Stephenson & Company Capital Management Inc. · Opportunity Fund (2010-2014). Prior to creating Stephenson & Company Capital Management, John was a senior vice president and portfolio

Confidential: Not for distribution to the public

Stephenson & Company Capital Management Inc.TD Canada Trust Tower

161 Bay Street, Suite 2770

Toronto, Ontario M5J 2S1

www.stephenson-co.com

Fund Objective

The Fund will seek to provide consistent long-term capital

appreciation with attractive risk-adjusted rates of return

throughout market cycles, with a particular focus on risk

management and capital preservation. The Fund will be a

true long/short fund concentrating primarily on a portfolio

of large and mid capitalization global and North American

equities.

The Fund will be sector agnostic and will focus primarily on larger

capitalization equities. In choppy, uncertain markets, risk management

and true long/short investing will be increasingly important.

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The Manager – Business Philosophy

� Low volatility, Consistent Long-Term Capital Appreciation� Our investment process focuses on generating consistent long-term capital appreciation

with attractive risk-adjusted rates of return throughout market cycles with low volatility

and correlation to the broader markets

� Focus on Fundamentals� We invest based on rigorous fundamental analysis of the various drivers of risk and

return. We conduct extensive due diligence and we look at both quantitative and

qualitative factors in assessing risk/reward parameters

� Limited Use of Leverage

� Focus on Risk Management� We focus on hedging and actively managing the exposures of the Partnership. Our risk

management process are based on qualitative and quantitative analysis and are

implemented at both the individual position and portfolio levels and are reviewed daily.

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4

Source: Stephenson & Co. Risk Management model as of August 17, 2015

How We Assess Risk

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Global Stock Index Price Returns - 2015

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Source: Stephenson & Co.; Bloomberg ― September 14, 2015

The best investment opportunities are outside of Canada

-8.4%

-7.2%

-6.0%

-5.1%

-3.7%

1.9%

3.5%3.9%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

Canada - S&P/TSX Brazil - Bovespa India - Sensex USA - S&P500 China - Shanghai

Compsite

Russia - RTS Europe - STOXX

600

Japan - TOPIX

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Globally Diversified By Geography and Sector

Canada, 7.3%

US, 61.7%

Europe (ex-

UK), 19.2%

UK, 3.5%

Japan, 5.3%Other, 2.9%

Materials,

6.8%Industrials,

4.4%

Consumer

Discretionary,

12.0%

Consumer

Staples, 10.3%

Health Care,

15.6%

Financials,

34.8%

Information

Technology,

10.5%

Utilities, 5.6%

Note: By Gross Market Exposure as of August 4, 2015

Indicative Sector Longs and Shorts

Longs Shorts

Financials Utilities

Particularly U.S. money center banks

and alternative asset managers

Highest interest sensitivity of any

GICS sector

Information Technology Consumer Staples

Large capitalization dividend story

underappreciated

High valuations leave them vulnerable

to re-rating

Health Care Telecom/Cable

A strong demographic and secular

trends underpin this sector

Wireless penetration has stalled

(Canada grew only 0.2% in 2013)

Consumer Discretionary Energy/Materials

Low gasoline prices are a tax cut for

consumers

Slowing global growth a negative for

resource companies

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Indicative Portfolio

The Blackstone Group LP Petroleo Brasileiro S.A. (Petrobras)

Allergan PLC Lightstream Resources Ltd.

WhiteWave Foods Company Whole Foods Market, Inc.

Target Corporation Tesoro Corporation

Moncler S.p.A. Barrick Gold Corp

LKQ Corporation Las Vegas Sands Corp.

Horizon Pharma PLC WEC Energy Group Inc.

Longs Shorts

Note: Indicative names as of August 17, 2015

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Historical Performance

92

94

96

98

100

102

104

106

108

110

112

Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15

SCO N.A. Oppty Fund S&P500 S&P/TSX

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

2014 1.03 0.36 0.61 2.01*

2015 5.83 -0.26 1.78 -5.42 3.23 -0.05 2.03 6.97

Note: * = Based on S-Class Unit and Net of All Fees

Key Personnel

John Stephenson is the president and chief executive officer of Stephenson & Company Capital

Management, where he is responsible for overall firm direction. He is a multiple award-winning

portfolio manager having been recognized by Brendan Wood International (BWI) as a Platinum

Class Top Gun Investment Mind for five years in a row (2009-2013) and the recipient of the

prestigious Fundata A Award (January 2014) for his top quintile three-year track record (Utilities

Plus Fund). He also achieved top decile performance for his management of the Canadian Dividend

Opportunity Fund (2010-2014).

Prior to creating Stephenson & Company Capital Management, John was a senior vice president

and portfolio manager at First Asset. At First Asset he was responsible for heading most of the

equity mandates as well as being instrumental in creating and leading the portfolio management

team.

John holds a degree in Mechanical Engineering from the University of Waterloo, an MBA from

INSEAD, as well as the Chartered Financial Analyst (CFA), Financial Risk Manager (FRM) and

Chartered Investment Manager (CIM) designations.

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François Girard is the chief compliance officer and senior investment analyst with Stephenson

& Company Capital Management, where he is responsible for security selection and assists in the

management of the firm’s investment portfolios. Mr. Girard brings an in-depth knowledge of

financial products, capital markets, pricing theory, derivatives and various market conventions to

his role at Stephenson & Company Capital Management.

Prior to joining Stephenson & Company Capital Management in 2014, Mr. Girard was a senior

analyst at TD Securities in the Capital Markets Risk Management Group where he was

responsible for the valuation and risk management of various portfolios of customized interest

rate and foreign exchange derivatives. At TD Securities, he was the team lead on various

initiatives including; the implementation of OIS discounting, cheapest-to-deliver collateral as

well as spearheading the creation and launch of various new business segments such as U.S.

structured notes and Risk Participation Agreements.

François holds both a Bachelor of Business Administration (B.B.A.) in Finance and a Master of

Science in Finance (M.Sc.) from HEC Montréal. In addition, Mr. Girard is a Chartered

Alternative Investment Analyst (CAIA), a Chartered Investment Manager (CIM), a Professional

Risk Manager (PRM) and a CFA level III Candidate.

Key Personnel Continued

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Service Providers to the Fund

Auditor of the Fund PricewaterhouseCoopers (PwC)

Prime Broker CIBC World Markets Inc.

Legal Counsel Borden Ladner Gervais LLP

Administrator to the Fund SGGG Fund Services Inc.

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Contact Us

Stephenson & Company Capital Management Inc.

TD Canada Trust Tower

161 Bay Street

Suite 2770

Toronto, Ontario

M5J 2S1

[email protected]

416-572-2089

1-844-208-8817

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Disclaimer

This presentation is for informational purposes only and is not an offer, solicitation or recommendation to purchase or sell any securities or units of the Fund. Units of the Fund are offered only pursuant to an Offering Memorandum and only to accredited investors and other purchasers to whom the Units may be offered without a prospectus. For a complete discussion of investment strategies as well as various risk factors, prospective investors are encouraged to consult the Offering Memorandum and their own legal counsel.

Any reproduction or distribution of this presentation, or any information contained herein, is prohibited.

The information contained in this document is drawn from sources believed to be reliable but the accuracy or completeness of the information is not guaranteed, nor in providing it do we assume any responsibility or liability whatsoever. Terms and conditions are subject to change without notice. Nothing contained herein is a promise or forecast and thus should not be relied upon as such. Any information that can be considered forward-looking information under applicable securities laws is based on assumptions made by us of the success of our investment strategies in certain market conditions, relying on the experience of our officers and employees and their knowledge of historical economic and market trends. Investors are cautioned that the assumptions made by us and the success of our investment strategies are subject to a number of mitigating factors. Economic and market conditions may change, which may materially impact the success of these strategies. Past performance is not indicative of future results and, therefore, there can be no assurance that the results achieved for past investments will be achieved by the Fund.

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