ALTERNATIVE STRATEGIES

MONTHLY FUND SUMMARIES

AS AT AUGUST 31, 2017

NORREP CAPITAL MANAGEMENT

TABLE OF CONTENTS

Fund Performance

Norrep Market Neutral Income Fund

Norrep Canadian Enhanced Equity Fund

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FUND PERFORMANCE SUMMARIES

Fund YTD 1Y 3Y 5Y 10Y 15YSince

Inception Inception DateFundYield1

ALTERNATIVE STRATEGIES

Norrep Market Neutral Income Fund 1.4% -1.0% -0.8% 1.4% - - 4.5% Dec 31, 2010 4.2%

Norrep Canadian EnhancedEquity Fund 7.5% 9.1% - - - - 9.3% Jan 31, 2015 2.7%

as at August 31, 2017

All performance F Series as of August 31, 2017, net of fees, annualized, unless otherwise stated. Commissions, trailing commissions, management fees and expenses all may be associated with investments. Please read the offering memorandum before investing. The indicated rates of return are the historical annual compounded total re-turns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect the future values or returns in any Fund. These funds are available for sale to Accredited Investors, BC residents by Offering Memorandum or with a minimum purchase of $150,000 by a non-individual, and are subject to resale restrictions under applicable securities laws.

NOTES

1. Fund yields are reviewed annually and set on December 31st of each year.

PERFORMANCE

1 month 3 month 6 month YTD 1 year 3 year 5 year Inception

F 1.2% 1.9% 1.8% 1.4% -1.0% -0.8% 1.4% 4.5%

A 1.1% 1.6% 1.2% 0.7% -2.1% -1.9% 0.4% 3.5%

VALUE OF $10,000 INVESTED AT INCEPTION

$8,000

$9,000

$10,000

$11,000

$12,000

$13,000

$14,000

$15,000

$16,000

2017201620152014201320122011

$13,453

UNCORRELATED RETURNSPercentage of Positive Months Number of Positive Months Average Monthly Return

Up Markets1 53.1% 26/49 0.2%

Down Markets1 58.1% 18/31 0.7%

Overall1 55.0% 44/80 0.4%1. Based on the S&P TSX Composite Total Return Index

2017 Paid Distributions $0.214

2016 Paid Distributions $0.484

2015 Paid Distributions $0.516

2014 Paid Distributions $0.523

DISTRIBUTIONS

NORREP MARKET NEUTRALINCOME FUND

MONTHLY SUMMARY AS AT August 31, 2017

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total

2011 -0.8% 2.6% 1.8% -2.0% 1.9% -0.1% 0.9% 4.8% 1.7% -1.2% 2.6% -0.2% 12.3%

2012 -1.8% 1.2% 2.3% 3.3% 1.7% 1.9% 3.3% -0.8% -1.9% 1.9% -0.8% -1.9% 8.5%

2013 0.3% 1.0% 2.6% -0.1% 1.7% -0.5% 1.1% -1.3% -0.9% 3.5% 1.2% -0.7% 8.4%

2014 0.7% 2.0% 0.8% 0.2% 0.7% 0.8% 0.3% -0.8% -1.3% 2.0% -1.3% -3.4% 0.7%

2015 4.1% -2.3% 1.8% -1.9% 1.9% -0.2% 2.3% -0.6% 1.7% -2.0% 0.5% -0.6% 4.7%

2016 -1.2% -2.7% 2.0% 1.8% -1.9% 0.8% 1.0% -1.6% -1.3% -0.4% -1.0% 0.2% -4.3%

2017 -0.0% -0.3% 1.1% -0.2% -1.0% 0.2% 0.5% 1.2% - - - - 1.4%

MONTHLY PERFORMANCE

Who don’t want large-scale movements in markets to affect their investments and who want to receive a quarterly distributionFOR INVESTORS

Paid Quarterly

NAV/Share F Series: $10.24 A Series: $9.53

A Canadian absolute return fund targeting positive returns regardless of market direction, providing low volatility and targets a quarterly distribution of $0.107 to help with downside protection.

Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at norrep.com.

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SECTOR EXPOSURE

Trailing P/E Trailing ROE Earnings Surprise QEM Dividend Yield

Longs 14.8x 15.4% 3.9% 10.1% 3.2%

Shorts 29.2x 6.5% -0.1% 1.8% 2.6%

Number of Longs 53

Number of Shorts 66

Number of Bonds 15

Percent Long 100%

Percent Short 100%

Percent Bond 100%

Modified Duration (years) 1.9

S&P/TSX TRI

Norrep Market Neutral Income Fund

Average Monthly Return Since Inception 0.4% 0.4%Average Monthly Return In Up Markets 2.0% 0.2%

Average Monthly Return In Down Markets -2.0% 0.7%

Maximum Drawdown2 -16.5% -6.7%

Standard Deviation3 8.8% 5.8%

Correlation3 - -0.08

Beta3 - -0.052. Based on monthly performance 3. Since Inception

Except where indicated otherwise, F Series data as of August 31, 2017, net of fees, annualized. Norrep Market Neutral Income Fund is available for sale to Accredited Investors, BC residents by Offering Memorandum or with a minimum purchase of $150,000 by a non-individual, and is subject to resale restrictions under applicable securities laws. The fund is not guaranteed, unit values changes frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses all may be associated with this investment. Indicated rates of return are the historical annual compound total returns including changes in unit value and reinvestment of all dividends and distributions and do not take into account sales, redemption, distribution or optional charges or income tax payable by any security holder, if any, that would have reduced returns. The rate of return is used to illustrate the effects of the compound growth rate and is not intended to reflect future sales of the fund or returns on investment in the fund.

Fund Codes NRP3100 (F)NRP3101 (A)

Net Assets $47.5 Million

Inception December 31, 2010

CIFSCCategory

AlternativeStrategies

Risk Rating Low to Medium

Management FeeF SeriesA Series

0.90%1.90%

Capped MERF SeriesA Series

1.25%*2.25%*

Portfolio Manager

Norrep Capital Management Ltd.

Auditor KPMG LLP

Custodian CIBC Mellon Trust Company

Transfer Agentand Registrar

CIBC Mellon Global Securities ServicesCompany

*Does not include performance bonus.

Source: CPMS

Keith Leslie, CFAChief Risk Officer and Portfolio Manager

PORTFOLIO MANAGER

www.norrep.com

*Does not include performance bonus or taxes.

Canadian absolute return fund targeting positive returns in both up and down markets

Provides low volatility with returns uncorrelated to the equity market

Targets a quarterly distribution of $0.107 to help with downside protection

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PERFORMANCE

1 month 3 month 6 month YTD 1 year Inception

F 2.2% 4.6% 6.5% 7.5% 9.1% 9.3%

A 2.1% 4.3% 5.9% 6.7% 8.0% 8.2%

1. 2015 return begins with January 31 inception

NORREP CANADIANENHANCEDEQUITY FUND

MONTHLY SUMMARY AS AT August 31, 2017

Who want exposure to Canadian equities in a fund that has additional choices for downside protection FOR INVESTORS

2017 Paid Distributions $0.152

2016 Paid Distributions $0.321

2015 Paid Distributions $0.303

Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at norrep.com.

DISTRIBUTIONS

VALUE OF $10,000 INVESTED AT INCEPTION

$9,000

$9,500

$10,000

$10,500

$11,000

$11,500

$12,000

$12,500

$13,000

201720162015

$12,596

Paid Quarterly

Beta represents the tendency of the fund’s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive cor-relation. R-Squared is a number 0 to 100 representing the percentage of a fund’s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard Deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average).

METRICS SINCE INCEPTIONBeta Correlation R-squared Standard Deviation

0.91 0.87 76.5 8.0%

NAV/Share F Series: $11.71 A Series: $11.40

A large cap Canadian equity fund that uses both long and short positions to reduce risk, while also targeting a quarterly distribution of $0.076. The Fund is ideal for experienced investors looking for innovative means to enhance returns.

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Fund Codes NRP 5100 (F)NRP 5101 (A)

Net Assets $7.1 Million

Inception January 31, 2015

CIFSC Category

AlternativeStrategies

Risk Rating Medium

Management Fee F SeriesA Series

1.00%*2.00%*

Benchmark Index S&P/TSX Composite Total Return Index

Portfolio Manager

Norrep Capital Management Ltd.

Auditor KPMG LLP

Custodian CIBC Mellon Trust Company

Transfer Agent and Registrar

CIBC Mellon Global Securities Services Company

*Does not include performance bonus.PORTFOLIO WEIGHTS

Advantage Oil & Gas Ltd. Manulife Financial Corporation

Bank of Montreal Norbord Inc.

Canadian Imperial Bank of Commerce NorthWest Healthcare Properties REIT

Canadian National Railway Company Parex Resources Inc.

Enerplus Corp. Royal Bank of Canada

TOP TEN HOLDINGS LISTED ALPHABETICALLY

Except where indicated otherwise, F Series data as of August 31, 2017, net of fees, annualized. Norrep Canadian Enhanced Equity Fund is available for sale to Accredited Investors, BC residents by Offering Memorandum or with a minimum purchase of $150,000 by a non-individual, and is subject to resale restrictions under applicable securities laws. The fund is not guaranteed, unit values changes frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses all may be associated with this investment. Indicated rates of return are the historical annual compound total returns including changes in unit value and reinvestment of all dividends and distributions and do not take into account sales, redemption, distribution or optional charges or income tax payable by any security holder, if any, that would have reduced returns. The rate of return is used to illustrate the effects of the compound growth rate and is not intended to reflect future sales of the fund or returns on investment in the fund.

Keith Leslie, CFAChief Risk Officer and Portfolio Manager

PORTFOLIO MANAGER15+10+12+2+4+0+28+2+3+6+5+0+13+0+0+G<Energy (15.2%) <Basic Materials (9.5%) <Industrials (12.4%) <Consumer Discretionary (2.3%) <Consumer Staples (3.6%) <Financials (27.6%) <Information Technology (2.4%) <Telecommunications (2.9%) <Utilities (6.3%) <Real Estate (5.0%) <Net Cash (12.8%)

www.norrep.com

Canadian Equity Fund with more choices than a standard long-only mutual fund through its use of long and short positions to provide enhanced portfolio returns with additional downside protection

In normal times, the fund will invest 130% of its assets in long positions and 30% of its assets in short positions for 100% net market exposure

Targets a quarterly distribution of $0.076

Long Positions S&P/TSX Composite Index Short Positions

Trailing P/E 14.1x 18.1x 29.8x

Trailing ROE 16.2% 12.6% 7.1%

Earnings Surprise 3.4% 2.5% -1.6%

Earnings Momentum (QEM) 9.3% 9.1% 0.8%

Dividend Yield 3.0% 2.9% 2.2%

Cash Flow / Debt 0.34 0.32 0.18

Source: CPMS

PORTFOLIO ATTRIBUTES

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CONTACT US

Calgary Barclay CentreSuite 1100, 606 - 4 Street SWCalgary, Alberta T2P 1T1

Toronto TD North TowerSuite 4330, 77 King Street WestToronto, Ontario M5K 1H6

403.531.2650 phone1.877.531.9355 client services1.877.431.1407 sales & generalinfo@norrep.com

www.norrep.com

NORREP CAPITAL MANAGEMENT

FUND OF FUNDS

ALTERNATIVE INVESTMENTS

STAND ALONE FUNDS

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Norrep Income Growth ClassCanadian equity balanced fund that blends growth, yield, and stability without sacrificing upside potential.

Norrep Energy Plus ClassAll cap Canadian energy equity fund utilizing its Calgary-based expertise to invest in the best opportunities in Canada’s oil and gas sector.

Norrep Entrepreneurs ClassDisciplined Canadian micro cap equity fund investing in underfollowed companies with a track record of success.

7 Norrep Tactical Opportunities ClassTactical balanced fund with a broad mandate to invest in the best risk/reward opportunities in Canada and around the world.

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Norrep II ClassCanadian small cap equity fund with a disciplined and repeatable value-based investment approach.

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NORREP OPPORTUNITIES CORP.

Norrep Premium Growth ClassAll-in-one fund of funds investment solution providing access to an equity-focused portfolio of Norrep products which are continually monitored by an investment committee.

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12Norrep US Dividend Plus ClassU.S. equity fund focusing on dividend paying stocks using a unique all cap approach that provides access to the world’s largest economy.

9 Norrep Global Income Growth ClassGlobal equity balanced fund that offers geographic and sector diversification, with an attractive tax-efficient yield.

14 Norrep High Income FundFixed income fund with a unique strategy of overweighting either floating rate senior secured loans or high yield corporate bonds, depending on market conditions.

Norrep Market Neutral Income FundCanadian absolute return fund targeting positive returns over reasonable time periods, regardless of market direction.

Norrep Canadian Enhanced Equity FundCanadian equity fund using an active extension strategy to provide more flexibility than a standard mutual fund.

13 Norrep Fund (closed)Canadian small cap equity fund with a disciplined and repeatable value-based investment approach.

15 Norrep Short Term Income FundDesigned specifically to preserve your wealth and generate incomein the short term. Providing better short-term yield than typical short duration products.

CORE FUNDS

Norrep Core Canadian Offers investors a portfolio of stable, high quality Canadian large cap equities. Targets an attractive long-term return with lower volatility than its index.

2 Norrep Core Global Offers investors exposure to the global markets, targeting an attractive long-term return with lower volatility than its index.

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NORREP OPPORTUNITIES CORP.

FUND OF FUNDS

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NORREP INVESTMENTS PRODUCT RANGE

FUND OF FUNDS

ALTERNATIVE INVESTMENTS

STAND ALONE FUNDS

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Norrep Income Growth ClassCanadian equity balanced fund that blends growth, yield, and stability without sacrificing upside potential.

Norrep Energy Plus ClassAll cap Canadian energy equity fund utilizing its Calgary-based expertise to invest in the best opportunities in Canada’s oil and gas sector.

Norrep Entrepreneurs ClassDisciplined Canadian micro cap equity fund investing in underfollowed companies with a track record of success.

7 Norrep Tactical Opportunities ClassTactical balanced fund with a broad mandate to invest in the best risk/reward opportunities in Canada and around the world.

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Norrep II ClassCanadian small cap equity fund with a disciplined and repeatable value-based investment approach.

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NORREP OPPORTUNITIES CORP.

Norrep Premium Growth ClassAll-in-one fund of funds investment solution providing access to an equity-focused portfolio of Norrep products which are continually monitored by an investment committee.

10

11

12Norrep US Dividend Plus ClassU.S. equity fund focusing on dividend paying stocks using a unique all cap approach that provides access to the world’s largest economy.

9 Norrep Global Income Growth ClassGlobal equity balanced fund that offers geographic and sector diversification, with an attractive tax-efficient yield.

14 Norrep High Income FundFixed income fund with a unique strategy of overweighting either floating rate senior secured loans or high yield corporate bonds, depending on market conditions.

Norrep Market Neutral Income FundCanadian absolute return fund targeting positive returns over reasonable time periods, regardless of market direction.

Norrep Canadian Enhanced Equity FundCanadian equity fund using an active extension strategy to provide more flexibility than a standard mutual fund.

13 Norrep Fund (closed)Canadian small cap equity fund with a disciplined and repeatable value-based investment approach.

15 Norrep Short Term Income FundDesigned specifically to preserve your wealth and generate incomein the short term. Providing better short-term yield than typical short duration products.

CORE FUNDS

Norrep Core Canadian Offers investors a portfolio of stable, high quality Canadian large cap equities. Targets an attractive long-term return with lower volatility than its index.

2 Norrep Core Global Offers investors exposure to the global markets, targeting an attractive long-term return with lower volatility than its index.

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NORREP OPPORTUNITIES CORP.

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