¹Accredited Investors: Under the terms of this Offering Memorandum, Units are offered on a continuous basis to “accredited investors” resident in any province of Canada (the “Offering Jurisdictions”) pursuant to applicable exemptions from the prospectus requirements contained in the securities legislation in the Offering Jurisdiction. Under no circumstances will the Manager accept a subscription for Units, whether initial or subsequent, if its distribution cannot be made in reliance on any such exemptions. An investor who purchases as an “accredited investor” is required to notify the Manager if such investor’s status changes. Any monies received with a rejected order will be promptly refunded to the investor without any interest. See “Investing in Units of a Fund”. ²Fees: For providing their management services to the Fund, the Manager receives monthly management fees (the “Management Fees”) from the Fund. Units of the Fund are charged annual Management Fees equal to the greater of (i) 0.15% of the NAV or (ii) $37,500. The Management Fees are calculated and accrued on each Valuation Date and payable monthly. The Management Fees are, for each Series, Series Expenses attributable to that Series. On January 1st of each year, the amount of $37,500 shall be indexed to the consumer price index (CPI) provided by the Bank of Canada. For providing their services to the Fund, the Investment Advisor receives monthly advisory fees (the “Advisory Fees”) from the Fund. In the case of Series I Units, the Advisory Fees are negotiated with each investor and are calculated at the Unit level. The Advisory Fees are, for each Series, Series Expenses attributable to that Series. Units of the Series are charged annual Advisory Fees equal to the following percentages of the Series Net Asset Value of the said Series of the Fund, calculated and accrued on each Valuation Date and payable monthly: Series M: 0%, Series MU: 0%, Series E: 0%, Series F: 1.0%. Advisory Fees are subject to applicable taxes, including QST and GST or HST. The Investment Advisor also receives performance fees (the “Performance Fees”) from the Fund attributable to Series M Units, Series MU Units, Series F Units, Series I Units. In the case of Series, I Units, Performance Fees, if any, are negotiated with each investor. The Investment Advisor does not receive Performance Fees from the Fund attributable to Series E Units.