CHFA Winners Showcase Investor Conference Albany Club, Toronto, ON May 15, 2018

An exclusive Investor Conference featuring 9 Award Winning Canadian Hedge Fund Managers

Hedge Funds as Portfolio Transformers

Welcome to this exclusive conference at which accredited individual investors, investment advisors, family offices, institutional investors and hedge fund industry experts have an opportunity to hear many of Canada’s brightest and best hedge fund managers discuss their views of Hedge Funds as Substitutes (same assets, different strategies) and as Diversifiers (different assets and strategies) in investors’ portfolios.

CIBC Capital Markets is a trademark brand name under which different legal entities provide different services. Products and/or services offered through CIBC Capital Markets include products and/or services offered by the Canadian Imperial Bank of Commerce and various subsidiaries. CIBC World Markets Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. In the United States, CIBC World Markets Corp. is a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Fund.CIBC Capital Markets and the CIBC Cube Design are trademarks of CIBC, used under license.

Exceptional Client Service

Flexible Margin Financing Solutions

Advanced Execution and Access to Liquidity

Deep Borrowing Relationships for Securities Lending

Extensive Capital Introduction Services

Full-Service Correspondent Brokerage

Timely and Accurate Information Flow and Reporting

Top Canadian Prime Broker – Alternative IQ Canadian Hedge Funds Awards, 2016 – 2017

Integrated offering. Exceptional execution.Alternative investment managers and broker dealer clients rely on CIBC Capital Markets for

premier prime brokerage capabilities across a full line-up of products and services.

www.cibccm.com

Helping you remain focused on your core business while we do the rest.

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Honoured Guests,

We appreciate you making the time to join us today to look at Hedge Funds in a unique and interesting way: as Portfolio Transformers that can diversify and adapt investors’ portfolios, performing different roles and achieving different risk and return objectives.

We are very proud to present a stellar line-up of 9 hedge fund managers, all winners of 2017 Canadian Hedge Fund Awards, who will present their award-winning investment strategies and then come together in 2 separate panels to discuss Hedge Funds as Substitutes and Diversifiers in traditional investment portfolios.

A special thank you to Phil Boyd, Vice President, Fundata Canada, our MC for today; and to our expert panel moderators: Robert Lemon, Executive Director, Prime Services Group, CIBC Capital Markets; and Dennis MacPherson, Senior Vice President at SGGG Fund Services.

The generous support of our sponsors CIBC, Fundata Canada and SGGG Fund Services, makes the CHFA Winners Showcase Investor Conference possible, and for that we offer our sincere appreciation.

Please plan to join us at THE 2018 Canadian Hedge Fund Conference and the 11th Annual Canadian Hedge Fund Awards Gala Dinner which will be held on Tuesday, October 16, 2018 in the Grand Banking Hall at One King West Hotel in Toronto. You can find out more and register at www.alternativeiq.com.

We hope you find today’s presentations and discussions enlightening and useful. I look forward to the opportunity of speaking with each of you.

Warm regards,

Julie Makepeace Managing Director, Alternative IQ

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Hedge Funds: Portfolio Transformers

Agenda

1:00 Registration and Networking

1:30 Welcome and Opening Remarks MC: Phillip Boyd, Vice President, Fundata Canada 1:35 Five 2017 Award Winning Hedge Fund Managers Present:

Bryan Nunnelley, Crystalline Management (Winner 1-year return, Market Neutral category)

Jesse Gamble, Donville Kent Asset Management (Finalist 5-year return, Equity Focused category)

Sean Kallir, HGC Investment Management (Finalist 1-year return, Market Neutral category)

Andrew Torres, Lawrence Park Asset Management (Finalist 5-year Sharpe ratio, Credit Focused category)

Philip Mesman, Picton Mahoney Asset Management (Winner 1-year return, Credit Focused category, And Finalist 1-year return, Credit Focused category)

2:50 Panel One: Using Alternative Strategies to Replace Traditional, Long-Only Strategies

Moderator: Robert Lemon, Executive Director, CIBC Capital Markets

Participants:

Bryan Nunnelley, Crystalline Management Jesse Gamble, Donville Kent Asset Management Sean Kallir, HGC Investment Management Andrew Torres, Lawrence Park Asset Management Philip Mesman, Picton Mahoney Asset Management

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3:30 Networking/Refreshment Break

3:50 Four 2017 Award Winning Hedge Fund Managers Present:

David Burrows, Barometer Capital Management (Finalist 1-year return and Finalist 5-year return, Global Macro category)

Pierre Thauvette, Claret Asset Management (Winner 5-year return, Managed Futures category)

Jessica Clark Barrow, Waratah Capital Advisors (Winner 5-year Sharpe ratio, Finalist 1-year return and Finalist 5-year return, Market Neutral category)

Tim Elliott, Connor Clark & Lunn (Winner and Finalist 5-year return, Market Neutral category)

4:50 Panel Two: Generating Outperformance by Diversifying

with Uncorrelated Hedge Fund Strategies

Moderator: Dennis MacPherson, Senior VP, SGGG Fund Services

` Participants: David Burrows, Barometer Capital Management Pierre Thauvette, Claret Asset Management Tim Elliott, Connor Clark & Lunn Jason Landau, Waratah Capital Advisors

5:30 Cocktail Reception

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Portfolio Transformers Looking at Hedge Funds as Substitutes and Diversifiers in an Investor Portfolio In this conference, in a framework first presented in the joint AIMA/CAIA paper: Portfolio Transformers: Examining the Roles of Hedge Funds as Substitutes and Diversifiers in an Investor Portfolio, our award-winning Canadian hedge fund managers look at allocating to hedge funds as replacements and/or complements to other investments in the portfolio. Certain hedge fund strategies can replace some or all of an allocation to traditional long-only equity, credit and/or fixed income investments and ought to reduce the overall volatility (i.e. reduce the risk) of the portfolio’s public markets allocation, with a more attractive risk/reward profile. Other hedge fund strategies may have a low correlation to equity and credit markets and offer a higher probability of generating out-sized returns (albeit by taking on a higher level of risk).

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CHFA Winners Showcase Presenters: Award Winning Hedge Fund Managers:

David Burrows President and Chief Investment Strategist, Barometer Capital Management

As Chief Investment Strategist, David leads the Barometer team’s top-down, market and sector risk strategies. In addition to providing this quantitative analysis, David works to identify changing market leadership themes. David sits on the firm’s investment policy committee and is responsible for the construction and daily review of all client portfolios. Starting his career in Private Client Management in 1986, David co-founded Barometer’s predecessor company, First Associates Investments Inc., in 1991, and developed Barometer’s investment strategy – The Disciplined Leadership Approach™. David believes that “market volatility creates opportunity” and he utilizes Barometer’s Disciplined Leadership Approach™ to weather volatility, protect capital and identify market opportunities. David is a frequent guest as a market commentator on BNN.

Tim Elliott, CFA President, CC&L Funds Inc.

Tim is President of Connor, Clark and Lunn Funds, a business which he co-founded with the Connor, Clark and Lunn Financial Group to bring select institutional-caliber alternative investment strategies to individual investors. The Connor, Clark and Lunn Financial Group is one of Canada’s largest privately owned asset managers, and a leader in alternative investment strategies, responsible for the management of approximately $74 billion in assets on behalf of institutional and individual investors. At the 2017 Canadian Hedge Fund Awards, the CC&L Global Market Neutral portfolio won the award for having the best performance over the past 5 years in the Market Neutral category.

Prior to joining CC&L in 2007, Tim worked in product and business development at HSBC Securities, and National Bank Financial. Tim holds a BA in Economics from Dalhousie University in Halifax and is a CFA charterholder.

Jesse Gamble, MBO, CIM Vice President & Portfolio Manager, Donville Kent Asset Management

Jesse has been working closely with Jason Donville to manage the DKAM Capital Ideas Fund since 2011. Jesse received an MBA from the Richard Ivey School at Western University and a B.Sc. degree from the Dyson School of Economics at Cornell University. Additionally, Jesse holds the Certified Investment Manager designation and is a certified Portfolio Manager.

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Award Winning Hedge Fund Managers:

Sean Kallir Portfolio Manager, HGC Investment Management Inc.

Sean began his investment career in 2011 as a merger arbitrage and special situations Analyst at a Toronto-based hedge fund. With over 7 years of experience, Sean has been involved in hundreds of merger arb positions, and has become well versed in nuances of special situations. Sean holds an Honors BA in Economics from the University of Western Ontario.

Jason Landau Portfolio Manager, Waratah Capital Advisors

Jason joined Waratah in 2010 and works directly with Brad and Blair in managing the Waratah strategies. Jason has primary responsibility for the firm’s energy investing. Prior to Waratah Jason worked at TD Bank’s dealer, TD Securities where he worked as an Associate in Investment Banking and Equity Capital Markets for four years. During his time at TD, Jason was involved in domestic mergers and acquisitions as well as the structuring and pricing of equity securities, convertible debentures and preferred shares. Prior to that, Jason received his Honours Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario.

Philip Mesman, CFA Partner, Head of Fixed Income, Picton Mahoney Asset Management

Philip is a multi-award-winning manager with more than 20 years of experience across all facets of fixed income through all market cycles. A true believer that investors shouldn’t take equity-like risk for bond-like returns, Philip and his team thoroughly scan the global bond market to construct defensive portfolios. To further insulate portfolios, the bond team overlays sophisticated hedging strategies to help manage volatility. Picton Mahoney Asset Management is an investment firm dedicated to helping clients achieve their long-term financial goals with greater certainty.

Bryan Nunnelley, MA Managing Directory, Crystalline Management

Bryan joined Crystalline in November 2011 as Managing Director. Prior to joining Crystalline he was Director and COO at a Canadian hedge fund, and before that was VP – Strategic & Corporate Development, at a life-sciences company. Bryan has over 12 years of experience in the financial industry and leverages a background in alternative asset management, investment banking, mergers and acquisitions, new business start-ups and corporate development.

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CHFA Winners Showcase Presenters: Award Winning Hedge Fund Managers:

Pierre Thauvette Senior Investment Research Analyst, Claret Asset Management

Pierre holds a Bachelor of Commerce in finance and accounting from McGill University, a Canadian Investment Manager (CIM) designation and has completed a Certificate in Derivatives Market Strategies. Pierre started his career and joined Claret in 2000. Since joining Claret, Pierre has been involved in back office operations, fund administration, electronic trading, marketing, quantitative research and portfolio management. Pierre is now focusing on Claret’s strategic development initiatives and the management of the Claret Global Multi-Asset Fund, an award-wining managed futures program.

Andrew Torres Founding Partner and Chief Executive Officer, Lawrence Park Asset Management

Andrew is a 25-year bond market veteran who has built and run successful fixed-income trading businesses in the largest financial centres around the world.

Andrew began his career in 1991 with TD Securities in Toronto. In 2000, he relocated to New York to launch a new corporate bond trading desk. In 2004 while based in London, U.K., he was named Vice-Chair and Global Head of Credit Trading, overseeing a $30 billion trading and investment platform. In 2006 he joined Aladdin Capital Management as a Partner and Senior Portfolio Manager for its European Relative Value Credit Fund.

After returning to Toronto with his young family, Andrew founded Lawrence Park Asset Management in 2011 as a boutique fund management team with a mission to provide alternative, global, fixed-income solutions to Canadian investors.

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The CHFA Winners Showcase Investor Conference is made possible by the generous support of these Sponsors:

And our media partner:

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Portfolio Transformers Looking at Hedge Funds as Substitutes and Diversifiers in an Investor Portfolio

Substitutes Discerning investors are increasingly seeking out hedge funds as a replacement for traditional asset management; for example, as a fixed income substitute. Investors are building hedge fund portfolios that are market neutral but offer higher yields than traditional bonds. While in the past, hedge funds were used as a complement to a long-only portfolio, investors are increasingly allocating to hedge funds as their primary equity, bond or credit strategy. Sophisticated investors are replacing their long-only managers with long-short managers with a view to getting the same level of asset class exposure but with higher expected returns for the risk underwritten.

1002 Sherbrooke St. West, Suite 2110 Montreal, QC Canada H3A 3L6 Tel (+1) 514.284.0248 www.cristallin.ca

AMETHYST ARBITRAGE FUND (CANADA)

STRATEGY DESCRIPTION

RETURN SERIES SINCE INCEPTION, Class C - net of all fees

COMPARATIVE PERFORMANCE SUMMARY, SINCE INCEPTION

CONTACT

ABOUT CRYSTALLINE MANAGEMENT Inc. Founded in 1998 by Marc Amirault, Crystalline is a privately held asset management firm registered in Can-ada. Marc created/managed a portfolio of arbitrage strategies during 3½ years while at the Caisse de Dépôt et Placement du Québec, before launching the Company’s flagship Amethyst Arbitrage Fund in 1998.

More than 80% of Crystalline’s AUM totaling $CA 265M originates from pension plans, foundations, endow-ments, family offices and private corporations. In 19 years, Crystalline has grown to a team of 16.

Bryan Nunnelley, Managing Director bnunnelley@cristallin.ca Tel. (+1) 514.284.0248, ext. 235

Claude Perron, Chairman cperron@cristallin.ca Tel. (+1) 514.284.0248, ext. 222

www.cristallin.ca

CORRELATIONS, SINCE INCEPTION

LAST MONTH - Class C

M&A A tough start to the month with the US Navy’s sur-prising refusal of the SPA acquisition causing an 80 bps impact as well as a general widening of deal spreads; Regulatory approval delays continued to weigh on the market but we added 11 new low risk deals with attractive margins and believe that the M&A book will drive interesting returns in the coming quarters.

CONVERTIBLE SECURITIES No new names added, but we took advantage of tactical opportunities on existing positions and liqui-dated certain positions where the risk was no longer warranted; Positive contribution on the month with stable credit, while the higher volatility is working in our favour.

FIXED INCOME ARBITRAGE Negative performance on the general pullback in spreads and from hedging strategies; We remain defensive and have a short tactical posi-tioning. Maintaining our position for a flattening of the CAN & US yield curve and our long position CAN vs US.

MONTHLY HIGHLIGHTS

Last month

3 mth 6 mth YTD 1 yr 3 yr 5 yrIncep-

tionAmethyst ONshore -1.46 -2.9 -2.5 -2.9 -0.3 8.0 6.5 8.4 7.8 75.1 -34.5 0.60 -

HFRI RV: FI Convert. Arb. -0.13 1.0 2.3 1.0 5.2 5.0 4.7 6.3 7.0 74.7 -31.5 0.48 0.66HFRI ED: Merger Arb. -0.51 0.7 0.7 0.7 4.1 3.4 3.6 5.4 3.4 74.3 -6.2 0.96 0.38

HFRI Event Driven (total) -0.49 0.2 2.1 0.2 5.2 3.8 4.5 7.1 6.5 68.4 -21.0 0.82 0.49HFRI Composite -0.25 0.3 2.9 0.3 6.3 3.6 4.3 6.4 6.7 67.5 -19.1 0.78 0.42

As of Mar. 31, 2018Annualized Return (%)Return (%)

% mth > 0

Max Draw-down

Ann volat. (%)

Sortino Ratio

Correla

tion

CAN Tbills 91d -0.01S&P/TSX 0.44 EAFE Equities 0.41CAN Long Bonds 0.03 MSCI Bonds -0.21

$80

$130

$180

$230

$280

$330

$380

$430

$480

$530

-35%

-25%

-15%

-5%

5%

15%

25%

AMETHYST - Quarterly Ret.HFRI RV: FI Conv. Arb. Acc. ValueHFRI ED: Merger Arb. Acc. Value

AMETHYST ARBITRAGE FUND Quarterly Returns since Inception &

100$ Accumulated Value vs. HFRI sub-indices

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year1998 - - - - - - -0.32 2.69 2.60 1.79 0.44 1.45 8.921999 -1.22 0.84 1.25 -2.11 3.11 0.75 2.35 1.34 -1.00 -0.32 1.41 0.91 7.432000 0.98 0.21 3.01 2.81 3.06 1.95 -0.22 3.98 3.21 -0.45 -0.57 0.40 19.822001 3.27 -1.62 -0.80 1.82 4.36 0.35 0.12 -1.08 -0.97 0.04 1.16 0.70 7.422002 1.73 0.88 1.75 0.42 0.27 -2.44 -1.37 1.30 -0.38 0.20 0.39 1.39 4.122003 2.41 1.81 0.54 0.57 0.90 -0.16 0.61 2.88 1.34 0.91 1.29 1.32 15.352004 1.41 2.19 1.48 0.34 0.17 -0.15 0.44 -0.45 1.82 0.38 0.47 1.41 9.892005 0.91 1.36 -1.49 -0.37 0.23 1.91 0.72 1.75 0.24 0.28 2.28 -0.76 7.212006 1.49 3.03 3.96 2.50 0.47 0.98 0.29 0.98 -0.51 0.84 -2.71 2.43 14.492007 1.59 1.70 0.02 1.19 -0.28 0.38 0.74 0.54 1.57 0.91 -0.63 2.58 10.772008 -1.67 1.63 1.37 1.11 1.79 0.98 1.70 1.46 -3.51 -20.08 -13.25 -2.04 -28.812009 2.75 2.74 4.71 8.24 7.27 0.57 5.25 4.10 2.05 3.90 0.90 2.75 55.452010 0.95 0.75 0.96 1.32 -0.60 0.40 1.66 1.91 1.40 2.58 1.37 1.28 14.872011 2.39 -0.50 0.72 0.33 -0.32 0.40 0.63 -1.08 -1.04 0.90 1.42 1.31 5.242012 1.99 0.91 0.36 -0.16 -2.65 0.37 0.60 -0.36 -1.57 -2.68 1.29 1.92 -0.112013 -0.09 -0.48 -0.78 -0.69 -0.45 -2.12 0.76 0.86 0.72 0.98 -1.26 0.10 -2.462014 2.12 0.81 0.63 0.44 0.48 1.22 0.86 0.09 0.22 -0.74 1.24 -1.22 6.282015 1.80 1.56 0.19 1.06 2.01 0.03 -0.10 -0.19 -2.90 3.01 -0.40 1.03 7.202016 0.17 0.86 4.10 2.25 1.36 2.34 1.94 1.19 1.01 0.83 1.47 1.33 20.492017 0.23 0.40 0.54 0.74 0.25 0.36 -0.26 -0.11 1.26 -0.68 0.53 0.59 3.912018 -0.37 -1.08 -1.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2.88

FUND INFORMATION

LIQUIDITY

Minimum subscription $25K accredited ($25M Cl. I) Registered Accounts Yes - RRSP, TFSA, RRIF, Etc. Dealing / Valuation Monthly Subscription notice 2 days Redemption notice 30 days (No Lock-up)

SERIES CUSIP FundSERV

Class C 03111T106 CRY100 Class I 03111T403 CRY101 Class A 03111T205 CRY102 Class F 03111T304 CRY103

MANAGEMENT FEES PERFORMANCE FEES

Class C - 2.0% All Classes: Class I - on request 20% above 91d T-bill Class A - 2.25% (1% trailer) & Perpetual HWM Class F - 1.25% (fee based advisors only)

SERVICE PROVIDERS

Prime-Brokers: BMO Nesbitt Burns & Scotia Capital Administrator: MUFG Investor Services Legal: McMillan LLC Auditor: PricewaterHouse Coopers LLC Trustee: Computershare Canada

The Amethyst Arbitrage Fund is a multi-strategy hedge fund investing in event driven, convertible secu-rities and fixed income arbitrage opportunities with a Canadian market focus. The Fund’s objectives are:

Return 5 to 10% above 91d CAN T-Bills Volatility 5 to 7%, annualized Capital protection and near zero correla-tion with traditional asset classes.

Canadian Focused Niche Arbitrage Fund

Client base primarily institutional

Team with 80 years of investment experience

19 years of compelling track record

No lock-up, full transparency for institutions

-1.46 %4.4975

none183.6 264.8

ReturnNAV per Unit ($CA)

Including Current Distrib. ($CA)Fund Assets ($CA MM)

Firm AUM ($CA MM)

Delivering Alternatives to Traditional Investors,

www.crystalline.ca

AMETHYST ARBITRAGE FUNDAdd some Sharpe to your Portfolio

* Figures from fund inception on June 30, 1998 to March 30, 2018 »

0.77

year track-record

annualized return*

annualized volatility*

Sharpe ratio*

7.8%

8.4% 19+

Since 1998

FIRM PROFILE DONVILLE KENT ASSET MANAGEMENT INC.

is a highly specialized asset management firm that manages investments on behalf of individual investors as well as select institutions.

Through the application of our focused investment strategy, we search for companies that possess high levels of return on equity, reasonable valuations and positive share price momentum.

Collectively, our principals have extensive experience in portfolio management, equity research and trading. Unlike many traditional investment firms, our principals are the largest investors in our funds. This commitment results in the highest possible alignment of interest with our clients and is a key component of our success.

INVESTMENT STRATEGY DKAM CAPITAL IDEAS FUND LP

The Partnership intends to invest primarily in publicly listed securities in a concentrated group of companies. These companies will typically be run by a strong management team that have a significant ownership stake in the companies and are characterised as well, as having a track record of earning high returns on shareholders equity. The companies will also be capable of generating high returns on equity for many years to come without the addition of significant amounts of equity capital other than that which is being generated internally.

MANAGER BIOGRAPHIES

JASON DONVILLEPRESIDENT & CEOMBA, CIM

Jason has had an illustrious career as an award-winning analyst in both Asia and Canada. Prior to founding DKAM, Mr. Donville was consistently ranked as one of the top financial services analysts in the country. In 2004 and 2005, Mr. Donville was ranked in all three financial services research categories (banks, insurance and diversified financial services) in the annual Brendan Woods surveys. Mr. Donville was also recognized as the Top Stock Picker in Diversified Financial Services in the 2004 and 2005 National Post/Starmine surveys, and ranked number 3 for forecast accuracy in 2004 in the same survey.

JESSE GAMBLEVICE PRESIDENT & PORTFOLIO MANAGERMBA, CIM

Jesse has been working closely with Jason Donville to manage the DKAM Capital Ideas Fund since 2011. Jesse received an MBA from the Richard Ivey School at Western University and a B.Sc. degree from the Dyson School of Economics at Cornell University. Additionally, Jesse holds the Certified Investment Manager designation and is a certified Portfolio Manager.

CONTACT INFORMATION

DONVILLE KENT ASSET MANAGEMENT INC. JESSE@DONVILLEKENT.COMT 416 364 8505 | DONVILLEKENT.COM

JESSE GAMBLE VICE PRESIDENT & PORTFOLIO MANAGER

1 2 3 F R O N T S T R E E T W E S T , S U I T E 9 0 2 T O R O N T O , O N M 5 J 2 M 2 T 4 1 6 3 6 4 8 5 0 5 D O N V I L L E K E N T. C O M

Readers are advised that the material herein should be used solely for informational purposes. Donville Kent Asset Management Inc. (DKAM) does not purport to tell or suggest which investment securities members or readers should buy or sell for themselves. Readers should always conduct their own research and due diligence and obtain professional advice before making any investment decision. DKAM will not be liable for any loss or damage caused by a reader's reliance on information obtained in any of our newsletters, presentations, special reports, email correspondence, or on our website. Our readers are solely responsible for their own investment decisions.

The information contained herein does not constitute a representation by the publisher or a solicitation for the purchase or sale of securities. Our opinions and analyses are based on sources believed to be reliable and are written in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy or completeness. All information contained in our newsletters, presentations or on our website should be independently verified with the companies mentioned. The editor and publisher are not responsible for errors or omissions. Past performance does not guarantee future results. Unit value and investment returns will fluctuate and there is no assurance that a fund can maintain a specific net asset value. The fund is available to investors eligible to invest under a prospectus exemption, such as accredited investors. Prospective investors should rely solely on the Fund's offering documentation, which outlines the risk factors in making a decision to invest.

1 The S&P/TSX Composite Total Return Index ("the index") is similar to the DKAM Capital Ideas Fund LP ("the fund") in that both include publicly traded Canadian equities of various market capitalizations across several industries, and reflect both movements in the stock prices as well as reinvestment of dividend income. However, there are several differences between the fund and the index, as the fund can invest both long and short, can utilize leverage, can take concentrated positions in single equities, and may invest in companies that have smaller market capitalizations then those that are included in the index. In addition, the index does not include any fees or expenses whereas the fund data presented is net of all fees and expenses. The source of the index data is S&P/Capital IQ.

DKAM receives no compensation of any kind from any companies that are mentioned in our newsletters or on our website. Any opinions expressed are subject to change without notice. The DKAM Capital Ideas Fund, employees, writers, and other related parties may hold positions in the securities that are discussed in our newsletters, presentations or on our website.

FUND INFORMATION

REDEMPTION TERMSMONTHLY WITH 30 DAYS NOTICE

LOCK-UP PERIODNONE

CLASS F NAV$559.1737

CLASS A NAV$519.2974

HIGH WATER MARKYES

PERFORMANCE FEE20%

MANAGEMENT FEE2%

MINIMUM INVESTMENT$150,000($50,000 FOR ACCREDITED INVESTORS)

*Year to date (YTD) returns are Time Weighted Rates of Return. **S&P/TSX Composite Total Return Index

2018 Year-to-Date -1.46%

*YTD **INDEX

9.22

-6.13

88.17

22.94

5.31

7.19

51.63 12.99

4.06 -8.32

-1.66 21.08

22.68 10.55

-23.71

35.05

17.61

-8.71

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

6.22 2.34 -3.51 -1.73 -2.98 1.30 0.15 1.69 3.42 1.40 -1.59 2.56

-0.90 -5.71 0.46

-0.12 -2.01 9.47 10.68 9.98 3.09 9.58 1.21 3.41 3.62 12.01 5.36

3.20 2.94 2.23 2.04 -8.04 -1.00 3.04 -0.94 3.19 4.54 4.30 6.11

2.25 2.23 2.23 3.84 0.70 -3.32 2.60 -6.03 -5.56 3.62 1.54 1.76

5.06 2.07 1.06 3.98 -0.33 1.19 5.60 3.42 1.36 5.54 10.36 3.48

2.36 6.23 3.46 0.17 0.47 0.26 1.91 -4.17 -7.03 -5.73 5.83 1.22

1.25 3.87 -1.36 3.71 1.73 3.54 -0.20 2.93 0.56 1.28 2.26 1.21

-8.77 0.68 -1.29 1.49 2.56 -4.16 1.95 -0.47 2.50 2.02 2.72 -0.24

2.36 1.71 4.16 0.19 0.18 -3.62 -2.82 -0.75 2.16 2.93 2.31 2.24

-1.83 1.31 -0.93

2012

2008

2009

2010

2011

2013

2015

2014

2016

2017

2018

10.85 9.10

-1.46 -3.09

HISTORICAL PERFORMANCE

DKAM Capital Ideas Fund LP vs The S&P/TSX Composite Total Return Index1 Since Inception (Oct 1st, 2008)

DKAM Capital Ideas Fund LP S&P/TSX Composite Total Return Index

The rate of return chart shown is used only to illustrate the effect of the compound growth rate and is not intended to reflect future values of the Index or the Fund or returns on the investment in the fund.

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YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD * INCEP**

HGC LP 2018 0.90% 0.96% 0.67% 2.55% 86.92%

HGC LP 2017 0.56% 0.51% 0.46% 0.51% 0.61% 0.88% 0.49% 0.60% 1.07% 0.12% -0.42% 0.54% 6.09%

HGC LP 2016 1.67% 1.19% 1.32% 0.43% 1.56% 0.64% 1.13% 0.96% 0.46% 0.46% 0.88% 1.50% 12.90%

HGC LP 2015 0.71% 1.14% 1.59% 0.09% 1.14% 0.58% 0.11% 0.47% 0.28% 0.79% 0.26% 0.61% 8.03%

HGC LP 2014 0.54% 3.19% 7.14% 1.97% 3.68% 2.95% 1.75% 0.30% 1.28% -0.11% 1.19% -0.59% 25.66%

HGC LP 2013 0.52% 0.39% 1.09% 1.23% 4.29% 1.19% 2.86% 12.10%

HFRI**** 2018 1.05% 0.17% -0.51% 0.71% 17.74%

TSX *** 2018 -1.39% -3.02% -0.16% -4.52% 40.28%

$9,000

$11,000

$13,000

$15,000

$17,000

$19,000

$21,000

May

-13

Jul-1

3

Sep-

13

Nov

-13

Jan-

14

Mar

-14

May

-14

Jul-1

4

Sep-

14

Nov

-14

Jan-

15

Mar

-15

May

-15

Jul-1

5

Sep-

15

Nov

-15

Jan-

16

Mar

-16

May

-16

Jul-1

6

Sep-

16

Nov

-16

Jan-

17

Mar

-17

May

-17

Jul-1

7

Sep-

17

Nov

-17

Jan-

18

Mar

-18

HGC vs TSX Total Return - Growth of $10,000

HGC Arbitrage Fund LP S&P/ TSX TR

Firm Overview

HGC Investment Management Inc. ("HGC") is an employee-owned, alternative asset management firm based in Toronto. The firm specializes in low volatility, highly liquid, event-driven mandates that produce uncorrelated returns. HGC currently manages the HGC Arbitrage Fund LP and the HGC Credit Opportunities Fund LP. HGC is a registered Portfolio Manager, Investment Fund Manager and Exempt Market Dealer with the Ontario Securities Commission.

The Manager believes that hedge funds should have narrow mandates for investor clarity, produce uncorrelated returns to the market, have a low level of volatility and a high degree of liquidity. These investor-friendly characteristics are the hallmark of HGC.

Investment Strategy

The HGC Arbitrage Fund LP (the “Fund”) is an Arbitrage strategy that has assets in excess of $250 million and specializes in the North American small and mid-cap market. Strategies within the Fund include trading Traditional Merger Arbitrage, Subscription Receipts, and Special Purpose Acquisition Corporations. The Fund seeks to provide a low volatility return profile while producing superior risk adjusted returns.

General Information

Strategy: Event-Driven Regional Focus: North America

AUM: $265 million Firm Inception Date: 2013

Summary of Returns Inception Date: June 12, 2013 – F Class Units Net of all Fees*

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

2013 2014 2015 2016 2017

HGC Arbitrage Fund LP S&P/TSX TR

* Performance returns for 2013-2014 are of the lead series of Class A units ++ 2015 – Present. Performance returns are of the lead series of Class F units ** Inception June 12, 2013 *** S&P/TSX Comp Total Return Index - The TSX Total Return Index is a widely-known equity index of Canadian large-cap companies. Investing in US and Canadian equities long and short is the primary strategy for HGC as part of the merger arbitrage strategy but HGC does not invest in all or necessarily any of the securities that compose the market indexes. Reference to the indexes does not imply that HGC will achieve returns similar to the indexes.” **** Hedge Fund Research Inc. : Merger Arbitrage Index - Performance is subject to minor variances due to independent Manager trailing reporting

Investment Professionals

Dave Heden, CEO

Prior to founding HGC, Dave Heden was a Managing Partner for a large Toronto based hedge fund. In this role Dave developed significant expertise in merger arbitrage, participating in thousands of merger arb and spin-off situations. Dave has served on several private and public company boards.

Sean Kallir, PM

Sean Kallir, Portfolio Manager, began his investment career in 2011 as a merger arbitrage and special situations Analyst at a Toronto-based hedge fund. With over 7 years of experience Sean has been involved in hundreds of Merger Arb positions and has become well versed in nuances of special situations. Sean holds an Honors BA in Economics from the University of Western Ontario.

Fund Details

Minimum Investment: $25,000 LP/ $10,000 Trust Lock-Up Period: 12 months (managers discretion)

Management Fee: Class A: 2% (1% Trailer) Class F: 1%

Redemption Terms:

15 Calendar Days’ Notice

Performance Fee: 20% Prime Broker: CIBC, BMO

High Water Mark: Perpetual Auditor: KPMG

Hurdle Rate: None Legal Counsel: BLG

Firm Assets (Million): $265 Administrator: Apex Fund Services

Fund Assets (Million): $255 Fund Code: HGC100A/F (Cash Open) HGC 200A/F (Registered)

Current Investor Base as of March 31, 2018

32.13%

4.29%

43.05%

6.29%

12.39%1.85%

Retail (32.13%)

High Net Worth (4.29%)

Institutional (43.05%)

Fund of Funds (6.29%)

Family Office (12.39%)

Management (1.85%)

Contact

Brett Lindros HGC Investment Management Inc. 366 Adelaide St West #601 Toronto, ON Tel: (647) 776.2189 blindros@hgcinvest.com

Jason spent 17 years at Bank of Nova Scotia with roles spanning across risk, credit portfolio management, and proprietary trading

Jason’s tenure at BNS saw him take on increasing responsibility, ultimately rising to Managing Director and Head of Credit Derivatives Trading

As traditional asset class correlations rise, specialized active fixed income management is becoming more and more of an essential piece to portfolio diversification. Lawrence Park Credit Strategies Fund offers clients a low volatility alternative credit solution that takes a trading-desk style approach to capture inconsistencies and inefficiencies in global corporate bonds.

Primarily focusing on investment grade corporate bonds, the portfolio managers adhere to a disciplined repeatable process through the active management of credit, while prudently hedging the majority of the interest rate risk. The result leads to consistent returns with low volatility, independent of the direction of interest rates.

Lawrence Park Credit Strategies Fund

Capital Preservation. Low Volatility. Consistent Returns.

6.4% Ann. returnsince inception (2012)

2.6% Volatilitysince inception

85% Positive months since inception

To provide an alternative credit solution that delivers enhanced returns with minimal volatility independent of the direction of interest rates

MISSION

We align our focus with our expertise. By hedging away the majority of interest rate and currency risk, we can focus on what we are best at, actively trading credit. Regardless of the underlying environment, we aim to capture opportunities in the fixed income market by strategically shifting between trading strategies honed at bank prop trading desks over 20+ years

FOCUS

The fund adheres to a disciplined repeatable process with an emphasis on:

Low Volatility

Prudent interest rate hedges to protect against interest rate movements

High average credit quality to minimize default risk

Short average maturity to minimize credit sensitivity

Full currency hedging

Capitalizing on inefficiencies and dislocations in global fixed income

Strategic allocation between Region and Trading Strategydepending on the underlying environment

Exposure to a large number of small positions enables the manager to nimbly adapt to both opportunity and environment

Generating Alpha

PROCESS

TEAM

Jason Crowley, Partner & CIOAndrew Torres, Founder & CEOA veteran of global fixed income markets, Andrew has managed multi-billion dollar bond portfolios in London, New York, and Toronto

Previous experience as Global Head of Credit Products at TD, where he held various senior trading roles over 15 years and Partner and Portfolio manager at Aladdin Capital Management in London, England

The lead portfolio managers of the fund combine for over 50 years of experience with the fixed income markets

As of April, 2018

FOR ADVISOR USE ONLY

Lawrence Park Credit Strategies Fund

Capital Preservation. Low Volatility. Consistent Returns.

FUND PERFORMANCE

DISCLAIMER

Please read the current offering memorandum before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are thehistorical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into accountsales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their valueschange frequently and past performance may not be repeated. Facts and data provided by Lawrence Park and other sources are believed to be reliable when posted; however,Lawrence Park cannot guarantee that they are accurate or complete or that they will be current at all times. This report may contain forward-looking statements about Lawrence Parkfunds, future performance, strategies or prospects, and possible future fund action. We caution you not to place undue reliance on these statements as a number of factors could causeactual events or results to differ materially from those expressed in any forward-looking statement, including economic, political and market changes and other developments.Lawrence Park will not be responsible in any manner for direct, indirect, special or consequential damages howsoever caused, arising out of the use of this communication. All returnfigures for the Lawrence Park Credit Strategies Fund (the “Fund”) are based on the A Series units and are net of management fees, performance fees, trailing commissions (if any) andFund expenses. Other series may have higher fees. Monthly returns are based on monthly NAV calculations by APEX Fund Services. Series A has the same fee structure as the currentlyoffered series I: 1.25% management fee and 10% performance fee. See Offering Memorandum for additional series information. Investors should note that the Fund utilizes long andshort positions in both domestic and international fixed-income products, and may incorporate leverage and derivative overlays. Fund performance may deviate significantly frombenchmark indices shown

Investment Grade Focus

0% 20% 40% 60%

AAA

AAA

BBB

BBB

Sector ExposureBanks

Consumer FinanceConsumer Discretionary

Consumer StaplesIndustrial

Real EstateInsurance

UtilitiesEnergy

CommunicationsOthers

0% 10% 20% 30%

FUND METRICS

0 - 3 Years

3 - 5 Years

5 - 7 Years

7 - 10 Years

10 Years +

0% 20% 40% 60% 80%

Maturity Composition

Other

Europe

United States

Canada

0% 20% 40% 60% 80%

Geographical Exposure

To learn more about this product, please do not hesitate to contact us.

Kathleen Biggs, Director, Business Development kathleen.biggs@lawrenceparkam.com

Conner Sura, Director, Business Development conner.sura@lawrenceparkam.com

Business Development Office: (416) 646-2180

Index XBB XCB TSX S&P500

Upside Capture

60% 91% 40% 30%

Downside Capture

-65% -31% -1% 9%

Time period: Inception of LPCSF (March 2012) to March 31st, 2018

FundLawrence Park Credit

Strategies Fund

Structure Canadian Mutual Fund Trust

Portfolio ManagersAndrew Torres, Jason Crowley,

Jason Goddard

Launch Date March 1, 2012

Subscription Monthly

Redemption Monthly, 30 days notice

Minimums $25,000 (B,H);$500,000 (I)

Management Fee 1.25% (H,I);2.00% (B)

Performance Fee 10% (I); 20% (B,H)

High Water Mark Permanent

Prime Brokers BMO, TD Securities

1-month 3-month 6-month YTD 1-year 2-year 3-year 5-yearSince

Inception

0.56% -0.34% 1.53% 0.53% 5.43% 7.89% 6.28% 5.57% 6.37%

FOR ADVISOR USE ONLY

As of April, 2018

Winning isn’t everything.

Picton Mahoney Special Situations Fund The Fund aims to achieve equity-like returns with lower volatility, through long or short special situation investments.

Special situations are event-driven investments such as: bond take-outs, activist opportunities, capital structure optimization.

Results Since the Fund’s Inception

Outperformed its benchmark2

returning 11.42% versus 1.96%

Achieved a strong risk-adjusted

return as measured by the Fund’s

Sharpe ratio of 2.28 relative to the

benchmark’s Sharpe ratio of 0.21

Results Since the Fund’s Inception

Achieved its target return of 5% - 7%,

returning 7.30% since its inception

Bettered its correlation target of half

its blended benchmark with a score

of 0.45, demonstrating the benefits

of hedging

Picton Mahoney Income Opportunities Fund A corporate bond alternative, the Fund is a long/short credit strategy targeting a high-yield like return with strategies to help

manage volatility. The Fund invests primarily in medium-grade fixed income securities (B-BBB) issued in developed markets.

FIRST PLACE WINNERBEST 1-YR RETURN, CREDIT FOCUSED CATEGORY

SECOND PLACE WINNERBEST 1-YR RETURN, CREDIT FOCUSED CATEGORY

2

1$90,000$95,000

$100,000$105,000$110,000$115,000$120,000$125,000$130,000$135,000$140,000

Jul15

Sep15

Nov15

Jan16

Mar16

May16

Jul16

Sep16

Nov16

Jan17

Mar17

May17

Jul17

Sep17

Nov17

Jan18

Mar18

Value of $100,000 invested in Class F on July 3, 2015 – March 31, 2018

Picton MahoneySpecial Situations FundClass F (PIC 551)

HFRX Fixed Income-CreditIndex (in CAD ‡)

Picton Mahoney Special Situations Fund Class F 6.43%

1 Year Since Inception1

-0.82%

11.42%

1.96%HFRX Fixed Income-Credit Index (in CAD ‡)

$90,000$100,000$110,000$120,000$130,000$140,000$150,000$160,000$170,000$180,000$190,000

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Value of $100,000 invested in Class F on December 31, 2009 – March 31, 2018

Picton Mahoney Income Opportunities Fund Class F (PIC 501)

75% ICE BOFA Merrill Lynch Global High Yield Index/25% ICE BOFA Merrill Lynch Global CorporateIndex (TR) (Hedged to CAD)

Picton Mahoney Income Opportunities Fund Class F 5.58%

1 Year 3 Year 5 Year Since Inception3

3.41%

6.18%

4.79%

5.89%

5.12%

7.30%

7.49%Benchmark4

Protecting what you’ve earned is.

For more information on these funds or Picton Mahoney Asset Management

email: service@pictonmahoney.com phone: 416-955-4108

pictonmahony.com

Picton Mahoney Asset Management is the proud recipient of two 2017 Canadian Hedge Fund Awards for funds with the best 1-year returns in the Credit Focused category.While it’s always nice to be recognized for outstanding performance, when it comes to investing, keeping what you’ve made is as important to achieving long-term success.

We partner with our clients to help optimize their portfolios by introducing hedging strategies. Our goal is to help

investors meet their financial goals with greater certainty. And we do that through precision risk management mastered

over the past two decades.

As one of Canada’s longest-standing hedge fund companies, our firm has been entrusted with managing billions in

assets for institutional and individual investors across North America.

At Picton Mahoney , we don’t just help you make it, we help you keep it.

Philip Mesman, CFA Partner, Head of Fixed Income

Philip Mesman is a partner and Head of Fixed Income at Picton Mahoney Asset

Management. Philip is the lead portfolio manager on Picton Mahoney Special Situations

Fund and Picton Mahoney Income Opportunities Fund.

A 20+ year investment professional, Philip brings extensive experience across all facets

of income investing with deep expertise in the credit markets.

1The inception date of the Class F Units of the fund is July 2, 2015. Performance and performance analysis data is presented since inception for Class F units of the Fund. 2The Picton Mahoney Special Situations Fund benchmark = HFRX Fixed Income-Credit Index (in CAD ‡) ‡Calculated in USD by the index provider and converted to CAD using a foreign exchange rate of $1.29. 3The inception date of the Class F Units of the fund is December 31, 2009. Performance and performance analysis data is presented since inception. 4Picton Mahoney Income Opportunities Fund benchmark = 75% ICE BofA Merrill Lynch Global High Yield Index / 25% ICE BofA Merrill Lynch Global Corporate Index (TR) (Hedged to CAD)Performance for the funds are shown net of management fees and includes applicable taxes, expenses and reinvested distributions. Past performance is no guarantee of future performance. Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Please see the Fund’s Confidential Offering Memorandum for more information, including investment strategies, risk factors and investor eligibility. This material is for informational purposes only, is subject to change and is not an offer or solicitation to sell units of the Fund. Commissions, trailing commissions, management fees and expenses all may be associated with fund investments. The Fund is not guaranteed, its value changes frequently and past performance may not be repeated.There is no guarantee that a hedging strategy will be effective or achieve its intended effect. The use of derivatives or short selling carries several risks which may restrict a strategy in realizing its profits or limiting its losses or, which may cause the strategy to realize a loss.

CH

FA W

inners Showcase –

Investor Conference

Portfolio Transformers Looking at Hedge Funds as Substitutes and Diversifiers in an Investor Portfolio

Diversifiers Some hedge funds are simply too uncorrelated to equities, for example,

conditions is substantially different to the way the underlying asset class behaves. These hedge funds are not regarded by hedge fund allocators as substitutes, but as diversifiers. All hedge funds offer diversification. But the diversifiers (in this context) comprise hedge fund strategies that are particularly

thus, provide the potential for significant diversification and the highest possibility of generating out-performance.

BAROMETER CAPITAL MANAGEMENT INC. | 1 University Avenue, Suite 1800 | Toronto, Ontario | M5J 2P1 | T. 416-601-6888 | F. 416-601-9744

barometer

> Toronto-based, founded in 2006

> AUM of approximately $2 billion, predominantly for HNW and UHNW families and institutions

> 35+ employees

> Independently owned

> Principal Regulator OSC, SEC registered

> Private pools, mutual funds and separately managed accounts

> Funds registered in Cayman Islands and Ireland for non-Canadian investors

> All strategies based on the Barometer Disciplined Leadership Approach™

Gregory Guichon | Chairman, CEO and Chief Portfolio Manager

• Greg is responsible for the firm’s quantitative, bottom-up securities selection model.

David Burrows | President and Chief Investment Strategist

• David leads the Barometer team’s top-down, market and sector-risk strategies.

• David is a frequent guest as a market commentator on BNN Bloomberg.

BAROMETER’S INVESTMENT APPROACHBarometer has a truly unique investment approach that differentiates it in the market place. Barometer has consistently demonstrated its ability to add value in different market conditions and economic cycles. Barometer’s proprietary Disciplined Leadership Approach™ places particular emphasis on capital preservation, while delivering long-term absolute returns.

Style Agnostic – We strive to make money in all types of markets with no style, sector or geographic bias.

Capital Protection – We live by unemotional selling rules; stop/loss alerts are used to provide an indication of any break in the long-term price advance of a security.

Defensive use of Cash - Our ability to move cash is embedded in our investment process, enabling us to defend against market declines, such as 2008.

Transparency – On a weekly basis we disclose our top 10 holdings and changes to our portfolios to ensure that we are held accountable for our investment decisions.

Absolute Return Focus – Our stated purpose is to earn consistent, absolute returns while preserving capital. We maintain a low correlation to market indices, making us a complementary strategy for client portfolios.

Manage Tactically – It is not only our responsibility to select securities, but also to assess prevailing market conditions to manage sector and market exposure. We call this active versus passive management.

Client Service – We are committed to providing our clients with the attention and level of service that they require. Our investment professionals are available to meet with clients and answer any client requests.

Barometer Capital Management Key Facts

Managers

FOR ADVISOR USE ONLY

BAROMETER CAPITAL MANAGEMENT INC. | 1 University Avenue, Suite 1800 | Toronto, Ontario | M5J 2P1 | T. 416-601-6888 | F. 416-601-9744

Barometer Capital Management

Utilizing top-down tools of the Disciplined Leadership Approach™, the Global Macro Pool expresses investment themes — both long and short — through tactically managed ETFs providing investors with:

• A global opportunity set across asset classes

• The ability to target specific leadership themes

• No individual business risk

• Enhanced tactical abilities through highly liquid instruments

• Added overlay to manage market exposure through cash and hedging

• The ability to short

• Active currency management

Investment Objective

Barometer Global Macro Pool

Periods of Market Volatility

Performance

The information has been provided by Barometer Capital Management Inc. (“Barometer”) for information purposes. It is designed to provide youwith general information related to investment alternatives and strategies and is not intended to be comprehensive investment advice applicable tothe circumstances of the individual. We recommend that you consult with a financial advisor prior to making any investment decisions.All trademarks and service marks included herein belong to Barometer, except third-party trademarks and service marks, which belong to theirrespective owners.

The offering of shares in any of the private pools is made pursuant to the offering memorandum only to those investors in jurisdictions of Canada who meet certain eligibility requirements. Please read the offering memorandum carefully before investing. Share values and investment returns will fluctuate.

Commissions, trailing commissions, management fees and expenses all may be associated with private pool investments. Private pools are not guaranteed, their values change frequently and past performance may not be repeated.

Private pool strategies and current holdings are subject to change.

Asset Mix

Tactical mix† of:

Equities -50% - 130%Fixed income -50% - 130%Commodities -50% - 130%Currency -50% - 130%Real estate -50% - 130%Volatility -50% - 130%Cash 0% - 100%

+ 130%–50%

Source: Barometer and Bloomberg Finance L.P.

Annual Compound Returns – F Class As at March 31, 2018

1 mo 3 mo 6 mo YTD 1 yr 3 yr 5 yr S.I.*

-8.1% -4.2% 6.2% -4.2% 8.9% 10.6% 14.0% 10.1%

Calendar Year Returns – F Class2017 2016 2015 2014 2013 2012 2011 2010** 2009

14.9% 25.9% 7.5% 20.7% 17.3% -8.0% -1.7% 7.5% n/a

* S.I. = Annualized since inception. ** Portfolio was first valued on October 31, 2010.*** Inception date: October 12, 2010.† See current weekly holdings sheet for current allocation of the Pool.

FOR ADVISOR USE ONLY

The investment objective of the Claret Global Multi-Asset Fund is to provide positive absolute returns by implementing systematic investment strategies. The main strategy utilizes a medium to long-term trend following approach. Additional strategies will be added through time across different invest-ment styles and time frames all the while preserving a trend

following bias. The current investment universe is comprised of over 150 futures contracts and/or exchange-traded funds dis-tributed amongst various asset classes such as stock indices, currencies, interest rates, commodities, real estate and infra-structure. The exposure to these various asset classes is con-trolled at the position, asset class and portfolio levels.

Best/Worst Performance Contribution

The information contained in this report has been drawn from sources believed to be reliable, but is not guaranteed to be accurate or complete. The content of this document is for informational purposes only and does not constitute an offer to sell or a solicitation to buy the fund mentionned in this report. Please consult with your financial advisor before making any investment decisions. Past performance is not indicative of future results. All performance figures are expressed in Canadian Dollars and reflect pro forma management fees (1/12 of 1.50%) and accrued incentive fees (15%) subject to a high-water mark and hurdle rate. Historical performance represents actual results by the Claret Global Multi-Asset Limited Partnership until July 2016 and the Claret Global Multi-Asset Fund thereafter. The Claret Global Multi-Asset Fund is only available to Canadian investors.

Monthly Returns (%)

Performance Statistics since inception

* Calculated using Treasury Bills with a 1 year maturity (Canadian and U.S.A., respectively) as the risk-free rate.

Future trades may not be profitable. Past performance is no guarantee of future results. The SG Trend index is designed to track the largest and most representative trend followers open to new investment in the managed futures space. Constituents’ fund distributions may be reinvested.

Future trades may not be profitable. Past performance is no guarantee of future results.

Monthly Returns (%)

Claret Global Multi-Asset Fund

-0.6% -0.4% -0.2% 0.0% 0.2% 0.4% 0.6%

Crude Oil Brent - Energy (United Kingdom)

Lumber - Softs (United States)

T-Notes 5Y - Long-Term Interest Rates (United States)

Interest Rate Swap 5Y - Long-Term Interest Rates (United States)

Soybean Oil - Grains (United States)

Yellow Maize - Grains (South Africa)

White Maize - Grains (South Africa)

Japanese Yen - Currencies (Japan)

Hard Spring Wheat - Grains (United States)

Sterling 3M - Short-Term Interest Rates (United Kingdom)

Cumulative Performance

Contact Us

Claret Asset Management Corporation 1150-2000 McGill College Avenue Montreal QC H3A 3N4

Pierre Thauvette Email: Direct Line: Toll Free: Fax: Website:

pthauvette@claret.ca (514) 840-6014 (888) 842-6110 (514) 842-6123

www.claret.ca

CIM Administrator: Minimum Investment: Subscription/Redemption: Custodian: Cash Management:

Claret $500,000 Weekly CIBC World Markets Diversified Collins Barrow Montréal

Claret Global Multi-Asset Fund Profile

AUM: Avg. M/E Ratio: Avg. RT/Million Management Fees: Incentive Fees*:

CAN$ 20.02M 25% +/- 1,150 1.50% 15.00%

*Subject to a high watermark and a hurdle rate on returns after fees based on the minimum of 1-Year Canadian Treasury Bills and 6%.

Contribution to performance (history) Margin distribution (history) Future trades may not be profitable. Past performance is no guarantee of future results.

Claret Global Multi-Asset Fund

The information contained in this report has been drawn from sources believed to be reliable, but is not guaranteed to be accurate or complete. The content of this document is for informational purposes only and does not constitute an offer to sell or a solicitation to buy the fund mentionned in this report. Please consult with your financial advisor before making any investment decisions. Past performance is not indicative of future results. All performance figures are expressed in Canadian Dollars and reflect pro forma management fees (1/12 of 1.50%) and accrued incentive fees (15%) subject to a high-water mark and hurdle rate. Historical performance represents actual results by the Claret Global Multi-Asset Limited Partnership until July 2016 and the Claret Global Multi-Asset Fund thereafter. The Claret Global Multi-Asset Fund is only available to Canadian investors.

April 2018 April 2018

PositionSector

Long Short Long Short Long Short Sub-Total

PositionSector

Long Short Long Short Long Short Sub-Total

Livestock -0.13% -0.13% Livestock 0.6% 0.6%Grains 0.05% -0.10% -0.51% 0.19% 0.15% -0.23% Grains 0.2% 1.2% 0.2% 0.2% 0.4% 2.2%Softs 0.90% 0.13% 0.08% 0.15% -0.04% 1.22% Softs 0.6% 0.5% 0.2% 0.3% 0.2% 1.8%Energies 0.39% 0.63% 0.06% 1.08% Energies 0.3% 0.4% 0.4% 1.2%Indices 0.01% 0.02% -0.23% -0.31% -0.51% Indices 0.2% 0.4% 0.6%Metals 0.10% -0.11% -0.01% Metals 1.2% 0.2% 1.5%Currencies -0.20% -0.02% -0.33% -0.54% Currencies 0.3% 0.4% 0.7%Rates 0.26% -0.23% -0.06% -0.07% -0.11% Rates 0.2% 0.5% 0.3% 1.1%Bonds 2.16% 0.00% -0.09% 2.06% Bonds 1.8% 1.9% 0.3% 4.0%

Sub-Total 1.16% 2.31% 0.80% -0.82% -0.53% -0.07% 2.84% Sub-Total 1.7% 4.2% 4.1% 1.1% 1.3% 1.2% 13.6%

RegionBeta

Sub-Total

RegionBeta

Sub-Total

Momentum 0.00% Momentum 1.6%Value -0.02% Value 0.0%Dividend -0.01% Dividend 0.0%Infrastructure 0.00% Infrastructure 0.0%Real-Estate 0.03% Real-Estate 1.4%Can. Bonds (3-5) -0.01% Can. Bonds (3-5) 5.9%Can. Bonds (20+) -0.06% Can. Bonds (20+) 2.3%

Sub-Total -0.06% Sub-Total 11.2%-0.24%

2.54% 24.8%

EXCHANGE-TRADED FUNDS

CANADA UNITED-STATES WORLD CANADA UNITED-STATES WORLD

AMERICAS EMEA* ASIA/OCEANIAAMERICAS EMEA* ASIA/OCEANIA

EXCHANGE-TRADED FUNDS

-0.07% 0.5% 0.3% 0.9%0.00% -0.01% -0.01%0.03% 0.04%

0.02% 0.9% 0.1%

0.00% -0.01%

*Europe, Middle-East &

Africa

FUTURES CONTRACTSFUTURES CONTRACTS

1.2%OtherTotal Total

-0.02% 0.03% -0.06% 9.5% 0.4%

0.4%-0.01% 5.9%-0.06% 2.3%

0.01% 0.00%

Contribution to performance Margin distribution

CC&L GLOBAL MARKET NEUTRAL STRATEGY

FOR ADVISOR USE ONLY:

OBJECTIVES• Provide positive risk adjusted returns with low

correlation to equity markets

• Target annualized returns and volatility of 6%-10% per annum over a market cycle1

HIGHLIGHTS• Strives to achieve positive return regardless

of market direction

• Low or uncorrelated returns to major asset classes

• traditional portfolios

•

PERFORMANCE METRICS 2

Annualized Sharpe Ratio

Beta (Average)

Risk (Annualized Standard Deviation)

Best Quarter Return

Worst Quarter Return

Worst Drawdown

Average Monthly Return in UP Markets

Average Monthly Return in DOWN Markets

CORRELATION WITH ASSET CLASSES 2,3,4

PERFORMANCE HISTORY 2,3

MARCH 2018

ANNUALIZED RISK/RETURN SINCE INCEPTION 2,3

INVESTMENT PROCESS• Sophisticated quantitative tools evaluate approximately

12,000 stocks across developed and emerging equity markets daily

• Analysis conducted on four key investment themes that drive stock prices:

» Growth trends/momentum

» Value

» Quality

» Short-term signals

• Consistently assesses the relative attractiveness of each stock in the global universe across more than 150 industries

• Proprietary risk management and portfolio construction

STRATEGY FACTS 2,6

Strategy Inception: November 2004

Strategy AUM: $2,265.6 million

YTD 1 Year 3 Year 5 YearSince

Inception 2017 2016 2015 2014 2013 2012 2011 2010 2009CC&L Global Market Neutral Strategy

Annualized Annual

Toll-free: 1-888-824-3120 www.cclfundsinc.com

British Columbia, Alberta & SaskatchewanBryce Walker, 403-909-8446bwalker@cclgroup.com

Central/Western Ontario & ManitobaBrad Cann 416-643-7651bcann@cclgroup.com

Eastern Ontario, Quebec & Atlantic CanadaAndrea Reilly514-490-2787areilly@cclgroup.com

For general inquiriesLisa Wilson416-864-3120lwilson@cclgroup.com

For further information, please contact:

A CONNOR, CLARK & LUNN FINANCIAL GROUP COMPANY

FOR ADVISOR USE ONLY:

REGIONAL EXPOSURES 2

INDUSTRY EXPOSURES 2

CONNOR, CLARK & LUNN INVESTMENT MANAGEMENTFounded in 1982, Connor, Clark & Lunn Investment Management Ltd. is one of Canada’s largest privately

in assets under management for institutional and high-net-worth investors.

CC&L’s Quantitative Equity Team is led by industry veterans

QUANTITATIVE EQUITY TEAM

Chris ArchboldDion Roseman

Morgan GoughTate Haggins

Jennifer Drake

Steven HuangSteven Huang

Chris ArchboldDion Roseman

Morgan GoughTate Haggins

Jennifer Drake

TEAM LEADER

PORTFOLIO MANAGEMENT RESEARCH PRODUCT

SPECIALIST

RESEARCHSYSTEMSPORTFOLIOMANAGEMENT

MODELMANAGEMENT

North America

Asia

Europe

Emerging Markets

1. These are target returns only (net of management and performance fees). There is no guarantee that such returns will be achieved. 2. Unless stated otherwise, all data is as at

are stated after management fees, estimated performance fees, trading expenses and the majority of operating expenses. Operating expenses include items such as custodial fees for

The strategy engages in short selling, borrowing securities, uses leverage and derivative instruments.

an investment in the strategy, you should consult with your professional advisor(s) to determine whether an investment in the strategy is suitable for you in light of your investment

80

90

100

110

120

130

140

Waratah

One

+21.0%

S&P

500/TSX

Composite

(50/50)

+25.0%

WARATAH One vs S&P 500/TSX Composite (50/50)

The North American markets experienced significant drawdowns over

the past 2.5 years

-19.3% -8.9%

-6.3%

-6.6%

Protecting Capital and Managing Drawdowns

Profile

Inception 2010

Office Toronto, Ontario, Canada

Employees 32

AUM $1.33 billion

Capital Deployed $2.8 billion

Employee AUM $95 million

Investors 36% Institutional 64% High Net Worth/Family Office

Strategies

- Equity Market Neutral - Equity Long/Short - Energy Sector Market

Neutral - Income Long/Short (Equity +

Credit) - Best Ideas - Battery Materials

Strengths

Proven and experienced team (Founders ex-Gluskin & TD)

Alignment - $95 million of founder and employee capital invested in Waratah Funds

No down years since inception

Disciplined and robust risk management focused on active factor management, liquidity and concentration limits

Institutional caliber operations and management. “Culture of compliance”

Overview

Waratah is an alternative asset manager that specializes in absolute return low volatility equity long short strategies. We are a Toronto Canada based investment management firm with 32 professionals managing $1.33 billion in assets and over $2.8 billion in capital deployed.

Our $1.33 billion in assets are comprised of high net worth and family offices, foundations, sovereigns, Canadian bank platforms and private and public sector pension funds in Canada and abroad.

Return Emphasis

Low volatility (sleep at night) returns

Compounding wealth

Low correlation to markets

Never blow up

Investment Approaches

Long Term Compounders

Event/Change Oriented

Idiosyncratic

Factor Based

Thematic

Risk Management

Factor management at stock and portfolio level

Position and liquidity limits

Gross reduction 3 & 5 day thresholds

Basket and positions stops

$1.33B ASSETS

UNDER MANAGEMENT

32 EMPLOYEES

8 YEARS

April 2018

All amounts in Canadian dollars unless otherwise specified.

This document has been prepared for information purposes only and is not an offer to sell or a solicitation to deal in securities.

-8.6%

WARATAH

One

WARATAH

Income

WARATAH

Performance

Diversified Equity Market Neutral 6.7% average return

3.5% volatility 4.3% 2017 return

Equity Income Long/Short 7.1% average return

6.0% volatility 5% p.a. ROC distribution 10.3% 2017 return

Equity Long/Short 11.8% average return

7.5% volatility 14.4% 2017 return

WARATAH

One X

WARATAH

Energy

WARATAH

Special Opportunities**

Enhanced Waratah One 9.4% average return* 4.9% volatility* 5.1% 2017 return*

Market Neutral Energy 7.2% average return*

5.9% volatility* 0.9% 2017 return*

Best Ideas Long Only 10.8% average return 10.6% volatility 27.5% 2017 return

Strategies

Our Story

Key Milestones

January 2010

Brad Dunkley and Blair Levinsky leave Gluskin Sheff & Associates and TD Securities to form Waratah

June 2010 Waratah launches three equity long/short strategies with $25 million of internal capital

March 2011 Waratah reaches $100 million AUM

February 2012 Waratah launches market neutral strategy offshore with anchor global institutional investor

March 2012 Morgan Stanley added as third prime broker, TD and Scotia Capital existing

October 2013

Waratah launches self imposed third party fraud risk assessment to compliment regular third party compliance audits

March 2014 Added Goldman Sachs as fourth prime broker

December 2015 Through $1 billion AUM

August 2016 Cyber security audit

Jurisdictions Canada, US, Offshore

Structures Canada: Mutual Fund Trust/Limited

Partnership,

Offshore: Cayman Corporation/Limited Partnership

Prime Brokers Goldman Sachs, Morgan Stanley, Scotia

Bank, TD Securities

Legal Counsel K&L Gates, McMillan, Walkers, Davies

Ward Phillips & Vineberg, Goodmans

Audit KPMG

Fund Admin SS&C Commonwealth, Harmonic,

HedgeServ

Recent Highlights

Jeannine LiChong and Adrian Wong joined Waratah Capital Advisors in April 2018

Johann Koss (former Founder & CEO of Right to Play) joined Waratah as President of Waratah Impact & Executive Vice President of Waratah

For more Information on Waratah Capital Advisors, please contact:

Jessica Clark Barrow Executive Vice President 416.637.5618 Jessica@waratahcap.com

Head Office 1133 Yonge Street 5th Floor Toronto, ON M4T 2Y7 Canada

Ron Lloyd Executive Vice President 416.637.5647 Ron@waratahcap.com

Waratah Capital Advisors

All amounts in Canadian dollars unless otherwise specified.

This document has been prepared for information purposes only and is not an offer to sell or a solicitation to deal in securities.

*Waratah One X is considered hypothetical and returns for Waratah Energy generated prior to April 2015 represent a scaling of the Waratah One energy basket and should be considered hypothetical

** Returns are based on Waratah’s Class A fee structure

$25 MM

$146 MM

$282 MM$327 MM $364 MM

$1,333 MM

$500 MM

$0$100$200$300$400$500$600$700$800$900

$1,000$1,100$1,200$1,300$1,400$1,500

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CHFA Winners Showcase Facilitators:

Event MC:

Phillip Boyd Vice President, Industry Relations, Fundata Canada Phil has been in the Canadian financial services for twenty years, beginning at the Canadian Depository for Securities (CDS) in 1998. From there, Phil worked at Broadridge before joining the TMX in 2005 as a Senior Product Manager. In 2012, Phil joined Fundata Canada as Head of Product Management and now currently serves as Vice President of Industry Relations.

Panel Moderators:

Robert Lemon, CFA Executive Director, Prime Services Group, Equity Markets, CIBC Capital Markets

Robert joined CIBC in April 2017 where he is responsible for strategy and business development within the Prime Services Group – a multi-asset, fully integrated Prime Brokerage platform that combines the best in trade execution, risk management, reporting, clearing and custody for institutional investment managers.

Mr. Lemon has been working in the financial industry since 2001. Prior to joining CIBC, Robert was a Managing Director & Partner with an advisory firm, Managing Director and Head of Prime Services, and the Director of Prime Services Risk Manager with some of the largest financial institutions in Canada.

Mr. Lemon holds an MBA from York University, and a Bachelor of Science (Engineering) degree from the University of Guelph. He also holds the CFA designation.

Dennis MacPherson Senior Vice President, SGGG Fund Services

Dennis began his career with TD Bank Financial Group, moved on to the role of Director, Dealer Relations for Unisen Inc. (now owned by Citigroup), later returned to TD Bank to run the Client Transfer Services area, for all products and business lines of the Wealth Management Division and was then promoted to a senior management role in Investment Fund Operations, where he was responsible for transaction processing for all TD brokerage and retail distribution channels, and all TD Mutual Funds products. Prior to joining SGGG, Mr. MacPherson was recruited by Felcom Data Services Inc. as the Executive Vice President & Chief Operating Officer, responsible for all day-to-day operations, budgeting, and staffing. There, he developed and grew the business to the point where it was targeted and acquired by CIBC Mellon.

Mr. MacPherson has been an industry leader in process improvement change as a Member or Chair of several Committees and Working Groups, and is currently an active Member of the FundSERV Standards Steering Committee (SSC). He has also participated in several high-profile speaking engagements, including: the annual IFIC (Investment Funds Institute of Canada) Conference, CCMA (Canadian Capital Markets Association) Information Sessions on Straight-Through Processing (STP), the IFIC Dealer Operations Forum, and most recently an “expert panel” discussion on Pooled Fund hosted by PMAC (Portfolio Managers Association of Canada).

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Investor Conference

Notes

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