Picton Mahoney Income Opportunities Fund (F)

The inception date of the Class F Units of the fund is December 31, 2009. Performance data is presented since inception for Class F Units of the Fund. Performance data is compared to a blended benchmark of 75% ICE BofA Merrill Lynch Global High Yield Index/25% ICE BofA Merrill Lynch Global Corporate Index(TR) (Hedged to CAD) and the ICE BofA Merrill Lynch Canada Broad Market Index (TR) (for information purposes only). The composition of the Fund’s portfolio will significantly differ from the Index due to the investment strategy employed. Please see “Investment Strategies” in the Confidential Offering Memorandum for more details. Commissions, trailing commissions, management fees and expenses all may be associated with fund investments. Complete information relating to the funds, including risk factors and investor eligibility, is contained in the Confidential Offering Memorandum. This fund is not guaranteed, its values change frequently and past performance may not be repeated. Please see “Risk Factors” in the Confidential Offering Memorandum for more details.