOCKS 29,700 POWER FINANCIAL CORP,1.400%,COMMON 1,059,172 983,664 ENERGY 13.58% 31,190 ROYAL BANK CDA,2.840%,COMMON 1,551,664 2,375,119 12,200 ALTAGAS LTD,1.770%,COMMON 597,742 598,654 12,410 SUN LIFE FNCL INC,1.440%,COMMON 466,057 486,100 12,000 ARC RESOURCES,1.200%,COMMON 388,026 388,080 89,760 TORONTO DOMINION BK,1.880%,COMMON 2,640,460 4,930,517 52,800 BELLATRIX EXPLOR LTD,0.000%,COMMON 469,687 484,704 424,280 13,994,395 19,298,001 12,830 CAMECO CORP,0.400%,COMMON 276,841 267,634 50,190 CDN NATURAL RES,0.900%,COMMON 1,697,319 2,460,816 INFORMATION TECHNOLOGY 2.05% 24,490 CRESCENT POINT ENRGY,2.760%,COMMON 893,075 1,155,683 20,480 CGI GROUP INC,0.000%,CLASS A SUB VTG 474,772 774,349 21,500 ENCANA CORPORATION,0.280%,COMMON 432,120 542,875 2,220 CONSTELLATION SFTWR,4.000%,COMMON 545,796 586,102 31,330 ENERFLEX LTD,0.300%,COMMON 372,241 634,119 48,420 DESCARTES SYSTEMS,0.000%,COMMON 442,080 738,889 5,480 OPEN TEXT CORP,0.690%,COMMON 239,205 279,042 STOCKS 76,600 1,701,853 2,378,382 CANADIAN COMMON STOCKS ENERGY 13.58% TELECOMMUNICATION SERVICES 1.30% 12,200 ALTAGAS LTD,1.770%,COMMON 597,742 598,654 16,040 ROGERS COMMUNICATION,1.830%,CLASS B NON V 474,224 688,437 12,000 ARC RESOURCES,1.200%,COMMON 388,026 388,080 20,680 TELUS CORP,1.520%,COMMON 572,177 822,444 52,800 BELLATRIX EXPLOR LTD,0.000%,COMMON 469,687 484,704 36,720 1,046,401 1,510,881 12,830 CAMECO CORP,0.400%,COMMON 276,841 267,634 50,190 CDN NATURAL RES,0.900%,COMMON 1,697,319 2,460,816 1,535,883 TOTAL CANADIAN COMMON STOCKS 41,263,057 55,041,565 24,490 CRESCENT POINT ENRGY,2.760%,COMMON 893,075 1,155,683 21,500 ENCANA CORPORATION,0.280%,COMMON 432,120 542,875 31,330 ENERFLEX LTD,0.300%,COMMON 372,241 634,119 24,460 ENSIGN ENERGY SERVCS,0.470%,COMMON 375,944 399,921 3

Co-operators Balanced Fund Schedule of Investment Portfolio As at June 30, 2014 Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($) FOREIGN STOCKS (INCLUDING U.S.) U.S. - FINANCIALS 2.28% U.S - ENERGY 0.88% 2,145 AFLAC INC,1.480%,COMMON 133,764 142,203 1,209 APACHE CORP,1.000%,COMMON 121,298 129,549 3,302 AMERICAN EXPRESS CO,1.040%,COMMON 153,760 333,599 1,742 CHEVRON CORP,4.280%,COMMON 177,801 242,142 2,347 BERKSHIRE HATHAWAY,0.000%,CLASS B 197,089 316,363 1,678 EXXON MOBIL CORP,2.760%,COMMON 135,224 179,840 2,777 FRANKLIN RES INC,0.480%,COMMON 98,671 171,116 1,007 NATIONAL OILWELL VAR,1.840%,COMMON 67,187 88,318 807 GOLDMAN SACHS GROUP,2.200%,COMMON 120,452 143,962 2,996 SCHLUMBERGER LTD,1.600%,COMMON 247,598 376,401 3,460 JPMORGAN CHASE & CO,1.600%,COMMON 166,432 212,206 8,632 749,108 1,016,250 3,516 PNC FINL SVCS GRP,1.920%,COMMON 269,149 333,461 2,059 PRICE T ROWE GRP,1.760%,COMMON 137,812 185,123 U.S - MATERIALS 0.34% 3,990 STATE STREET CORP,1.200%,COMMON 206,100 285,724 1,215 DU PONT E I DE NEMOU,1.800%,COMMON 58,545 84,664 1,707 WADDELL & REED FINL,1.360%,CLASS A 62,924 113,802 1,773 MONSANTO CO,1.720%,COMMON 144,136 235,516 7,276 WELLS FARGO & CO,1.400%,COMMON 264,601 407,187 548 PRAXAIR INC,2.600%,COMMON 71,408 77,521 33,386 1,810,754 2,644,746 3,536 274,089 397,701 U.S - INFORMATION TECHNOLOGY 3.29% U.S. - INDUSTRIALS 1.66% 2,367 ADOBE SYSTEMS INC,0.025%,COMMON 84,194 182,410 1,330 3M COMPANY,3.420%,COMMON 124,991 202,907 2,182 AKAMAI TECH INC,0.000%,COMMON 63,180 141,867 2,520 CSX CORP,0.640%,COMMON 49,328 82,646 949 ALLIANCE DATA SYSTEM,0.000%,COMMON 179,202 284,275 3,338 DANAHER CORP,0.400%,COMMON 163,258 279,816 2,019 AMPHENOL CORPORATION,0.800%,CLASS A 71,384 207,118 1,124 FEDEX CORP,0.800%,COMMON 92,736 181,201 7,623 APPLE INC,1.880%,COMMON 231,080 754,883 3,235 HONEYWELL INTL INC,1.800%,COMMON 147,094 320,179 953 AUTOMATIC DATA PROC,1.920%,COMMON 41,602 80,476 4,325 SENSATA TECHNOLOGIES,0.000%,COMMON 183,160 215,505 3,040 AVAGO TECHNOLOGIES,1.160%,COMMON 160,532 233,334 1,879 TYCO INTL LTD,0.720%,COMMON 37,550 91,245 4,763 COGNIZANT TECH SOLNS,0.000%,CLASS A 126,388 248,085 2,522 UNION PAC CORP,2.945%,COMMON 148,581 267,959 6,496 EMC CORP MASS,0.460%,COMMON 128,358 182,183 2,253 UNITED TECHNOLOGIES,2.360%,COMMON 193,096 277,006 2,111 INTUIT,0.760%,COMMON 78,419 181,074 22,526 1,139,794 1,918,464 8,140 MICROSOFT CORP,1.120%,COMMON 276,093 361,552 6,828 ORACLE CORP,0.480%,COMMON 135,300 294,696 U.S. - CONSUMER DISCRETIONARY 1.99% 4,201 QUALCOMM INC,1.680%,COMMON 227,670 354,351 1,882 BED BATH & BEYOND,0.000%,COMMON 123,394 115,005 1,355 VISA INC,1.600%,CLASS A 127,368 304,084 6,356 CBS CORPORATION,0.480%,CLASS B 170,596 420,693 53,027 1,930,770 3,810,388 1,020 DISCOVERY COMMUNIC,0.000%,COMMON SERIES 81,510 80,702 4,878 NIKE INC,0.960%,CLASS B 130,011 402,831 U.S. - OTHER 0.29% 449 TARGET CORPORATION,2.080%,COMMON 24,485 27,705 1,605 SPDR S&P 500 ETF TR,3.579%,UNITS SER 1 S&P 278,726 334,562 288 THE PRICELINE GRP,0.000%,COMMON 124,166 369,036 6,933 TJX COMPANIES INC,0.700%,COMMON 125,332 392,496 199,971 TOTAL FOREIGN STOCKS (INCLUDING U.S) 9,248,532 16,672,977 919 TUPPERWARE BRANDS,2.720%,COMMON 63,001 81,922 4,514 WALT DISNEY CO,0.860%,COMMON 224,323 412,197 1,735,854 TOTAL STOCKS 50,511,589 71,714,542 27,239 1,066,818 2,302,587 40,356,087 TOTAL INVESTMENTS 93,285,221 115,688,864 U.S. - CONSUMER STAPLES 1.31% ACCRUED INCOME 354,155 354,155 3,309 CHURCH & DWIGHT INC,1.240%,COMMON 88,243 246,474 RECEIVABLES - INVESTMENTS SOLD 525,150 525,150 4,889 COCA-COLA CO,1.220%,COMMON 129,161 220,434 PAYABLES - INVESTMENTS PURCHASED (425,812) (425,812) 2,645 COLGATE PALMOLIVE CO,1.440%,COMMON 112,278 192,000 PAYABLES - MANAGEMENT AND AUDIT FEES (169,623) (169,623) 2,370 COSTCO WHSL CORP,1.420%,COMMON 160,248 290,711 NET ASSETS 93,569,091 115,972,734 2,201 CVS CAREMARK CORP,1.100%,COMMON 104,063 176,627 1,787 HORMEL FOODS CORP,0.800%,COMMON 53,721 93,896 1.00 US = 1.065150 CA 30 JUN 14 1,976 MONDELEZ INTL INC,0.560%,COMMON 77,899 79,159 1,925 PEPSICO INC,2.620%,COMMON 128,446 183,143 355 THE HERSHEY COMPANY,1.940%,COMMON 41,842 36,815 21,457 895,901 1,519,259 U.S. - HEALTH CARE 2.36% 1,105 ALLERGAN INC,0.200%,COMMON 85,885 199,017 3,575 AMERISOURCE-BERGEN,0.940%,COMMON 106,299 276,645 6,057 EXPRESS SCRIPTS HLDG,0.000%,COMMON 184,841 447,226 8,504 GILEAD SCIENCES INC,0.000%,COMMON 184,049 751,001 3,052 JOHNSON & JOHNSON,2.800%,COMMON 215,951 339,973 2,031 STRYKER CORP,1.220%,COMMON 111,183 182,368 4,239 THERMO FISHER SCI,0.600%,COMMON 214,364 532,790 28,563 1,102,572 2,729,020 4

Co-operators Balanced Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 270.23 251.47 227.13 218.01 225.36 Segment 3 Group Retirement - Investment Mgmt Only - - 209.42 195.93 198.84 Segment 4 Versatile Asset Participants 431.31 401.90 362.77 345.25 356.34 Segment 5 Versatile Asset II Participants 197.77 184.55 167.05 159.44 165.02 Segment 6 Versatile Asset III Participants 181.38 169.43 153.72 147.05 152.54 Segment 7 Versatile Asset IV Participants 196.07 182.69 164.90 156.92 161.95 Segment 8 Versatile Portfolios Participants (Back-end Load) 172.84 161.43 146.41 140.01 145.21 Segment 9 Versatile Portfolios Participants (No-Load) 170.34 159.22 144.61 138.49 143.83 Segment 10 Co-operators Group Retirement Income Product 121.16 112.68 101.27 - - Segment 11 Versatile Portfolios TFSA 148.28 138.59 125.86 120.52 125.16 Segment 12 Versatile Portfolios Education Savings Plan 140.32 130.82 118.21 112.63 116.38 Ratios and Supplemental Data Net assets (note 5) Segment 1 Group Retirement Products 71,294,289 65,672,069 57,381,902 54,184,459 54,741,564 Segment 3 Group Retirement - Investment Mgmt Only - - 31,515,159 27,263,648 24,924,830 Segment 4 Versatile Asset Participants 23,372,950 22,270,857 21,993,929 25,527,141 27,737,609 Segment 5 Versatile Asset II Participants 7,937,365 7,433,330 7,134,257 8,292,739 9,190,108 Segment 6 Versatile Asset III Participants 388,001 373,572 431,401 451,038 479,228 Segment 7 Versatile Asset IV Participants 61,076 81,399 78,089 82,402 85,040 Segment 8 Versatile Portfolios Participants (Back-end Load) 8,816,600 7,484,432 6,676,780 5,018,356 3,881,712 Segment 9 Versatile Portfolios Participants (No-Load) 3,207,811 2,115,869 1,755,752 1,837,096 1,423,767 Segment 10 Co-operators Group Retirement Income Product 48,738 16,342 14,686 - - Segment 11 Versatile Portfolios TFSA 683,835 479,731 335,279 276,981 154,560 Segment 12 Versatile Portfolios Education Savings Plan 363,565 340,936 248,679 125,187 75,789 Number of units outstanding Segment 1 Group Retirement Products 263,824 261,153 252,638 248,545 242,910 Segment 3 Group Retirement - Investment Mgmt Only - - 150,487 139,149 125,351 Segment 4 Versatile Asset Participants 54,190 55,415 60,628 73,938 77,841 Segment 5 Versatile Asset II Participants 40,133 40,279 42,706 52,013 55,690 Segment 6 Versatile Asset III Participants 2,139 2,205 2,806 3,067 3,142 Segment 7 Versatile Asset IV Participants 311 446 474 525 525 Segment 8 Versatile Portfolios Participants (Back-end Load) 51,012 46,364 45,602 35,842 26,731 Segment 9 Versatile Portfolios Participants (No-Load) 18,832 13,289 12,141 13,265 9,899 Segment 10 Co-operators Group Retirement Income Product 402 145 145 - - Segment 11 Versatile Portfolios TFSA 4,612 3,462 2,664 2,298 1,235 Segment 12 Versatile Portfolios Education Savings Plan 2,591 2,606 2,104 1,111 651 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.23% 2.24% 2.24% 2.25% 2.20% Segment 5 Versatile Asset II Participants 2.52% 2.52% 2.53% 2.54% 2.47% Segment 6 Versatile Asset III Participants 2.75% 2.76% 2.77% 2.77% 2.69% Segment 7 Versatile Asset IV Participants 2.22% 2.23% 2.23% 2.24% 2.19% Segment 8 Versatile Portfolios Participants (Back-end Load) 2.72% 2.73% 2.73% 2.74% 2.68% Segment 9 Versatile Portfolios Participants (No-Load) 2.87% 2.87% 2.88% 2.89% 2.84% Segment 11 Versatile Portfolios TFSA 2.86% 2.86% 2.87% 2.89% 2.84% Segment 12 Versatile Portfolios Education Savings Plan 2.34% 2.35% 2.36% 2.36% 2.30% Portfolio turnover rate (note 10) 68.40% 68.40% 80.00% 90.60% 104.00% 5

Co-operators Canadian Equity Fund Fund managed by Addenda Capital Inc. Statement of Financial Position (in thousands of dollars except per unit amounts) Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Cash and cash equivalents 18 77 15 Net assets attributable to unitholders at beginning of year 118,194 107,788 Short-term notes 289 2,231 2,256 Receivables from investments sold 375 - - unitholders 12,695 (447) Investment income receivable 309 248 277 Stocks 125,023 115,893 105,462 Fund of funds rebalancing (note 2) (3,973) 1,406 126,014 118,449 108,010 Transactions with unitholders Liabilities Unitholders' contributions 9,111 7,262 Current Liabilities Unitholders' withdrawals (9,874) (5,954) Payments for investments purchased 384 - Transfers (to) from other funds (789) (2,577) Payables for management and audit fees (note 7) 266 255 222 Net increase (decrease) from unitholders' transactions (1,552) (1,269) 650 255 222 Net assets attributable to unitholders at end of period 125,364 107,478 Net assets attributable to unitholders 125,364 118,194 107,788 Net assets attributable to unitholders per unit Statement of Comprehensive Income 238.37 210.53 190.40 Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Cash flows from operating activities For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ unitholders 12,695 (447) Adjustments for: Investment Income Unrealized gains (losses) (7,003) (1,084) Dividend income 1,519 1,502 Current receivables (436) (1,064) Interest income for allocation purposes 8 13 Current liabilities 395 303 Other income 5 4 Purchases of investments (39,562) (52,334) 1,532 1,519 Proceeds from the sale of investments 39,377 54,487 Net cash from operating activities 5,466 (139) Expenses Management fees (notes 7 and 9) 1,493 1,308 Cash flows from financing activities Audit, legal and other fees (note 9) 10 11 Proceeds from the issuance of units 9,111 8,668 Transaction costs 85 110 Amounts paid on redemption of units (14,636) (8,531) 1,588 1,429 Net cash from financing activities (5,525) 137 Net investment income (loss) (56) 90 Net increase (decrease) in cash (59) (2) Cash at beginning of year 77 15 Gains (losses) on investments Cash at end of period 18 13 Realized gains (losses) 5,663 (1,731) Unrealized gains (losses) 7,088 1,194 Dividends received, net of withholding taxes 1,458 1,489 12,751 (537) Interest received 9 12 unitholders 12,695 (447) unitholders per unit (note 13) 23.29 (0.79) 6

Co-operators Canadian Equity Fund Schedule of Investment Portfolio As at June 30, 2014 Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($) CASH AND CASH EQUIVALENTS CONSUMER DISCRETIONARY 4.89% 18,137 CANADIAN DOLLAR 18,137 18,137 5,200 CDN TIRE CORP 314,506 530,400 18,137 18,137 18,137 16,500 DOLLARAMA 533,815 1,447,050 21,600 DOREL INDUSTRIES INC 829,918 835,920 SHORT TERM NOTES 32,000 GILDAN ACTIVEWEAR 1,315,961 2,007,040 DISCOUNT NOTES 0.23% 33,600 THOMSON REUTERS CORP 1,236,428 1,302,672 290,000 CANADA T BILLS T/B 288,814 288,814 108,900 4,230,628 6,123,082 290,000 288,814 288,814 CONSUMER STAPLES 0.68% STOCKS 17,800 LOBLAW COS LTD 823,092 846,390 CANADIAN COMMON STOCKS ENERGY 28.44% HEALTH CARE 2.52% 27,700 ALTAGAS LTD 1,357,137 1,359,239 23,500 VALEANT PHARMACEUTIC 1,920,276 3,154,875 27,300 ARC RESOURCES 882,850 882,882 119,900 BELLATRIX EXPLOR LTD 1,066,603 1,100,682 FINANCIALS 35.00% 29,300 CAMECO CORP 632,603 611,198 107,300 BANK OF NOVA SCOTIA 6,462,337 7,619,373 113,700 CDN NATURAL RES 3,784,506 5,574,711 103,900 BROOKFIELD ASSET MGT 2,973,096 4,869,793 55,300 CRESCENT POINT ENRGY 1,981,860 2,609,607 33,800 CDN IMP BANK COMMERC 2,510,357 3,278,600 48,708 ENCANA CORPORATION 1,011,109 1,229,877 20,000 CDN WESTERN BANK 551,886 796,600 71,100 ENERFLEX LTD 851,527 1,439,064 11,000 ELEMENT FINANCIAL 140,250 147,400 55,600 ENSIGN ENERGY SERVCS 861,440 909,060 83,900 ELEMENT FINANCIAL 1,003,399 1,130,133 16,100 KEYERA CORP 754,097 1,264,655 2,000 IND ALLNCE & FNCL 89,001 93,320 50,000 LEGACY OIL+GAS 553,359 471,000 20,800 INTACT FINANCIAL 1,230,466 1,529,216 37,800 NUVISTA ENERGY LTD 409,855 451,710 211,200 MANULIFE FINCL CORP 4,251,026 4,468,992 47,000 PAINTED PONY PETRO 542,708 641,550 67,400 POWER FINANCIAL CORP 2,404,014 2,232,288 48,300 PEMBINA PIPELINE 1,644,905 2,208,276 70,900 ROYAL BANK CDA 3,520,845 5,399,035 38,300 PEYTO EXPLORATION 1,362,533 1,532,000 28,300 SUN LIFE FNCL INC 1,115,315 1,108,511 166,700 SUNCOR ENERGY INC 6,098,847 7,576,515 203,800 TORONTO DOMINION BK 5,927,710 11,194,734 42,500 TOURMALINE OIL CORP 1,739,979 2,388,500 964,300 32,179,702 43,867,995 66,700 TRANSCANADA CORP 2,802,023 3,395,030 1,062,008 28,337,941 35,645,556 INFORMATION TECHNOLOGY 4.29% 46,300 CGI GROUP INC 1,082,288 1,750,603 MATERIALS 14.22% 4,970 CONSTELLATION SFTWR 1,220,753 1,312,130 12,170 AGRIUM INC 1,174,003 1,189,252 110,400 DESCARTES SYSTEMS 1,021,039 1,684,704 38,100 CANFOR CORPORATION 759,638 885,063 12,440 OPEN TEXT CORP 543,037 633,445 18,800 CCL INDUSTRIES INC 1,376,676 1,925,120 174,110 3,867,117 5,380,882 86,000 FIRST QUANTUM MNRL 1,783,710 1,956,500 59,600 GOLDCORP INC 1,631,293 1,773,100 TELECOMMUNICATION SERVICES 2.75% 136,800 INTERFOR CORPORATION 1,447,942 2,020,536 36,700 ROGERS COMMUNICATION 1,102,980 1,575,164 221,700 LUNDIN MINING CORP 1,210,328 1,296,945 47,000 TELUS CORP 1,308,525 1,869,190 169,100 PRIMERO MINING 1,235,456 1,444,114 83,700 2,411,505 3,444,354 66,600 SILVER WHEATON 1,652,632 1,862,136 24,540 STELLA JONES INC 591,803 718,286 3,489,065 TOTAL CANADIAN COMMON STOCKS 94,300,721 125,023,346 34,800 WEST FRASER TIMBER 1,436,644 1,795,332 38,420 WINPAK LTD 1,016,694 952,816 3,797,202 TOTAL INVESTMENTS 94,607,672 125,330,297 906,630 15,316,819 17,819,200 ACCRUED INCOME 308,265 308,265 RECEIVABLES - INVESTMENTS SOLD 374,481 374,481 INDUSTRIALS 6.97% PAYABLES - INVESTMENTS PURCHASED (383,691) (383,691) 66,700 CDN NATL RAILWAY 2,504,817 4,625,645 PAYABLES - MANAGEMENT AND AUDIT FEES (265,714) (265,714) 8,417 CDN PACIFIC RAILWAY 714,013 1,626,333 NET ASSETS 94,641,013 125,363,638 11,500 SNC-LAVALIN GROUP 467,028 641,930 39,800 TOROMONT INDS LTD 790,712 1,038,780 1.00 US = 1.065150 CA 30 JUN 14 21,700 WSP GLOBAL INC 737,071 808,325 148,117 5,213,641 8,741,013 7

Co-operators Canadian Equity Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 300.64 269.90 245.89 246.47 284.17 Segment 2 Seed Money - - - - 593.54 Segment 3 Group Retirement - Investment Mgmt Only - 122.43 105.87 99.65 111.40 Segment 4 Versatile Asset Participants 450.32 407.48 367.21 332.53 386.30 Segment 5 Versatile Asset II Participants 264.95 238.19 210.27 198.52 226.11 Segment 6 Versatile Asset III Participants 206.59 185.79 164.20 156.21 178.22 Segment 7 Versatile Asset IV Participants 230.84 207.31 181.09 172.24 194.47 Segment 8 Versatile Portfolios Participants (Back-end Load) 195.34 176.19 155.22 148.85 169.60 Segment 9 Versatile Portfolios Participants (No-Load) 179.82 162.45 143.90 136.83 156.42 Segment 10 Co-operators Group Retirement Income Product 118.14 105.61 91.36 86.18 96.52 Segment 11 Versatile Portfolios TFSA 166.63 150.50 132.88 127.44 145.35 Segment 12 Versatile Portfolios Education Savings Plan 139.85 125.98 110.65 105.70 120.01 Ratios and Supplemental Data Net assets (note 5) Segment 1 Group Retirement Products 26,823,801 24,682,732 21,723,633 20,318,793 22,629,649 Segment 2 Seed Money - - - - 957,198 Segment 3 Group Retirement - Investment Mgmt Only - 2,368,488 2,121,640 1,983,808 2,082,561 Segment 4 Versatile Asset Participants 22,409,654 21,102,051 21,630,264 25,219,912 30,654,809 Segment 5 Versatile Asset II Participants 15,647,348 15,376,576 14,833,230 16,312,141 19,557,474 Segment 6 Versatile Asset III Participants 913,015 814,561 837,925 894,510 1,054,908 Segment 7 Versatile Asset IV Participants 127,719 118,352 102,238 131,067 204,636 Segment 8 Versatile Portfolios Participants (Back-end Load) 41,981,176 36,622,633 32,094,288 37,943,121 35,828,950 Segment 9 Versatile Portfolios Participants (No-Load) 11,074,815 9,860,204 8,997,665 11,785,289 11,910,150 Segment 10 Co-operators Group Retirement Income Product 2,462,893 3,904,155 3,132,433 2,793,481 2,140,249 Segment 11 Versatile Portfolios TFSA 3,033,203 2,417,312 1,789,101 1,835,001 1,200,449 Segment 12 Versatile Portfolios Education Savings Plan 1,225,415 1,038,970 740,993 586,478 402,459 Number of units outstanding Segment 1 Group Retirement Products 89,223 91,451 88,346 82,440 79,635 Segment 2 Seed Money - - - - 1,613 Segment 3 Group Retirement - Investment Mgmt Only - 19,345 20,041 19,907 18,694 Segment 4 Versatile Asset Participants 49,764 51,787 58,905 75,842 79,355 Segment 5 Versatile Asset II Participants 59,058 64,555 70,543 82,170 86,495 Segment 6 Versatile Asset III Participants 4,419 4,384 5,103 5,726 5,919 Segment 7 Versatile Asset IV Participants 553 571 565 761 1,052 Segment 8 Versatile Portfolios Participants (Back-end Load) 214,918 207,862 206,767 254,909 211,257 Segment 9 Versatile Portfolios Participants (No-Load) 61,587 60,698 62,528 86,130 76,141 Segment 10 Co-operators Group Retirement Income Product 20,846 36,969 34,286 32,416 22,175 Segment 11 Versatile Portfolios TFSA 18,203 16,062 13,464 14,399 8,259 Segment 12 Versatile Portfolios Education Savings Plan 8,762 8,247 6,697 5,548 3,354 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.23% 2.23% 2.24% 2.24% 2.18% Segment 5 Versatile Asset II Participants 2.52% 2.52% 2.52% 2.53% 2.46% Segment 6 Versatile Asset III Participants 2.75% 2.75% 2.76% 2.76% 2.67% Segment 7 Versatile Asset IV Participants 2.22% 2.22% 2.23% 2.23% 2.17% Segment 8 Versatile Portfolios Participants (Back-end Load) 2.71% 2.72% 2.73% 2.73% 2.66% Segment 9 Versatile Portfolios Participants (No-Load) 2.86% 2.87% 2.87% 2.88% 2.82% Segment 11 Versatile Portfolios TFSA 2.85% 2.85% 2.86% 2.87% 2.82% Segment 12 Versatile Portfolios Education Savings Plan 2.34% 2.34% 2.35% 2.35% 2.28% Portfolio turnover rate (note 10) 42.30% 42.30% 41.20% 28.60% 47.00% 8

Co-operators Canadian Fixed Income Fund Fund managed by Addenda Capital Inc. Statement of Financial Position (in thousands of dollars except per unit amounts) Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Cash and cash equivalents 30 80 12 Net assets attributable to unitholders at beginning of year 118,460 116,571 Short-term notes 2,013 3,301 1,509 Receivables from investments sold 992 78 414 unitholders 4,258 (3,461) Investment income receivable 616 662 590 Bonds and debentures 120,611 114,605 115,078 Fund of funds rebalancing (note 2) 1,342 2,970 124,262 118,726 117,603 Transactions with unitholders Liabilities Unitholders' contributions 13,120 13,346 Current Liabilities Unitholders' withdrawals (11,294) (7,784) Payments for investments purchased 851-780 Transfers (to) from other funds (2,749) (5,689) Payables for management and audit fees (note 7) 274 266 252 Net increase (decrease) from unitholders' transactions (923) (127) 1,125 266 1,032 Net assets attributable to unitholders at end of period 123,137 115,953 Net assets attributable to unitholders 123,137 118,460 116,571 Net assets attributable to unitholders per unit Statement of Comprehensive Income 143.65 139.93 149.28 Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Cash flows from operating activities For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ unitholders 4,258 (3,461) Adjustments for: Investment Income Unrealized gains (losses) (3,419) 4,623 Interest income for allocation purposes 2,071 2,101 Current receivables (868) (343) Foreign exchange gain (loss) - 13 Current liabilities 859 247 Other income 4 1 Purchases of investments (83,355) (118,072) 2,075 2,115 Proceeds from the sale of investments 82,056 114,159 Net cash from operating activities (469) (2,847) Expenses Management fees (notes 7 and 9) 1,570 1,482 Cash flows from financing activities Audit, legal and other fees (note 9) 8 11 Proceeds from the issuance of units 14,462 16,316 1,578 1,493 Amounts paid on redemption of units (14,043) (13,473) Net cash from financing activities 419 2,843 Net investment income (loss) 497 622 Net increase (decrease) in cash (50) (4) Gains (losses) on investments Cash at beginning of year 80 12 Realized gains (losses) 342 540 Cash at end of period 30 8 Unrealized gains (losses) 3,419 (4,623) 3,761 (4,083) Interest received 2,117 1,917 unitholders 4,258 (3,461) unitholders per unit (note 13) 4.99 (4.25) 9

Co-operators Canadian Fixed Income Fund Schedule of Investment Portfolio As at June 30, 2014 Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($) CASH AND CASH EQUIVALENTS CORPORATE 29,969 CANADIAN DOLLAR 29,969 29,969 COMMUNICATION 3.89% 29,969 29,969 29,969 REGULAR BONDS 390,000 BELL ALIANT,3.540%,2020-06-12 390,000 401,899 SHORT TERM NOTES 280,000 BELL CANADA,3.250%,2020-06-17 279,790 286,488 DISCOUNT NOTES 1.64% 1,220,000 BELL CANADA,4.700%,2023-09-11 1,255,147 1,324,968 2,020,000 CANADA T BILLS T/B,DISC.%,2014-10-23 2,013,070 2,013,070 505,000 ROGERS COMM INC,5.340%,2021-03-22 549,380 570,953 2,020,000 2,013,070 2,013,070 400,000 ROGERS COMM INC,4.000%,2024-03-13 398,824 407,180 255,000 ROGERS COMM INC,6.680%,2039-11-04 264,611 319,936 BONDS AND DEBENTURES 70,000 SHAW COMMUNICATIONS,5.650%,2019-10-01 77,881 79,570 CANADA 445,000 SHAW COMMUNICATIONS,4.350%,2024-01-31 444,893 462,609 FEDERAL GOVERNMENT 26.01% 170,000 TELUS CORP,3.600%,2021-01-26 169,516 176,314 REGULAR BONDS 405,000 TELUS CORP,3.350%,2024-04-01 370,428 396,280 1,100,000 CANADA GOVT,1.000%,2016-05-01 1,097,283 1,098,174 320,000 TELUS CORP,5.150%,2043-11-26 321,423 345,645 140,000 CANADA GOVT,1.500%,2017-09-01 140,672 140,911 4,460,000 4,521,893 4,771,842 525,000 CANADA GOVT,1.250%,2018-03-01 508,862 523,163 1,145,000 CANADA GOVT,4.250%,2018-06-01 1,272,392 1,268,981 ENERGY 3.61% 3,500,000 CANADA GOVT,1.250%,2018-09-01 3,425,985 3,470,495 REGULAR BONDS 1,000,000 CANADA GOVT,3.750%,2019-06-01 1,113,064 1,103,590 250,000 ALLIANCE PIPELINE,4.928%,2019-12-16 250,000 272,315 215,000 CANADA GOVT,3.500%,2020-06-01 234,780 236,866 152,596 ALLIANCE PIPELINE,7.217%,2025-12-31 156,775 184,995 775,000 CANADA GOVT,2.750%,2022-06-01 813,564 817,966 280,000 ALTAGAS LTD,3.570%,2023-06-12 280,789 281,151 1,200,000 CANADA GOVT,4.000%,2041-06-01 1,454,553 1,471,704 305,000 CAPITAL POWER LP,4.600%,2015-12-01 304,902 316,279 250,000 CANADA HOUSING TRUST,2.750%,2014-12-15 252,130 251,948 310,000 CU INC,4.722%,2043-09-09 310,000 340,619 2,325,000 CANADA HOUSING TRUST,1.850%,2016-12-15 2,354,814 2,354,411 240,000 CU INC,3.857%,2052-11-14 240,000 225,787 3,625,000 CANADA HOUSING TRUST,2.050%,2017-06-15 3,698,043 3,689,163 200,000 ENBRIDGE INC,3.940%,2023-06-30 200,000 209,024 1,625,000 CANADA HOUSING TRUST,1.700%,2017-12-15 1,589,071 1,633,320 840,000 ENBRIDGE INC,4.570%,2044-03-11 839,042 868,652 2,000,000 CANADA HOUSING TRUST,2.350%,2018-12-15 2,043,288 2,050,760 170,000 ENBRIDGE PIPEL. INC.,8.200%,2024-02-15 240,859 235,929 3,500,000 CANADA HOUSING TRUST,3.350%,2020-12-15 3,669,750 3,752,595 150,000 INTER PIPELINE CORR.,5.033%,2015-02-02 150,126 152,922 1,365,000 CANADA HOUSING TRUST,3.800%,2021-06-15 1,486,312 1,501,063 275,000 INTER PIPELINE LTD,3.448%,2020-07-20 275,000 284,273 2,525,000 CANADA HOUSING TRUST,2.400%,2022-12-15 2,482,331 2,509,168 245,000 INTER PIPELINE LTD,4.637%,2044-05-30 245,000 249,006 1,055,000 CANADA POST CORP,4.360%,2040-07-16 1,255,848 1,241,450 358,536 NORTH BATTLEFORD PWR,4.958%,2032-12-31 358,561 388,710 285,000 MUSKRAT FALLS,3.630%,2029-06-01 289,842 305,192 310,000 PEMBINA PIPELINE,4.810%,2044-03-25 309,712 320,909 603,622 PEOPLES TR 96502893,4.000%,2016-01-01 571,587 625,545 90,000 SUNCOR ENERGY INC,5.390%,2037-03-26 89,738 102,168 1,125,000 PSP CAPITAL INC,2.940%,2015-12-03 1,144,867 1,150,324 4,176,132 4,250,504 4,432,739 360,000 PSP CAPITAL INC,2.260%,2017-02-16 359,899 366,919 360,000 PSP CAPITAL INC,3.030%,2020-10-22 359,863 373,892 FINANCIAL PRODUCTS 18.12% 30,603,622 31,618,800 31,937,600 REGULAR BONDS 520,000 AMERICAN EXPRESS CDA,2.310%,2018-03-29 523,526 523,817 PROVINCIAL AND GUARANTEED 32.38% 680,000 BANK NOVA SCOTIA FF,2.898%,2022-08-03 682,151 696,619 REGULAR BONDS 730,000 BANK NOVA SCOTIA FF,3.036%,2024-10-18 733,748 747,279 1,350,000 55 SCHOOL BOARD TR,5.900%,2033-06-02 1,612,719 1,669,518 930,000 BANK OF MONTREAL,3.400%,2021-04-23 929,265 967,888 795,000 BC PROV,8.000%,2023-09-08 1,178,077 1,131,365 640,000 BANK OF MONTREAL FF,3.979%,2021-07-08 653,568 666,272 800,000 BC PROV,6.350%,2031-06-18 1,134,793 1,101,616 1,175,000 BANK OF MONTREAL FRN,1.641%,2015-03-23 1,178,042 1,177,737 755,000 BC PROV,4.700%,2037-06-18 876,313 891,164 150,000 BANK OF NOVA SCOTIA,2.873%,2021-06-04 150,000 150,894 690,000 CADILLAC FAIRVIEW FT,3.240%,2016-01-25 689,881 710,024 150,000 CAISSE CENTRALE DES,2.795%,2018-11-19 150,000 153,137 685,000 CADILLAC FAIRVIEW FT,3.640%,2018-05-09 684,918 730,450 465,000 CAP DESJ.INC FF,5.541%,2021-06-01 503,683 497,085 710,000 CADILLAC FAIRVIEW FT,4.310%,2021-01-25 708,833 789,279 185,000 CAP DESJARDINS,5.187%,2020-05-05 191,035 209,862 1,550,000 CDP FINANCIAL FRN,1.717%,2015-07-15 1,551,743 1,555,627 220,000 CIBC CAP TRUST FF,10.250%,2108-06-30 295,129 324,467 400,000 FINANCEMENT QUEBEC,2.450%,2019-12-01 399,004 405,060 440,000 CIBC FF,3.150%,2020-11-02 453,508 448,294 460,000 MANITOBA PROV,4.400%,2025-09-05 528,644 514,611 255,000 DAIMLER CANADA FIN,2.330%,2015-09-14 255,583 257,239 715,000 MANITOBA PROV,4.650%,2040-03-05 772,931 834,169 515,000 DAIMLER CANADA FIN,2.280%,2017-02-17 518,410 519,918 640,000 NEW BRUNSWICK PROV,4.800%,2041-06-03 689,674 747,168 405,000 EMPIRE LIFE INS,2.870%,2023-05-31 405,000 409,629 475,000 NEWFOUNDLAND PROV,4.500%,2037-04-17 546,016 530,570 330,000 FORD CREDIT CANADA,3.279%,2021-07-02 330,000 329,967 625,000 NOVA SCOTIA PROV,5.800%,2033-06-01 842,063 809,013 285,000 GE CAP CAN FUNDING,2.420%,2018-05-31 284,986 288,089 275,000 ONT SCHL FIN,5.700%,2017-10-11 287,658 308,388 100,000 GE CAP CAN FUNDING,5.680%,2019-09-10 116,877 115,875 140,000 ONT STRAT INFRA FIN,4.600%,2015-06-01 141,687 144,274 250,000 GENWORTH MI CDA,5.680%,2020-06-15 263,689 284,975 600,000 ONTARIO PROV,4.200%,2020-06-02 660,258 663,138 200,000 GENWORTH MI CDA,4.242%,2024-04-01 200,000 206,480 745,000 ONTARIO PROV,3.500%,2024-06-02 757,350 772,155 350,000 HSBC BANK CANADA,2.572%,2015-11-23 350,000 354,697 4,750,000 ONTARIO PROV,4.650%,2041-06-02 5,331,079 5,494,799 250,000 IGM FINANCIAL,7.350%,2019-04-08 249,860 301,595 422,347 ONTARIO SCH BRDS,5.800%,2028-11-07 488,022 490,911 395,000 INDUSTRIAL ALL. FF,2.800%,2024-05-16 394,799 396,920 625,000 OPB FINANCE TRUST,3.890%,2042-07-04 622,524 605,463 620,000 JOHN DEERE CANADA,2.650%,2018-07-16 624,950 631,799 3,435,000 QUEBEC PROV,3.000%,2023-09-01 3,429,187 3,442,110 790,000 MANUFACT LIFE INS FF,2.926%,2023-11-29 796,249 804,963 825,000 QUEBEC PROV,8.500%,2026-04-01 1,211,268 1,238,061 150,000 MANUFACT LIFE INS FF,2.811%,2024-02-21 150,000 151,766 1,830,000 QUEBEC PROV,6.250%,2032-06-01 2,532,015 2,455,823 785,000 MANULIFE FIN CORP FF,7.405%,2108-12-31 861,100 959,757 1,145,000 QUEBEC PROV,5.000%,2038-12-01 1,391,552 1,365,355 220,000 MANULIFE FINL CORP,5.161%,2015-06-26 236,210 227,548 175,000 QUEBEC PROV,5.000%,2041-12-01 208,705 210,936 175,000 RBC CAPITAL TRUST FF,6.821%,2049-06-30 175,000 204,384 2,650,000 QUEBEC PROV FRN,1.455%,2018-12-19 2,650,164 2,659,196 770,000 ROYAL BANK CDA,2.364%,2017-09-21 775,960 779,024 4,950,000 QUEBEC PROV FRN,1.433%,2019-08-21 4,950,000 4,950,495 495,000 ROYAL BANK CDA FF,3.180%,2020-11-02 498,092 504,494 33,217,347 36,877,078 37,220,738 700,000 ROYAL BANK CDA FF,2.990%,2024-12-06 700,000 714,455 225,000 SUN LIFE CAP TRUST,5.863%,2108-12-31 225,000 258,692 FOREIGN PAY 210,000 SUN LIFE FIN INC FF,4.800%,2035-11-23 209,498 218,524 2,375,000 ONTARIO PROV US,0.950%,2015-05-26 2,619,393 2,545,871 905,000 SUN LIFE FIN INC FF,4.950%,2036-06-01 941,477 954,341 500,000 TD BANK FF,5.763%,2106-12-18 562,260 558,720 MUNICIPAL 4.01% 980,000 TD CAPITAL SECUR. FF,7.243%,2049-12-31 980,909 1,172,059 REGULAR BONDS 115,000 TD CAPITAL TRUST FF,10.000%,2108-06-30 159,376 166,540 640,000 BC MUNI FINANCE,4.150%,2021-06-01 706,950 703,181 110,000 TMX GROUP,3.253%,2018-10-03 110,000 113,970 590,000 CITY OF TORONTO,3.900%,2023-09-29 588,307 624,143 375,000 TORONTO DOMINION BK,2.563%,2020-06-24 375,000 375,484 135,000 MONTREAL PQ,5.000%,2018-12-01 150,431 151,270 390,000 VW CREDIT CDA,2.450%,2017-11-14 393,961 395,210 445,000 SOUTH COAST BC TRAN,4.450%,2044-06-09 443,968 481,908 435,000 WELLS FARGO FIN CDA,3.460%,2023-01-24 435,000 442,974 995,000 TORONTO ON,4.500%,2019-12-02 991,925 1,103,903 18,570,000 19,022,901 19,663,439 960,000 YORK ON,4.000%,2021-06-30 1,038,162 1,038,058 810,000 YORK ON,4.000%,2032-05-31 831,433 825,398 4,575,000 4,751,176 4,927,861 10

Co-operators Canadian Fixed Income Fund Schedule of Investment Portfolio As at June 30, 2014 Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($) MAPLES MAPLES 265,000 GOLDMAN SACHS GROUP,3.550%,2021-02-12 264,706 269,436 295,000 HEATHROW FUNDING LTD,3.000%,2021-06-17 292,752 295,761 700,000 GREAT WEST LIFECO FF,5.691%,2067-06-21 769,188 771,260 225,000 NATL GRID ELECT TRAN,2.730%,2017-09-20 225,000 229,475 430,000 JPMORGAN CHASE & CO,2.920%,2017-09-19 432,997 439,864 520,000 517,752 525,236 245,000 MET LIFE GLOB FUND,2.624%,2015-04-10 247,046 247,124 600,000 MET LIFE GLOB FUND,3.850%,2016-01-12 626,459 619,842 REAL ESTATE 2.78% 230,000 MET LIFE GLOB FUND,3.027%,2020-06-11 230,000 234,122 REGULAR BONDS 2,470,000 2,570,396 2,581,648 272,742 BANKERS HALL LP,4.377%,2023-11-20 272,742 284,211 372,356 BROOKFIELD OFFICE PR,3.244%,2020-01-09 372,356 375,883 INDUSTRIAL PRODUCTS 1.77% 425,000 CHOICE PRO REIT,3.600%,2022-09-20 417,724 422,365 REGULAR BONDS 330,384 FIFTH AVENUE LP,4.710%,2021-08-05 354,905 356,352 185,000 ALIMENTATION COUCHE-,3.899%,2022-11-01 185,830 186,765 540,000 FIRST CAP REALTY,4.790%,2024-08-30 558,246 571,606 190,000 BMW CANADA INC,2.390%,2017-11-27 189,991 192,362 180,000 GRANITE REIT HLD LP,3.788%,2021-07-05 180,000 181,319 155,000 BRASCAN CORP,5.950%,2035-06-14 148,922 168,270 498,622 SCOTIA PLAZA,3.210%,2019-06-15 498,622 502,327 335,000 BROOKFIELD ASSET MMT,5.040%,2024-03-08 334,866 360,627 252,454 SEC LP AND ARCI LTD,5.188%,2033-08-29 252,454 265,847 190,000 CAMECO CORP,4.190%,2024-06-24 189,924 191,452 450,000 WEM PROPERTY INC.,4.056%,2024-02-13 450,000 457,587 380,000 LEISUREWRLD SNR CARE,3.474%,2021-02-03 380,000 387,504 3,321,558 3,357,049 3,417,497 230,000 LOBLAW COS LTD,6.150%,2035-01-29 242,459 269,546 400,000 RELIANCE LP,4.574%,2017-03-15 400,000 420,180 SECURITIZATION 1.73% 2,065,000 2,071,992 2,176,706 REGULAR BONDS 975,000 CCIC 2006 WEM-A2,4.934%,2016-09-01 984,983 1,035,322 INFRASTRUCTURE 3.92% 350,000 IMSCI 2012-2 A2,3.254%,2022-06-12 355,877 351,131 REGULAR BONDS 283,272 MLFA 2007-CAN23-A2,5.255%,2017-05-12 279,983 302,073 175,000 407 EAST DEV GROUP,2.813%,2016-12-18 175,000 177,786 200,000 SCHOONER TR 2006-5 B,4.800%,2016-02-01 199,996 206,398 355,000 407 INTERNATIONAL,3.350%,2024-05-16 354,702 358,827 225,000 SCHOONER TR 2006-6 C,5.046%,2016-09-01 224,987 231,989 300,000 407 INTERNATIONAL,5.750%,2036-02-14 314,239 362,085 2,033,272 2,045,826 2,126,913 240,000 407 INTERNATIONAL,4.680%,2053-10-07 239,957 263,431 155,000 ALTALINK LP,4.922%,2043-09-17 155,000 175,331 109,891,931 TOTAL BONDS AND DEBENTURES 118,133,273 120,611,126 95,000 GREATER TOR AIRPORT,5.260%,2018-04-17 109,977 106,068 250,000 HEALTH MTL COLL LP,6.721%,2049-09-30 250,000 322,118 111,941,900 TOTAL INVESTMENTS 120,176,312 122,654,165 150,000 HOSP. INF. PART(NOH),5.439%,2045-01-31 149,999 173,148 ACCRUED INCOME 615,704 615,704 535,000 HYDRO ONE INC,4.590%,2043-10-09 534,914 577,704 RECEIVABLES - INVESTMENTS SOLD 991,742 991,742 270,000 HYDRO ONE INC,4.170%,2044-06-06 269,725 272,549 PAYABLES - INVESTMENTS PURCHASED (851,260) (851,260) 185,000 LOWER MATTAGAMI ENER,4.944%,2043-09-21 185,000 208,750 PAYABLES - MANAGEMENT AND AUDIT FEES (273,807) (273,807) 80,000 LOWER MATTAGAMI ENER,4.176%,2046-02-23 80,000 79,898 NET ASSETS 120,658,691 123,136,544 200,000 PLENARY HEALT HUMBER,4.895%,2039-05-31 200,000 213,428 405,000 POWERSTREAM INC,3.958%,2042-07-30 405,000 389,408 1.00 US = 1.065150 CA 30 JUN 14 485,000 SNC-LAVALIN MCGILL,6.632%,2044-06-30 485,000 602,505 3,880,000 3,908,513 4,283,036 11

Co-operators Canadian Fixed Income Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 179.47 172.33 194.21 197.12 181.92 Segment 2 Seed Money - - - - 382.44 Segment 3 Group Retirement - Investment Mgmt Only 134.96 130.50 133.25 129.27 120.04 Segment 4 Versatile Asset Participants 210.99 214.40 242.44 220.79 201.89 Segment 5 Versatile Asset II Participants 157.57 153.47 162.39 158.24 148.17 Segment 6 Versatile Asset III Participants 140.68 135.94 141.88 139.70 131.75 Segment 7 Versatile Asset IV Participants 161.29 155.02 159.46 155.01 144.63 Segment 8 Versatile Portfolios Participants (Back-end Load) 135.30 130.93 136.59 134.29 126.98 Segment 9 Versatile Portfolios Participants (No-Load) 137.45 132.94 138.34 137.22 130.19 Segment 10 Co-operators Group Retirement Income Product 134.61 129.18 132.71 128.61 119.62 Segment 11 Versatile Portfolios TFSA 117.05 113.37 118.48 116.50 110.33 Segment 12 Versatile Portfolios Education Savings Plan 117.66 113.72 118.12 115.77 109.08 Ratios and Supplemental Data Net assets (note 5) Segment 1 Group Retirement Products 13,146,677 12,565,252 11,274,232 9,671,387 8,710,136 Segment 2 Seed Money - - - - 1,766,301 Segment 3 Group Retirement - Investment Mgmt Only 2,160,964 4,473,360 4,059,870 2,949,945 2,736,215 Segment 4 Versatile Asset Participants 10,116,845 10,661,044 13,335,516 10,766,345 10,743,420 Segment 5 Versatile Asset II Participants 7,478,390 7,793,935 9,071,697 8,270,150 8,564,315 Segment 6 Versatile Asset III Participants 763,994 757,358 803,858 836,535 790,869 Segment 7 Versatile Asset IV Participants 85,378 82,582 84,454 140,861 149,870 Segment 8 Versatile Portfolios Participants (Back-end Load) 55,863,923 51,238,093 48,934,828 36,749,091 32,881,374 Segment 9 Versatile Portfolios Participants (No-Load) 19,233,012 18,111,463 18,845,970 12,346,518 11,763,408 Segment 10 Co-operators Group Retirement Income Product 7,605,842 7,165,570 5,759,815 4,604,537 3,355,599 Segment 11 Versatile Portfolios TFSA 5,221,619 4,339,501 3,459,933 1,711,667 1,046,479 Segment 12 Versatile Portfolios Education Savings Plan 1,610,095 1,421,264 1,081,089 582,188 358,281 Number of units outstanding Segment 1 Group Retirement Products 73,252 72,914 58,052 49,063 47,879 Segment 2 Seed Money - - - - 4,619 Segment 3 Group Retirement - Investment Mgmt Only 16,012 34,278 30,469 22,819 22,794 Segment 4 Versatile Asset Participants 47,949 49,726 55,006 48,763 53,214 Segment 5 Versatile Asset II Participants 47,461 50,786 55,865 52,262 57,799 Segment 6 Versatile Asset III Participants 5,431 5,571 5,666 5,988 6,003 Segment 7 Versatile Asset IV Participants 529 533 530 909 1,036 Segment 8 Versatile Portfolios Participants (Back-end Load) 412,890 391,353 358,252 273,654 258,959 Segment 9 Versatile Portfolios Participants (No-Load) 139,924 136,240 136,226 89,975 90,354 Segment 10 Co-operators Group Retirement Income Product 56,503 55,468 43,401 35,801 28,052 Segment 11 Versatile Portfolios TFSA 44,611 38,277 29,202 14,693 9,485 Segment 12 Versatile Portfolios Education Savings Plan 13,684 12,498 9,152 5,029 3,285 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.22% 2.23% 2.24% 2.24% 2.19% Segment 5 Versatile Asset II Participants 2.51% 2.52% 2.53% 2.53% 2.46% Segment 6 Versatile Asset III Participants 2.74% 2.75% 2.76% 2.76% 2.68% Segment 7 Versatile Asset IV Participants 1.66% 1.67% 1.68% 1.68% 1.64% Segment 8 Versatile Portfolios Participants (Back-end Load) 2.71% 2.72% 2.73% 2.74% 2.67% Segment 9 Versatile Portfolios Participants (No-Load) 2.86% 2.86% 2.88% 2.88% 2.83% Segment 11 Versatile Portfolios TFSA 2.85% 2.85% 2.86% 2.88% 2.83% Segment 12 Versatile Portfolios Education Savings Plan 2.34% 2.34% 2.35% 2.36% 2.29% Portfolio turnover rate (note 10) 124.40% 124.40% 167.90% 205.70% 211.00% 12

Co-operators Canadian Resource Fund Fund managed by Addenda Capital Inc. Statement of Financial Position (in thousands of dollars except per unit amounts) Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Cash and cash equivalents 16 16 63 Net assets attributable to unitholders at beginning of year 28,823 32,390 Short-term notes 60 662 528 Investment income receivable 52 75 65 unitholders 4,908 (3,433) Stocks 32,373 28,133 31,802 32,501 28,886 32,458 Fund of funds rebalancing (note 2) (124) 181 Liabilities Transactions with unitholders Current Liabilities Unitholders' contributions 2,144 1,598 Payables for management and audit fees (note 7) Net assets attributable to unitholders Net assets attributable to unitholders per unit Unitholders' withdrawals (2,541) (1,728) 69 63 68 Transfers (to) from other funds (778) (954) 69 63 68 Net increase (decrease) from unitholders' transactions (1,175) (1,084) 32,432 28,823 32,390 Net assets attributable to unitholders at end of period 32,432 28,054 265.13 221.17 237.62 Statement of Cash Flows Statement of Comprehensive Income For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ Cash flows from operating activities Investment Income unitholders 4,908 (3,433) Dividend income 331 400 Adjustments for: Interest income for allocation purposes 3 4 Unrealized gains (losses) (4,781) 268 Other income 3 2 Current receivables 23 (731) 337 406 Current liabilities 6 807 Purchases of investments (23,068) (29,169) Expenses Proceeds from the sale of investments 24,211 33,129 Management fees (notes 7 and 9) 382 367 Net cash from operating activities 1,299 871 Audit, legal and other fees (note 9) 3 4 Transaction costs 79 78 Cash flows from financing activities 464 449 Proceeds from the issuance of units 2,144 1,779 Amounts paid on redemption of units (3,443) (2,682) Net investment income (loss) (127) (43) Net cash from financing activities (1,299) (903) Gains (losses) on investments Net increase (decrease) in cash - (32) Realized gains (losses) 175 (3,200) Cash at beginning of year 16 63 Unrealized gains (losses) 4,860 (190) Cash at end of period 16 31 5,035 (3,390) unitholders Dividends received, net of withholding taxes 354 391 4,908 (3,433) Interest received 4 4 unitholders per unit (note 13) 38.65 (25.62) 13

Co-operators Canadian Resource Fund Schedule of Investment Portfolio As at June 30, 2014 Shares or Average Fair Par Value Investment Cost ($) Value ($) CASH AND CASH EQUIVALENTS 15,860 CANADIAN DOLLAR 15,860 15,860 15,860 15,860 15,860 SHORT TERM NOTES DISCOUNT NOTES 0.18% 60,000 CANADA T BILLS T/B,2014-10-23 59,796 59,796 60,000 59,796 59,796 STOCKS CANADIAN COMMON STOCKS ENERGY 63.19% 31,330 ADVANTAGE OIL & GAS 198,172 222,130 13,270 ALTAGAS LTD 649,157 651,159 18,910 ARC RESOURCES 594,928 611,549 2,660 BAYTEX ENERGY CORP 74,768 131,005 78,530 BELLATRIX EXPLOR LTD 710,514 720,905 1,660 BONTERRA ENERGY CORP 63,845 103,767 15,950 CALFRAC WELL SERVICE 312,293 309,430 17,920 CAMECO CORP 390,613 373,811 59,460 CDN NATURAL RES 2,061,546 2,915,323 14,260 CENOVUS ENERGY 447,895 491,970 31,361 CRESCENT POINT ENRGY 939,674 1,479,926 10,160 CREW ENERGY 127,099 112,166 3,010 ENBRIDGE INC 114,175 152,005 31,580 ENCANA CORPORATION 923,646 797,395 36,120 ENERFLEX LTD 504,286 731,069 10,450 INTER PIPELINE LTD 205,536 344,746 4,780 KEYERA CORP 241,848 375,469 22,400 LEGACY OIL+GAS 288,074 211,008 15,650 NUVISTA ENERGY LTD 167,327 187,018 6,710 PAINTED PONY PETRO 77,306 91,592 42,300 PEMBINA PIPELINE 1,360,043 1,933,956 23,850 PEYTO EXPLORATION 825,332 954,000 66,920 SUNCOR ENERGY INC 2,304,483 3,041,513 24,440 TOURMALINE OIL CORP 1,042,792 1,373,528 1,050 TRANSCANADA CORP 50,879 53,445 56,080 TRINIDAD DRILLING 685,454 678,007 110,280 URANIUM PARTICIPATN 629,178 531,550 12,500 VERMILION ENERGY INC 532,673 924,750 763,591 16,523,536 20,504,192 MATERIALS 36.58% 37,390 CANFOR CORPORATION 696,470 868,570 10,450 CCL INDUSTRIES INC 768,449 1,070,080 40,400 CONIFEX 363,080 315,524 49,690 FIRST QUANTUM MNRL 1,032,558 1,130,448 40,960 GOLDCORP INC 1,102,098 1,218,560 59,760 INTERFOR CORPORATION 681,346 882,655 134,180 LUNDIN MINING CORP 728,257 784,953 166,170 PRIMERO MINING 1,203,932 1,419,091 19,000 SHERRITT INTL CORP 84,550 81,890 62,450 SILVER WHEATON 1,599,079 1,746,102 22,100 STELLA JONES INC 537,468 646,867 13,210 WEST FRASER TIMBER 529,328 681,504 27,430 WINPAK LTD 606,303 680,264 39,000 YAMANA GOLD INC 364,113 342,420 722,190 10,297,031 11,868,928 1,485,781 TOTAL CANADIAN COMMON STOCKS 26,820,567 32,373,120 1,561,641 TOTAL INVESTMENTS 26,896,223 32,448,776 ACCRUED INCOME 51,733 51,733 PAYABLES - MANAGEMENT AND AUDIT FEES (69,012) (69,012) NET ASSETS 26,878,944 32,431,497 1.00 US = 1.065150 CA 30 JUN 14 14

Co-operators Canadian Resource Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit 2013 2012 2011 2010 2009 Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 348.88 281.26 299.15 329.10 392.25 Segment 3 Group Retirement - Investment Mgmt Only - 119.81 125.66 129.78 153.32 Segment 4 Versatile Asset Participants 300.05 254.63 268.58 279.99 334.30 Segment 5 Versatile Asset II Participants 293.71 249.37 262.64 274.13 328.45 Segment 6 Versatile Asset III Participants 253.75 215.28 225.36 236.40 283.56 Segment 7 Versatile Asset IV Participants 326.37 276.50 292.53 304.73 363.09 Segment 8 Versatile Portfolios Participants (Back-end Load) 265.75 225.88 240.47 252.16 302.38 Segment 9 Versatile Portfolios Participants (No-Load) 261.07 222.14 237.10 249.00 299.07 Segment 11 Versatile Portfolios TFSA 149.07 126.79 135.18 141.93 170.45 Segment 12 Versatile Portfolios Education Savings Plan 118.31 100.38 106.49 111.24 132.92 Ratios and Supplemental Data Net assets (note 5) Segment 1 Group Retirement Products 4,523,611 4,272,891 4,675,991 4,677,072 5,367,796 Segment 3 Group Retirement - Investment Mgmt Only - 541,146 488,003 440,274 487,309 Segment 4 Versatile Asset Participants 2,719,785 2,334,800 3,025,065 3,665,493 4,407,400 Segment 5 Versatile Asset II Participants 2,082,633 1,993,945 2,626,050 3,264,994 3,460,657 Segment 6 Versatile Asset III Participants 110,841 109,694 202,198 216,172 274,297 Segment 7 Versatile Asset IV Participants 1,379 1,276 1,161 1,107 1,317 Segment 8 Versatile Portfolios Participants (Back-end Load) 17,640,859 14,421,701 15,146,244 13,460,157 11,352,656 Segment 9 Versatile Portfolios Participants (No-Load) 3,602,807 3,578,526 4,740,480 5,289,942 4,484,144 Segment 11 Versatile Portfolios TFSA 1,593,416 1,391,776 1,366,013 1,226,035 714,669 Segment 12 Versatile Portfolios Education Savings Plan 278,700 220,469 202,349 145,054 86,103 Number of units outstanding Segment 1 Group Retirement Products 12,966 15,192 15,631 14,212 13,685 Segment 3 Group Retirement - Investment Mgmt Only - 4,517 3,883 3,392 3,178 Segment 4 Versatile Asset Participants 9,064 9,169 11,263 13,091 13,184 Segment 5 Versatile Asset II Participants 7,091 7,996 9,999 11,910 10,536 Segment 6 Versatile Asset III Participants 437 510 897 914 967 Segment 7 Versatile Asset IV Participants 4 5 4 4 4 Segment 8 Versatile Portfolios Participants (Back-end Load) 66,380 63,846 62,987 53,380 37,544 Segment 9 Versatile Portfolios Participants (No-Load) 13,800 16,109 19,994 21,244 14,994 Segment 11 Versatile Portfolios TFSA 10,689 10,977 10,105 8,638 4,193 Segment 12 Versatile Portfolios Education Savings Plan 2,356 2,196 1,900 1,304 648 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.23% 2.23% 2.24% 2.24% 2.19% Segment 5 Versatile Asset II Participants 2.52% 2.52% 2.53% 2.53% 2.47% Segment 6 Versatile Asset III Participants 2.75% 2.76% 2.76% 2.76% 2.68% Segment 8 Versatile Portfolios Participants (Back-end Load) 2.72% 2.73% 2.73% 2.74% 2.67% Segment 9 Versatile Portfolios Participants (No-Load) 2.87% 2.87% 2.88% 2.88% 2.83% Segment 11 Versatile Portfolios TFSA 2.86% 2.86% 2.86% 2.88% 2.83% Segment 12 Versatile Portfolios Education Savings Plan 2.35% 2.35% 2.35% 2.35% 2.29% Portfolio turnover rate (note 10) 69.60% 69.60% 56.90% 56.50% 80.00% 15

Co-operators Money Market Fund Fund managed by Addenda Capital Inc. Statement of Financial Position (in thousands of dollars except per unit amounts) Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Cash and cash equivalents 6 11 7 Net assets attributable to unitholders at beginning of year 9,367 8,253 Short-term notes 6,228 4,775 4,918 Investment income receivable 35 34 30 unitholders 1 (2) Bonds and debentures 2,262 4,558 3,307 Stocks - - - Fund of funds rebalancing (note 2) 49 9 8,531 9,378 8,262 Transactions with unitholders Liabilities Unitholders' contributions 1,120 965 Current Liabilities Unitholders' withdrawals (1,477) (615) Payables for management and audit Transfers (to) from other funds (538) 287 fees (note 7) 9 11 9 9 11 9 Net increase (decrease) from unitholders' transactions (895) 637 Net assets attributable to unitholders 8,522 9,367 8,253 Net assets attributable to unitholders at end of period 8,522 8,897 Net assets attributable to unitholders per unit 118.07 116.73 118.50 Statement of Cash Flows For the periods ended June 30 2014 2013 Statement of Comprehensive Income (in thousands of dollars) $ $ For the periods ended June 30 2014 2013 Cash flows from operating activities (in thousands of dollars except per unit amounts) $ $ unitholders 1 (2) Investment Income Adjustments for: Interest income for allocation purposes 69 72 Unrealized gains (losses) (30) - 69 72 Current receivables (1) (6) Current liabilities (2) - Expenses Purchases of investments (10,999) (16,162) Management fees (notes 7 and 9) 58 52 Proceeds from the sale of investments 11,872 15,518 Audit, legal and other fees (note 9) 1 1 Net cash from operating activities 841 (652) 59 53 Cash flows from financing activities Net investment income (loss) 10 19 Proceeds from the issuance of units 1,169 1,261 Amounts paid on redemption of units (2,015) (615) Gains (losses) on investments Net cash from financing activities (846) 646 Realized gains (losses) (39) (21) Unrealized gains (losses) 30 - Net increase (decrease) in cash (5) (6) unitholders unitholders per unit (note 13) (9) (21) Cash at beginning of year 11 7 Cash at end of period 6 1 1 (2) Interest received 68 65 0.01 (0.03) 16

Co-operators Money Market Fund Schedule of Investment Portfolio As at June 30, 2014 Shares or Average Fair Par Value Investment Cost ($) Value ($) CASH AND CASH EQUIVALENTS 5,824 CANADIAN DOLLAR 5,824 5,824 5,824 5,824 5,824 SHORT TERM NOTES DISCOUNT NOTES 73.31% 480,000 BAY ST.TRST ABCP D/N,2014-11-28 475,430 475,430 905,000 CANADA T BILLS T/B,2014-10-23 900,785 900,785 970,000 CANADA T BILLS T/B,2014-12-18 961,440 961,440 600,000 CONCENTRA FIN CA D/N,2014-09-26 588,678 588,678 500,000 DAIMLER D/N,2015-04-20 492,535 492,535 640,000 KING ST.TR ABCP D/N,2014-12-12 633,901 633,901 500,000 MANULIFE BK D/N,2014-10-30 494,820 494,820 600,000 RIDGE TRST ABCP D/N,2014-12-17 591,912 591,912 500,000 SAFE TRUST ABCP D/N,2014-11-20 496,855 496,855 600,000 ZEUS TRUST ABCP D/N,2015-01-08 591,894 591,894 6,295,000 6,228,250 6,228,250 BONDS AND DEBENTURES CANADA CORPORATE FINANCIAL PRODUCTS 26.62% REGULAR BONDS 500,000 BANK NOVA SCOTIA FRN,1.380%,2014-09-10 500,000 500,135 600,000 BANK OF MONTREAL FRN,1.351%,2015-06-19 600,000 600,030 500,000 NATIONAL BK CANADA,4.030%,2015-05-26 512,740 511,510 650,000 ROYAL BANK CDA FRN,1.370%,2014-09-19 650,000 650,241 2,250,000 2,262,740 2,261,916 2,250,000 TOTAL BONDS AND DEBENTURES 2,262,740 2,261,916 8,550,824 TOTAL INVESTMENTS 8,496,814 8,495,990 ACCRUED INCOME 34,800 34,800 PAYABLES - MANAGEMENT AND AUDIT FEES (9,243) (9,243) NET ASSETS 8,522,371 8,521,547 1.00 US = 1.065150 CA 30 JUN 14 17

Co-operators Money Market Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 126.49 125.20 126.49 127.05 127.07 Segment 2 Seed Money - - - - 103.01 Segment 3 Group Retirement - Investment Mgmt Only 102.20 104.58 103.73 102.45 100.97 Segment 4 Versatile Asset Participants 128.53 128.38 127.91 127.84 128.35 Segment 5 Versatile Asset II Participants 118.02 117.85 117.67 117.98 118.80 Segment 6 Versatile Asset III Participants 104.00 104.38 105.00 105.74 106.95 Segment 7 Versatile Asset IV Participants 121.13 120.85 120.26 119.73 119.13 Segment 8 Versatile Portfolios Participants (Back-end Load) 104.92 105.18 105.05 105.48 106.46 Segment 9 Versatile Portfolios Participants (No-Load) 104.43 104.36 104.35 104.69 105.63 Segment 10 Group Retirement Income Product 99.13 99.33 - - - Segment 11 Versatile Portfolios TFSA 96.18 97.02 96.93 97.57 98.64 Segment 12 Versatile Portfolios Education Savings Plan 99.50 99.15 98.50 98.46 98.89 Ratios and Supplemental Data Net assets (note 5) Segment 1 Group Retirement Products 5,004,639 5,274,348 4,610,172 4,321,120 3,942,374 Segment 2 Seed Money - - - - 8,436 Segment 3 Group Retirement - Investment Mgmt Only 227,075 363,000 391,303 624,617 2,350,197 Segment 4 Versatile Asset Participants 236,539 261,453 515,502 611,805 885,254 Segment 5 Versatile Asset II Participants 497,274 431,233 546,379 911,133 1,142,810 Segment 6 Versatile Asset III Participants 36,614 34,849 42,016 43,048 102,058 Segment 7 Versatile Asset IV Participants 194,577 196,418 202,745 283,681 289,010 Segment 8 Versatile Portfolios Participants (Back-end Load) 1,605,826 1,911,663 1,395,873 1,104,948 1,013,044 Segment 9 Versatile Portfolios Participants (No-Load) 380,410 456,305 362,906 592,887 887,013 Segment 10 Group Retirement Income Product 51,933 140,025 - - - Segment 11 Versatile Portfolios TFSA 57,133 130,688 50,907 44,642 87,787 Segment 12 Versatile Portfolios Education Savings Plan 229,825 167,524 135,793 121,757 42,437 Number of units outstanding Segment 1 Group Retirement Products 39,565 42,127 36,447 34,010 31,025 Segment 2 Seed Money - - - - 82 Segment 3 Group Retirement - Investment Mgmt Only 2,222 3,471 3,772 6,097 23,275 Segment 4 Versatile Asset Participants 1,840 2,037 4,030 4,786 6,897 Segment 5 Versatile Asset II Participants 4,213 3,659 4,643 7,723 9,620 Segment 6 Versatile Asset III Participants 352 334 400 407 954 Segment 7 Versatile Asset IV Participants 1,606 1,625 1,686 2,369 2,426 Segment 8 Versatile Portfolios Participants (Back-end Load) 15,306 18,175 13,288 10,476 9,515 Segment 9 Versatile Portfolios Participants (No-Load) 3,643 4,372 3,478 5,663 8,397 Segment 10 Group Retirement Income Product 524 1,410 - - - Segment 11 Versatile Portfolios TFSA 594 1,347 525 458 890 Segment 12 Versatile Portfolios Education Savings Plan 2,310 1,690 1,379 1,237 429 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 0.58% 0.58% 1.66% 1.76% 1.71% Segment 5 Versatile Asset II Participants 0.86% 0.86% 1.95% 2.05% 1.99% Segment 6 Versatile Asset III Participants 1.09% 1.09% 2.18% 2.28% 2.20% Segment 7 Versatile Asset IV Participants 0.85% 0.86% 0.87% 0.88% 0.85% Segment 8 Versatile Portfolios Participants (Back-end Load) 1.07% 1.08% 2.15% 2.26% 2.20% Segment 9 Versatile Portfolios Participants (No-Load) 1.23% 1.24% 2.30% 2.41% 2.35% Segment 11 Versatile Portfolios TFSA 1.23% 1.23% 2.29% 2.40% 2.36% Segment 12 Versatile Portfolios Education Savings Plan 0.64% 0.64% 1.72% 1.82% 1.76% Portfolio turnover rate (note 10) - - - - - 18

Co-operators U.S. Equity Fund Fund managed by Addenda Capital Inc. Statement of Financial Position (in thousands of dollars except per unit amounts) Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Cash and cash equivalents 288 92 673 Net assets attributable to unitholders at beginning of year 20,379 11,313 Investment income receivable 16 21 8 Stocks 22,421 20,306 10,862 unitholders 898 2,276 22,725 20,419 11,543 Fund of funds rebalancing (note 2) 65 (754) Liabilities Current Liabilities Transactions with unitholders Payments for investments purchased - - 211 Unitholders' contributions 3,561 1,173 Payables for management and audit fees (note 7) Net assets attributable to unitholders Net assets attributable to unitholders per unit Unitholders' withdrawals (2,404) (394) 45 40 19 Transfers (to) from other funds 181 640 45 40 230 Net increase (decrease) from unitholders' transactions 1,338 1,419 22,680 20,379 11,313 Net assets attributable to unitholders at end of period 22,680 14,254 146.10 139.61 98.02 Statement of Cash Flows Statement of Comprehensive Income For the periods ended June 30 $ $ (in thousands of dollars) $ $ For the periods ended June 30 0 0 (in thousands of dollars except per unit amounts) $ $ Cash flows from operating activities Investment Income unitholders 898 2,276 Dividend income 135 92 Adjustments for: Foreign exchange gain (loss) 133 (2) Unrealized gains (losses) (107) (2,223) 268 90 Current receivables 5 (6) Current liabilities 5 (206) Expenses Purchases of investments (5,787) (2,306) Management fees (notes 7 and 9) 255 140 Proceeds from the sale of investments 3,779 1,192 Audit, legal and other fees (note 9) 4 4 Net cash from operating activities (1,207) (1,273) Transaction costs 11 4 270 148 Cash flows from financing activities Proceeds from the issuance of units 3,807 1,813 Net investment income (loss) (2) (58) Amounts paid on redemption of units (2,404) (1,148) Net cash from financing activities 1,403 665 Gains (losses) on investments Realized gains (losses) 782 107 Net increase (decrease) in cash 196 (608) Unrealized gains (losses) 118 2,227 Cash at beginning of year 92 673 900 2,334 Cash at end of period 288 65 unitholders 898 2,276 Dividends received, net of withholding taxes 140 86 unitholders per unit (note 13) 5.95 17.37 19

Co-operators U.S. Equity Fund Schedule of Investment Portfolio As at June 30, 2014 Shares or Average Fair Shares or Average Fair Par Value Investment Cost ($) Value ($) Par Value Investment Cost ($) Value ($) CASH AND CASH EQUIVALENTS U.S. - HEALTH CARE 16.19% 41,778 CANADIAN DOLLAR 41,778 41,778 1,486 ALLERGAN INC 142,410 267,638 231,201 US DOLLARS 246,264 246,264 4,974 AMERISOURCE-BERGEN 218,393 384,904 272,979 288,042 288,042 8,125 EXPRESS SCRIPTS HLDG 370,284 599,919 11,393 GILEAD SCIENCES INC 482,194 1,006,133 STOCKS 4,067 JOHNSON & JOHNSON 321,452 453,037 FOREIGN STOCKS (INCLUDING U.S.) 2,797 STRYKER CORP 171,734 251,149 U.S - ENERGY 6.02% 5,684 THERMO FISHER SCI 415,145 714,409 1,618 APACHE CORP 146,621 173,375 38,526 2,121,612 3,677,189 2,373 CHEVRON CORP 267,905 329,852 2,254 EXXON MOBIL CORP 198,928 241,573 U.S. - FINANCIALS 15.80% 1,344 NATIONAL OILWELL VAR 90,552 117,875 2,913 AFLAC INC 185,494 193,117 4,022 SCHLUMBERGER LTD 348,081 505,302 4,523 AMERICAN EXPRESS CO 276,442 456,956 11,611 1,052,087 1,367,977 3,154 BERKSHIRE HATHAWAY 311,419 425,143 3,775 FRANKLIN RES INC 163,884 232,611 U.S - MATERIALS 2.40% 1,107 GOLDMAN SACHS GROUP 173,311 197,479 1,692 DU PONT E I DE NEMOU 88,475 117,902 4,744 JPMORGAN CHASE & CO 275,977 290,956 2,412 MONSANTO CO 227,226 320,398 4,792 PNC FINL SVCS GRP 381,646 454,478 755 PRAXAIR INC 99,846 106,804 2,774 PRICE T ROWE GRP 204,576 249,408 4,859 415,547 545,104 5,405 STATE STREET CORP 308,091 387,052 2,273 WADDELL & REED FINL 102,317 151,536 U.S. - INDUSTRIALS 11.34% 9,795 WELLS FARGO & CO 392,062 548,157 1,806 3M COMPANY 193,850 275,526 45,255 2,775,219 3,586,893 3,392 CSX CORP 76,491 111,244 4,548 DANAHER CORP 274,365 381,248 U.S - INFORMATION TECHNOLOGY 22.66% 1,545 FEDEX CORP 153,709 249,070 3,247 ADOBE SYSTEMS INC 138,456 250,226 4,099 HONEYWELL INTL INC 256,074 405,693 2,917 AKAMAI TECH INC 111,213 189,654 5,895 SENSATA TECHNOLOGIES 252,150 293,734 1,273 ALLIANCE DATA SYSTEM 268,025 381,330 2,506 TYCO INTL LTD 70,048 121,692 2,702 AMPHENOL CORPORATION 154,552 277,184 3,390 UNION PAC CORP 236,065 360,183 10,255 APPLE INC 578,821 1,015,521 3,070 UNITED TECHNOLOGIES 294,498 377,457 1,311 AUTOMATIC DATA PROC 74,774 110,708 30,251 1,807,250 2,575,847 4,102 AVAGO TECHNOLOGIES 224,449 314,848 6,348 COGNIZANT TECH SOLNS 222,733 330,641 U.S. - CONSUMER DISCRETIONARY 13.52% 9,048 EMC CORP MASS 208,795 253,755 2,529 BED BATH & BEYOND 173,062 154,541 2,821 INTUIT 153,234 241,976 8,469 CBS CORPORATION 340,604 560,550 11,182 MICROSOFT CORP 399,806 496,667 1,380 DISCOVERY COMMUNIC 110,278 109,185 9,306 ORACLE CORP 257,703 401,646 6,509 NIKE INC 302,464 537,520 5,658 QUALCOMM INC 356,092 477,248 606 TARGET CORPORATION 36,734 37,393 1,802 VISA INC 267,975 404,398 380 THE PRICELINE GRP 293,007 486,923 71,972 3,416,628 5,145,802 9,301 TJX COMPANIES INC 341,073 526,555 1,219 TUPPERWARE BRANDS 93,156 108,665 U.S. - OTHER 1.86% 6,013 WALT DISNEY CO 365,108 549,079 2,030 SPDR S&P 500 ETF TR 433,456 423,153 36,406 2,055,486 3,070,411 269,693 TOTAL FOREIGN STOCKS (INCLUDING U.S) 15,561,601 22,419,913 U.S. - CONSUMER STAPLES 8.93% 4,442 CHURCH & DWIGHT INC 201,585 330,866 542,672 TOTAL INVESTMENTS 15,849,643 22,707,955 6,584 COCA-COLA CO 220,449 296,858 ACCRUED INCOME 16,384 16,384 3,544 COLGATE PALMOLIVE CO 183,209 257,259 PAYABLES - MANAGEMENT AND AUDIT FEES (44,509) (44,509) 2,965 COSTCO WHSL CORP 270,668 363,695 NET ASSETS 15,821,518 22,679,830 3,028 CVS CAREMARK CORP 166,353 242,992 2,429 HORMEL FOODS CORP 86,404 127,629 1.00 US = 1.065150 CA 30 JUN 14 2,664 MONDELEZ INTL INC 105,072 106,721 2,658 PEPSICO INC 196,052 252,880 469 THE HERSHEY COMPANY 54,524 48,637 28,783 1,484,316 2,027,537 20

Co-operators U.S. Equity Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 198.30 189.03 130.92 122.25 121.69 Segment 3 Group Retirement - Investment Mgmt Only - 146.86 102.07 90.61 89.21 Segment 4 Versatile Asset Participants 215.26 206.26 144.87 129.89 129.22 Segment 5 Versatile Asset II Participants 77.71 74.58 52.55 47.26 47.16 Segment 6 Versatile Asset III Participants 143.02 137.03 97.46 87.65 87.49 Segment 7 Versatile Asset IV Participants 151.73 145.50 102.44 92.32 91.77 Segment 8 Versatile Portfolios Participants (Back-end Load) 141.20 135.61 95.46 85.81 85.75 Segment 9 Versatile Portfolios Participants (No-Load) 141.11 135.50 97.61 89.49 88.67 Segment 10 Group Retirement Income Product 147.46 141.02 - - - Segment 11 Versatile Portfolios TFSA 180.82 173.79 122.78 110.80 110.91 Segment 12 Versatile Portfolios Education Savings Plan 195.30 187.24 131.63 118.19 117.70 Ratios and Supplemental Data Net assets (note 5) Segment 1 Group Retirement Products 5,964,371 4,863,823 3,550,551 2,491,009 2,454,136 Segment 3 Group Retirement - Investment Mgmt Only - 1,280,843 1,154,999 516,637 523,313 Segment 4 Versatile Asset Participants 2,637,513 2,457,877 1,634,436 1,277,401 1,382,469 Segment 5 Versatile Asset II Participants 2,552,962 2,303,642 1,687,409 943,097 930,795 Segment 6 Versatile Asset III Participants 134,674 115,302 123,613 62,344 67,580 Segment 7 Versatile Asset IV Participants 18,383 17,546 13,057 6,083 10,377 Segment 8 Versatile Portfolios Participants (Back-end Load) 8,348,292 6,760,936 2,365,417 680,648 468,995 Segment 9 Versatile Portfolios Participants (No-Load) 2,051,217 1,900,442 499,418 148,355 139,036 Segment 10 Group Retirement Income Product 7,015 6,633 - - - Segment 11 Versatile Portfolios TFSA 850,855 573,330 225,561 34,920 11,612 Segment 12 Versatile Portfolios Education Savings Plan 117,906 100,160 55,244 11,158 3,696 Number of units outstanding Segment 1 Group Retirement Products 30,078 25,731 27,119 20,376 20,167 Segment 3 Group Retirement - Investment Mgmt Only - 8,721 11,315 5,702 5,866 Segment 4 Versatile Asset Participants 12,253 11,917 11,282 9,835 10,699 Segment 5 Versatile Asset II Participants 32,851 30,889 32,112 19,957 19,739 Segment 6 Versatile Asset III Participants 942 841 1,268 711 772 Segment 7 Versatile Asset IV Participants 121 121 127 66 113 Segment 8 Versatile Portfolios Participants (Back-end Load) 59,124 49,854 24,779 7,932 5,469 Segment 9 Versatile Portfolios Participants (No-Load) 14,536 14,025 5,116 1,658 1,568 Segment 10 Group Retirement Income Product 48 47 - - - Segment 11 Versatile Portfolios TFSA 4,706 3,299 1,837 315 105 Segment 12 Versatile Portfolios Education Savings Plan 604 535 420 94 31 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.25% 2.26% 2.27% 2.25% 2.20% Segment 5 Versatile Asset II Participants 2.54% 2.55% 2.56% 2.54% 2.48% Segment 6 Versatile Asset III Participants 2.77% 2.79% 2.79% 2.77% 2.70% Segment 7 Versatile Asset IV Participants 2.51% 2.53% 2.54% 2.52% 2.46% Segment 8 Versatile Portfolios Participants (Back-end Load) 2.74% 2.75% 2.76% 2.75% 2.69% Segment 9 Versatile Portfolios Participants (No-Load) 2.89% 2.90% 2.91% 2.89% 2.84% Segment 11 Versatile Portfolios TFSA 2.87% 2.88% 2.89% 2.89% 2.85% Segment 12 Versatile Portfolios Education Savings Plan 2.36% 2.37% 2.38% 2.37% 2.30% Portfolio turnover rate (note 10) 42.20% 42.20% 36.30% 19.30% 15.00% 21

Co-operators Bissett Canadian Dividend Fund Underlying fund managed by Franklin Templeton Investments Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 17,551 10,668 519 Net assets attributable to unitholders at beginning of year 10,641 518 Liabilities unitholders 1,060 (109) Current Liabilities Payables 41 27 1 Fund of funds rebalancing (note 2) 2,136 - Net assets attributable to unitholders Net assets attributable to unitholders per unit 17,510 10,641 518 Transactions with unitholders Unitholders' contributions 3,876 2,538 Unitholders' withdrawals (1,243) (114) 50.95 117.05 102.06 Transfers (to) from other funds 1,040 3,435 Net increase (decrease) from unitholders' transactions 3,673 5,859 Statement of Comprehensive Income Net assets attributable to unitholders at end of period 17,510 6,268 For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ Statement of Cash Flows Investment Income For the periods ended June 30 2014 2013 Distribution from underlying fund 201 54 (in thousands of dollars) $ $ Expenses Management fees (note 9) 208 60 Cash flows from operating activities unitholders 1,060 (109) Net investment income (loss) (7) (6) Adjustments for: Realized and unrealized gains (losses) (1,067) 103 Gains (losses) on investments Current liabilities 41 14 Realized and unrealized gains (losses) 1,067 (103) Purchases (sales) of investments (5,642) (5,813) Net cash from operating activities (5,608) (5,805) unitholders 1,060 (109) Cash flows from financing activities unitholders per unit (note 13) Distributions (201) (54) Proceeds from the issuance of units 7,052 5,973 4.88 (2.27) Amounts paid on redemption of units (1,243) (114) Net cash from financing activities 5,608 5,805 Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of period - - Top Holdings of Underlying Fund (unaudited) As at June 30, 2014 Franklin Bissett Canadian Dividend Fund Canadian Imperial Bank of Commerce 5.47% North West Co. Inc. 2.98% The Toronto-Dominion Bank 5.40% Russel Metals Inc. 2.90% Power Financial Corp. 4.88% Baytex Energy Corp. 2.87% Bank of Nova Scotia 4.82% Canexus Corp. 2.38% Royal Bank of Canada 4.59% Keyera Corp. 2.29% Thomson Reuters Corp. 4.31% Fortis Inc. 2.20% Bank of Montreal 4.16% Mullen Group Ltd. 2.14% IGM Financial Inc. 4.05% BCE Inc. 2.13% Crescent Point Energy Corp. 3.74% Bonavista Energy Corp. 2.11% TransCanada Corp. 3.70% Bird Construction Inc. 1.99% Enbridge Inc. 3.70% Bell Aliant Inc. 1.80% National Bank of Canada 3.63% Bonterra Energy Corp. 1.62% ARC Resources Ltd. 3.23% 22

Co-operators Bissett Canadian Dividend Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 106.81 - - - - Segment 2 Seed Money 135.09 125.68 106.33 - - Segment 4 Versatile Asset Participants 124.65 117.33 101.63 - - Segment 5 Versatile Asset II Participants 124.50 117.24 101.62 - - Segment 6 Versatile Asset III Participants 124.15 117.00 - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 124.11 116.97 101.59 - - Segment 9 Versatile Portfolios Participants (No-Load) 123.93 116.86 101.57 - - Segment 10 Group Retirement Income Product 10.77 - - - - Segment 11 Versatile Portfolios TFSA 123.95 116.88 101.58 - - Segment 12 Versatile Portfolios Education Savings Plan 124.97 117.55 101.66 - - Ratios and Supplemental Data Net assets Segment 1 Group Retirement Products 89,938 - - - - Segment 2 Seed Money 66,691 62,047 51,973 - - Segment 4 Versatile Asset Participants 1,114,965 1,102,891 220,884 - - Segment 5 Versatile Asset II Participants 939,374 768,953 10,183 - - Segment 6 Versatile Asset III Participants 140,365 147,891 - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 8,684,897 5,467,909 186,465 - - Segment 9 Versatile Portfolios Participants (No-Load) 3,028,536 2,584,033 12,578 - - Segment 10 Group Retirement Income Product 2,389,812 - - - - Segment 11 Versatile Portfolios TFSA 902,703 437,726 29,718 - - Segment 12 Versatile Portfolios Education Savings Plan 152,656 69,169 5,993 - - Number of units outstanding Segment 1 Group Retirement Products 842 - - - - Segment 2 Seed Money 494 494 489 - - Segment 4 Versatile Asset Participants 8,945 9,400 2,173 - - Segment 5 Versatile Asset II Participants 7,545 6,559 100 - - Segment 6 Versatile Asset III Participants 1,131 1,264 - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 69,979 46,745 1,835 - - Segment 9 Versatile Portfolios Participants (No-Load) 24,438 22,113 124 - - Segment 10 Group Retirement Income Product 221,794 - - - - Segment 11 Versatile Portfolios TFSA 7,283 3,745 293 - - Segment 12 Versatile Portfolios Education Savings Plan 1,222 588 59 - - Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.82% 2.82% 2.82% - - Segment 5 Versatile Asset II Participants 2.89% 2.89% 2.89% - - Segment 6 Versatile Asset III Participants 3.07% 3.08% - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 3.09% 3.09% 3.09% - - Segment 9 Versatile Portfolios Participants (No-Load) 3.18% 3.18% 3.18% - - Segment 11 Versatile Portfolios TFSA 3.17% 3.17% 3.16% - - Segment 12 Versatile Portfolios Education Savings Plan 2.66% 2.66% 2.65% - - Portfolio turnover rate (note 10) 25.63% 25.63% 33.20% - - The Co-operators Bissett Canadian Dividend Fund only came into existence in 2012 and therefore comparative information for prior years is unavailable. 23

Co-operators Ethical Balanced Fund Underlying fund managed by NEI Investments Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 685 839 672 Net assets attributable to unitholders at beginning of year 837 670 Liabilities unitholders 40 (19) Current Liabilities Payables 2 2 2 Transactions with unitholders Unitholders' contributions 49 296 Net assets attributable to unitholders 683 837 670 Unitholders' withdrawals (88) (38) Transfers (to) from other funds (155) (164) Net assets attributable to unitholders per unit 107.59 101.66 98.84 Net increase (decrease) from unitholders' transactions (194) 94 Net assets attributable to unitholders at end of period 683 745 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund - - Cash flows from operating activities Expenses unitholders 40 (19) Management fees (note 9) 11 8 Adjustments for: Realized and unrealized gains (losses) (51) 11 Net investment income (loss) (11) (8) Current liabilities 2 1 Purchases (sales) of investments 203 (87) Gains (losses) on investments Net cash from operating activities 194 (94) Realized and unrealized gains (losses) 51 (11) Cash flows from financing activities unitholders unitholders per unit (note 13) Proceeds from the issuance of units 49 296 40 (19) Amounts paid on redemption of units (243) (202) Net cash from financing activities (194) 94 5.71 (2.38) Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of period - - Top Holdings of Underlying Fund (unaudited) As at June 30, 2014 NEI Ethical Balanced Fund Government of Canada, 1.500%, 2023-06-01 8.60% United Mexican States, 10.000%, 2024-12-05 1.90% Government of Canada, Series A875, 1.250%, 2018-03-01 4.00% Suncor Energy 1.90% U.S. Treasury Bonds, 2.750%, 2024-02-15 3.90% Air Canada, Class B 1.80% Government of Canada, 4.000%, 2041-06-01 3.80% Crescent Point Energy 1.80% Royal Bank of Canada, 2.980%, 2019-05-07 2.70% Chemtrade Logistics Income Fund 1.80% CVS Caremark Corporation 2.50% Sun Life Financial 1.80% Canadian Natural Resources 2.40% Boyd Group Income Fund 1.80% Canadian Imperial Bank of Commerce, 2.350%, 2017-10-18 2.20% Canadian Natural Resources, 2.890%, 2020-08-14 1.60% Bank of Montreal, 2.240%, 2017-12-11 2.20% Scotiabank, 2.370%, 2018-01-11 1.50% Toronto-Dominion Bank 2.10% Scotiabank, 2.242%, 2018-03-22 1.50% Royal Bank of Canada 2.10% Scotiabank 1.40% Toronto-Dominion Bank, 2.171%, 2018-04-02 2.00% Canadian National Railway Company 1.30% Mex Bonos Desarr Fix RT, Series M, 4.750%, 2018-06-14 1.90% 24

Co-operators Ethical Balanced Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products - 105.88 - - - Segment 2 Seed Money 111.51 104.16 98.83 - - Segment 4 Versatile Asset Participants 107.88 101.90 98.89 - - Segment 5 Versatile Asset II Participants 107.75 101.81 98.88 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 107.40 101.58 98.84 - - Segment 9 Versatile Portfolios Participants (No-Load) 107.25 101.48 98.83 - - Segment 11 Versatile Portfolios TFSA 107.27 101.50 98.83 - - Segment 12 Versatile Portfolios Education Savings Plan 108.16 102.09 98.92 - - Ratios and Supplemental Data Net assets Segment 1 Group Retirement Products - 43 - - - Segment 2 Seed Money 27,878 26,039 24,706 - - Segment 4 Versatile Asset Participants 17,873 16,882 30,702 - - Segment 5 Versatile Asset II Participants 53,989 51,831 7,797 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 484,073 600,996 418,094 - - Segment 9 Versatile Portfolios Participants (No-Load) 60,124 110,942 127,893 - - Segment 11 Versatile Portfolios TFSA 35,145 27,897 58,799 - - Segment 12 Versatile Portfolios Education Savings Plan 3,679 2,684 2,269 - - Number of units outstanding Segment 1 Group Retirement Products - 1 - - - Segment 2 Seed Money 250 250 250 - - Segment 4 Versatile Asset Participants 166 166 310 - - Segment 5 Versatile Asset II Participants 501 509 79 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 4,507 5,917 4,230 - - Segment 9 Versatile Portfolios Participants (No-Load) 561 1,093 1,294 - - Segment 11 Versatile Portfolios TFSA 328 275 595 - - Segment 12 Versatile Portfolios Education Savings Plan 34 26 23 - - Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.93% 2.93% 2.93% - - Segment 5 Versatile Asset II Participants 3.00% 3.00% 3.00% - - Segment 8 Versatile Portfolios Participants (Back-end Load) 3.20% 3.20% 3.20% - - Segment 9 Versatile Portfolios Participants (No-Load) 3.29% 3.29% 3.29% - - Segment 11 Versatile Portfolios TFSA 3.28% 3.28% 3.27% - - Segment 12 Versatile Portfolios Education Savings Plan 2.77% 2.77% 2.76% - - Portfolio turnover rate (note 10) 379.54% 379.54% 247.31% - - The Co-operators Ethical Balanced Fund only came into existence in 2012 and therefore comparative information for prior years is unavailable. 25

Co-operators Ethical Canadian Equity Fund (note 11) Formerly Co-operators Ethical Canadian Dividend Fund Underlying fund managed by NEI Investments Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 1,382 1,180 171 Net assets attributable to unitholders at beginning of year 1,177 170 Liabilities unitholders 81 25 Current Liabilities Payables 4 3 1 Transactions with unitholders Unitholders' contributions 264 207 Net assets attributable to unitholders 1,378 1,177 170 Unitholders' withdrawals (60) (7) Transfers (to) from other funds (84) 429 Net assets attributable to unitholders per unit 137.21 128.60 104.89 Net increase (decrease) from unitholders' transactions 120 629 Net assets attributable to unitholders at end of period 1,378 824 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund - - Cash flows from operating activities Expenses unitholders 81 25 Management fees (note 9) 19 8 Adjustments for: Realized and unrealized gains (losses) (100) (33) Net investment income (loss) (19) (8) Current liabilities 4 2 Purchases (sales) of investments (105) (623) Gains (losses) on investments Net cash from operating activities (120) (629) Realized and unrealized gains (losses) 100 33 Cash flows from financing activities unitholders unitholders per unit (note 13) Proceeds from the issuance of units 264 636 81 25 Amounts paid on redemption of units (144) (7) Net cash from financing activities 120 629 8.10 5.00 Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of period - - Top Holdings of Underlying Fund (unaudited) As at June 30, 2014 NEI Ethical Canadian Equity Fund (formerly NEI Ethical Canadian Dividend Fund) Cash & Short Term Notes 9.10% Ensign Resource Service Group 3.30% Canadian Natural Resources 5.90% Rogers Communications, Class B 3.20% Suncor Energy 5.90% Open Text Corporation 3.20% Toronto-Dominion Bank 5.40% Domtar Corporation 3.10% Scotiabank 4.60% Empire Company, Class A 2.90% National Bank of Canada 4.40% Industrial Alliance Insurance and Financial Services 2.80% ATCO, Class I 4.10% Home Capital Group 2.80% CGI Group, Class A 3.90% TELUS Corporation 2.70% Canadian Tire Corporation, Class A 3.90% Power Financial Corporation 2.60% Canadian National Railway Company 3.60% Toromont Industries 1.80% Gibson Energy 3.60% Cineplex 1.70% Canadian Utilities, Class A 3.40% Transcontinental, Class A 1.50% Metro 3.30% 26

Co-operators Ethical Canadian Equity Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 2 Seed Money 142.91 132.36 105.27 - - Segment 4 Versatile Asset Participants 137.49 128.77 104.77 - - Segment 5 Versatile Asset II Participants 137.32 128.67 104.75 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 136.89 128.37 104.72 - - Segment 9 Versatile Portfolios Participants (No-Load) 136.69 128.25 104.70 - - Segment 11 Versatile Portfolios TFSA 136.72 128.27 104.70 - - Segment 12 Versatile Portfolios Education Savings Plan 137.85 129.01 104.80 - - Ratios and Supplemental Data Net assets Segment 2 Seed Money 71,453 66,179 52,637 - - Segment 4 Versatile Asset Participants 63,900 49,941 21,115 - - Segment 5 Versatile Asset II Participants 89,886 82,382 4,241 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 817,504 669,447 58,561 - - Segment 9 Versatile Portfolios Participants (No-Load) 257,385 236,629 24,532 - - Segment 11 Versatile Portfolios TFSA 63,521 60,616 6,691 - - Segment 12 Versatile Portfolios Education Savings Plan 14,108 12,303 2,538 - - Number of units outstanding Segment 2 Seed Money 500 500 500 - - Segment 4 Versatile Asset Participants 465 388 202 - - Segment 5 Versatile Asset II Participants 655 640 40 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 5,972 5,215 559 - - Segment 9 Versatile Portfolios Participants (No-Load) 1,883 1,845 234 - - Segment 11 Versatile Portfolios TFSA 465 473 64 - - Segment 12 Versatile Portfolios Education Savings Plan 102 95 24 - - Management expense ratio (note 9) Segment 4 Versatile Asset Participants 3.04% 3.04% 3.04% - - Segment 5 Versatile Asset II Participants 3.11% 3.12% 3.11% - - Segment 8 Versatile Portfolios Participants (Back-end Load) 3.31% 3.31% 3.31% - - Segment 9 Versatile Portfolios Participants (No-Load) 3.40% 3.40% 3.39% - - Segment 11 Versatile Portfolios TFSA 3.39% 3.38% 3.38% - - Segment 12 Versatile Portfolios Education Savings Plan 2.88% 2.88% 2.88% - - Portfolio turnover rate (note 10) 19.22% 19.22% 36.89% - - The Co-operators Ethical Canadian Equity Fund only came into existence in 2012 and therefore comparative information for prior years is unavailable. 27

Co-operators Ethical International Equity Fund Underlying fund managed by NEI Investments Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 294 260 102 Net assets attributable to unitholders at beginning of year 259 102 Liabilities unitholders 7 10 Current Liabilities Payables 1 1 - Transactions with unitholders Unitholders' contributions 98 30 Net assets attributable to unitholders 293 259 102 Unitholders' withdrawals (77) (1) Transfers (to) from other funds 6 45 Net assets attributable to unitholders per unit 130.79 128.33 103.55 Net increase (decrease) from unitholders' transactions 27 74 Net assets attributable to unitholders at end of period 293 186 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund - - Cash flows from operating activities Expenses unitholders 7 10 Management fees (note 9) 4 2 Adjustments for: Realized and unrealized gains (losses) (11) (12) Net investment income (loss) (4) (2) Current liabilities 1 - Purchases (sales) of investments (24) (72) Gains (losses) on investments Net cash from operating activities (27) (74) Realized and unrealized gains (losses) 11 12 Cash flows from financing activities unitholders unitholders per unit (note 13) Proceeds from the issuance of units 104 75 7 10 Amounts paid on redemption of units (77) (1) Net cash from financing activities 27 74 3.50 5.00 Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of period - - Top Holdings of Underlying Fund (unaudited) As at June 30, 2014 NEI Ethical International Equity Fund Compass Group 2.80% Sampo, Series A 1.80% Roche Holding 2.50% Geberit 1.80% Vinci 2.40% Capita 1.80% Shire 2.10% Bayerische Motoren Werke (BMW) 1.80% Intesa Sanpaolo 2.10% Coloplast, Class B 1.80% Cheung Kong (Holdings) 2.10% Astellas Pharma 1.70% Capgemini 2.00% MediaTek 1.70% Total, Series B 2.00% PT Bank Rakyat Indonesia 1.70% Sumitomo Mitsui Financial Group 2.00% SECOM Co. 1.60% ORIX Corporation 2.00% Partners Group Holding 1.60% Tencent Holdings 1.90% Daikin Industries 1.50% Tata Motors 1.80% Johnson Matthey 1.50% CSL 1.80% 28

Co-operators Ethical International Equity Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 2 Seed Money 135.39 131.38 103.79 - - Segment 4 Versatile Asset Participants 130.01 127.69 103.35 - - Segment 5 Versatile Asset II Participants 129.85 127.58 103.33 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 129.45 127.30 - - - Segment 9 Versatile Portfolios Participants (No-Load) 129.27 127.18 103.29 - - Segment 11 Versatile Portfolios TFSA 129.30 127.20 103.29 - - Segment 12 Versatile Portfolios Education Savings Plan 130.35 127.93 - - - Ratios and Supplemental Data Net assets Segment 2 Seed Money 67,694 65,691 51,893 - - Segment 4 Versatile Asset Participants 477 469 380 - - Segment 5 Versatile Asset II Participants 24,510 51,494 4,188 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 152,243 58,496 - - - Segment 9 Versatile Portfolios Participants (No-Load) 25,464 70,259 44,763 - - Segment 11 Versatile Portfolios TFSA 20,034 12,149 761 - - Segment 12 Versatile Portfolios Education Savings Plan 2,271 250 - - - Number of units outstanding Segment 2 Seed Money 500 500 500 - - Segment 4 Versatile Asset Participants 4 4 4 - - Segment 5 Versatile Asset II Participants 189 404 41 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 1,176 460 - - - Segment 9 Versatile Portfolios Participants (No-Load) 197 552 433 - - Segment 11 Versatile Portfolios TFSA 155 96 7 - - Segment 12 Versatile Portfolios Education Savings Plan 17 2 - - - Management expense ratio (note 9) Segment 4 Versatile Asset Participants 3.37% 3.38% 3.37% - - Segment 5 Versatile Asset II Participants 3.45% 3.45% 3.44% - - Segment 8 Versatile Portfolios Participants (Back-end Load) 3.64% 3.64% - - - Segment 9 Versatile Portfolios Participants (No-Load) 3.73% 3.73% 3.72% - - Segment 11 Versatile Portfolios TFSA 3.71% 3.71% 3.71% - - Segment 12 Versatile Portfolios Education Savings Plan 3.21% 3.21% - - - Portfolio turnover rate (note 10) 52.90% 52.90% 99.27% - - The Co-operators Ethical International Equity Fund only came into existence in 2012 and therefore comparative information for prior years is unavailable. 29

Co-operators Ethical Select Balanced Portfolio (note 11) Formerly Co-operators Ethical Select Canadian Balanced Portfolio Underlying fund managed by NEI Investments Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 4,515 3,798 3,277 Net assets attributable to unitholders at beginning of year 3,787 3,269 Liabilities unitholders 210 105 Current Liabilities Payables 12 11 8 Transactions with unitholders Unitholders' contributions 581 388 Net assets attributable to unitholders 4,503 3,787 3,269 Unitholders' withdrawals (243) (118) Transfers (to) from other funds 168 (137) Net assets attributable to unitholders per unit 117.92 112.49 101.15 Net increase (decrease) from unitholders' transactions 506 133 Net assets attributable to unitholders at end of period 4,503 3,507 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund - - Cash flows from operating activities Expenses unitholders 210 105 Management fees (note 9) 69 55 Adjustments for: Realized and unrealized gains (losses) (279) (160) Net investment income (loss) (69) (55) Current liabilities 12 9 Purchases (sales) of investments (449) (87) Gains (losses) on investments Net cash from operating activities (506) (133) Realized and unrealized gains (losses) 279 160 Cash flows from financing activities unitholders unitholders per unit (note 13) Proceeds from the issuance of units 749 388 210 105 Amounts paid on redemption of units (243) (255) Net cash from financing activities 506 133 5.83 3.18 Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of period - - Top Holdings of Underlying Fund (unaudited) As at June 30, 2014 NEI Ethical Select Balanced Portfolio (formerly NEI Ethical Select Canadian Balanced Portfolio) NEI Global Total Return Bond Fund, Series I 14.60% NEI Ethical Global Equity Fund, Series I 8.70% NEI Canadian Bond Fund, Series I 11.80% NEI Ethical Global Dividend Fund, Series I 8.60% NEI Ethical American Multi-Strategy Fund, Series I 11.70% NEI Ethical International Equity Fund, Series I 7.70% NEI Ethical Canadian Equity Fund, Series I 9.90% NEI Ethical Special Equity Fund, Series I 4.90% NEI Ethical Balanced Fund, Series I 9.90% Cash and Cash Equivalents 2.40% NEI Income Fund, Series I 9.80% 30

Co-operators Ethical Select Balanced Portfolio Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products - 105.08 - - - Segment 2 Seed Money 122.91 115.81 101.57 - - Segment 4 Versatile Asset Participants 118.38 112.80 101.19 - - Segment 5 Versatile Asset II Participants 118.24 112.71 101.18 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 117.87 112.46 101.15 - - Segment 9 Versatile Portfolios Participants (No-Load) 117.70 112.35 101.13 - - Segment 11 Versatile Portfolios TFSA 117.73 112.37 101.13 - - Segment 12 Versatile Portfolios Education Savings Plan 118.69 113.01 101.22 - - Ratios and Supplemental Data Net assets Segment 1 Group Retirement Products - 987 - - - Segment 2 Seed Money 30,728 28,953 25,391 - - Segment 4 Versatile Asset Participants 120,059 116,945 112,066 - - Segment 5 Versatile Asset II Participants 21,496 22,367 18,117 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 2,536,450 2,110,191 1,743,462 - - Segment 9 Versatile Portfolios Participants (No-Load) 1,033,812 776,918 770,917 - - Segment 11 Versatile Portfolios TFSA 480,939 526,233 451,420 - - Segment 12 Versatile Portfolios Education Savings Plan 279,065 204,000 147,183 - - Number of units outstanding Segment 1 Group Retirement Products - 9 - - - Segment 2 Seed Money 250 250 250 - - Segment 4 Versatile Asset Participants 1,014 1,037 1,107 - - Segment 5 Versatile Asset II Participants 182 198 179 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 21,519 18,764 17,237 - - Segment 9 Versatile Portfolios Participants (No-Load) 8,783 6,915 7,623 - - Segment 11 Versatile Portfolios TFSA 4,085 4,683 4,464 - - Segment 12 Versatile Portfolios Education Savings Plan 2,351 1,805 1,454 - - Management expense ratio (note 9) Segment 4 Versatile Asset Participants 3.04% 3.04% 3.04% - - Segment 5 Versatile Asset II Participants 3.11% 3.12% 3.11% - - Segment 8 Versatile Portfolios Participants (Back-end Load) 3.31% 3.31% 3.31% - - Segment 9 Versatile Portfolios Participants (No-Load) 3.40% 3.40% 3.39% - - Segment 11 Versatile Portfolios TFSA 3.39% 3.38% 3.38% - - Segment 12 Versatile Portfolios Education Savings Plan 2.88% 2.88% 2.88% - - Portfolio turnover rate (note 10) 41.35% 41.35% 19.41% - - The Co-operators Ethical Select Balanced Portfolio only came into existence in 2012 and therefore comparative information for prior years is unavailable. 31

Co-operators Ethical Select Growth Portfolio (note 11) Formerly Co-operators Ethical Select Canadian Growth Portfolio Underlying fund managed by NEI Investments Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 1,885 1,410 1,046 Net assets attributable to unitholders at beginning of year 1,406 1,043 Liabilities unitholders 86 52 Current Liabilities Payables 5 4 3 Transactions with unitholders Unitholders' contributions 551 123 Net assets attributable to unitholders 1,880 1,406 1,043 Unitholders' withdrawals (90) (10) Transfers (to) from other funds (73) 17 Net assets attributable to unitholders per unit 123.71 117.49 101.63 Net increase (decrease) from unitholders' transactions 388 130 Net assets attributable to unitholders at end of period 1,880 1,225 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund - - Cash flows from operating activities Expenses unitholders 86 52 Management fees (note 9) 27 19 Adjustments for: Realized and unrealized gains (losses) (113) (71) Net investment income (loss) (27) (19) Current liabilities 5 3 Purchases (sales) of investments (366) (114) Gains (losses) on investments Net cash from operating activities (388) (130) Realized and unrealized gains (losses) 113 71 Cash flows from financing activities unitholders unitholders per unit (note 13) Proceeds from the issuance of units 551 140 86 52 Amounts paid on redemption of units (163) (10) Net cash from financing activities 388 130 6.14 4.73 Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of period - - Top Holdings of Underlying Fund (unaudited) As at June 30, 2014 NEI Ethical Select Canadian Growth Portfolio (formerly NEI Ethical Select Canadian Growth Portfolio) NEI Ethical American Multi-Strategy Fund, Series I 14.90% NEI Ethical International Equity Fund, Series I 9.00% NEI Ethical Canadian Equity Fund, Series I 14.10% NEI Ethical Special Equity Fund, Series I 6.00% NEI Ethical Balanced Fund, Series I 12.00% NEI Income Fund, Series I 5.00% NEI Ethical Global Dividend Fund, Series I 12.00% NEI Canadian Bond Fund, Series I 5.00% NEI Ethical Global Equity Fund, Series I 12.00% Cash and Cash Equivalents 0.10% NEI Global Total Return Bond Fund, Series I 9.90% 32

Co-operators Ethical Select Growth Portfolio Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 2 Seed Money 129.11 121.03 102.06 - - Segment 4 Versatile Asset Participants 124.02 117.66 101.65 - - Segment 5 Versatile Asset II Participants 123.87 117.56 101.64 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 123.48 117.30 101.61 - - Segment 9 Versatile Portfolios Participants (No-Load) 123.31 117.19 101.59 - - Segment 11 Versatile Portfolios TFSA 123.34 117.21 101.60 - - Segment 12 Versatile Portfolios Education Savings Plan 124.34 117.88 101.68 - - Ratios and Supplemental Data Net assets Segment 2 Seed Money 64,555 60,515 51,028 - - Segment 4 Versatile Asset Participants 131,258 112,349 92,050 - - Segment 5 Versatile Asset II Participants 47,719 39,852 31,248 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 1,345,122 946,047 691,173 - - Segment 9 Versatile Portfolios Participants (No-Load) 164,859 157,638 117,747 - - Segment 11 Versatile Portfolios TFSA 96,661 70,341 48,497 - - Segment 12 Versatile Portfolios Education Savings Plan 30,267 19,240 11,445 - - Number of units outstanding Segment 2 Seed Money 500 500 500 - - Segment 4 Versatile Asset Participants 1,058 955 906 - - Segment 5 Versatile Asset II Participants 385 339 307 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 10,893 8,065 6,802 - - Segment 9 Versatile Portfolios Participants (No-Load) 1,337 1,345 1,159 - - Segment 11 Versatile Portfolios TFSA 784 600 477 - - Segment 12 Versatile Portfolios Education Savings Plan 243 163 113 - - Management expense ratio (note 9) Segment 4 Versatile Asset Participants 3.26% 3.27% 3.26% - - Segment 5 Versatile Asset II Participants 3.34% 3.34% 3.33% - - Segment 8 Versatile Portfolios Participants (Back-end Load) 3.53% 3.53% 3.53% - - Segment 9 Versatile Portfolios Participants (No-Load) 3.62% 3.62% 3.61% - - Segment 11 Versatile Portfolios TFSA 3.60% 3.60% 3.60% - - Segment 12 Versatile Portfolios Education Savings Plan 3.10% 3.10% 3.10% - - Portfolio turnover rate (note 10) 48.01% 48.01% 11.68% - - The Co-operators Ethical Select Growth Portfolio only came into existence in 2012 and therefore comparative information for prior years is unavailable. 33

Co-operators Ethical Select Conservative Portfolio Underlying fund managed by NEI Investments Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 1,089 330 65 Net assets attributable to unitholders at beginning of year 329 65 Liabilities unitholders 33 (3) Current Liabilities Payables 3 1 - Transactions with unitholders Unitholders' contributions 318 53 Net assets attributable to unitholders 1,086 329 65 Unitholders' withdrawals (14) (3) Transfers (to) from other funds 420 168 Net assets attributable to unitholders per unit 109.74 105.91 100.92 Net increase (decrease) from unitholders' transactions 724 218 Net assets attributable to unitholders at end of period 1,086 280 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund - - Cash flows from operating activities Expenses unitholders 33 (3) Management fees (note 9) 13 2 Adjustments for: Realized and unrealized gains (losses) (46) 1 Net investment income (loss) (13) (2) Current liabilities 3 1 Purchases (sales) of investments (714) (217) Gains (losses) on investments Net cash from operating activities (724) (218) Realized and unrealized gains (losses) 46 (1) Cash flows from financing activities unitholders unitholders per unit (note 13) Proceeds from the issuance of units 738 221 33 (3) Amounts paid on redemption of units (14) (3) Net cash from financing activities 724 218 4.71 (1.50) Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of period - - Top Holdings of Underlying Fund (unaudited) As at June 30, 2014 NEI Ethical Select Conservative Portfolio NEI Canadian Bond Fund, Series I 24.80% NEI Ethical American Multi-Strategy Fund, Series I 7.10% NEI Income Fund, Series I 17.80% NEI Ethical International Equity Fund, Series I 6.00% NEI Global Total Return Bond Fund, Series I 13.80% NEI Ethical Global Equity Fund, Series I 5.00% NEI Ethical Balanced Fund, Series I 10.10% NEI Ethical Global Dividend Fund, Series I 4.90% NEI Ethical Canadian Equity Fund, Series I 10.10% Cash and Cash Equivalents 0.40% 34

Co-operators Ethical Select Conservative Portfolio Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 107.73 - - - - Segment 2 Seed Money 114.18 108.49 101.00 - - Segment 5 Versatile Asset II Participants 109.85 105.59 - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 109.50 105.35 - - - Segment 9 Versatile Portfolios Participants (No-Load) 109.34 105.25 100.57 - - Segment 11 Versatile Portfolios TFSA 109.37 105.27 - - - Segment 12 Versatile Portfolios Education Savings Plan 110.26 105.87 100.65 - - Ratios and Supplemental Data Net assets Segment 1 Group Retirement Products 120 - - - - Segment 2 Seed Money 57,090 54,245 50,499 - - Segment 5 Versatile Asset II Participants 95,547 86,461 - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 363,775 129,896 - - - Segment 9 Versatile Portfolios Participants (No-Load) 414,855 29,800 2,545 - - Segment 11 Versatile Portfolios TFSA 93,193 22,652 - - - Segment 12 Versatile Portfolios Education Savings Plan 61,536 5,997 11,915 - - Number of units outstanding Segment 1 Group Retirement Products 1 - - - - Segment 2 Seed Money 500 500 500 - - Segment 5 Versatile Asset II Participants 870 819 - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 3,322 1,233 - - - Segment 9 Versatile Portfolios Participants (No-Load) 3,794 283 25 - - Segment 11 Versatile Portfolios TFSA 852 215 - - - Segment 12 Versatile Portfolios Education Savings Plan 558 57 118 - - Management expense ratio (note 9) Segment 5 Versatile Asset II Participants 2.93% 2.93% - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 3.20% 3.20% - - - Segment 9 Versatile Portfolios Participants (No-Load) 3.29% 3.29% 3.29% - - Segment 11 Versatile Portfolios TFSA 3.28% 3.28% - - - Segment 12 Versatile Portfolios Education Savings Plan 2.77% 2.77% 2.76% - - Portfolio turnover rate (note 10) 43.84% 43.84% 29.25% - - The Co-operators Ethical Select Conservative Portfolio only came into existence in 2012 and therefore comparative information for prior years is unavailable. 35

Co-operators Ethical Select Income Portfolio Underlying fund managed by NEI Investments Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 840 1,355 117 Net assets attributable to unitholders at beginning of year 1,351 117 Liabilities unitholders 35 (4) Current Liabilities Payables 2 4 - Transactions with unitholders Unitholders' contributions 138 101 Net assets attributable to unitholders 838 1,351 117 Unitholders' withdrawals (109) - Transfers (to) from other funds (577) - Net assets attributable to unitholders per unit 104.00 100.63 100.90 Net increase (decrease) from unitholders' transactions (548) 101 Net assets attributable to unitholders at end of period 838 214 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund - - Cash flows from operating activities Expenses unitholders 35 (4) Management fees (note 9) 15 2 Adjustments for: Realized and unrealized gains (losses) (50) 2 Net investment income (loss) (15) (2) Current liabilities 2 - Purchases (sales) of investments 561 (99) Gains (losses) on investments Net cash from operating activities 548 (101) Realized and unrealized gains (losses) 50 (2) Cash flows from financing activities unitholders unitholders per unit (note 13) Proceeds from the issuance of units 138 101 35 (4) Amounts paid on redemption of units (686) - Net cash from financing activities (548) 101 3.18 (0.57) Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of period - - Top Holdings of Underlying Fund (unaudited) As at June 30, 2014 NEI Ethical Select Income Portfolio NEI Canadian Bond Fund, Series I 40.10% NEI Ethical Global Dividend Fund, Series I 12.90% NEI Income Fund, Series I 22.00% NEI Ethical Canadian Equity Fund, Series I 7.00% NEI Global Total Return Bond Fund, Series I 17.90% Cash and Cash Equivalents 0.10% 36

Co-operators Ethical Select Income Portfolio Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 105.49 - - - - Segment 2 Seed Money 108.22 103.59 101.12 - - Segment 4 Versatile Asset Participants 104.24 100.90 100.74 - - Segment 5 Versatile Asset II Participants 104.12 100.82 100.73 - - Segment 6 Versatile Asset III Participants 103.82 100.61 - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 103.79 100.59 100.70 - - Segment 9 Versatile Portfolios Participants (No-Load) 103.64 100.49 - - - Segment 11 Versatile Portfolios TFSA 103.66 100.51 - - - Segment 12 Versatile Portfolios Education Savings Plan 104.52 101.09 - - - Ratios and Supplemental Data Net assets Segment 1 Group Retirement Products 529 - - - - Segment 2 Seed Money 54,109 51,793 50,559 - - Segment 4 Versatile Asset Participants 11,668 11,294 11,277 - - Segment 5 Versatile Asset II Participants 47,402 45,899 45,861 - - Segment 6 Versatile Asset III Participants 1,027 995 - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 143,555 26,899 9,146 - - Segment 9 Versatile Portfolios Participants (No-Load) 536,820 1,194,416 - - - Segment 11 Versatile Portfolios TFSA 30,287 9,789 - - - Segment 12 Versatile Portfolios Education Savings Plan 12,515 10,063 - - - Number of units outstanding Segment 1 Group Retirement Products 5 - - - - Segment 2 Seed Money 500 500 500 - - Segment 4 Versatile Asset Participants 112 112 112 - - Segment 5 Versatile Asset II Participants 455 455 455 - - Segment 6 Versatile Asset III Participants 10 10 - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 1,383 267 91 - - Segment 9 Versatile Portfolios Participants (No-Load) 5,180 11,885 - - - Segment 11 Versatile Portfolios TFSA 292 97 - - - Segment 12 Versatile Portfolios Education Savings Plan 120 100 - - - Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.87% 2.88% 2.87% - - Segment 5 Versatile Asset II Participants 2.95% 2.95% 2.94% - - Segment 6 Versatile Asset III Participants 3.12% 3.13% - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 3.14% 3.15% 3.21% - - Segment 9 Versatile Portfolios Participants (No-Load) 3.23% 3.24% - - - Segment 11 Versatile Portfolios TFSA 3.22% 3.22% - - - Segment 12 Versatile Portfolios Education Savings Plan 2.71% 2.72% - - - Portfolio turnover rate (note 10) 22.87% 22.87% 4.64% - - The Co-operators Ethical Select Income Portfolio only came into existence in 2012 and therefore comparative information for prior years is unavailable. 37

Co-operators Fidelity Canadian Bond Fund Underlying fund managed by Fidelity Investments Canada ULC Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 25,542 25,281 23,845 Net assets attributable to unitholders at beginning of year 25,216 23,785 Liabilities unitholders 977 (703) Current Liabilities Payables 65 65 60 Fund of funds rebalancing (note 2) 212 526 Net assets attributable to unitholders Net assets attributable to unitholders per unit 25,477 25,216 23,785 Transactions with unitholders Unitholders' contributions 3,008 3,308 Unitholders' withdrawals (2,647) (1,994) 133.80 129.24 134.60 Transfers (to) from other funds (1,289) (96) Net increase (decrease) from unitholders' transactions (928) 1,218 Statement of Comprehensive Income Net assets attributable to unitholders at end of period 25,477 24,826 For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ Statement of Cash Flows Investment Income For the periods ended June 30 2014 2013 Distribution from underlying fund 439 410 (in thousands of dollars) $ $ Expenses Cash flows from operating activities Management fees (note 9) 376 360 Audit, legal and other fees (note 9) 1 1 unitholders 977 (703) 377 361 Adjustments for: Realized and unrealized gains (losses) (915) 752 Net investment income (loss) 62 49 Current liabilities 65 56 Purchases (sales) of investments 1,028 (1,439) Gains (losses) on investments Net cash from operating activities 1,155 (1,334) Realized and unrealized gains (losses) 915 (752) Cash flows from financing activities unitholders unitholders per unit (note 13) Top Holdings of Underlying Fund (unaudited) As at June 30, 2014 Distributions (439) (410) 977 (703) Proceeds from the issuance of units 3,220 3,834 Amounts paid on redemption of units (3,936) (2,090) Net cash from financing activities (1,155) 1,334 5.06 (3.78) Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of period - - Fidelity Canadian Bond Fund Ontario Prov 2.85% 6/02/23 3.08% Quebec Province 4.25% 12/01/43 0.88% Canada Housing 1.95% 06/15/19 2.44% Canada Govt 1.5% 9/01/17 0.85% Canada Govt 3.5% 12/01/45 2.27% Bank of Montreal CD+40 3/15 0.76% Canada Housing 2.05% 6/17 2.14% Prov of New Bruns 3.55% 6/3/43 0.74% Ontario Prov 4.2% 6/2/20 1.59% CI Invest Inc 3.94/VAR 12/16 0.72% Quebec Province 5% 12/01/41 1.50% Can Imperial Bk 4.11/VAR 4/20 0.71% Canada Housing 2.65% 3/22 1.47% Ontario Prov 3.5% 6/02/43 0.69% Quebec Prov 4.25% 12/01/21 1.26% Ontario Province 4.65% 6/02/41 0.69% Royal Bank of Canada 2.26% 3/18 1.14% Bank of Montreal 2.24% 12/11/17 0.69% Canada Housing 2.35% 9/15/23 1.09% Quebec Prov Mtn 4.5% 12/01/19 0.63% Royal Bk Cda 2.364% 9/21/17 1.02% Canada Housing 1.7% 12/15/17 0.60% Manitoba Prov 4.05% 09/05/45 0.97% Bk Nova Scotia 2.462% 03/14/19 0.60% Quebec Province 3% 9/01/23 0.89% 38

Co-operators Fidelity Canadian Bond Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 2 Seed Money - - - - 147.41 Segment 4 Versatile Asset Participants 140.87 135.60 140.36 137.83 129.36 Segment 5 Versatile Asset II Participants 136.56 131.27 136.07 134.14 126.27 Segment 6 Versatile Asset III Participants 133.49 128.60 133.57 132.39 124.87 Segment 8 Versatile Portfolios Participants (Back-end Load) 134.18 129.50 134.64 132.17 124.55 Segment 9 Versatile Portfolios Participants (No-Load) 136.25 131.28 136.52 135.65 128.18 Segment 11 Versatile Portfolios TFSA 117.60 113.57 118.14 116.45 109.93 Segment 12 Versatile Portfolios Education Savings Plan 118.01 113.67 117.71 115.56 108.56 Ratios and Supplemental Data Net assets Segment 2 Seed Money - - - - 737 Segment 4 Versatile Asset Participants 1,802,336 1,990,307 1,990,401 3,265,705 3,173,630 Segment 5 Versatile Asset II Participants 759,003 854,459 882,704 1,556,314 1,707,524 Segment 6 Versatile Asset III Participants 71,934 82,472 68,142 129,221 133,054 Segment 8 Versatile Portfolios Participants (Back-end Load) 14,933,192 14,496,119 14,080,994 21,498,156 18,984,039 Segment 9 Versatile Portfolios Participants (No-Load) 6,036,990 6,116,935 5,533,560 8,622,097 8,122,711 Segment 11 Versatile Portfolios TFSA 1,592,520 1,429,440 1,028,096 1,063,690 645,938 Segment 12 Versatile Portfolios Education Savings Plan 281,478 246,389 200,733 290,798 177,600 Number of units outstanding Segment 2 Seed Money - - - - 5 Segment 4 Versatile Asset Participants 12,795 14,677 14,181 23,694 24,534 Segment 5 Versatile Asset II Participants 5,558 6,509 6,487 11,602 13,523 Segment 6 Versatile Asset III Participants 539 641 510 976 1,066 Segment 8 Versatile Portfolios Participants (Back-end Load) 111,292 111,937 104,581 162,655 152,421 Segment 9 Versatile Portfolios Participants (No-Load) 44,308 46,595 40,532 63,563 63,369 Segment 11 Versatile Portfolios TFSA 13,542 12,587 8,702 9,135 5,876 Segment 12 Versatile Portfolios Education Savings Plan 2,385 2,168 1,705 2,516 1,636 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.60% 2.60% 2.61% 2.61% 2.55% Segment 5 Versatile Asset II Participants 2.89% 2.89% 2.90% 2.90% 2.82% Segment 6 Versatile Asset III Participants 3.12% 3.13% 3.14% 3.14% 3.04% Segment 8 Versatile Portfolios Participants (Back-end Load) 3.09% 3.09% 3.10% 3.11% 3.03% Segment 9 Versatile Portfolios Participants (No-Load) 3.23% 3.24% 3.25% 3.25% 3.18% Segment 11 Versatile Portfolios TFSA 3.22% 3.22% 3.23% 3.25% 3.19% Segment 12 Versatile Portfolios Education Savings Plan 2.88% 2.88% 2.89% 2.89% 2.81% Portfolio turnover rate (note 10) 61.00% 61.00% 73.00% 85.00% 73.00% 39

Co-operators Fidelity Global Fund Underlying fund managed by Fidelity Investments Canada ULC Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 12,802 10,924 8,582 Net assets attributable to unitholders at beginning of year 10,894 8,560 Liabilities unitholders 405 906 Current Liabilities Payables 34 30 22 Fund of funds rebalancing (note 2) 307 (320) Net assets attributable to unitholders Net assets attributable to unitholders per unit 12,768 10,894 8,560 Transactions with unitholders Unitholders' contributions 1,540 849 Unitholders' withdrawals (668) (339) 123.95 120.04 93.33 Transfers (to) from other funds 290 (330) Net increase (decrease) from unitholders' transactions 1,162 180 Statement of Comprehensive Income Net assets attributable to unitholders at end of period 12,768 9,326 For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ Statement of Cash Flows Investment Income For the periods ended June 30 2014 2013 Distribution from underlying fund - - (in thousands of dollars) $ $ Expenses Management fees (note 9) 186 143 Cash flows from operating activities unitholders 405 906 Net investment income (loss) (186) (143) Adjustments for: Realized and unrealized gains (losses) (591) (1,049) Gains (losses) on investments Current liabilities 34 23 Realized and unrealized gains (losses) 591 1,049 Purchases (sales) of investments (1,317) 260 Net cash from operating activities (1,469) 140 unitholders 405 906 Cash flows from financing activities unitholders per unit (note 13) Proceeds from the issuance of units 2,137 849 Amounts paid on redemption of units (668) (989) 4.18 9.96 Net cash from financing activities 1,469 (140) Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of period - - Top Holdings of Underlying Fund (unaudited) As at June 30, 2014 Fidelity Global Fund Apple Inc 3.84% United Technologies Corp 1.32% Gilead Sciences Inc 1.94% Express Scripts Hldg Co 1.30% Qualcomm Inc 1.93% CVS Caremark Corp 1.14% Google Inc Cl A 1.69% Ebay Inc 1.13% Google Inc Cl C 1.66% United Parcel Service Inc Cl B 1.12% Pepsico Inc 1.64% Viacom Inc Cl B 1.10% Philip Morris Intl Inc 1.62% Merck & Co Inc New 1.07% Oracle Corp 1.58% Occidental Petroleum Corp 0.92% Home Depot Inc 1.55% Royal Dutch Shell PLC CL B(UK) 0.91% Ashland Inc 1.52% Honeywell Intl Inc 0.90% JPMorgan Chase & Co 1.43% Apache Corp 0.90% Capital One Financial Corp 1.39% Agilent Technologies Inc 0.90% TJX Companies Inc New 1.39% 40

Co-operators Fidelity Global Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 100.20 96.02 74.78 67.73 74.26 Segment 2 Seed Money - - - - 113.84 Segment 3 Group Retirement - Investment Mgmt Only 125.35 120.31 91.88 81.88 88.63 Segment 4 Versatile Asset Participants 124.04 120.06 93.48 86.68 95.06 Segment 5 Versatile Asset II Participants 125.03 121.33 94.48 86.45 95.17 Segment 6 Versatile Asset III Participants 120.00 116.72 90.59 82.53 90.99 Segment 8 Versatile Portfolios Participants (Back-end Load) 122.35 118.63 92.39 84.82 93.56 Segment 9 Versatile Portfolios Participants (No-Load) 129.35 125.31 97.84 89.78 99.22 Segment 11 Versatile Portfolios TFSA 160.07 155.51 121.54 111.03 122.60 Segment 12 Versatile Portfolios Education Savings Plan 157.43 152.36 118.37 107.53 118.15 Ratios and Supplemental Data Net assets Segment 1 Group Retirement Products 570,150 426,831 285,204 273,534 333,525 Segment 2 Seed Money - - - - 569 Segment 3 Group Retirement - Investment Mgmt Only 556,323 528,745 372,453 153,463 146,517 Segment 4 Versatile Asset Participants 1,127,688 1,033,780 794,962 2,237,700 2,496,270 Segment 5 Versatile Asset II Participants 968,088 975,979 829,315 1,618,286 1,837,115 Segment 6 Versatile Asset III Participants 65,134 54,437 40,210 136,439 139,598 Segment 8 Versatile Portfolios Participants (Back-end Load) 7,237,093 6,034,918 4,899,733 14,339,209 14,092,420 Segment 9 Versatile Portfolios Participants (No-Load) 1,559,967 1,332,877 1,030,785 4,088,475 4,222,235 Segment 11 Versatile Portfolios TFSA 448,859 310,215 189,336 612,593 404,032 Segment 12 Versatile Portfolios Education Savings Plan 234,952 196,486 118,165 241,385 169,789 Number of units outstanding Segment 1 Group Retirement Products 5,690 4,445 3,814 4,039 4,491 Segment 2 Seed Money - - - - 5 Segment 3 Group Retirement - Investment Mgmt Only 4,438 4,395 4,054 1,874 1,653 Segment 4 Versatile Asset Participants 9,091 8,611 8,504 25,815 26,260 Segment 5 Versatile Asset II Participants 7,743 8,044 8,778 18,720 19,303 Segment 6 Versatile Asset III Participants 543 466 444 1,653 1,534 Segment 8 Versatile Portfolios Participants (Back-end Load) 59,150 50,870 53,035 169,055 150,630 Segment 9 Versatile Portfolios Participants (No-Load) 12,060 10,637 10,536 45,539 42,556 Segment 11 Versatile Portfolios TFSA 2,804 1,995 1,558 5,517 3,295 Segment 12 Versatile Portfolios Education Savings Plan 1,492 1,290 998 2,245 1,437 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 3.15% 3.15% 3.16% 3.17% 3.08% Segment 5 Versatile Asset II Participants 3.45% 3.45% 3.46% 3.46% 3.36% Segment 6 Versatile Asset III Participants 3.68% 3.69% 3.70% 3.69% 3.58% Segment 8 Versatile Portfolios Participants (Back-end Load) 3.64% 3.64% 3.65% 3.66% 3.57% Segment 9 Versatile Portfolios Participants (No-Load) 3.78% 3.78% 3.79% 3.80% 3.72% Segment 11 Versatile Portfolios TFSA 3.77% 3.77% 3.78% 3.79% 3.73% Segment 12 Versatile Portfolios Education Savings Plan 3.27% 3.27% 3.28% 3.28% 3.18% Portfolio turnover rate (note 10) 57.00% 57.00% 63.00% 34.00% 75.00% 41

Co-operators Fidelity True North Fund Underlying fund managed by Fidelity Investments Canada ULC Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 43,343 37,604 29,775 Net assets attributable to unitholders at beginning of year 37,507 29,701 Liabilities unitholders 3,212 2,551 Current Liabilities Payables 108 97 74 Fund of funds rebalancing (note 2) (182) (769) Net assets attributable to unitholders Net assets attributable to unitholders per unit 43,235 37,507 29,701 Transactions with unitholders Unitholders' contributions 4,392 2,824 Unitholders' withdrawals (2,081) (1,484) 205.01 189.45 157.43 Transfers (to) from other funds 387 (246) Net increase (decrease) from unitholders' transactions 2,698 1,094 Statement of Comprehensive Income Net assets attributable to unitholders at end of period 43,235 32,577 For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ Statement of Cash Flows Investment Income For the periods ended June 30 2014 2013 Distribution from underlying fund - - (in thousands of dollars) $ $ Expenses Cash flows from operating activities Management fees (note 9) 594 464 Audit, legal and other fees (note 9) 1 1 unitholders 3,212 2,551 595 465 Adjustments for: Realized and unrealized gains (losses) (3,807) (3,016) Net investment income (loss) (595) (465) Current liabilities 108 74 Purchases (sales) of investments (2,029) 66 Gains (losses) on investments Net cash from operating activities (2,516) (325) Realized and unrealized gains (losses) 3,807 3,016 Cash flows from financing activities unitholders unitholders per unit (note 13) Top Holdings of Underlying Fund (unaudited) As at June 30, 2014 Proceeds from the issuance of units 4,779 2,824 3,212 2,551 Amounts paid on redemption of units (2,263) (2,499) Net cash from financing activities 2,516 325 15.75 13.22 Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of period - - Fidelity True North Fund Toronto-Dominion Bank 7.78% SNC-Lavalin Grp Inc 1.99% Suncor Energy Inc 4.04% Tourmaline Oil Corp 1.79% Manulife Financial Corp (Cana) 3.60% Fairfax Finl Hldgs Ltd Sub Vtg 1.74% Royal Bank of Canada 3.58% Open Text Corporation 1.72% Canadian Natl Railway Co 3.42% Keyera Corp 1.63% Alimentation Couch Cl B Sub Vtg 3.40% Rogers Comm Inc Cl B Non Vtg 1.53% Loblaw Cos Ltd 3.34% Metro Inc 1.50% CGI Groupe Inc Cl A Sub Vtg 3.19% Bombardier Inc Cl B Sub Vtg 1.43% Canadian Natl Resources Ltd 3.07% Magna Intl Inc Sub Vtg 1.38% Power Corp of Canada Sub Vtg 2.75% Google Inc Cl A 1.35% Valeant Pharmaceuticals Intl 2.50% Potash Corp of Saskatchewan 1.15% Gildan Activewear Inc 2.11% Goldcorp Inc (Cana) 1.15% Enbridge Inc 2.00% 42

Co-operators Fidelity True North Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 133.48 123.61 101.50 94.21 102.17 Segment 2 Seed Money - - - - 219.68 Segment 3 Group Retirement - Investment Mgmt Only 124.30 114.19 92.35 84.50 91.25 Segment 4 Versatile Asset Participants 242.74 224.62 184.53 171.20 187.33 Segment 5 Versatile Asset II Participants 237.57 220.17 181.38 169.08 185.79 Segment 6 Versatile Asset III Participants 220.13 204.24 168.36 157.86 173.64 Segment 8 Versatile Portfolios Participants (Back-end Load) 233.58 216.59 178.58 166.76 183.46 Segment 9 Versatile Portfolios Participants (No-Load) 222.28 206.25 169.97 158.50 174.36 Segment 10 Group Retirement Income Product 136.32 125.94 - - - Segment 11 Versatile Portfolios TFSA 187.26 173.74 143.44 133.97 147.59 Segment 12 Versatile Portfolios Education Savings Plan 155.53 143.97 118.32 110.07 120.77 Ratios and Supplemental Data Net assets Segment 1 Group Retirement Products 5,245,394 4,715,004 3,463,822 2,990,698 3,003,573 Segment 2 Seed Money - - - - 1,098 Segment 3 Group Retirement - Investment Mgmt Only 1,390,172 1,263,308 935,907 370,568 348,855 Segment 4 Versatile Asset Participants 3,468,871 3,100,677 2,527,482 2,971,197 3,291,747 Segment 5 Versatile Asset II Participants 2,478,971 2,439,915 1,905,911 2,206,866 2,390,710 Segment 6 Versatile Asset III Participants 318,657 293,092 255,320 263,141 273,439 Segment 8 Versatile Portfolios Participants (Back-end Load) 22,115,779 18,715,835 15,309,302 15,905,160 16,184,519 Segment 9 Versatile Portfolios Participants (No-Load) 6,011,515 5,274,442 4,198,853 4,766,158 4,762,070 Segment 10 Group Retirement Income Product 10,449 6,007 - - - Segment 11 Versatile Portfolios TFSA 1,542,777 1,158,770 736,554 735,488 528,235 Segment 12 Versatile Portfolios Education Savings Plan 652,672 540,313 368,223 283,643 213,701 Number of units outstanding Segment 1 Group Retirement Products 39,297 38,143 34,127 31,744 29,399 Segment 2 Seed Money - - - - 5 Segment 3 Group Retirement - Investment Mgmt Only 11,184 11,064 10,135 4,385 3,823 Segment 4 Versatile Asset Participants 14,290 13,804 13,697 17,355 17,572 Segment 5 Versatile Asset II Participants 10,435 11,082 10,508 13,052 12,868 Segment 6 Versatile Asset III Participants 1,448 1,435 1,516 1,667 1,575 Segment 8 Versatile Portfolios Participants (Back-end Load) 94,680 86,411 85,729 95,378 88,220 Segment 9 Versatile Portfolios Participants (No-Load) 27,045 25,573 24,703 30,070 27,312 Segment 10 Group Retirement Income Product 77 48 - - - Segment 11 Versatile Portfolios TFSA 8,239 6,670 5,135 5,490 3,579 Segment 12 Versatile Portfolios Education Savings Plan 4,196 3,753 3,112 2,577 1,770 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.76% 2.77% 2.78% 2.78% 2.71% Segment 5 Versatile Asset II Participants 3.06% 3.06% 3.07% 3.07% 2.98% Segment 6 Versatile Asset III Participants 3.29% 3.30% 3.31% 3.30% 3.20% Segment 8 Versatile Portfolios Participants (Back-end Load) 3.25% 3.26% 3.27% 3.27% 3.19% Segment 9 Versatile Portfolios Participants (No-Load) 3.40% 3.40% 3.41% 3.42% 3.34% Segment 11 Versatile Portfolios TFSA 3.39% 3.38% 3.39% 3.41% 3.35% Segment 12 Versatile Portfolios Education Savings Plan 3.21% 3.21% 3.22% 3.22% 3.13% Portfolio turnover rate (note 10) 24.00% 24.00% 42.00% 38.00% 32.00% 43

Co-operators Mawer Balanced Fund Underlying fund managed by Mawer Investment Management Ltd. Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 19,532 10,553 812 Net assets attributable to unitholders at beginning of year 10,528 810 Liabilities unitholders 869 129 Current Liabilities Payables 46 25 2 Transactions with unitholders Unitholders' contributions 6,054 1,862 Net assets attributable to unitholders 19,486 10,528 810 Unitholders' withdrawals (1,072) (104) Transfers (to) from other funds 3,107 2,789 Net assets attributable to unitholders per unit 127.52 121.02 104.59 Net increase (decrease) from unitholders' transactions 8,089 4,547 Net assets attributable to unitholders at end of period 19,486 5,486 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund 74 16 Cash flows from operating activities Expenses unitholders 869 129 Management fees (note 9) 217 50 Adjustments for: Realized and unrealized gains (losses) (1,012) (163) Net investment income (loss) (143) (34) Current liabilities 46 12 Purchases (sales) of investments (7,918) (4,509) Gains (losses) on investments Net cash from operating activities (8,015) (4,531) Realized and unrealized gains (losses) 1,012 163 Cash flows from financing activities unitholders unitholders per unit (note 13) Distribution (74) (16) 869 129 Proceeds from the issuance of units 9,161 4,651 Amounts paid on redemption of units (1,072) (104) Net cash from financing activities 8,015 4,531 7.24 2.74 Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of period - - Top Holdings of Underlying Fund (unaudited) As at June 30, 2014 Mawer Balanced Fund Mawer Canadian Bond Fund Series O 31.02% Canadian Treasury Bill Oct 09, 2014 2.01% Mawer US Equity Fund Series O 20.90% Canadian Treasury Bill Aug 28, 2014 1.91% Mawer International Equity Fund Series O 16.36% Canadian Treasury Bill Jul 17, 2014 0.85% Mawer Canadian Equity Fund Series O 13.48% Canadian Treasury Bill Aug 14, 2014 0.67% Mawer Global Small Cap Fund Series O 7.05% Mawer Canadian Money Market Fund Series O 0.16% Mawer New Canada Fund Series O 5.56% Canadian Dollar 0.01% 44

Co-operators Mawer Balanced Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 119.98 112.82 109.02 - - Segment 2 Seed Money 148.59 139.29 115.46 102.62 - Segment 4 Versatile Asset Participants 128.08 121.44 103.01 - - Segment 5 Versatile Asset II Participants 127.93 121.34 103.00 - - Segment 6 Versatile Asset III Participants 127.56 121.09 - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 127.51 121.06 102.96 - - Segment 9 Versatile Portfolios Participants (No-Load) 127.32 120.93 102.94 - - Segment 10 Co-operators Group Retirement Income Product 132.83 125.48 - - - Segment 11 Versatile Portfolios TFSA 127.35 120.95 102.94 - - Segment 12 Versatile Portfolios Education Savings Plan 128.42 121.67 103.05 - - Ratios and Supplemental Data Net assets Segment 1 Group Retirement Products 391,465 333,157 2,748 - - Segment 2 Seed Money 148,589 139,288 115,458 102,623 - Segment 4 Versatile Asset Participants 1,520,574 859,181 8,573 - - Segment 5 Versatile Asset II Participants 654,279 489,684 14,014 - - Segment 6 Versatile Asset III Participants 20,482 8,211 - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 12,654,130 6,658,894 565,525 - - Segment 9 Versatile Portfolios Participants (No-Load) 2,816,148 1,491,938 83,503 - - Segment 10 Co-operators Group Retirement Income Product 24,478 23,122 - - - Segment 11 Versatile Portfolios TFSA 1,086,185 446,350 20,033 - - Segment 12 Versatile Portfolios Education Savings Plan 170,142 78,657 552 - - Number of units outstanding Segment 1 Group Retirement Products 3,263 2,953 25 - - Segment 2 Seed Money 1,000 1,000 1,000 1,000 - Segment 4 Versatile Asset Participants 11,872 7,075 83 - - Segment 5 Versatile Asset II Participants 5,114 4,036 136 - - Segment 6 Versatile Asset III Participants 161 68 - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 99,239 55,006 5,493 - - Segment 9 Versatile Portfolios Participants (No-Load) 22,119 12,337 811 - - Segment 10 Co-operators Group Retirement Income Product 184 184 - - - Segment 11 Versatile Portfolios TFSA 8,529 3,690 195 - - Segment 12 Versatile Portfolios Education Savings Plan 1,325 646 5 - - Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.71% 2.71% 2.71% - - Segment 5 Versatile Asset II Participants 2.78% 2.78% 2.78% - - Segment 6 Versatile Asset III Participants 2.95% 2.96% - - - Segment 8 Versatile Portfolios Participants (Back-end Load) 2.98% 2.98% 2.98% - - Segment 9 Versatile Portfolios Participants (No-Load) 3.07% 3.07% 3.07% - - Segment 11 Versatile Portfolios TFSA 3.06% 3.06% 3.05% - - Segment 12 Versatile Portfolios Education Savings Plan 2.55% 2.55% 2.54% - - Portfolio turnover rate (note 10) 0.62% 0.62% 6.62% - - The Co-operators Mawer Balanced Fund only came into existence in 2011 and therefore comparative information for prior years is unavailable. 45

Co-operators Mawer Canadian Equity Fund Underlying fund managed by Mawer Investment Management Ltd. Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 46,706 38,794 28,560 Net assets attributable to unitholders at beginning of year 38,691 28,487 Liabilities unitholders 4,297 2,061 Current Liabilities Payables 120 103 73 Fund of funds rebalancing (note 2) (1,204) (979) Net assets attributable to unitholders Net assets attributable to unitholders per unit 46,586 38,691 28,487 Transactions with unitholders Unitholders' contributions 6,623 4,200 Unitholders' withdrawals (2,752) (1,918) 140.48 127.57 103.90 Transfers (to) from other funds 931 1,276 Net increase (decrease) from unitholders' transactions 4,802 3,558 Statement of Comprehensive Income Net assets attributable to unitholders at end of period 46,586 33,127 For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ Statement of Cash Flows Investment Income For the periods ended June 30 2014 2013 Distribution from underlying fund - - (in thousands of dollars) $ $ Expenses Cash flows from operating activities Management fees (note 9) 648 480 Audit, legal and other fees (note 9) 1 1 unitholders 4,297 2,061 649 481 Adjustments for: Realized and unrealized gains (losses) (4,946) (2,542) Net investment income (loss) (649) (481) Current liabilities 120 78 Purchases (sales) of investments (3,069) (2,176) Gains (losses) on investments Net cash from operating activities (3,598) (2,579) Realized and unrealized gains (losses) 4,946 2,542 Cash flows from financing activities unitholders unitholders per unit (note 13) Top Holdings of Underlying Fund (unaudited) As at June 30, 2014 Proceeds from the issuance of units 7,554 5,476 4,297 2,061 Amounts paid on redemption of units (3,956) (2,897) Net cash from financing activities 3,598 2,579 13.56 7.13 Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of period - - Mawer Canadian Equity Fund Toronto-Dominion Bank 5.00% ONEX Corp 2.53% Bank of Nova Scotia 4.57% First Capital Realty Inc 2.46% Constellation Software Inc 4.46% Cogeco Cable Inc 2.45% Canadian National Railway Co 4.38% Cineplex Inc. 2.34% Royal Bank of Canada 4.23% Enbridge Inc 2.29% Brookfield Asset Management Inc CL A 4.00% Loblaw Cos Ltd 2.19% TELUS Corp 3.42% Canadian Treasury Bill Aug 28, 2014 2.17% Saputo Inc 3.29% Valeant Pharmaceuticals International Inc 2.05% CI Financial Corp 3.03% Bank of Montreal 2.05% Industrial Alliance Insurance & Financial Services Inc 2.92% Canadian Pacific Railway Ltd 1.87% Rogers Communications Inc 2.90% Suncor Energy Inc 1.85% Manulife Financial Corp 2.85% Canadian Natural Resources Ltd 1.79% Power Corp of Canada 2.60% 46

Co-operators Mawer Canadian Equity Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 131.36 117.83 106.65 93.91 - Segment 2 Seed Money 157.20 140.84 111.54 98.18 - Segment 4 Versatile Asset Participants 141.19 128.04 103.91 - - Segment 5 Versatile Asset II Participants 140.81 127.75 103.83 - - Segment 6 Versatile Asset III Participants 140.29 127.39 103.83 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 140.41 127.55 103.87 - - Segment 9 Versatile Portfolios Participants (No-Load) 140.18 127.38 103.84 - - Segment 11 Versatile Portfolios TFSA 140.20 127.40 103.86 - - Segment 12 Versatile Portfolios Education Savings Plan 141.31 128.12 103.95 - - Ratios and Supplemental Data Net assets Segment 1 Group Retirement Products 145,821 143,525 4,120 208 - Segment 2 Seed Money 157,198 140,843 111,537 98,177 - Segment 4 Versatile Asset Participants 3,485,909 2,999,722 2,372,973 - - Segment 5 Versatile Asset II Participants 2,401,554 2,324,755 1,836,047 - - Segment 6 Versatile Asset III Participants 227,348 220,822 143,774 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 29,251,830 23,745,091 17,539,277 - - Segment 9 Versatile Portfolios Participants (No-Load) 7,795,415 6,789,690 5,120,135 - - Segment 11 Versatile Portfolios TFSA 2,251,410 1,644,756 936,335 - - Segment 12 Versatile Portfolios Education Savings Plan 869,298 681,937 422,773 - - Number of units outstanding Segment 1 Group Retirement Products 1,110 1,218 39 2 - Segment 2 Seed Money 1,000 1,000 1,000 1,000 - Segment 4 Versatile Asset Participants 24,689 23,429 22,837 - - Segment 5 Versatile Asset II Participants 17,055 18,197 17,683 - - Segment 6 Versatile Asset III Participants 1,621 1,733 1,385 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 208,328 186,167 168,854 - - Segment 9 Versatile Portfolios Participants (No-Load) 55,608 53,305 49,306 - - Segment 11 Versatile Portfolios TFSA 16,059 12,911 9,015 - - Segment 12 Versatile Portfolios Education Savings Plan 6,152 5,323 4,067 - - Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.71% 2.71% 2.71% 2.49% - Segment 5 Versatile Asset II Participants 2.78% 2.78% 2.78% 0.37% - Segment 6 Versatile Asset III Participants 2.96% 2.96% 2.96% - - Segment 8 Versatile Portfolios Participants (Back-end Load) 2.98% 2.98% 2.98% - - Segment 9 Versatile Portfolios Participants (No-Load) 3.07% 3.07% 3.07% - - Segment 11 Versatile Portfolios TFSA 3.06% 3.06% 3.06% - - Segment 12 Versatile Portfolios Education Savings Plan 2.55% 2.55% 2.55% - - Portfolio turnover rate (note 10) 12.00% 12.00% 7.76% - - The Co-operators Mawer Canadian Equity Fund only came into existence in 2011 and therefore comparative information for prior years is unavailable. 47

Co-operators Mawer International Equity Fund Underlying fund managed by Mawer Investment Management Ltd. Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 48,214 40,159 30,882 Net assets attributable to unitholders at beginning of year 40,050 30,801 Liabilities unitholders 2,797 1,816 Current Liabilities Payables 121 109 81 Fund of funds rebalancing (note 2) 1,079 (909) Net assets attributable to unitholders Net assets attributable to unitholders per unit 48,093 40,050 30,801 Transactions with unitholders Unitholders' contributions 6,383 4,344 Unitholders' withdrawals (2,778) (2,043) 106.04 126.99 105.50 Transfers (to) from other funds 562 1,396 Net increase (decrease) from unitholders' transactions 4,167 3,697 Statement of Comprehensive Income 48,093 35,405 Net assets attributable to unitholders at end of period For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ Statement of Cash Flows Investment Income For the periods ended June 30 2014 2013 Distribution from underlying fund - - (in thousands of dollars) $ $ Expenses Cash flows from operating activities Management fees (note 9) 679 518 Audit, legal and other fees (note 9) 1 1 unitholders 2,797 1,816 680 519 Adjustments for: Realized and unrealized gains (losses) (3,477) (2,335) Net investment income (loss) (680) (519) Current liabilities 121 84 Purchases (sales) of investments (4,687) (2,353) Gains (losses) on investments Net cash from operating activities (5,246) (2,788) Realized and unrealized gains (losses) 3,477 2,335 Cash flows from financing activities unitholders unitholders per unit (note 13) Top Holdings of Underlying Fund (unaudited) As at June 30, 2014 Proceeds from the issuance of units 8,024 5,740 2,797 1,816 Amounts paid on redemption of units (2,778) (2,952) Net cash from financing activities 5,246 2,788 7.28 5.97 Net increase (decrease) in cash - - Cash at beginning of year - - Cash at end of period - - Mawer International Equity Fund AON PLC 3.30% Intertek Group PLC 2.16% Roche Holding AG 2.91% Halma PLC 2.12% BASF SE 2.87% Air Liquide SA 1.97% BMW AG Preference Share 2.54% Gazit-Globe Ltd. 1.95% Smith & Nephew PLC 2.44% DCC PLC 1.94% Meda AB 2.42% China Mobile Ltd 1.91% Deutsche Boerse AG 2.42% Multiplus SA 1.90% Anheuser-Busch InBev NV 2.41% Aberdeen Asset Management PLC 1.85% Canadian Treasury Bill Oct 09, 2014 2.35% DBS Group Holdings Ltd 1.85% Jardine Matheson Holdings Ltd. 2.33% LVMH Moet Hennessy Louis Vuitton 1.84% Reckitt Benckiser Group 2.25% USS Co. Ltd. 1.83% Rolls-Royce Holdings PLC 2.24% Markit Ltd. 1.80% Novartis AG ADR 2.20% 48

Co-operators Mawer International Equity Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 124.08 115.78 109.74 91.25 - Segment 2 Seed Money 155.58 144.64 116.89 96.81 - Segment 4 Versatile Asset Participants 135.41 127.40 105.51 - - Segment 5 Versatile Asset II Participants 135.07 127.17 105.48 - - Segment 6 Versatile Asset III Participants 134.56 126.80 105.45 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 134.69 126.95 105.46 - - Segment 9 Versatile Portfolios Participants (No-Load) 134.44 126.78 105.44 - - Segment 10 Co-operators Group Retirement Income Product 10.54 - - - - Segment 11 Versatile Portfolios TFSA 134.46 126.79 105.44 - - Segment 12 Versatile Portfolios Education Savings Plan 135.51 127.48 105.51 - - Ratios and Supplemental Data Net assets Segment 1 Group Retirement Products 120,688 106,803 2,746 201 - Segment 2 Seed Money 155,581 144,643 116,886 96,811 - Segment 4 Versatile Asset Participants 3,783,985 3,378,425 2,550,897 - - Segment 5 Versatile Asset II Participants 2,465,886 2,390,901 1,866,025 - - Segment 6 Versatile Asset III Participants 223,304 235,431 151,555 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 29,151,208 24,523,708 19,159,441 - - Segment 9 Versatile Portfolios Participants (No-Load) 7,881,231 6,845,808 5,459,379 - - Segment 10 Co-operators Group Retirement Income Product 1,104,959 - - - - Segment 11 Versatile Portfolios TFSA 2,278,916 1,680,229 1,009,097 - - Segment 12 Versatile Portfolios Education Savings Plan 927,096 744,447 485,148 - - Number of units outstanding Segment 1 Group Retirement Products 973 922 25 2 - Segment 2 Seed Money 1,000 1,000 1,000 1,000 - Segment 4 Versatile Asset Participants 27,944 26,518 24,176 - - Segment 5 Versatile Asset II Participants 18,257 18,800 17,690 - - Segment 6 Versatile Asset III Participants 1,659 1,857 1,437 - - Segment 8 Versatile Portfolios Participants (Back-end Load) 216,429 193,183 181,678 - - Segment 9 Versatile Portfolios Participants (No-Load) 58,623 53,999 51,777 - - Segment 10 Co-operators Group Retirement Income Product 104,858 - - - - Segment 11 Versatile Portfolios TFSA 16,948 13,252 9,570 - - Segment 12 Versatile Portfolios Education Savings Plan 6,842 5,840 4,598 - - Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.87% 2.88% 2.88% - - Segment 5 Versatile Asset II Participants 2.95% 2.95% 2.95% - - Segment 6 Versatile Asset III Participants 3.12% 3.13% 3.13% - - Segment 8 Versatile Portfolios Participants (Back-end Load) 3.14% 3.15% 3.15% - - Segment 9 Versatile Portfolios Participants (No-Load) 3.23% 3.24% 3.24% - - Segment 11 Versatile Portfolios TFSA 3.22% 3.22% 3.22% - - Segment 12 Versatile Portfolios Education Savings Plan 2.71% 2.72% 2.72% - - Portfolio turnover rate (note 10) 14.56% 14.56% 18.15% - - The Co-operators Mawer International Equity Fund only came into existence in 2011 and therefore comparative information for prior years is unavailable. 49

Co-operators Aggressive Balanced Fund Underlying funds managed by Addenda Capital Inc. Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 15,231 20,461 17,841 Net assets attributable to unitholders at beginning of year 20,428 17,814 Liabilities unitholders 1,370 307 Current Liabilities Payables 26 33 27 Transactions with unitholders Unitholders' contributions 1,459 1,151 Net assets attributable to unitholders 15,205 20,428 17,814 Unitholders' withdrawals (7,952) (476) Transfers (to) from other funds (100) 136 Net assets attributable to unitholders per unit 195.79 163.23 146.64 Net increase (decrease) from unitholders' transactions (6,593) 811 Net assets attributable to unitholders at end of period 15,205 18,932 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund - - Cash flows from operating activities Expenses unitholders 1,370 307 Management fees (note 9) 166 162 Adjustments for: Audit, legal and other fees (note 9) 1 1 Realized and unrealized gains (losses) (1,537) (470) 167 163 Current liabilities 26 26 Purchases (sales) of investments 6,734 (674) Net investment income (loss) (167) (163) Net cash from operating activities 6,593 (811) Gains (losses) on investments Cash flows from financing activities Realized and unrealized gains (losses) 1,537 470 Proceeds from the issuance of units 1,459 1,287 Amounts paid on redemption of units (8,052) (476) Net cash from financing activities (6,593) 811 unitholders 1,370 307 Net increase (decrease) in cash - - Cash at beginning of year - - unitholders per unit 13.56 2.50 Cash at end of period - - 50

Co-operators Aggressive Balanced Fund Underlying funds managed by Addenda Capital Inc. Portfolio Mix As at June 30, 2014 and December 31, 2013 Investment 2014 2013 Co-operators Canadian Equity Fund 35.21% 35.04% Co-operators Canadian Fixed Income Fund 35.89% 36.00% Co-operators Canadian Resource Fund 8.04% 8.01% Co-operators Money Market Fund 1.99% 2.00% Co-operators U.S. Equity Fund 18.87% 18.95% 100.00% 100.00% Top Holdings of Underlying Funds (unaudited) As at June 30, 2014 Co-operators Canadian Equity Fund Co-operators Canadian Fixed Income Fund Toronto Dominion Bank 8.91% Province of Ontario, 4.650%, 2041-06-02 4.47% Bank of Nova Scotia 6.07% Province of Quebec, FRN, 2019-08-21 4.03% Suncor Energy Inc. 6.04% Canada Housing Trust, 3.350%, 2020-12-15 3.05% Canadian Natural Resources Inc. 4.44% Canada Housing Trust, 2.050%, 2017-06-05 3.00% Royal Bank of Canada 4.30% Government of Canada, 1.250%, 2018-09-01 2.82% Co-operators Canadian Resource Fund Co-operators Money Market Fund Suncor Energy Inc. 9.35% Government of Canada T Bills, Due 2014-12-18 11.32% Canadian Natural Resources Inc. 8.95% Government of Canada T Bills, Due 2014-10-23 10.60% Pembina Pipeline 5.96% Royal Bank of Canada FRN 2014-09-19 7.65% Silver Wheaton 5.38% King St. TR ABCP, 2014-12-12 7.46% Crescent Point Energy 4.55% Bank of Montreal, FRN, 2015-06-19 7.06% Co-operators U.S. Equity Fund Apple Inc. 4.47% Gilead Sciences Inc. 4.43% Thermo Fisher Sci 3.15% Express Scripts Inc. 2.64% CBS Corporation 2.47% 51

Co-operators Aggressive Balanced Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 202.79 186.27 166.58 159.02 162.56 Segment 3 Group Retirement - Investment Mgmt Only - 135.17 121.09 114.62 116.71 Segment 4 Versatile Asset Participants 214.68 199.54 180.65 172.66 177.23 Segment 5 Versatile Asset II Participants 207.51 193.15 175.37 168.08 173.02 Segment 6 Versatile Asset III Participants 184.62 172.03 156.54 150.39 155.16 Segment 7 Versatile Asset IV Participants 202.27 187.85 169.79 162.00 166.00 Segment 8 Versatile Portfolios Participants (Back-end Load) 176.67 164.60 149.74 143.80 148.33 Segment 9 Versatile Portfolios Participants (No-Load) 174.02 162.25 147.81 142.16 146.84 Segment 11 Versatile Portfolios TFSA 152.95 142.60 129.89 124.91 129.01 Segment 12 Versatile Portfolios Education Savings Plan 142.19 132.24 119.86 114.68 117.85 Ratios and Supplemental Data Net assets Segment 1 Group Retirement Products 7,227,457 6,597,063 5,856,697 5,048,719 4,858,790 Segment 3 Group Retirement - Investment Mgmt Only - 6,758,278 6,054,476 5,730,971 5,835,543 Segment 4 Versatile Asset Participants 1,332,735 1,227,894 999,174 1,066,484 1,346,099 Segment 5 Versatile Asset II Participants 2,470,316 2,364,831 2,159,546 2,354,609 2,637,371 Segment 6 Versatile Asset III Participants 225,133 211,507 192,577 207,356 261,708 Segment 7 Versatile Asset IV Participants 17,158 15,935 14,403 13,742 16,373 Segment 8 Versatile Portfolios Participants (Back-end Load) 2,919,595 2,446,379 1,987,638 1,939,034 1,411,235 Segment 9 Versatile Portfolios Participants (No-Load) 722,153 608,380 391,755 357,023 291,814 Segment 11 Versatile Portfolios TFSA 233,888 150,314 124,260 81,995 33,398 Segment 12 Versatile Portfolios Education Savings Plan 57,023 47,134 33,456 12,392 1,394 Number of units outstanding Segment 1 Group Retirement Products 35,640 35,416 35,159 31,749 29,889 Segment 3 Group Retirement - Investment Mgmt Only - 50,000 50,000 50,000 50,000 Segment 4 Versatile Asset Participants 6,208 6,154 5,531 6,177 7,595 Segment 5 Versatile Asset II Participants 11,905 12,243 12,315 14,009 15,243 Segment 6 Versatile Asset III Participants 1,219 1,229 1,230 1,379 1,687 Segment 7 Versatile Asset IV Participants 85 85 85 85 99 Segment 8 Versatile Portfolios Participants (Back-end Load) 16,525 14,862 13,274 13,484 9,514 Segment 9 Versatile Portfolios Participants (No-Load) 4,150 3,750 2,650 2,511 1,987 Segment 11 Versatile Portfolios TFSA 1,529 1,054 957 656 259 Segment 12 Versatile Portfolios Education Savings Plan 401 356 279 108 12 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.21% 2.22% 2.24% 2.25% 2.19% Segment 5 Versatile Asset II Participants 2.50% 2.51% 2.53% 2.54% 2.47% Segment 6 Versatile Asset III Participants 2.73% 2.74% 2.77% 2.77% 2.68% Segment 7 Versatile Asset IV Participants 2.04% 2.04% 2.07% 2.07% 2.02% Segment 8 Versatile Portfolios Participants (Back-end Load) 2.70% 2.71% 2.73% 2.74% 2.67% Segment 9 Versatile Portfolios Participants (No-Load) 2.85% 2.85% 2.88% 2.89% 2.83% Segment 11 Versatile Portfolios TFSA 2.84% 2.84% 2.87% 2.88% 2.83% Segment 12 Versatile Portfolios Education Savings Plan 2.33% 2.33% 2.36% 2.36% 2.29% Portfolio turnover rate (note 10) 94.02% 94.02% 107.57% 102.56% 110.52% 52

Co-operators Conservative Balanced Fund Underlying funds managed by Addenda Capital Inc. Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 9,991 8,098 6,954 Net assets attributable to unitholders at beginning of year 8,082 6,941 Liabilities unitholders 517 68 Current Liabilities Payables 19 16 13 Transactions with unitholders Unitholders' contributions 1,702 567 Net assets attributable to unitholders 9,972 8,082 6,941 Unitholders' withdrawals (618) (433) Transfers (to) from other funds 289 113 Net assets attributable to unitholders per unit 170.14 161.70 154.71 Net increase (decrease) from unitholders' transactions 1,373 247 Net assets attributable to unitholders at end of period 9,972 7,256 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund - - Cash flows from operating activities Expenses unitholders 517 68 Management fees (note 9) 104 79 Adjustments for: Audit, legal and other fees (note 9) 1 - Realized and unrealized gains (losses) (622) (147) 105 79 Current liabilities 19 12 Purchases (sales) of investments (1,287) (180) Net investment income (loss) (105) (79) Net cash from operating activities (1,373) (247) Gains (losses) on investments Cash flows from financing activities Realized and unrealized gains (losses) 622 147 Proceeds from the issuance of units 1,991 680 Amounts paid on redemption of units (618) (433) Net cash from financing activities 1,373 247 unitholders 517 68 Net increase (decrease) in cash - - Cash at beginning of year - - unitholders per unit 9.57 1.45 Cash at end of period - - 53

Co-operators Conservative Balanced Fund Underlying funds managed by Addenda Capital Inc. Portfolio Mix As at June 30, 2014 and December 31, 2013 Investment 2014 2013 Co-operators Canadian Equity Fund 30.20% 30.04% Co-operators Canadian Fixed Income Fund 53.88% 54.00% Co-operators Money Market Fund 3.99% 3.99% Co-operators U.S. Equity Fund 11.93% 11.97% 100.00% 100.00% Top Holdings of Underlying Funds (unaudited) As at June 30, 2014 Co-operators Canadian Equity Fund Co-operators Canadian Fixed Income Fund Toronto Dominion Bank 8.91% Province of Ontario, 4.650%, 2041-06-02 4.47% Bank of Nova Scotia 6.07% Province of Quebec, FRN, 2019-08-21 4.03% Suncor Energy Inc. 6.04% Canada Housing Trust, 3.350%, 2020-12-15 3.05% Canadian Natural Resources Inc. 4.44% Canada Housing Trust, 2.050%, 2017-06-05 3.00% Royal Bank of Canada 4.30% Government of Canada, 1.250%, 2018-09-01 2.82% Co-operators Money Market Fund Co-operators U.S. Equity Fund Government of Canada T Bills, Due 2014-12-18 11.32% Apple Inc. 4.47% Government of Canada T Bills, Due 2014-10-23 10.60% Gilead Sciences Inc. 4.43% Royal Bank of Canada FRN 2014-09-19 7.65% Thermo Fisher Sci 3.15% King St. TR ABCP, 2014-12-12 7.46% Express Scripts Inc. 2.64% Bank of Montreal, FRN, 2015-06-19 7.06% CBS Corporation 2.47% 54

Co-operators Conservative Balanced Fund Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 1 Group Retirement Products 194.46 177.34 164.80 158.48 156.65 Segment 4 Versatile Asset Participants 196.90 185.80 173.92 166.75 166.14 Segment 5 Versatile Asset II Participants 190.71 180.22 169.17 162.66 162.53 Segment 6 Versatile Asset III Participants 166.23 157.26 147.95 142.58 142.79 Segment 7 Versatile Asset IV Participants 184.36 173.70 162.07 154.89 153.83 Segment 8 Versatile Portfolios Participants (Back-end Load) 157.85 149.31 140.43 135.29 135.44 Segment 9 Versatile Portfolios Participants (No-Load) 155.60 147.29 138.72 133.83 134.18 Segment 10 Co-operators Group Retirement Income Product 115.88 109.17 - - - Segment 11 Versatile Portfolios TFSA 140.98 133.44 125.66 121.22 121.53 Segment 12 Versatile Portfolios Education Savings Plan 134.77 127.25 119.24 114.44 114.17 Ratios and Supplemental Data Net assets Segment 1 Group Retirement Products 2,930,945 2,854,639 2,851,357 2,340,322 1,925,565 Segment 4 Versatile Asset Participants 556,115 547,728 614,009 474,073 535,839 Segment 5 Versatile Asset II Participants 707,908 686,785 727,805 666,927 713,003 Segment 6 Versatile Asset III Participants 262,095 219,437 201,348 175,839 162,931 Segment 7 Versatile Asset IV Participants 3,079 2,901 2,707 16,883 20,315 Segment 8 Versatile Portfolios Participants (Back-end Load) 4,363,852 2,779,465 1,818,491 1,555,614 882,351 Segment 9 Versatile Portfolios Participants (No-Load) 750,422 650,022 543,257 395,870 243,563 Segment 10 Co-operators Group Retirement Income Product 58,817 55,413 - - - Segment 11 Versatile Portfolios TFSA 242,226 185,348 92,832 52,822 52,534 Segment 12 Versatile Portfolios Education Savings Plan 96,107 100,169 89,554 28,559 8,244 Number of units outstanding Segment 1 Group Retirement Products 15,072 16,097 17,302 14,767 12,292 Segment 4 Versatile Asset Participants 2,824 2,948 3,530 2,843 3,225 Segment 5 Versatile Asset II Participants 3,712 3,811 4,302 4,100 4,387 Segment 6 Versatile Asset III Participants 1,577 1,395 1,361 1,233 1,141 Segment 7 Versatile Asset IV Participants 17 17 17 109 132 Segment 8 Versatile Portfolios Participants (Back-end Load) 27,646 18,616 12,949 11,498 6,514 Segment 9 Versatile Portfolios Participants (No-Load) 4,823 4,413 3,916 2,958 1,815 Segment 10 Co-operators Group Retirement Income Product 508 508 - - - Segment 11 Versatile Portfolios TFSA 1,718 1,389 739 436 432 Segment 12 Versatile Portfolios Education Savings Plan 713 787 751 250 72 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.21% 2.22% 2.24% 2.23% 2.18% Segment 5 Versatile Asset II Participants 2.50% 2.51% 2.53% 2.52% 2.46% Segment 6 Versatile Asset III Participants 2.73% 2.74% 2.77% 2.75% 2.67% Segment 7 Versatile Asset IV Participants 1.88% 1.89% 1.91% 1.91% 1.86% Segment 8 Versatile Portfolios Participants (Back-end Load) 2.70% 2.71% 2.73% 2.73% 2.66% Segment 9 Versatile Portfolios Participants (No-Load) 2.85% 2.85% 2.88% 2.87% 2.82% Segment 11 Versatile Portfolios TFSA 2.84% 2.84% 2.87% 2.87% 2.83% Segment 12 Versatile Portfolios Education Savings Plan 2.33% 2.33% 2.36% 2.35% 2.28% Portfolio turnover rate (note 10) 112.64% 112.64% 127.40% 141.30% 147.72% 55

Co-operators Aggressive Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd. Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 62,911 53,983 41,491 Net assets attributable to unitholders at beginning of year 53,834 41,380 Liabilities unitholders 4,059 1,997 Current Liabilities Payables 169 149 111 Transactions with unitholders Unitholders' contributions 7,224 5,163 Net assets attributable to unitholders 62,742 53,834 41,380 Unitholders' withdrawals (3,033) (1,942) Transfers (to) from other funds 658 (976) Net assets attributable to unitholders per unit 166.53 155.87 134.10 Net increase (decrease) from unitholders' transactions 4,849 2,245 Net assets attributable to unitholders at end of period 62,742 45,622 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund 190 130 Cash flows from operating activities Expenses unitholders 4,059 1,997 Management fees (note 9) 936 695 Adjustments for: Audit, legal and other fees (note 9) 3 2 Realized and unrealized gains (losses) (4,808) (2,564) 939 697 Current liabilities 169 111 Purchases (sales) of investments (4,079) (1,659) Net investment income (loss) (749) (567) Net cash from operating activities (4,659) (2,115) Gains (losses) on investments Cash flows from financing activities Realized and unrealized gains (losses) 4,808 2,564 Distributions (190) (130) Proceeds from the issuance of units 7,882 5,163 unitholders Amounts paid on redemption of units (3,033) (2,918) 4,059 1,997 Net cash from financing activities 4,659 2,115 unitholders per unit Net increase (decrease) in cash - - 11.24 6.11 Cash at beginning of year - - Cash at end of period - - 56

Co-operators Aggressive Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd. Portfolio Mix As at June 30, 2014 and December 31, 2013 Investment 2014 2013 Co-operators BlackRock Universe Bond Index Fund 9.96% 9.96% Co-operators BlackRock US Equity Index Fund 9.91% 10.00% Co-operators Canadian Equity Fund 20.11% 20.03% Co-operators Canadian Fixed Income Fund 9.96% 10.00% Co-operators Fidelity Global Fund 9.97% 9.97% Co-operators Fidelity True North Fund 10.03% 10.00% Co-operators Mawer Canadian Equity Fund 15.07% 15.06% Co-operators Mawer International Equity Fund 14.99% 14.98% 100.00% 100.00% Top Holdings of Underlying Funds (unaudited) As at June 30, 2014 Co-operators BlackRock Universe Bond Index Fund Co-operators BlackRock US Equity Index Fund Government of Canada 3.75%, 2019-06-01 1.40% Apple Inc. 3.22% Government of Canada 4.00%, 2041-06-01 1.32% Exxon Mobile Corporation 2.48% Government of Canada 5.00%, 2037-06-01 1.24% Microsoft Corporation 1.80% Government of Canada 5.75%, 2033-06-01 1.19% Johnson & Johnson 1.70% Government of Canada 3.50%, 2020-06-01 1.04% General Electric Co. 1.51% Co-operators Canadian Equity Fund Co-operators Canadian Fixed Income Fund Toronto Dominion Bank 8.91% Province of Ontario, 4.650%, 2041-06-02 4.47% Bank of Nova Scotia 6.07% Province of Quebec, FRN, 2019-08-21 4.03% Suncor Energy Inc. 6.04% Canada Housing Trust, 3.350%, 2020-12-15 3.05% Canadian Natural Resources Inc. 4.44% Canada Housing Trust, 2.050%, 2017-06-05 3.00% Royal Bank of Canada 4.30% Government of Canada, 1.250%, 2018-09-01 2.82% Co-operators Fidelity Global Fund Co-operators Fidelity True North Fund Apple Inc 3.84% Toronto-Dominion Bank 7.78% Gilead Sciences Inc 1.94% Suncor Energy Inc 4.04% Qualcomm Inc 1.93% Manulife Financial Corp (Cana) 3.60% Google Inc Cl A 1.69% Royal Bank of Canada 3.58% Google Inc Cl C 1.66% Canadian Natl Railway Co 3.42% Co-operators Mawer Canadian Equity Fund Co-operators Mawer International Equity Fund Toronto-Dominion Bank 5.00% AON PLC 3.30% Bank of Nova Scotia 4.57% Roche Holding AG 2.91% Constellation Software Inc 4.46% BASF SE 2.87% Canadian National Railway Co 4.38% BMW AG Preference Share 2.54% Royal Bank of Canada 4.23% Smith & Nephew PLC 2.44% 57

Co-operators Aggressive Portfolio Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 4 Versatile Asset Participants 173.03 161.51 138.24 127.76 137.88 Segment 5 Versatile Asset II Participants 171.50 160.27 137.50 127.42 135.45 Segment 6 Versatile Asset III Participants 164.48 153.87 132.31 122.90 133.43 Segment 8 Versatile Portfolios Participants (Back-end Load) 166.90 156.11 134.19 124.59 133.82 Segment 9 Versatile Portfolios Participants (No-Load) 164.52 154.00 132.56 123.25 132.55 Segment 11 Versatile Portfolios TFSA 158.09 147.97 127.35 118.38 120.68 Segment 12 Versatile Portfolios Education Savings Plan 148.66 138.81 118.88 109.98 113.63 Ratios and Supplemental Data Net assets Segment 4 Versatile Asset Participants 5,418,885 4,998,367 4,082,933 3,849,485 5,399,821 Segment 5 Versatile Asset II Participants 3,343,968 3,596,711 3,300,892 3,062,801 2,500,767 Segment 6 Versatile Asset III Participants 340,043 294,250 245,250 269,289 263,964 Segment 8 Versatile Portfolios Participants (Back-end Load) 41,218,992 34,639,134 25,913,482 23,632,247 33,775,712 Segment 9 Versatile Portfolios Participants (No-Load) 8,896,375 7,446,920 6,018,561 5,595,536 12,044,423 Segment 11 Versatile Portfolios TFSA 2,160,764 1,704,882 1,118,193 1,011,773 1,268,771 Segment 12 Versatile Portfolios Education Savings Plan 1,362,886 1,153,869 700,756 429,858 269,508 Number of units outstanding Segment 4 Versatile Asset Participants 31,318 30,947 29,534 30,130 39,163 Segment 5 Versatile Asset II Participants 19,499 22,442 24,007 24,037 18,462 Segment 6 Versatile Asset III Participants 2,067 1,912 1,854 2,191 1,978 Segment 8 Versatile Portfolios Participants (Back-end Load) 246,974 221,888 193,113 189,678 252,406 Segment 9 Versatile Portfolios Participants (No-Load) 54,075 48,357 45,404 45,401 90,867 Segment 11 Versatile Portfolios TFSA 13,668 11,522 8,781 8,547 10,513 Segment 12 Versatile Portfolios Education Savings Plan 9,168 8,312 5,895 3,909 2,372 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.82% 2.82% 2.84% 2.83% 2.65% Segment 5 Versatile Asset II Participants 3.06% 3.06% 3.12% 3.13% 2.93% Segment 6 Versatile Asset III Participants 3.29% 3.30% 3.36% 3.36% 3.15% Segment 8 Versatile Portfolios Participants (Back-end Load) 3.25% 3.26% 3.32% 3.33% 3.14% Segment 9 Versatile Portfolios Participants (No-Load) 3.40% 3.40% 3.46% 3.47% 3.29% Segment 11 Versatile Portfolios TFSA 3.39% 3.38% 3.45% 3.46% 3.30% Segment 12 Versatile Portfolios Education Savings Plan 2.88% 2.88% 2.94% 2.95% 2.75% Portfolio turnover rate (note 10) 39.64% 39.64% 109.05% 71.91% 83.00% 58

Co-operators Conservative Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd. Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 86,765 75,226 64,293 Net assets attributable to unitholders at beginning of year 75,028 64,130 Liabilities unitholders 4,178 655 Current Liabilities Payables 219 198 163 Transactions with unitholders Unitholders' contributions 9,957 8,502 Net assets attributable to unitholders 86,546 75,028 64,130 Unitholders' withdrawals (4,509) (5,189) Transfers (to) from other funds 1,892 19 Net assets attributable to unitholders per unit 152.33 144.77 136.56 Net increase (decrease) from unitholders' transactions 7,340 3,332 Net assets attributable to unitholders at end of period 86,546 68,117 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund 649 479 Cash flows from operating activities Expenses unitholders 4,178 655 Management fees (note 9) 1,213 997 Adjustments for: Audit, legal and other fees (note 9) 3 3 Realized and unrealized gains (losses) (4,745) (1,176) 1,216 1,000 Current liabilities 219 157 Purchases (sales) of investments (6,343) (2,489) Net investment income (loss) (567) (521) Net cash from operating activities (6,691) (2,853) Gains (losses) on investments Cash flows from financing activities Realized and unrealized gains (losses) 4,745 1,176 Distributions (649) (479) Proceeds from the issuance of units 11,849 8,521 unitholders Amounts paid on redemption of units (4,509) (5,189) 4,178 655 Net cash from financing activities 6,691 2,853 unitholders per unit Net increase (decrease) in cash - - 7.69 1.33 Cash at beginning of year - - Cash at end of period - - 59

Co-operators Conservative Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd. Portfolio Mix As at June 30, 2014 and December 31, 2013 Investment 2014 2013 Co-operators BlackRock Universe Bond Index Fund 24.96% 25.00% Co-operators BlackRock US Equity Index Fund 9.93% 9.96% Co-operators Canadian Equity Fund 10.07% 10.01% Co-operators Canadian Fixed Income Fund 24.96% 25.00% Co-operators Fidelity Canadian Bond Fund 9.99% 10.00% Co-operators Mawer Canadian Equity Fund 10.07% 10.04% Co-operators Mawer International Equity Fund 10.02% 9.99% 100.00% 100.00% Top Holdings of Underlying Funds (unaudited) As at June 30, 2014 Co-operators BlackRock Universe Bond Index Fund Co-operators BlackRock US Equity Index Fund Government of Canada 3.75%, 2019-06-01 1.40% Apple Inc. 3.22% Government of Canada 4.00%, 2041-06-01 1.32% Exxon Mobile Corporation 2.48% Government of Canada 5.00%, 2037-06-01 1.24% Microsoft Corporation 1.80% Government of Canada 5.75%, 2033-06-01 1.19% Johnson & Johnson 1.70% Government of Canada 3.50%, 2020-06-01 1.04% General Electric Co. 1.51% Co-operators Canadian Equity Fund Co-operators Canadian Fixed Income Fund Toronto Dominion Bank 8.91% Province of Ontario, 4.650%, 2041-06-02 4.47% Bank of Nova Scotia 6.07% Province of Quebec, FRN, 2019-08-21 4.03% Suncor Energy Inc. 6.04% Canada Housing Trust, 3.350%, 2020-12-15 3.05% Canadian Natural Resources Inc. 4.44% Canada Housing Trust, 2.050%, 2017-06-05 3.00% Royal Bank of Canada 4.30% Government of Canada, 1.250%, 2018-09-01 2.82% Co-operators Fidelity Canadian Bond Fund Co-operators Mawer Canadian Equity Fund Ontario Prov 2.85% 6/02/23 3.08% Toronto-Dominion Bank 5.00% Canada Housing 1.95% 06/15/19 2.44% Bank of Nova Scotia 4.57% Canada Govt 3.5% 12/01/45 2.27% Constellation Software Inc 4.46% Canada Housing 2.05% 6/17 2.14% Canadian National Railway Co 4.38% Ontario Prov 4.2% 6/2/20 1.59% Royal Bank of Canada 4.23% Co-operators Mawer International Equity Fund AON PLC 3.30% Roche Holding AG 2.91% BASF SE 2.87% BMW AG Preference Share 2.54% Smith & Nephew PLC 2.44% 60

Co-operators Conservative Portfolio Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 4 Versatile Asset Participants 160.76 152.35 143.01 136.50 137.88 Segment 5 Versatile Asset II Participants 156.78 148.67 139.73 133.72 135.45 Segment 6 Versatile Asset III Participants 153.22 145.45 137.01 131.42 133.43 Segment 8 Versatile Portfolios Participants (Back-end Load) 153.84 146.02 137.51 131.84 133.82 Segment 9 Versatile Portfolios Participants (No-Load) 151.64 144.04 135.83 130.41 132.55 Segment 11 Versatile Portfolios TFSA 138.12 131.19 123.69 118.74 120.68 Segment 12 Versatile Portfolios Education Savings Plan 132.30 125.35 117.61 112.35 113.63 Ratios and Supplemental Data Net assets Segment 4 Versatile Asset Participants 5,200,691 4,497,869 4,225,895 5,320,802 5,399,821 Segment 5 Versatile Asset II Participants 3,136,607 2,487,686 2,297,135 2,216,865 2,500,767 Segment 6 Versatile Asset III Participants 414,765 402,963 308,868 276,131 263,964 Segment 8 Versatile Portfolios Participants (Back-end Load) 53,009,469 46,852,569 40,217,732 36,729,412 33,775,712 Segment 9 Versatile Portfolios Participants (No-Load) 17,639,222 15,491,321 13,220,045 12,268,238 12,044,423 Segment 11 Versatile Portfolios TFSA 5,667,937 4,070,901 2,989,145 2,038,338 1,268,771 Segment 12 Versatile Portfolios Education Savings Plan 1,476,928 1,224,292 871,239 494,713 269,508 Number of units outstanding Segment 4 Versatile Asset Participants 32,350 29,523 29,549 38,979 39,163 Segment 5 Versatile Asset II Participants 20,006 16,733 16,440 16,579 18,462 Segment 6 Versatile Asset III Participants 2,707 2,770 2,254 2,101 1,978 Segment 8 Versatile Portfolios Participants (Back-end Load) 344,569 320,863 292,480 278,585 252,406 Segment 9 Versatile Portfolios Participants (No-Load) 116,322 107,552 97,331 94,072 90,867 Segment 11 Versatile Portfolios TFSA 41,035 31,031 24,166 17,166 10,513 Segment 12 Versatile Portfolios Education Savings Plan 11,163 9,767 7,408 4,403 2,372 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.71% 2.71% 2.72% 2.72% 2.65% Segment 5 Versatile Asset II Participants 2.84% 2.84% 3.00% 3.01% 2.93% Segment 6 Versatile Asset III Participants 3.07% 3.08% 3.24% 3.25% 3.15% Segment 8 Versatile Portfolios Participants (Back-end Load) 3.03% 3.04% 3.20% 3.22% 3.14% Segment 9 Versatile Portfolios Participants (No-Load) 3.18% 3.18% 3.34% 3.36% 3.29% Segment 11 Versatile Portfolios TFSA 3.17% 3.17% 3.33% 3.35% 3.30% Segment 12 Versatile Portfolios Education Savings Plan 2.66% 2.66% 2.82% 2.83% 2.75% Portfolio turnover rate (note 10) 55.05% 55.05% 127.80% 78.62% 83.23% 61

Co-operators Moderate Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd. Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 113,408 98,763 84,956 Net assets attributable to unitholders at beginning of year 98,497 84,735 Liabilities unitholders 6,293 2,278 Current Liabilities Payables 295 266 221 Transactions with unitholders Unitholders' contributions 13,159 8,563 Net assets attributable to unitholders 113,113 98,497 84,735 Unitholders' withdrawals (5,682) (5,542) Transfers (to) from other funds 846 302 Net assets attributable to unitholders per unit 161.43 152.12 137.56 Net increase (decrease) from unitholders' transactions 8,323 3,323 Net assets attributable to unitholders at end of period 113,113 90,336 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund 556 410 Cash flows from operating activities Expenses unitholders 6,293 2,278 Management fees (note 9) 1,631 1,366 Adjustments for: Audit, legal and other fees (note 9) 5 3 Realized and unrealized gains (losses) (7,373) (3,237) 1,636 1,369 Current liabilities 295 215 Purchases (sales) of investments (6,982) (2,169) Net investment income (loss) (1,080) (959) Net cash from operating activities (7,767) (2,913) Gains (losses) on investments Cash flows from financing activities Realized and unrealized gains (losses) 7,373 3,237 Distributions (556) (410) Proceeds from the issuance of units 14,005 8,865 unitholders Amounts paid on redemption of units (5,682) (5,542) 6,293 2,278 Net cash from financing activities 7,767 2,913 unitholders per unit Net increase (decrease) in cash - - 9.34 3.60 Cash at beginning of year - - Cash at end of period - - 62

Co-operators Moderate Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd. Portfolio Mix As at June 30, 2014 and December 31, 2013 Investment 2014 2013 Co-operators BlackRock Universe Bond Index Fund 19.94% 20.00% Co-operators BlackRock US Equity Index Fund 9.92% 9.96% Co-operators Canadian Equity Fund 15.09% 15.02% Co-operators Canadian Fixed Income Fund 19.94% 20.00% Co-operators Fidelity True North Fund 10.04% 10.00% Co-operators Mawer Canadian Equity Fund 10.06% 10.04% Co-operators Mawer International Equity Fund 15.01% 14.98% 100.00% 100.00% Top Holdings of Underlying Funds (unaudited) As at June 30, 2014 Co-operators BlackRock Universe Bond Index Fund Co-operators BlackRock US Equity Index Fund Government of Canada 3.75%, 2019-06-01 1.40% Apple Inc. 3.22% Government of Canada 4.00%, 2041-06-01 1.32% Exxon Mobile Corporation 2.48% Government of Canada 5.00%, 2037-06-01 1.24% Microsoft Corporation 1.80% Government of Canada 5.75%, 2033-06-01 1.19% Johnson & Johnson 1.70% Government of Canada 3.50%, 2020-06-01 1.04% General Electric Co. 1.51% Co-operators Canadian Equity Fund Co-operators Canadian Fixed Income Fund Toronto Dominion Bank 8.91% Province of Ontario, 4.650%, 2041-06-02 4.47% Bank of Nova Scotia 6.07% Province of Quebec, FRN, 2019-08-21 4.03% Suncor Energy Inc. 6.04% Canada Housing Trust, 3.350%, 2020-12-15 3.05% Canadian Natural Resources Inc. 4.44% Canada Housing Trust, 2.050%, 2017-06-05 3.00% Royal Bank of Canada 4.30% Government of Canada, 1.250%, 2018-09-01 2.82% Co-operators Fidelity True North Fund Co-operators Mawer Canadian Equity Fund Toronto-Dominion Bank 7.78% Toronto-Dominion Bank 5.00% Suncor Energy Inc 4.04% Bank of Nova Scotia 4.57% Manulife Financial Corp (Cana) 3.60% Constellation Software Inc 4.46% Royal Bank of Canada 3.58% Canadian National Railway Co 4.38% Canadian Natl Railway Co 3.42% Royal Bank of Canada 4.23% Co-operators Mawer International Equity Fund AON PLC 3.30% Roche Holding AG 2.91% BASF SE 2.87% BMW AG Preference Share 2.54% Smith & Nephew PLC 2.44% 63

Co-operators Moderate Portfolio Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 4 Versatile Asset Participants 170.43 160.11 144.01 135.22 139.73 Segment 5 Versatile Asset II Participants 165.92 156.02 140.57 132.35 137.15 Segment 6 Versatile Asset III Participants 159.32 149.97 135.43 127.81 132.75 Segment 8 Versatile Portfolios Participants (Back-end Load) 162.39 152.83 137.97 130.15 135.14 Segment 9 Versatile Portfolios Participants (No-Load) 160.07 150.76 136.29 128.74 133.86 Segment 11 Versatile Portfolios TFSA 148.02 139.41 126.01 119.01 123.73 Segment 12 Versatile Portfolios Education Savings Plan 140.53 132.02 118.75 111.60 115.47 Ratios and Supplemental Data Net assets Segment 4 Versatile Asset Participants 8,459,051 7,812,226 7,177,082 7,815,997 7,923,866 Segment 5 Versatile Asset II Participants 6,703,810 6,576,713 5,488,240 5,552,497 6,244,219 Segment 6 Versatile Asset III Participants 410,043 429,153 453,475 479,691 532,098 Segment 8 Versatile Portfolios Participants (Back-end Load) 71,723,987 61,609,459 53,523,158 51,159,823 50,557,003 Segment 9 Versatile Portfolios Participants (No-Load) 17,701,562 15,961,799 14,190,027 15,321,385 16,090,114 Segment 11 Versatile Portfolios TFSA 5,274,865 3,838,190 2,336,794 1,834,815 1,201,216 Segment 12 Versatile Portfolios Education Savings Plan 2,839,706 2,269,572 1,566,589 952,492 743,360 Number of units outstanding Segment 4 Versatile Asset Participants 49,633 48,792 49,839 57,802 56,708 Segment 5 Versatile Asset II Participants 40,403 42,154 39,042 41,953 45,527 Segment 6 Versatile Asset III Participants 2,574 2,862 3,348 3,753 4,008 Segment 8 Versatile Portfolios Participants (Back-end Load) 441,672 403,113 387,925 393,082 374,108 Segment 9 Versatile Portfolios Participants (No-Load) 110,583 105,873 104,115 119,007 120,197 Segment 11 Versatile Portfolios TFSA 35,635 27,532 18,545 15,418 9,708 Segment 12 Versatile Portfolios Education Savings Plan 20,208 17,191 13,193 8,535 6,438 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.76% 2.77% 2.78% 2.78% 2.71% Segment 5 Versatile Asset II Participants 2.95% 2.95% 3.06% 3.07% 2.99% Segment 6 Versatile Asset III Participants 3.18% 3.19% 3.30% 3.30% 3.20% Segment 8 Versatile Portfolios Participants (Back-end Load) 3.14% 3.15% 3.26% 3.27% 3.19% Segment 9 Versatile Portfolios Participants (No-Load) 3.29% 3.29% 3.41% 3.41% 3.34% Segment 11 Versatile Portfolios TFSA 3.28% 3.28% 3.39% 3.41% 3.35% Segment 12 Versatile Portfolios Education Savings Plan 2.77% 2.77% 2.88% 2.89% 2.81% Portfolio turnover rate (note 10) 46.76% 46.76% 117.66% 76.02% 82.76% 64

Co-operators Very Aggressive Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd. Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 23,118 20,668 15,997 Net assets attributable to unitholders at beginning of year 20,610 15,954 Liabilities unitholders 1,684 1,029 Current Liabilities Payables 63 58 43 Transactions with unitholders Unitholders' contributions 2,491 1,641 Net assets attributable to unitholders 23,055 20,610 15,954 Unitholders' withdrawals (1,077) (673) Transfers (to) from other funds (653) 104 Net assets attributable to unitholders per unit 178.08 165.05 136.08 Net increase (decrease) from unitholders' transactions 761 1,072 Net assets attributable to unitholders at end of period 23,055 18,055 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund 72 60 Cash flows from operating activities Expenses unitholders 1,684 1,029 Management fees (note 9) 352 278 Adjustments for: Audit, legal and other fees (note 9) 1 1 Realized and unrealized gains (losses) (1,965) (1,248) 353 279 Current liabilities 63 45 Purchases (sales) of investments (471) (838) Net investment income (loss) (281) (219) Net cash from operating activities (689) (1,012) Gains (losses) on investments Cash flows from financing activities Realized and unrealized gains (losses) 1,965 1,248 Distributions (72) (60) Proceeds from the issuance of units 2,491 1,745 unitholders Amounts paid on redemption of units (1,730) (673) 1,684 1,029 Net cash from financing activities 689 1,012 unitholders per unit Net increase (decrease) in cash - - 13.26 8.50 Cash at beginning of year - - Cash at end of period - - 65

Co-operators Very Aggressive Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd. Portfolio Mix As at June 30, 2014 and December 31, 2013 Investment 2014 2013 Co-operators BlackRock Canadian Equity Index Fund 10.02% 10.01% Co-operators BlackRock US Equity Index Fund 14.85% 141.94% Co-operators Canadian Equity Fund 20.09% 20.04% Co-operators Fidelity Global Fund 9.96% 9.96% Co-operators Fidelity True North Fund 15.04% 15.00% Co-operators Mawer Canadian Equity Fund 15.06% 15.07% Co-operators Mawer International Equity Fund 14.98% 14.98% 100.00% 100.00% Top Holdings of Underlying Funds (unaudited) As at June 30, 2014 Co-operators BlackRock Canadian Equity Index Fund Co-operators BlackRock US Equity Index Fund Royal Bank of Canada 5.88% Apple Inc. 3.22% Toronto-Dominion Bank 5.42% Exxon Mobile Corporation 2.48% Bank of Nova Scotia 4.63% Microsoft Corporation 1.80% Suncor Energy Inc. 3.57% Johnson & Johnson 1.70% Canadian National Railway Co 3.05% General Electric Co. 1.51% Co-operators Canadian Equity Fund Co-operators Fidelity Global Fund Toronto Dominion Bank 8.91% Apple Inc 3.84% Bank of Nova Scotia 6.07% Gilead Sciences Inc 1.94% Suncor Energy Inc. 6.04% Qualcomm Inc 1.93% Canadian Natural Resources Inc. 4.44% Google Inc Cl A 1.69% Royal Bank of Canada 4.30% Google Inc Cl C 1.66% Co-operators Fidelity True North Fund Co-operators Mawer Canadian Equity Fund Toronto-Dominion Bank 7.78% Toronto-Dominion Bank 5.00% Suncor Energy Inc 4.04% Bank of Nova Scotia 4.57% Manulife Financial Corp (Cana) 3.60% Constellation Software Inc 4.46% Royal Bank of Canada 3.58% Canadian National Railway Co 4.38% Canadian Natl Railway Co 3.42% Royal Bank of Canada 4.23% Co-operators Mawer International Equity Fund AON PLC 3.30% Roche Holding AG 2.91% BASF SE 2.87% BMW AG Preference Share 2.54% Smith & Nephew PLC 2.44% 66

Co-operators Very Aggressive Portfolio Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 4 Versatile Asset Participants 182.43 168.57 138.35 126.61 139.88 Segment 5 Versatile Asset II Participants 182.69 169.01 139.03 127.59 141.36 Segment 6 Versatile Asset III Participants 175.99 162.99 134.39 123.61 137.26 Segment 8 Versatile Portfolios Participants (Back-end Load) 178.71 165.48 136.39 125.40 139.21 Segment 9 Versatile Portfolios Participants (No-Load) 176.15 163.22 134.71 124.03 137.87 Segment 11 Versatile Portfolios TFSA 169.81 157.34 129.84 119.52 132.86 Segment 12 Versatile Portfolios Education Savings Plan 155.00 143.26 117.65 107.78 119.20 Ratios and Supplemental Data Net assets Segment 4 Versatile Asset Participants 2,099,865 1,984,155 1,668,345 1,729,701 2,020,976 Segment 5 Versatile Asset II Participants 1,912,700 2,132,080 1,599,782 1,754,950 1,930,188 Segment 6 Versatile Asset III Participants 171,327 155,532 72,401 63,745 63,740 Segment 8 Versatile Portfolios Participants (Back-end Load) 13,927,620 12,231,862 9,760,945 8,838,427 9,423,927 Segment 9 Versatile Portfolios Participants (No-Load) 3,652,863 3,121,145 2,182,806 2,566,236 2,747,382 Segment 11 Versatile Portfolios TFSA 857,987 616,672 406,439 331,254 240,488 Segment 12 Versatile Portfolios Education Savings Plan 432,483 368,195 263,221 182,308 159,633 Number of units outstanding Segment 4 Versatile Asset Participants 11,511 11,771 12,059 13,661 14,448 Segment 5 Versatile Asset II Participants 10,470 12,615 11,507 13,755 13,655 Segment 6 Versatile Asset III Participants 973 954 539 516 464 Segment 8 Versatile Portfolios Participants (Back-end Load) 77,932 73,919 71,567 70,481 67,698 Segment 9 Versatile Portfolios Participants (No-Load) 20,737 19,122 16,203 20,690 19,927 Segment 11 Versatile Portfolios TFSA 5,053 3,919 3,130 2,771 1,810 Segment 12 Versatile Portfolios Education Savings Plan 2,790 2,570 2,237 1,692 1,339 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.87% 2.88% 2.89% 2.89% 2.82% Segment 5 Versatile Asset II Participants 3.11% 3.12% 3.18% 3.18% 3.10% Segment 6 Versatile Asset III Participants 3.34% 3.35% 3.41% 3.42% 3.31% Segment 8 Versatile Portfolios Participants (Back-end Load) 3.31% 3.31% 3.37% 3.39% 3.30% Segment 9 Versatile Portfolios Participants (No-Load) 3.45% 3.46% 3.52% 3.53% 3.45% Segment 11 Versatile Portfolios TFSA 3.44% 3.44% 3.50% 3.52% 3.46% Segment 12 Versatile Portfolios Education Savings Plan 2.94% 2.94% 3.00% 3.00% 2.92% Portfolio turnover rate (note 10) 25.23% 25.23% 89.06% 37.73% 48.18% 67

Co-operators Very Conservative Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd. Statement of Financial Position (in thousands of dollars except per unit amounts Statement of Changes in Net Assets Attributable to Unitholders June 30 December 31 January 1 2014 2013 2013 For the periods ended June 30 2014 2013 $ $ $ (in thousands of dollars) $ $ Assets Current Assets Investment in investment fund units 66,359 64,242 59,452 Net assets attributable to unitholders at beginning of year 64,076 59,304 Liabilities unitholders 2,921 (647) Current Liabilities Payables 167 166 148 Transactions with unitholders Unitholders' contributions 7,868 9,504 Net assets attributable to unitholders 66,192 64,076 59,304 Unitholders' withdrawals (6,651) (6,117) Transfers (to) from other funds (2,022) 906 Net assets attributable to unitholders per unit 141.63 135.74 134.79 Net increase (decrease) from unitholders' transactions (805) 4,293 Net assets attributable to unitholders at end of period 66,192 62,950 Statement of Comprehensive Income Statement of Cash Flows For the periods ended June 30 2014 2013 (in thousands of dollars except per unit amounts) $ $ For the periods ended June 30 2014 2013 (in thousands of dollars) $ $ Investment Income Distribution from underlying fund 640 559 Cash flows from operating activities Expenses unitholders 2,921 (647) Management fees (note 9) 974 895 Adjustments for: Audit, legal and other fees (note 9) 3 2 Realized and unrealized gains (losses) (3,258) 309 977 897 Current liabilities 167 142 Purchases (sales) of investments 1,615 (3,538) Net investment income (loss) (337) (338) Net cash from operating activities 1,445 (3,734) Gains (losses) on investments Cash flows from financing activities Realized and unrealized gains (losses) 3,258 (309) Distributions (640) (559) Proceeds from the issuance of units 7,868 10,410 unitholders Amounts paid on redemption of units (8,673) (6,117) 2,921 (647) Net cash from financing activities (1,445) 3,734 unitholders per unit Net increase (decrease) in cash - - 6.21 (1.42) Cash at beginning of year - - Cash at end of period - - 68

Co-operators Very Conservative Portfolio Underlying funds managed by Addenda Capital Inc., BlackRock Asset Management Canada Limited, Fidelity Investments Canada ULC and Mawer Investment Management Ltd. Portfolio Mix As at June 30, 2014 and December 31, 2013 Investment 2014 2013 Co-operators BlackRock Universe Bond Index Fund 29.98% 30.00% Co-operators BlackRock US Equity Index Fund 4.97% 4.98% Co-operators Canadian Equity Fund 5.04% 5.01% Co-operators Canadian Fixed Income Fund 29.97% 30.00% Co-operators Fidelity Canadian Bond Fund 19.99% 20.00% Co-operators Mawer Canadian Equity Fund 5.04% 5.02% Co-operators Mawer International Equity Fund 5.01% 4.99% 100.00% 100.00% Top Holdings of Underlying Funds (unaudited) As at June 30, 2014 Co-operators BlackRock Universe Bond Index Fund Co-operators BlackRock US Equity Index Fund Government of Canada 3.75%, 2019-06-01 1.40% Apple Inc. 3.22% Government of Canada 4.00%, 2041-06-01 1.32% Exxon Mobile Corporation 2.48% Government of Canada 5.00%, 2037-06-01 1.24% Microsoft Corporation 1.80% Government of Canada 5.75%, 2033-06-01 1.19% Johnson & Johnson 1.70% Government of Canada 3.50%, 2020-06-01 1.04% General Electric Co. 1.51% Co-operators Canadian Equity Fund Co-operators Canadian Fixed Income Fund Toronto Dominion Bank 8.91% Province of Ontario, 4.650%, 2041-06-02 4.47% Bank of Nova Scotia 6.07% Province of Quebec, FRN, 2019-08-21 4.03% Suncor Energy Inc. 6.04% Canada Housing Trust, 3.350%, 2020-12-15 3.05% Canadian Natural Resources Inc. 4.44% Canada Housing Trust, 2.050%, 2017-06-05 3.00% Royal Bank of Canada 4.30% Government of Canada, 1.250%, 2018-09-01 2.82% Co-operators Fidelity Canadian Bond Fund Co-operators Mawer Canadian Equity Fund Ontario Prov 2.85% 6/02/23 3.08% Toronto-Dominion Bank 5.00% Canada Housing 1.95% 06/15/19 2.44% Bank of Nova Scotia 4.57% Canada Govt 3.5% 12/01/45 2.27% Constellation Software Inc 4.46% Canada Housing 2.05% 6/17 2.14% Canadian National Railway Co 4.38% Ontario Prov 4.2% 6/2/20 1.59% Royal Bank of Canada 4.23% Co-operators Mawer International Equity Fund AON PLC 3.30% Roche Holding AG 2.91% BASF SE 2.87% BMW AG Preference Share 2.54% Smith & Nephew PLC 2.44% 69

Co-operators Very Conservative Portfolio Financial Highlights (unaudited) For the periods ended June 30, 2014 and December 31 The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's performance for the past 5 years. The Fund's Net Asset Value per Unit Net Asset Value per Unit (note 8) Segment 4 Versatile Asset Participants 150.30 143.71 141.77 137.26 134.89 Segment 5 Versatile Asset II Participants 145.14 138.86 137.16 133.14 131.22 Segment 6 Versatile Asset III Participants 139.19 133.31 131.98 128.41 126.84 Segment 8 Versatile Portfolios Participants (Back-end Load) 143.26 137.20 135.78 132.06 130.40 Segment 9 Versatile Portfolios Participants (No-Load) 141.23 135.35 134.14 130.64 129.19 Segment 11 Versatile Portfolios TFSA 125.92 120.67 119.58 116.44 115.14 Segment 12 Versatile Portfolios Education Savings Plan 123.41 117.98 116.33 112.72 110.91 Ratios and Supplemental Data Net assets Segment 4 Versatile Asset Participants 3,300,171 3,188,812 3,608,691 3,231,662 3,434,384 Segment 5 Versatile Asset II Participants 1,492,398 1,443,173 1,549,901 1,612,031 1,750,272 Segment 6 Versatile Asset III Participants 116,409 127,945 105,394 69,018 73,634 Segment 8 Versatile Portfolios Participants (Back-end Load) 37,921,422 37,708,950 35,401,267 31,398,760 26,612,075 Segment 9 Versatile Portfolios Participants (No-Load) 18,618,373 17,206,020 15,705,099 15,706,321 14,026,423 Segment 11 Versatile Portfolios TFSA 4,277,833 3,983,988 2,547,963 1,625,083 927,921 Segment 12 Versatile Portfolios Education Savings Plan 465,828 416,962 386,172 323,255 169,826 Number of units outstanding Segment 4 Versatile Asset Participants 21,958 22,189 25,454 23,544 25,460 Segment 5 Versatile Asset II Participants 10,282 10,393 11,300 12,108 13,339 Segment 6 Versatile Asset III Participants 836 960 799 537 581 Segment 8 Versatile Portfolios Participants (Back-end Load) 264,695 274,848 260,724 237,767 204,075 Segment 9 Versatile Portfolios Participants (No-Load) 131,827 127,120 117,080 120,222 108,576 Segment 11 Versatile Portfolios TFSA 33,972 33,015 21,308 13,956 8,059 Segment 12 Versatile Portfolios Education Savings Plan 3,775 3,534 3,320 2,868 1,531 Management expense ratio (note 9) Segment 4 Versatile Asset Participants 2.65% 2.66% 2.67% 2.67% 2.60% Segment 5 Versatile Asset II Participants 2.78% 2.78% 2.94% 2.96% 2.88% Segment 6 Versatile Asset III Participants 3.01% 3.02% 3.18% 3.19% 3.09% Segment 8 Versatile Portfolios Participants (Back-end Load) 2.98% 2.98% 3.14% 3.16% 3.08% Segment 9 Versatile Portfolios Participants (No-Load) 3.13% 3.13% 3.30% 3.31% 3.24% Segment 11 Versatile Portfolios TFSA 3.11% 3.11% 3.27% 3.30% 3.24% Segment 12 Versatile Portfolios Education Savings Plan 2.60% 2.61% 2.77% 2.78% 2.70% Portfolio turnover rate (note 10) 64.99% 64.99% 120.71% 82.12% 78.43% 70

Notes to the Financial Statements 1. Description of the funds The Pooled Fund Accounts (the Funds) are established as segregated funds by Co-operators Life Insurance Company (the Company) in accordance with Section 451 of the Insurance Companies Act (Canada). The Company is the sole issuer of the individual variable insurance contracts providing for investment in each Fund. The assets of the Funds are owned by the Company and are segregated from other assets. The Funds themselves are not separate legal entities. The Company is domiciled in Canada and the address of the Company s registered office is 1920 College Avenue, Regina, Saskatchewan. The Company s common shares are 100% owned by Co-operators Financial Services Limited (CFSL), which in turn is owned 100% by the Co-operators Group Limited (CGL). Segregated funds consist of a specified group of assets that are segregated from the other assets of the Company. The fair value of these assets determines the aggregate liability of the Company in respect of the arrangements it supports. Segments of the Funds represent various options available to the unitholders with separate terms and assets notionally separated for valuation purposes. The segments represented in these financial statements are as follows: Segment 1- Group Retirement Products - unitholders are groups that are provided a full service plan, including investment management and full administrative services. Segment 2 - Seed Money - sole unitholder is the Company which provides seed capital upon the inception of new funds. Segment 3 - Group Retirement Products - unitholders are groups that are provided investment management services only. Segment 4 - Versatile Asset Participants - unitholders are individual contractholders. Segment 5 - Versatile Asset II Participants - unitholders are individual contractholders. Segment 6 - Versatile Asset III Participants - unitholders are individual contractholders. Segment 7 - Versatile Asset IV Participants - unitholders are individual contractholders. Segment 8 - Versatile Portfolios Participants - unitholders are individual contractholders of an individual variable insurance contract with a back-end load option. Segment 9 - Versatile Portfolios Participants - unitholders are individual contractholders of an individual variable insurance contract with a no-load option. Segment 10 - Co-operators Group Retirement Income Product unitholders are retired employees of the Company. Segment 11 - Versatile Portfolios Tax Free Savings Account unitholders are individual contractholders of an individual variable insurance contract. Segment 12 - Versatile Portfolios Education Savings Plan unitholders are individual contractholders of an individual variable insurance contract. The Funds are open-ended with the value of the assets held in each Fund described for reporting purposes by reference to notional units (units) of the Fund. Such units represent simply a means of measuring the liability of the Company to the unitholder in respect of the Fund. Transactions with unitholders occur at the notional net asset value per unit. The Funds statements include two types of funds. The asset based funds directly hold investment assets which include cash, short-term notes, bonds and debentures, and stocks. The fund of funds are segregated funds which invest entirely in units of one or more underlying funds. Contributions, withdrawals and transfers from or to the unitholders between funds are used to acquire or redeem units in the Funds. The unit value is determined by dividing the market value of the fund, reduced by applicable fees and expenses, by the total number of units outstanding in the Funds. The investment portfolios within each fund are professionally managed by: Addenda Capital Inc. (Addenda) BlackRock Asset Management Canada Limited Fidelity Investments Canada ULC Franklin Templeton Investments Mawer Investment Management Ltd. NEI Investments All fund managers are independent of the Company with the exception of Addenda, a significantly-controlled subsidiary of Co-operators Financial Services Limited (CFSL). 71

Notes to the Financial Statements 2. Fund of funds Fund of funds are segregated funds that invest solely in underlying segregated funds, underlying pooled funds or underlying mutual funds. Each fund of funds has a target portfolio mix of underlying funds. As each underlying fund moves separately in the market, the portfolio mix will shift due to market changes. On a weekly basis, units of the underlying funds are bought or sold to bring the fund back to its target portfolio mix. These actions are shown as Fund of funds rebalancing on the Statement of Changes in Net Assets. As the fund of funds assets are invested in underlying funds, the fund of funds pay their portion of the management fees and operating expenses of the underlying fund. All such charges are included in the management expense ratio of the fund of funds. 3. Basis of preparation and statement of compliance These interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. These are the Funds first interim condensed consolidated financial statements for part of the period covered by the first annual International Financial Reporting Standards (IFRS) financial statements and IFRS 1 First-time Adoption of International Financial Reporting Standards has been applied. These financial statements do not include all of the information and disclosures required for full annual financial statements. References to IFRS are based on Canadian Generally Accepted Accounting Principles (GAAP) for publicly accountable enterprises as set out in Part 1 of the Chartered Professional Accountants (CPA) Canada Handbook - Accounting. Part 1 of the CPA Canada Handbook - Accounting incorporates IFRS as issued by the International Accounting Standards Board (IASB). The financial statements as at and for the year ended December 31, 2013 were prepared based on the previously issued Canadian GAAP. References to previously issued Canadian GAAP refer to Canadian GAAP prior to the adoption of IFRS. The transition to IFRS as of January 1, 2013 (the Transition Date) has not affected the Fund s financial position or results of operations. The Funds have consistently applied the same accounting policies in the opening IFRS statements of financial position at the Transition Date and throughout all periods presented as if these policies had always been in effect. The only voluntary exemption adopted by the Funds upon transition was the ability to designate a financial asset or financial liability at fair value through profit and loss (FVTPL) upon transition to IFRS. All financial assets designated at FVTPL upon transition were previously carried at fair value under Canadian GAAP as required by Accounting Guideline 18, Investment Companies. There were no measurement differences between IFRS and previously issued Canadian GAAP therefore Net assets attributable to contractholders and Net increase (decrease) in net assets attributable to contractholders are the same as reported under previously issued Canadian GAAP. Under previously issued Canadian GAAP, the Funds were exempt from providing a statement of cash flows. IAS 1 Presentation of financial statements requires that a complete set of financial statements include a statement of cash flows for the current and comparative periods, without exception. Under previously issued Canadian GAAP, the Fund accounted for its redeemable units as equity. Under IFRS, IAS 32 Financial instruments: recognition and measurement requires that units or shares of an entity which include a contractual obligation for the issuer to repurchase or redeem them for cash or another financial asset be classified as financial liability. The Funds units do not meet the criteria in IAS 32 for classification as equity and therefore, have been reclassified as financial liabilities on transition to IFRS. 72

Notes to the Financial Statements 3. Summary of significant accounting policies (continued) Valuation of investments Under IFRS, the Fund measures the fair values of its investments using the guidance in IFRS 13 Fair Value Measurement which requires that if an asset or a liability has a bid price and an ask price, then its fair value is to be based on a price within the bid-ask spread that is most representative of fair value. It also allows the use of mid-market pricing or other pricing conventions that are used by market participants as a practical expedient for fair value measurements within a bid-ask spread. Consistent with industry practice, the Funds use bid price to determine the unit value used for purchase and redemption of units. A reconciliation of the trading net asset value and GAAP net asset value as stated in the financial statements has been provided in Note 5. Asset based funds Investments are designated as fair value through profit or loss in accordance with IAS 39 Financial Instruments: Recognition and Measurement, and therefore, are recorded at fair value. The fair value of investments traded in active markets is based on quoted market prices at the close of trading on the reporting date. The quoted market price used for investments held by the pooled investment funds is the current bid price. The fair value of investments that are not traded in an active market is determined by using various valuation techniques. Short-term notes are valued at cost. The cost of short-term notes together with accrued interest approximates their fair value. Bonds and debentures are valued at their fair value based on the closing bid price from available public quotations of recognized dealers. Stocks are valued at their closing bid market value based on major securities exchange listings. There are no assets that are valued by other than quoted values. Fund of funds Investments in underlying funds are carried at the quoted market value of the units of the underlying funds held. Receivables and Other financial liabilities carried at amortized cost The Funds have adopted Investment Entities, the amendment to IFRS 10, IFRS 12, and IAS 27, for the annual period beginning January 1, 2014. The amendments define an investment entity and introduce an exception to consolidating particular subsidiaries for investment entities. The Funds have applied the exception to consolidation by accounting for its investments in underlying funds at fair value through profit or loss. contractholders per unit The increase (decrease) in net assets attributable to contractholders per unit is calculated by dividing the increase (decrease) in net assets attributable to contractholders by the weighted average number of units outstanding during the period. Refer to Note 13 for the calculation. Foreign currency Monetary assets and liabilities in foreign currencies are translated into Canadian dollars at the closing rate of exchange on the valuation date. Purchases and sales of investments, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. Investment transactions and income recognition Investment transactions are accounted for on the trade date, and realized gains and losses from such transactions are calculated on an average cost basis. Unrealized gains and losses are calculated by the change in fair value compared to the change in average cost. Dividend income is recorded on the ex-dividend date. Interest income is recognized pro rata over the term of the investment net of the amortization of the premium or discount. Earnings The earnings of each segregated fund are re-invested in the Fund, and result in higher unit values. 73

Notes to the Financial Statements 3. Summary of significant accounting policies (continued) Transaction costs Brokerage commissions incurred in the purchase or sale of investments in the Funds are included in transaction costs and are expensed in the period incurred. Funds that invest only in units of an underlying investment fund are not subject to transaction costs. Tax status The Funds are deemed to be inter-vivos trusts under the provisions of the Income Tax Act (Canada). Income of a segregated fund is deemed to be payable to the unitholders and therefore the segregated funds will not have taxable income. In addition, capital gains and losses are deemed to be those of the unitholders and not of the Funds. Realized gains or losses may be reduced by the amount of gains or losses realized by unitholders on the redemption of their investments. As a result, no provision for income tax is required in the financial statements of the Funds. Use of estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the year. The fair value of investments is a financial statement component subject to management judgement and estimates. Actual results could differ from these estimates. Changes in estimates are recorded in the accounting period in which they are determined. 4. Future changes in accounting policies IFRS 7 Financial Instruments: Disclosures IFRS 7 was amended in December 2011 to require additional financial instrument disclosures upon transition from IAS 39 to IFRS 9. The amendments are effective upon adoption of IFRS 9, which was finalized in July 2014 and is effective for annual periods beginning on or after January 1, 2018. Early adoption of these amendments is permitted where IFRS 9 is also early adopted. The Funds have not yet assessed the impact of this amended standard. IFRS 9 Financial Instruments IFRS 9 is a three part standard aimed at reducing complexity in reporting financial instruments by replacing the different rules in IAS 39 Financial Instruments: Recognition and Measurement. The project has been divided into three phases: Phase 1 Classification and measurement, Phase 2 Impairment and Phase 3 Hedge accounting. Phase 1 was issued in November 2009 and amended in October 2010. It requires financial assets to be recorded at amortized cost or fair value depending on the entity s business model for managing the assets and their associated cash flow characteristics. All financial assets are to be measured at fair value on the balance sheet if they are not measured at amortized cost. At initial recognition, an entity may irrevocably designate a financial asset as measured at fair value through profit or loss (FVTPL) if doing so eliminates or significantly reduces a measurement recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. Phase 2 was completed in July 2014 and introduced a new expected loss impairment methodology that will result in more timely recognition of impairment losses. Phase 3 was completed in November 2013. This phase replaces the rule-based hedge accounting requirements in IAS 39 to more closely align the accounting with risk management activities. The complete standard was issued by the IASB in July 2014, and is effective for annual periods beginning on or after January 1, 2018. Early application is permitted. The Funds have not yet assessed the impact of this standard. 74

Notes to the Financial Statements 5. Reconciliation of trading net asset value to GAAP net asset value The difference between trading net asset value used for unitholder valuations and GAAP net asset value reflected in the financial statements is as follows (in thousands of dollars, except per unit figures): Net assets per unit as at June Net assets as at June 30, 2014 30, 2014 Trading Section GAAP Trading GAAP net asset 3855 net asset net asset net asset value adjustment value value value Co-operators Balanced Fund $ 116,174 $ (201) $ 115,973 $ 265.21 $ 264.75 Co-operators Canadian Equity Fund 125,699 (335) 125,364 238.37 237.73 Co-operators Canadian Fixed Income Fund 123,287 (150) 123,137 143.65 143.47 Co-operators Canadian Resource Fund 32,554 (122) 32,432 265.13 264.13 Co-operators Money Market Fund 8,522 (0) 8,522 118.07 118.07 Co-operators U.S. Equity Fund 22,683 (3) 22,680 146.10 146.07 Co-operators U.S. Growth Fund - - - - - Net assets per unit as at Net assets as at December 31, 2013 December 31, 2013 Trading Section GAAP Trading GAAP net asset 3855 net asset net asset net asset value adjustment value value value Co-operators Balanced Fund $ 106,269 $ (100) $ 106,169 $ 249.83 $ 249.60 Co-operators Canadian Equity Fund 118,306 (112) 118,194 210.53 210.33 Co-operators Canadian Fixed Income Fund 118,609 (149) 118,460 139.93 139.75 Co-operators Canadian Resource Fund 28,866 (43) 28,823 221.17 220.84 Co-operators Money Market Fund 9,368 (1) 9,367 116.73 116.73 Co-operators U.S. Equity Fund 20,381 (2) 20,379 139.61 139.60 Co-operators U.S. Growth Fund 741-741 98.14 98.13 Net assets per unit as at January Net assets as at January 1, 2013 1, 2013 Trading Section GAAP Trading GAAP net asset 3855 net asset net asset net asset value adjustment value value value Co-operators Balanced Fund $ 127,566 $ (178) $ 127,388 $ 222.86 $ 222.55 Co-operators Canadian Equity Fund 108,003 (215) 107,788 190.40 190.02 Co-operators Canadian Fixed Income Fund 116,711 (140) 116,571 149.28 149.10 Co-operators Canadian Resource Fund 32,474 (84) 32,390 237.62 237.01 Co-operators Money Market Fund 8,254 (1) 8,253 118.50 118.49 Co-operators U.S. Equity Fund 11,310 3 11,313 98.02 98.05 Co-operators U.S. Growth Fund 701-701 77.03 77.05 6. Financial risk management There are several types of risk to which a segregated fund or an underlying fund may be subject. These include credit risk, market risk and liquidity risk. The Company sets the risk management policy for those funds managed by Addenda. A segregated fund which invests in the units of an underlying fund will be subject to the same investment risks as the underlying fund. Risks for funds managed by other than Addenda will be subject to the risk management policy of the fund manager of the underlying fund. To understand those risks and how they are managed, unitholders should consult the financial statements of those underlying funds. The Funds are also exposed to operational risks such as custody risk. Custody risk is the risk of loss of securities held in custody occasioned by the insolvency or negligence of the custodian. Although an appropriate legal framework is in place that eliminates the risk of loss of value of the securities held by the custodian, in the event of its failure, the ability of the Fund to transfer the securities might be temporarily impaired. 75

Notes to the Financial Statements 6. Financial risk management (continued) The risk management policy for Addenda is outlined below. To minimize exposure to financial risk, the following investments and practices are prohibited: a) Short sales; b) Margin trading; c) Commodities; d) Lending money, except in connection with the acquisition of publicly distributed bonds, debentures or other corporate or government obligations; and e) Use of derivatives for speculation. Credit risk Credit risk refers to the risk of financial loss from the failure of a counterparty/debtor to honour its obligation to the Funds. The Funds are exposed to credit risk principally through investments in fixed income securities. There is an increased chance of credit risk when there is a concentration of investments made in entities in similar industry sectors, in the same geographical area or within a single entity. The investment policy manages credit risk on the bond portfolio by setting portfolio limits for composition, issuer type, bond quality, single issuer, corporate sector, and general guidelines for geographic exposure. The bond portfolio remains very high quality. The percentage of bonds rated A or better are: June 30, December 31, January 1, 2014 2013 2013 Co-operators Balanced Fund 90.6% 90.3% 90.1% Co-operators Canadian Fixed Income Fund 91.0% 90.9% 91.1% Short-term securities are only purchased from an approved list of investments within single issuer and quality limits (R- 1 by Dominion Bond Rating Service). Bonds, debentures, notes and mortgage-backed securities are eligible to be purchased in the Canadian bond portfolio. Units or warrants are eligible only if they convert to any of the items mentioned above. There is no limit for Canadian bonds rated BBB or better, Canadian bonds rated BB or lower are not purchased unless they are convertible to the above mentioned items. The bond investments in the securities of one issuer will not be more than 10% of the total fair value of the fund unless guaranteed by the Government of Canada or one of the provinces of Canada. U.S. bonds, debentures and notes are eligible to be purchased if rated A or better by Moody s Investor Service or Standard & Poor s. Credit risk is also minimized through the use of guarantees. The guarantor will provide the investor with the applicable investment return, per the agreement. There is, however, still a risk that the guarantor will not be able to fulfill the guarantee. The Company s credit risk exposure is the carrying value of the invested assets. Investments in Canadian equities will only be made in shares which are publicly traded on a prescribed Canadian stock exchange, relatively liquid, and for which material information is attainable. Convertibles, warrants, rights, receipts or units are allowed to be purchased as long as the underlying security is stocks. Investments in U. S. equities will be in shares listed on the New York Stock Exchange (NYSE), American Stock Exchange (AMEX) or National Association of Securities Dealers Automated Quotation System (NASDAQ). Convertibles, warrants, rights, receipts or units will be allowed to be purchased as long as the underlying security is a qualified stock. Investments in Global equities will be in shares listed on stock exchanges anywhere in the world. This primarily includes, but is not limited to the Toronto Stock Exchange (TSX), NYSE, NASDAQ, AMEX, Frankfurt Stock Exchange, London Stock Exchange, Paris Stock Exchange, Tokyo Stock Exchange, and Singapore Stock Exchange. Convertibles, warrants, rights, receipts or units will be allowed to be purchased as long as the underlying security is a qualified stock. A single stock investment will not be more than 10% of the fair value of all stocks held by the Fund and no more than 10% of any class of the outstanding voting securities of a single issuer may be acquired. The Funds may use derivatives, such as options, forwards, and futures to hedge against potential loss. The Funds may also use derivatives for non-hedging purposes in order to invest indirectly in securities or financial markets, to gain exposure to other currencies and to provide protection for the Funds assets. Any use of derivatives will be consistent with the investment objectives of the Funds and will comply with Canadian securities regulations. The Funds will not use derivatives for speculation. These practices are put in place to minimize the Funds exposure to risk due to: the risk that changes in the value of a hedging instrument will not match those of the investment being hedged; a market may not exist when the Funds want to close out their position in a derivative; the Funds could experience a loss if the other party to a derivative is unable to fulfil its obligations and the Funds could experience a loss if they have an open position in certain derivatives with a dealer who goes bankrupt. 76

Notes to the Financial Statements 6. Financial risk management (continued) Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk is comprised of three types of risks: a) Equity Risk Equity risk is where fluctuations in the value of equity securities affects the level and timing of recognition of gains and losses on securities held, and causes changes in realized and unrealized gains and losses. Historically, stock fair values have produced gains and losses over the short-term, but well diversified portfolios have gained in aggregate value over the long term. The following table represents the fair value of stocks, the percentage of the fair value of stocks in total investments, and the estimated effect on net assets of a 10% movement in stock markets with all other variables held constant (in thousands of dollars): Fair value Percentage of total investments Effect of 10% movement on net assets June 30, June 30, June 30, 2014 2014 2014 Co-operators Balanced Fund $ 71,715 61.94% $ 7,171 Co-operators Canadian Equity Fund 125,023 99.76% 12,502 Co-operators Canadian Resource Fund 32,373 99.77% 3,237 Co-operators U.S. Equity Fund 22,421 98.73% 2,242 Co-operators U.S. Growth Fund - - - Fair value Percentage of total investments Effect of 10% movement on net assets December 31, December 31, December 31, 2013 2013 2013 Co-operators Balanced Fund $ 64,635 60.97% $ 6,463 Co-operators Canadian Equity Fund 115,893 98.05% 11,589 Co-operators Canadian Resource Fund 28,133 97.65% 2,813 Co-operators U.S. Equity Fund 20,306 99.55% 2,031 Co-operators U.S. Growth Fund 728 98.16% 73 Fair value Percentage of total investments Effect of 10% movement on net assets January 1, January 1, January 1, 2013 2013 2013 Co-operators Balanced Fund $ 78,601 61.82% $ 7,860 Co-operators Canadian Equity Fund 105,462 97.89% 10,546 Co-operators Canadian Resource Fund 31,802 98.18% 3,180 Co-operators U.S. Equity Fund 10,862 95.93% 1,086 Co-operators U.S. Growth Fund 688 97.97% 69 b) Foreign Exchange Risk Foreign exchange risk represents the risk that the Funds incur losses due to exposure to foreign currency fluctuations. The Funds foreign exchange risk is related to its stock holdings. A 10% change in the value of the United States dollar would affect the net assets by (in thousands of dollars): June 30, December 31, January 1, 2014 2013 2013 Co-operators Balanced Fund $ 1,667 $ 1,589 $ 1,814 Co-operators U.S. Equity Fund 2,242 2,031 1,086 Co-operators U.S. Growth Fund - 73 69 77

Notes to the Financial Statements 6. Financial risk management (continued) c) Interest Rate Risk Interest rate risk is the potential for financial loss arising from changes in interest rates. This risk arises when the asset cash flows do not coincide with the cash flows arising from the liabilities, as this may result in the need to either sell assets to meet portfolio payments and expenses or reinvest excess asset cash flows under unfavorable interest environments. The value of a fund that invests in fixed income securities, such as bonds, treasury bills and commercial paper, is directly affected by changes in the general level of interest rates. As interest rates increase, the price of these types of securities tends to fall. Conversely, if interest rates fall, the price of fixed income securities increases. As a result, funds that invest in certain fixed income securities can experience gains or losses during periods of changing interest rates. Many kinds of fixed income securities have prepayment terms which allow the issuer to repay the principal prior to maturity. During periods of falling interest rates, the Funds may be compelled to unexpectedly reinvest in securities with lower interest rates. The impact on the net assets of the Funds from a 1% move in interest rate would be (in thousands of dollars): June 30, December 31, January 1, 2014 2013 2013 Co-operators Balanced Fund $ 2,660 $ 2,473 $ 3,300 Co-operators Canadian Fixed Income Fund 7,983 7,534 8,091 Co-operators Money Market Fund 34 40 24 The following tables represents the exposure to debt instruments by maturity date (in thousands of dollars): June 30, 2014 Less than 1 year 1-3 years 4-5 years 6-10 years Greater than 10 years Co-operators Balanced Fund $ 4,852 $ 10,415 $ 8,282 $ 9,587 $ 10,683 Co-operators Canadian Equity Fund 289 - - - - Co-operators Canadian Fixed Income Fund 6,760 29,276 26,544 28,005 32,039 Co-operators Canadian Resource Fund 60 - - - - Co-operators Money Market Fund 6,228 - - - - December 31, 2013 Less than 1 year 1-3 years 4-5 years 6-10 years Greater than 10 years Co-operators Balanced Fund $ 5,931 $ 7,725 $ 8,189 $ 8,658 $ 10,852 Co-operators Canadian Equity Fund 2,231 - - - - Co-operators Canadian Fixed Income Fund 13,252 23,020 24,444 23,202 33,988 Co-operators Canadian Resource Fund 662 - - - - Co-operators Money Market Fund 9,333 - - - - January 1, 2013 Less than 1 year 1-3 years 4-5 years 6-10 years Greater than 10 years Co-operators Balanced Fund $ 3,635 $ 9,540 $ 7,788 $ 13,487 $ 14,085 Co-operators Canadian Equity Fund 2,256 - - - - Co-operators Canadian Fixed Income Fund 5,852 26,769 17,760 31,204 35,001 Co-operators Canadian Resource Fund 528 - - - - Co-operators Money Market Fund 8,226 - - - - Liquidity risk Liquidity risk is the risk of having insufficient cash resources to meet financial obligations without raising funds at unfavourable rates or selling assets on a forced basis. The Funds are exposed to liquidity risk due to the possibility of daily cash redemptions of units, redemption of units in an illiquid market and the risk of fund managers not having the liquidity for payout. The Funds mitigate this risk by investing in liquid investments that are traded in an active market and can be readily disposed. All financial liabilities mature in less than three months. 78

Notes to the Financial Statements 7. Related party transactions The Company provided capital to seed these funds at inception. The number of units held by the Company in the Funds is as follows: June 30, December 31, January 1, 2014 2013 2013 Co-operators Bissett Canadian Dividend Fund 494 494 494 Co-operators Ethical Balanced Fund 250 250 250 Co-operators Ethical Canadian Equity Fund 500 500 500 Co-operators Ethical International Equity Fund 500 500 500 Co-operators Ethical Select Balanced Portfolio 250 250 250 Co-operators Ethical Select Growth Portfolio 500 500 500 Co-operators Ethical Select Conservative Portfolio 500 500 500 Co-operators Ethical Select Income Portfolio 500 500 500 Co-operators Mawer Balanced Fund 1,000 1,000 1,000 Co-operators Mawer Canadian Equity Fund 1,000 1,000 1,000 Co-operators Mawer International Equity Fund 1,000 1,000 1,000 The Company ensures the daily administration of the Funds and provides the Funds, or ensures the Funds are provided, with all services required to function properly. The Funds paid the Company for management services which are in the normal course of operations and are established at terms and conditions using available market information as follows (in thousands of dollars): June 2014 June 2013 Paid Payable Paid Payable Co-operators Balanced Fund $ 988 $ 170 $ 752 $ 136 Co-operators Canadian Equity Fund 1,496 266 1,106 202 Co-operators Canadian Fixed Income Fund 1,573 274 1,253 230 Co-operators Canadian Resource Fund 383 69 314 53 Co-operators Money Market Fund 58 9 43 9 Co-operators U.S. Equity Fund 255 45 115 24 Co-opeartors U.S. Growth Fund 5-5 1 $ 4,758 $ 833 $ 3,588 $ 655 8. Trading net asset value per unit The trading net asset value is calculated for each segment by dividing the trading net asset value by the number of units outstanding. The trading net asset value per unit is determined as of the close of each business day. The units of the funds are sold and redeemable at the current trading net asset value per unit at the option of the unitholder. 9. Management expense ratio Each fund is responsible for the payment of all third party expenses relating to its operations, including but not limited to, legal, accounting, audit, trustee, custodial fees and costs of regulatory documentation. Management fees cover the charges incurred by the Funds for the investment and administration of the segregated funds, and are calculated based on the net asset value of the segregated funds. The management expense ratio is calculated by dividing all fees, charges and other expenses paid or payable by the segregated fund (plus taxes), during the financial year by the average net asset value of the segregated fund. Management Expense Ratios are calculated for Individual Retirement and Investment Services only. 10. Portfolio turnover rate 79 The Fund s portfolio turnover rate indicates how actively the Fund s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher a fund s portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund. The portfolio turnover rate is disclosed in the first full year after the underlying fund s inception. The company may not have a fiscal year end of December 31, therefore the reported portfolio rates are not necessarily as at December 31. The portfolio turnover ratio is not required to be disclosed for money market funds.

Notes to the Financial Statements 11. Commencement and termination of funds Effective June 13, 2013, the following Fund names were changed: Co-operators Ethical Canadian Dividend Fund was renamed Co-operators Ethical Canadian Equity Fund. Co-operators Ethical Select Canadian Balanced Portfolio was renamed Co-operators Ethical Select Balanced Portfolio. Co-operators Ethical Select Canadian Growth Portfolio was renamed Co-operators Ethical Select Growth Portfolio. During the second quarter of 2014, the following funds ceased operations: Co-operators AGF Clean Environment Equity Fund Co-operators AGF Social Values Balanced Fund Co-operators AGF Social Values Equity Fund Co-operators U.S. Growth Fund As of the fourth quarter of 2012, these funds no longer held individual variable insurance contract investments. 12. Fair value estimation The Fund is responsible for determining the fair value of its investment portfolio by utilizing market-driven measurements obtained from active markets where available, by considering other observable and unobservable inputs and by employing valuation techniques that make use of current market data. Assets and liabilities recorded at fair value in the statement of net assets are measured and classified in a hierarchy consisting of three levels for disclosure purposes. The three levels are based on the significance and reliability of the inputs to the respective valuation techniques. The input levels are defined as follows: Level 1 - Quoted prices Level 1 Quoted prices represents unadjusted quoted prices for identical instruments exchanged in active markets. The fair value is determined based on quoted prices in active markets obtained from external pricing sources. The investments classified within Level 1 are valued at the bid price recorded by the securities exchanges on which such investments are principally traded at the financial reporting date. Securities not traded on the valuation date are valued at the last recorded bid price used on the previous valuation day if the former is not available. Assets measured at fair value and classified as Level 1 include cash and cash equivalents and stocks. Level 2 - Significant other observable inputs Level 2 Significant other observable inputs includes directly or indirectly observable inputs other than quoted prices for identical instruments exchanged in active markets. These inputs include quoted prices for similar instruments exchanged in active markets; quoted prices for identical or similar instruments exchanged in inactive markets; inputs other than quoted prices that are observable for the instruments, such as interest rates and yield curves, volatilities, prepayment spreads, loss severities, credit risks and default rates where available; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Investment funds classified in Level 2 were fair valued using the net asset value of the investment fund, as reported by the respective investee fund administrator. For these investment funds management believes the Fund could have redeemed its investment at the net asset value per unit at the financial statement date. Assets measured at fair value and classified as Level 2 include short-term notes, bonds, foreign equities, and other investments. Level 3 - Significant unobservable inputs Level 3 Significant unobservable inputs includes inputs that are not based on observable market data. Management is required to use its own assumptions regarding unobservable inputs as there is little, if any, market activity in these assets or liabilities or related observable inputs that can be corroborated at the measurement date. Unobservable inputs require significant management judgement or estimation to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities. To verify pricing, the Company assesses the reasonability of the fair values by comparing to industry accepted valuation models, to movements in credit spreads and to recent transaction prices for similar assets where available. The Funds did not hold any investments classified within Level 3 during the period ended June 30, 2014 (December 31, 2013 - $nil, January 1, 2013 nil). 80

Notes to the Financial Statements 12. Fair value estimation (continued) The following table summarizes the inputs used in valuing the Fund s investments at fair value as at: June 30, 2014 Level 1 Level 2 Level 3 Fair Value Total Co-operators Balanced Fund Cash and cash equivalents $ 155 $ - $ - $ 155 Short-term notes - 3,065-3,065 Bonds and debentures - 40,754-40,754 Stocks 55,042 16,673-71,715 $ 55,197 $ 60,492 $ - $ 115,689 Co-operators Canadian Equity Fund Cash and cash equivalents $ 18 $ - $ - $ 18 Short-term notes - 289-289 Stocks 125,023 - - 125,023 $ 125,041 $ 289 $ - $ 125,330 Co-operators Canadian Fixed Income Fund Cash and cash equivalents $ 30 $ - $ - $ 30 Short-term notes - 2,013-2,013 Bonds and debentures - 120,611-120,611 $ 30 $ 122,624 $ - $ 122,654 Co-operators Canadian Resource Fund Cash and cash equivalents $ 16 $ - $ - $ 16 Short-term notes - 60-60 Stocks 32,373 - - 32,373 $ 32,389 $ 60 $ - $ 32,449 Co-operators Money Market Fund Cash and cash equivalents $ 6 $ - $ - $ 6 Short-term notes - 6,228-6,228 Bonds and debentures - 2,262-2,262 $ 6 $ 8,490 $ - $ 8,496 Co-operators U.S. Equity Fund Cash and cash equivalents $ 288 $ - $ - $ 288 Stocks - 22,421-22,421 $ 288 $ 22,421 $ - $ 22,709 Co-opeartors U.S. Growth Fund Cash and cash equivalents $ - $ - $ - $ - Stocks - - - - $ - $ - $ - $ - 81

Notes to the Financial Statements 12. Fair value estimation (continued) December 31, 2013 Level 1 Level 2 Level 3 Fair Value Total Co-operators Balanced Fund Cash and cash equivalents $ 16 $ - $ - $ 16 Short-term notes - 3,359-3,359 Bonds and debentures - 37,996-37,996 Stocks 48,743 15,892-64,635 $ 48,759 $ 57,247 $ - $ 106,006 Co-operators Canadian Equity Fund Cash and cash equivalents $ 77 $ - $ - $ 77 Short-term notes - 2,231-2,231 Stocks 115,893 - - 115,893 $ 115,970 $ 2,231 $ - $ 118,201 Co-operators Canadian Fixed Income Fund Cash and cash equivalents $ 80 $ - $ - $ 80 Short-term notes - 3,301-3,301 Bonds and debentures - 114,605-114,605 $ 80 $ 117,906 $ - $ 117,986 Co-operators Canadian Resource Fund Cash and cash equivalents $ 16 $ - $ - $ 16 Short-term notes - 662-662 Stocks 28,133 - - 28,133 $ 28,149 $ 662 $ - $ 28,811 Co-operators Money Market Fund Cash and cash equivalents $ 11 $ - $ - $ 11 Short-term notes - 4,775-4,775 Bonds and debentures - 4,558-4,558 $ 11 $ 9,333 $ - $ 9,344 Co-operators U.S. Equity Fund Cash and cash equivalents $ 92 $ - $ - $ 92 Stocks - 20,306-20,306 $ 92 $ 20,306 $ - $ 20,398 Co-opeartors U.S. Growth Fund Cash and cash equivalents $ 14 $ - $ - $ 14 Stocks - 728-728 $ 14 $ 728 $ - $ 742 82

Notes to the Financial Statements 12. Fair value estimation (continued) January 1, 2013 Level 1 Level 2 Level 3 Fair Value Total Co-operators Balanced Fund Cash and cash equivalents $ 165 $ - $ - $ 165 Short-term notes - 1,345-1,345 Bonds and debentures - 47,190-47,190 Stocks 60,462 18,139-78,601 $ 60,627 $ 66,674 $ - $ 127,301 Co-operators Canadian Equity Fund Cash and cash equivalents $ 15 $ - $ - $ 15 Short-term notes - 2,256-2,256 Stocks 105,462 - - 105,462 $ 105,477 $ 2,256 $ - $ 107,733 Co-operators Canadian Fixed Income Fund Cash and cash equivalents $ 12 $ 1,509.00 $ - $ 1,521 Short-term notes - 115,078-115,078 Bonds and debentures - - - - $ 12 $ 116,587 $ - $ 116,599 Co-operators Canadian Resource Fund Cash and cash equivalents $ 63 $ - $ - $ 63 Short-term notes - 528-528 Stocks 31,802 - - 31,802 $ 31,865 $ 528 $ - $ 32,393 Co-operators Money Market Fund Cash and cash equivalents $ 7 $ - $ - $ 7 Short-term notes - 4,918-4,918 Bonds and debentures - 3,307-3,307 $ 7 $ 8,225 $ - $ 8,232 Co-operators U.S. Equity Fund Cash and cash equivalents $ 673 $ - $ - $ 673 Stocks - 10,862-10,862 $ 673 $ 10,862 $ - $ 11,535 Co-opeartors U.S. Growth Fund Cash and cash equivalents $ (479) $ - $ - $ (479) Stocks - 688-688 $ (479) $ 688 $ - $ 209 All Fund of funds investment in investment funds units have been classified as Level 2. During the period ended June 30, 2014, there were no financial assets transferred between Level 1, Level 2 or Level 3 (December 31, 2013 - $nil, January 1, 2013 nil). 83

Notes to the Financial Statements 13. unitholders per unit and per series The increase (decrease) in net assets attributable to unitholders per unit is calculated as follows: June June 2014 2013 Co-operators Balanced Fund unitholders $ 7,977 $ 2,722 Weighted average units outstanding during the period 432 499 unitholders per unit $ 18.47 $ 5.45 Co-operators Canadian Equity Fund unitholders $ 12,695 $ (447) Weighted average units outstanding during the period 545 565 unitholders per unit $ 23.29 $ (0.79) Co-operators Canadian Fixed Income Fund unitholders $ 4,258 $ (3,461) Weighted average units outstanding during the period 853 815 unitholders per unit $ 4.99 $ (4.25) Co-operators Canadian Resource Fund unitholders $ 4,908 $ (3,433) Weighted average units outstanding during the period 127 134 unitholders per unit $ 38.65 $ (25.62) Co-operators Money Market Fund unitholders $ 1 $ (2) Weighted average units outstanding during the period 76 75 unitholders per unit $ 0.01 $ (0.03) Co-operators U.S. Equity Fund unitholders $ 898 $ 2,276 Weighted average units outstanding during the period 151 131 unitholders per unit $ 5.95 $ 17.37 Co-operators U.S. Growth Fund unitholders $ 26 $ 106 Weighted average units outstanding during the period 4 8 unitholders per unit $ 6.50 $ 13.25 Co-operators Bissett Canadian Dividend Fund unitholders $ 1,060 $ (109) Weighted average units outstanding during the period 217 48 unitholders per unit $ 4.88 $ (2.27) Co-operators Ethical Balanced Fund unitholders $ 40 $ (19) Weighted average units outstanding during the period 7 8 unitholders per unit $ 5.71 $ (2.38) Co-operators Ethical Canadian Equity Fund unitholders $ 81 $ 25 Weighted average units outstanding during the period 10 5 unitholders per unit $ 8.10 $ 5.00 84

Notes to the Financial Statements 13. unitholders per unit and per series (continued) June June 2014 2013 Co-operators Ethical International Equity Fund unitholders $ 7 $ 10 Weighted average units outstanding during the period 2 2 unitholders per unit $ 3.50 $ 5.00 Co-operators Ethical Select Balanced Portfolio unitholders $ 210 $ 105 Weighted average units outstanding during the period 36 33 unitholders per unit $ 5.83 $ 3.18 Co-operators Ethical Select Growth Portfolio unitholders $ 86 $ 52 Weighted average units outstanding during the period 14 11 unitholders per unit $ 6.14 $ 4.73 Co-operators Ethical Select Conservative Portfolio unitholders $ 33 $ (3) Weighted average units outstanding during the period 7 2 unitholders per unit $ 4.71 $ (1.50) Co-operators Ethical Select Income Portfolio unitholders $ 35 $ (4) Weighted average units outstanding during the period 11 7 unitholders per unit $ 3.18 $ (0.57) Co-operators Fidelity Canadian Bond Fund unitholders $ 977 $ (703) Weighted average units outstanding during the period 193 186 unitholders per unit $ 5.06 $ (3.78) Co-operators Fidelity Global Fund unitholders $ 405 $ 906 Weighted average units outstanding during the period 97 91 unitholders per unit $ 4.18 $ 9.96 Co-operators Fidelity True North Fund unitholders $ 3,212 $ 2,551 Weighted average units outstanding during the period 204 193 unitholders per unit $ 15.75 $ 13.22 Co-operators Mawer Balanced Fund unitholders $ 869 $ 129 Weighted average units outstanding during the period 120 47 unitholders per unit $ 7.24 $ 2.74 Co-operators Mawer Canadian Equity Fund unitholders $ 4,297 $ 2,061 Weighted average units outstanding during the period 317 289 unitholders per unit $ 13.56 $ 7.13 85

Notes to the Financial Statements 13. unitholders per unit and per series (continued) June June 2014 2013 Co-operators Mawer International Equity Fund unitholders $ 2,797 $ 1,816 Weighted average units outstanding during the period 384 304 unitholders per unit $ 7.28 $ 5.97 Co-operators Aggressive Balanced Fund unitholders $ 1,370 $ 307 Weighted average units outstanding during the period 101 123 unitholders per unit $ 13.56 $ 2.50 Co-operators Conservative Balanced Fund unitholders $ 517 $ 68 Weighted average units outstanding during the period 54 47 unitholders per unit $ 9.57 $ 1.45 Co-operators Aggressive Portfolio unitholders $ 4,059 $ 1,997 Weighted average units outstanding during the period 361 327 unitholders per unit $ 11.24 $ 6.11 Co-operators Conservative Portfolio unitholders $ 4,178 $ 655 Weighted average units outstanding during the period 543 494 unitholders per unit $ 7.69 $ 1.33 Co-operators Moderate Portfolio unitholders $ 6,293 $ 2,278 Weighted average units outstanding during the period 674 632 unitholders per unit $ 9.34 $ 3.60 Co-operators Very Aggressive Portfolio unitholders $ 1,684 $ 1,029 Weighted average units outstanding during the period 127 121 unitholders per unit $ 13.26 $ 8.50 Co-operators Very Conservative Portfolio unitholders $ 2,921 $ (647) Weighted average units outstanding during the period 470 456 unitholders per unit $ 6.21 $ (1.42) 86

Notes to the Financial Statements 13. unitholders per unit and per series (continued) The increase (decrease) in net assets attributable to unitholders per unit per segment is as follows: June June 2014 2013 Co-operators Balanced Fund unitholders per unit, Segment 4 $ 29.28 $ 9.83 unitholders per unit, Segment 5 13.56 4.59 unitholders per unit, Segment 6 12.27 3.82 unitholders per unit, Segment 7 11.08 4.54 unitholders per unit, Segment 8 12.43 4.17 unitholders per unit, Segment 9 13.71 4.26 unitholders per unit, Segment 11 11.63 4.01 unitholders per unit, Segment 12 9.61 3.71 Co-operators Canadian Equity Fund unitholders per unit, Segment 4 $ 44.57 $ (1.44) unitholders per unit, Segment 5 25.57 (0.86) unitholders per unit, Segment 6 20.95 (0.65) unitholders per unit, Segment 7 22.95 (0.79) unitholders per unit, Segment 8 20.06 (0.67) unitholders per unit, Segment 9 18.29 (0.60) unitholders per unit, Segment 11 17.88 (0.62) unitholders per unit, Segment 12 14.55 (0.53) Co-operators Canadian Fixed Income Fund unitholders per unit, Segment 4 $ 7.15 $ (5.94) unitholders per unit, Segment 5 5.26 (4.26) unitholders per unit, Segment 6 4.80 (3.93) unitholders per unit, Segment 7 5.55 (4.54) unitholders per unit, Segment 8 4.80 (3.99) unitholders per unit, Segment 9 4.81 (3.88) unitholders per unit, Segment 11 4.35 (3.75) unitholders per unit, Segment 12 4.25 (3.83) Co-operators Canadian Resource Fund unitholders per unit, Segment 4 $ 44.97 $ (27.18) unitholders per unit, Segment 5 41.62 (26.36) unitholders per unit, Segment 6 35.31 (18.55) unitholders per unit, Segment 7 47.04 (35.36) unitholders per unit, Segment 8 40.84 (27.05) unitholders per unit, Segment 9 36.32 (23.58) unitholders per unit, Segment 11 22.17 (15.70) unitholders per unit, Segment 12 18.46 (12.80) Co-operators Money Market Fund unitholders per unit, Segment 4 $ 0.02 $ (0.02) unitholders per unit, Segment 5 0.02 (0.03) unitholders per unit, Segment 6 0.01 (0.02) unitholders per unit, Segment 7 0.02 (0.03) unitholders per unit, Segment 8 0.01 (0.03) unitholders per unit, Segment 9 0.01 (0.03) unitholders per unit, Segment 11 0.01 (0.03) unitholders per unit, Segment 12 0.01 (0.03) 87

Notes to the Financial Statements 13. unitholders per unit and per series (continued) June June 2014 2013 Co-operators U.S. Equity Fund unitholders per unit, Segment 4 $ 8.64 $ 23.66 unitholders per unit, Segment 5 3.17 8.17 unitholders per unit, Segment 6 5.98 12.21 unitholders per unit, Segment 7 6.02 15.80 unitholders per unit, Segment 8 6.07 20.23 unitholders per unit, Segment 9 5.69 22.17 unitholders per unit, Segment 11 8.42 24.93 unitholders per unit, Segment 12 8.20 23.43 Co-operators U.S. Growth Fund unitholders per unit, Segment 4 $ - $ - unitholders per unit, Segment 5 - - unitholders per unit, Segment 6 - - unitholders per unit, Segment 7 - - unitholders per unit, Segment 8 - - unitholders per unit, Segment 9 - - unitholders per unit, Segment 11 - - unitholders per unit, Segment 12 - - Co-operators Bissett Canadian Dividend Fund unitholders per unit, Segment 4 $ 7.36 $ (1.96) unitholders per unit, Segment 5 8.06 (2.37) unitholders per unit, Segment 6 7.10 (2.40) unitholders per unit, Segment 8 9.01 (2.31) unitholders per unit, Segment 9 7.88 (2.38) unitholders per unit, Segment 11 9.91 (2.22) unitholders per unit, Segment 12 10.21 (2.19) Co-operators Ethical Balanced Fund unitholders per unit, Segment 4 $ 6.28 $ (1.63) unitholders per unit, Segment 5 6.22 (4.05) unitholders per unit, Segment 8 5.41 (2.72) unitholders per unit, Segment 9 4.23 (2.13) unitholders per unit, Segment 11 6.79 (1.47) unitholders per unit, Segment 12 7.10 (2.50) Co-operators Ethical Canadian Equity Fund unitholders per unit, Segment 4 $ 8.84 $ 3.56 unitholders per unit, Segment 5 8.19 5.09 unitholders per unit, Segment 8 8.62 4.88 unitholders per unit, Segment 9 8.15 4.79 unitholders per unit, Segment 11 8.00 4.75 unitholders per unit, Segment 12 8.42 4.33 Co-operators Ethical International Equity Fund unitholders per unit, Segment 4 $ 2.98 $ 5.14 unitholders per unit, Segment 5 1.90 9.34 unitholders per unit, Segment 8 4.27 10.25 unitholders per unit, Segment 9 1.56 5.74 unitholders per unit, Segment 11 3.67 9.51 unitholders per unit, Segment 12 5.38 10.30 88

Notes to the Financial Statements 13. unitholders per unit and per series (continued) June June 2014 2013 Co-operators Ethical Select Balanced Portfolio unitholders per unit, Segment 4 $ 5.47 $ 3.03 unitholders per unit, Segment 5 5.28 3.29 unitholders per unit, Segment 8 5.88 3.25 unitholders per unit, Segment 9 6.15 2.97 unitholders per unit, Segment 11 5.12 3.19 unitholders per unit, Segment 12 6.27 3.47 Co-operators Ethical Select Growth Portfolio unitholders per unit, Segment 4 $ 5.96 $ 4.44 unitholders per unit, Segment 5 6.03 4.53 unitholders per unit, Segment 8 6.49 4.68 unitholders per unit, Segment 9 5.62 4.63 unitholders per unit, Segment 11 6.39 4.80 unitholders per unit, Segment 12 6.81 5.13 Co-operators Ethical Select Conservative Portfolio unitholders per unit, Segment 5 $ 3.42 $ (1.62) unitholders per unit, Segment 8 4.83 (1.62) unitholders per unit, Segment 9 6.16 (1.48) unitholders per unit, Segment 11 5.29 (1.61) unitholders per unit, Segment 12 6.06 (0.53) Co-operators Ethical Select Income Portfolio unitholders per unit, Segment 4 $ 4.41 $ (0.28) unitholders per unit, Segment 5 4.40 (0.28) unitholders per unit, Segment 6 4.39 (0.57) unitholders per unit, Segment 8 7.35 (0.42) unitholders per unit, Segment 9 2.66 (0.57) unitholders per unit, Segment 11 6.57 (0.57) unitholders per unit, Segment 12 4.83 (0.57) Co-operators Fidelity Canadian Bond Fund unitholders per unit, Segment 4 $ 5.03 $ (3.85) unitholders per unit, Segment 5 4.82 (3.67) unitholders per unit, Segment 6 4.67 (3.99) unitholders per unit, Segment 8 5.13 (3.73) unitholders per unit, Segment 9 5.09 (3.91) unitholders per unit, Segment 11 4.67 (3.74) unitholders per unit, Segment 12 4.74 (3.55) Co-operators Fidelity Global Fund unitholders per unit, Segment 4 $ 4.04 $ 10.05 unitholders per unit, Segment 5 3.89 9.65 unitholders per unit, Segment 6 4.09 9.95 unitholders per unit, Segment 8 4.17 9.66 unitholders per unit, Segment 9 4.36 10.47 unitholders per unit, Segment 11 5.93 14.53 unitholders per unit, Segment 12 5.36 14.29 89

Notes to the Financial Statements 13. unitholders per unit and per series (continued) June June 2014 2013 Co-operators Fidelity True North Fund unitholders per unit, Segment 4 $ 18.35 $ 15.34 unitholders per unit, Segment 5 17.12 15.37 unitholders per unit, Segment 6 16.43 13.51 unitholders per unit, Segment 8 18.15 14.79 unitholders per unit, Segment 9 16.98 14.27 unitholders per unit, Segment 11 15.38 13.35 unitholders per unit, Segment 12 12.20 10.71 Co-operators Mawer Balanced Fund unitholders per unit, Segment 4 $ 7.16 $ 2.95 unitholders per unit, Segment 5 6.38 2.89 unitholders per unit, Segment 6 8.00 2.98 unitholders per unit, Segment 8 7.32 2.71 unitholders per unit, Segment 9 7.29 2.79 unitholders per unit, Segment 11 7.93 2.83 unitholders per unit, Segment 12 7.70 2.97 Co-operators Mawer Canadian Equity Fund unitholders per unit, Segment 4 $ 13.36 $ 6.91 unitholders per unit, Segment 5 12.57 6.90 unitholders per unit, Segment 6 12.50 7.54 unitholders per unit, Segment 8 13.68 7.13 unitholders per unit, Segment 9 13.20 7.05 unitholders per unit, Segment 11 14.34 7.99 unitholders per unit, Segment 12 13.97 7.74 Co-operators Mawer International Equity Fund unitholders per unit, Segment 4 $ 8.08 $ 6.04 unitholders per unit, Segment 5 7.74 5.94 unitholders per unit, Segment 6 7.39 6.48 unitholders per unit, Segment 8 8.28 5.93 unitholders per unit, Segment 9 8.14 5.87 unitholders per unit, Segment 11 8.78 6.68 unitholders per unit, Segment 12 8.50 6.47 Co-operators Aggressive Balanced Fund unitholders per unit, Segment 4 $ 19.43 $ 3.16 unitholders per unit, Segment 5 18.43 2.89 unitholders per unit, Segment 6 16.57 2.59 unitholders per unit, Segment 7 18.22 2.82 unitholders per unit, Segment 8 16.76 2.61 unitholders per unit, Segment 9 16.47 2.86 unitholders per unit, Segment 11 16.32 2.25 unitholders per unit, Segment 12 13.57 2.23 90

Notes to the Financial Statements 13. unitholders per unit and per series (continued) June June 2014 2013 Co-operators Conservative Balanced Fund unitholders per unit, Segment 4 $ 9.99 $ 1.42 unitholders per unit, Segment 5 9.76 1.42 unitholders per unit, Segment 6 9.15 1.33 unitholders per unit, Segment 7 9.56 1.45 unitholders per unit, Segment 8 9.78 1.47 unitholders per unit, Segment 9 8.43 1.31 unitholders per unit, Segment 11 8.08 1.46 unitholders per unit, Segment 12 6.64 1.09 Co-operators Aggressive Portfolio unitholders per unit, Segment 4 $ 11.26 $ 6.13 unitholders per unit, Segment 5 10.32 5.75 unitholders per unit, Segment 6 11.06 5.80 unitholders per unit, Segment 8 11.37 6.19 unitholders per unit, Segment 9 11.24 5.89 unitholders per unit, Segment 11 11.10 6.23 unitholders per unit, Segment 12 10.09 6.03 Co-operators Conservative Portfolio unitholders per unit, Segment 4 $ 8.12 $ 1.33 unitholders per unit, Segment 5 8.24 1.31 unitholders per unit, Segment 6 7.31 1.40 unitholders per unit, Segment 8 7.69 1.33 unitholders per unit, Segment 9 7.61 1.32 unitholders per unit, Segment 11 7.59 1.29 unitholders per unit, Segment 12 6.81 1.25 Co-operators Moderate Portfolio unitholders per unit, Segment 4 $ 9.56 $ 3.66 unitholders per unit, Segment 5 9.04 3.75 unitholders per unit, Segment 6 8.39 3.20 unitholders per unit, Segment 8 9.45 3.60 unitholders per unit, Segment 9 9.10 3.52 unitholders per unit, Segment 11 9.29 3.85 unitholders per unit, Segment 12 8.45 3.45 Co-operators Very Aggressive Portfolio unitholders per unit, Segment 4 $ 13.18 $ 8.32 unitholders per unit, Segment 5 12.11 8.83 unitholders per unit, Segment 6 12.98 10.40 unitholders per unit, Segment 8 13.40 8.40 unitholders per unit, Segment 9 13.39 8.82 unitholders per unit, Segment 11 13.97 8.74 unitholders per unit, Segment 12 11.79 7.65 Co-operators Very Conservative Portfolio unitholders per unit, Segment 4 $ 6.60 $ (1.35) unitholders per unit, Segment 5 6.37 (1.34) unitholders per unit, Segment 6 5.72 (1.47) unitholders per unit, Segment 8 6.20 (1.42) unitholders per unit, Segment 9 6.35 (1.42) unitholders per unit, Segment 11 5.64 (1.48) unitholders per unit, Segment 12 5.63 (1.23)