Picton Mahoney Fortified Active Extension Alternative Fund (ETF)

The inception date of the ETF Class Units of the Picton Mahoney Fortified Active Extension Alternative Fund is July 12, 2019. Performance data is presented since inception for ETF Class Units of the Fund. Performance data is compared to the S&P/TSX Composite Index (TR). The composition of the Fund’s portfolio will significantly differ from the benchmark and/or individual benchmark components, where applicable, due to the investment strategy employed by the Fund. Commissions, trailing commissions, management fees, performance fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns 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 unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Alternative funds can only be purchased through a registered dealer and are available only in those jurisdictions where they may be lawfully offered for sale.