As a client or prospect referred under a referral agreement, I understand and acknowledge each of the following statements:

1. Emma Services Financiers Inc. and Kaleido Growth Inc. have entered into a referral agreement under which Kaleido Growth Inc. will promote Emma Services Financiers Inc. products and refer clients interested in life and health insurance products to Emma Services Financiers Inc. in return for a referral fee.

2. As part of this referral agreement, the parties do not exceed the limits of the following categories of registration, in which they are respectively registered with the regulatory authorities that govern them.

3. I understand that the parties are two unrelated companies and that the party referring me has no responsibility for the advice given and representations made by the party to whom it refers me.

4. As Emma Services Financiers Inc. is a life and health insurance and financial planning firm, it cannot distribute scholarship plans, unlike Kaleido Growth Inc.

5. Kaleido Growth Inc. is a scholarship plan broker and investment fund manager. It cannot sell or offer life and health insurance products, unlike Emma Services Financiers Inc.

6. I understand that other representatives or registrants may provide comparable products that may meet my needs.

7. A referral fee will be paid by Emma Services Financiers Inc. to Kaleido Growth Inc. if I agree to purchase insurance through Emma Services Financiers Inc.

8. For Emma insurance products, the referral fee represents 30% of the annual premium (excluding policy fees) obtained for the client referred to Emma Services Financiers Inc. by Kaleido Growth Inc. For example, for an annual premium of $533, $160 will be paid to Kaleido Growth Inc. and/or one of its scholarship plan representatives.

9. For non-Emma insurance products, the referral fee to be paid to the Kaleido scholarship plan representative is $160 per contract entered into by a client referred to Emma Financial Services Inc. by Kaleido Growth Inc.

10. Although the referral agreement creates a potential conflict of interest since each party has a financial interest, the party referring me respects its ethical and legal obligations, in particular by putting my interests ahead of its own financial interests.