Fees and expenses such as commissions, trailing commissions, management fees, performance allocation and some other expenses all may be associated with fund investments. Please read the Offering Memorandum before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Investment funds are not guaranteed, and are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer, as their values change frequently and past performance may not be repeated. Performance returns for the AFINA Capital Management Inc. funds are net of all expenses, and management and performance allocation.

This site should not be considered as an offer to sell securities to any person residing in the United States of America or in any other jurisdiction in which such an offer or solicitation is unlawful. Securities of the investment funds managed by AFINA will not be sold to any person residing outside Canada unless such sales are permitted under the law of their jurisdiction. Investors should contact their financial advisers for further details.

This communication is published by AFINA Capital Management Inc. All newsletters, commentaries and information contained in this communication are provided as a general source of information and should not be considered personal investment advice. Every effort has been made to ensure that the material contained herein is accurate at the time of publication. However, AFINA cannot guarantee its accuracy or completeness and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein. Facts and data provided by AFINA and other sources are believed to be reliable when posted. AFINA cannot guarantee that they are accurate or complete or that they will be current at all times. Information on this website is not intended to provide legal, accounting, investment or tax advice, and should not be relied upon in that regard. AFINA and its affiliates will not be responsible in any manner for direct, indirect, special or consequential damages howsoever caused, arising out of the use of this website.

Users of AFINA's website pages shall only be entitled to copy the website for their own personal use but may not republish nor reproduce any substantial part of the web site in any manner whatsoever, including electronically reproducing the web site by "uploading," "downloading" or accessing the web site on to the Internet or any other local or international computer system, without the prior written permission of AFINA Capital Management Inc. An acknowledgment of the source must be included whenever AFINA material is copied or published. If you require further information on a permitted use or license to reproduce or republish any material, address your inquiry to the AFINA Capital Management Inc., 330 Bay Street, Suite 820, Toronto, Ontario M5H 2S8. Any infringement of AFINA's rights will result in appropriate legal action. AFINA disclaims any and all liability for any consequences, which may result from any unauthorized reproduction or use of this web site whatsoever.

Sites accessed by hypertext appearing in this website have been independently developed by parties other than AFINA Capital Management Inc. AFINA does not guarantee the accuracy of information contained in such sites. The listing of an organization in this site should not be construed as an endorsement of its products or services. Complete confidentiality and security over the Internet is not assured. AFINA advises that the Internet is not a secure medium and privacy cannot be ensured. AFINA will not be responsible for any damages you may suffer if you transmit confidential or sensitive information to us.