Picton Mahoney Subscription Agreement

Phil ClarkHead marketingPicton Mahoney Asset ManagementTel: (416) 955-4462www.pictonmahoney.com service@pictonmahoney.com To learn more about the Picton Mahoney family of Fortified Funds and get performance information until the end of the last month, please visit: www.pictonmahoney.com/Performance/Fortified-Funds.aspx. Source: Morningstar Direct as of October 31, 2020. 2In terms of the amount at which the fund`s returns exceeded the average Tactical Balanced return for the periods posted. Commissions, subsequent commissions, management fees, performance fees and expenses can all be associated with investment fund investments. Please read the prospectus before investing. Reported returns are historical aggregate annual returns, including changes in unit value and reinvestment of all distributions, and do not take into account sales, withdrawals, distributions or discretionary taxes or income taxes payable by a shareholder who would have reduced returns. Mutual funds are not guaranteed, their values often change and the results of the past must not be repeated. Hedge funds can only be purchased through a registered distributor and are only available in countries where they can be legally put up for sale. The Picton Mahoney Fortified Multi-Asset Fund (Class F) received a 5-star Morningstar RatingTM as of October 31, 2020. The rating is based on the risk-adjusted monthly returns of 316 funds in the Tactical Balanced category as of October 31, 2020. The Picton Mahoney Fortified Income Fund (Class F) achieved a 5-star overall rating as of October 31, 2020. The rating is based on risk-adjusted monthly returns of 416 funds in the high-demand fixed income category as of October 31, 2020. NOT FOR DISTRIBUTION TO U.S.

NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA Picton Mahoney Asset Management specializes in differentiated investment solutions and rules-based volatility management. Picton Mahoney helps clients strengthen their portfolios based on experiences that have been carved out over the years by different market cycles and investment environments.