Mr. John McKimm reports

SMART EMPLOYEE BENEFITS INC. CORPORATE UPDATE

Smart Employee Benefits Inc. has provided the following updates.

Restricted share units

The company has granted share-based compensation to its independent directors.

Pursuant to the company's omnibus long-term incentive plan, it has granted restricted share units (RSUs) to its directors exercisable into an aggregate 940,640 common shares for fees earned in Q1, Q2 and Q3, 2021.

The RSUs will vest immediately and were priced as of the close of trading the first business day following the end of the quarter pursuant to the terms of the plan. Additionally, per a resolution of the board, each director is mandated to take a minimum 25 per cent of their fees in shares. This election by director must be made at the beginning of each quarter for the fees earned in that quarter. Approximately 55 per cent of the fees earned in Q1 2021 were paid in RSUs. Approximately 72 per cent of the fees earned in Q2 2021 were paid in RSUs. Approximately 63 per cent of fees earned in Q3 2021 were paid in RSUs. Each vested RSU entitles the holder to convert one common share of the company.

About Smart Employee Benefits Inc. (SEB)

Smart Employee Benefits is a proven provider of leading-edge IT and benefits processing software, solutions and services for the life and group benefits marketplace and government. The company designs, customizes, builds and manages mission-critical, end-to-end technology, people and infrastructure solutions using its proprietary technologies and expertise and partner technologies. The company manages mission-critical business processes for over 150 blue chip and government accounts, nationally and globally. Over 90 per cent of the company's revenue and contracts are multiyear recurring revenue streams contracts related to government, insurance, health care, benefits and e-commerce. The company's solutions are supported nationally and globally by over 600 multicertified technical professionals in a multilingual infrastructure, from eight offices across Canada and globally.

The company's solutions include both software- and services-driven ecosystems, including multiple software-as-a-service solutions, cloud solutions and services, managed services offering smart sourcing (near shore/offshore), managed security services, custom software development and support, professional services, deep systems integration expertise, and multiple specialty practice areas including AI, CRM, BI, Portals, EDI, e-commerce, digital transformation, analytics, project management, to mention a few. The company has more than 20 strategic partnerships/relationships with leading global and regional technology and consulting organizations.