NORREP CAPITAL MANAGEMENT

NCM Income Solutions

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For over 20 years, Norrep Capital Management (NCM) has provided Canadians with an independent choice for their investments. That choice is actively managed funds using a highly disciplined approach to investing.

Our Funds feature high active share, the measure of how unique a fund is compared to its underlying index.

We strongly believe a fund that is concentrated with our best ideas is a better investment than one that passively follows an index.

At NCM, we actively pursue long-term, sustainable wealth for our clients, whether that’s through actively managing our public mutual funds and alternative investment products or creating new innovative solutions, like our Z Series.

20Years of

Experience

OverActive

Management

In-housePortfolio Managers

OurBestIdeas

Long-term Sustainable Wealth for our clients

HighlyDisciplined

NorrepAlternatives

NorrepOpportunities

NorrepCore

Funds

CanadianOwned

HighActiveShare

IndependentThinkers

Independent

S E R I E S

NORREP CAPITAL MANAGEMENT

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About NCM - Norrep Capital Management Ltd.

Our Guiding Principles

RIGHT SIZING THE FUND

We manage the capacity of our funds for each segment of the market we invest in to ensure investment performance is not compromised. When a fund reaches a certain threshold in assets, we will cap the fund, keeping it at the optimal size for the product.

MANAGE RISK BY NOT OVERPAYING FOR GROWTH

We search for growing companies that are trading at lower valuations than their peers, their historical norms, and the overall market. This helps us manage risk within the portfolios with securities that are not overpriced.

PROVEN AND REPEATABLE METHODOLOGY

With over 20 years of experience we understand what works and why it works. We look for securities that trade at lower valuations, have greater profitability, possess less debt and offer better growth than their peers and the overall market. After thoroughly analyzing the numbers we make sure we fully understand a business, its industry and its management team.

CONCENTRATED PORTFOLIOS WITH OUR BEST IDEAS

We strongly believe that a portfolio concentrated with our best ideas is a better investment than one that passively follows an index. We are careful not to over-diversify as holding too many securities can dilute performance. Our funds have concentrated holdings and high active share.

ALIGN OUR INTERESTS WITH OUR CLIENTS

Our Portfolio Managers invest in the funds they manage with their own capital, providing our investors with peace of mind knowing that we are invested alongside them. Delivering long-term outperformance is in everyone's best interest.

INDEPENDENT ACTIVE MANAGEMENT

NCM's independent active management provides investors with an attractive alternative to investments that passively follow an index. Our objective is to provide long-term value with investments that make active management count for our investors.

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NCM Funds with a Monthly Distribution: Norrep Income Growth Class Norrep Global Income Growth Class Norrep US Dividend Plus Class Norrep High Income Fund Norrep Short Term Income Fund

NCM Funds with a Quarterly Distribution: Norrep Premium Growth Class Norrep Tactical Opportunities Class Norrep Market Neutral Income Fund Norrep Canadian Enhanced Equity Fund

NCM Funds with an Annual T6 paid Monthly Norrep Income Growth Class Norrep Global Income Growth Class Norrep High Income Fund

Income Solutions to Meet Your Clients Needs

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Fixed Distribution Ideal for investors who need consistent monthly or quarterly income

Fixed distributions are popular in a low interest rate environment as they provide regular income

Helps bridge the gap in retirement with regular income beyond CPP or Pension Plans

NCMFundsthatofferfixeddistributionsinourcorporateclass offerCanadiandividendsthatmaybetaxedmorefavourable than other types of income

NCM’s distributions are built with sustainability in mind to help the underlying capital grow and reduce the need of return of capital in the distribution

Variable Distribution Ideal for investors who want additional income, but don’t have aspecifictargetinmind

The distribution will vary according to prevailing market conditions

Helps with extra income for life events or to reinvest for additional units of the Fund

NCM funds provide several variable distribution options for investors from our A series to our latest T6 Series. T6 Series funds set the distribution percentage at 6% annually and are paid monthly

Fixed and Variable Distribution Options

NORREP CAPITAL MANAGEMENT

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NCM Fund Fund Category Monthly Dividend1 Fund Yield2

Norrep Income Growth Class Canadian Equity Balanced $0.066 5.5%

Norrep Global Income Growth Class Global Equity Balanced $0.043 3.6%

Norrep US Dividend Plus Class US Equity $0.040 2.4%

Norrep High Income Fund High Yield Fixed Income $0.102 5.1%

Norrep Short Term Income Fund Misc. - Income & Real Property $0.031 4.0%

NCM Funds with a MONTHLY Dividend

1. Monthly Dividend totals is at June 30, 2018 2. Fund Yields are reviewed annually and set on December 31st of each year

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NCM Fund Fund Category Quarterly Dividend1 Fund Yield2

Norrep Premium Growth Class Tactical Balanced 1.0% 4.0%

Norrep Tactical Opportunities Class Tactical Balanced 1.0% 4.0%

Norrep Market Neutral Income Fund Alternative Strategies $0.108 4.3%

Norrep Canadian Enhanced Equity Fund Alternative Strategies $0.093 3.0%

NCM Funds with a QUARTERLY Dividend

NORREP CAPITAL MANAGEMENT 1. Quarterly Dividend totals is at June 30, 2018 2. Fund Yields are reviewed annually and set on December 31st of each year

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Providing Income and GrowthNorrep Income Growth Class - Series FAssumptions as of June 30, 2018

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1 Year0.9%

3 Year1

4.4%5 Year1

6.5%10 Year1

7.4%Inception1

8.9%

NCM mutual funds are offered for sale by prospectus in all provinces of Canada. This document is for illustrative purposes only and does not purport to show actual results of any investor, nor should it be regarded as investment advice or as a specific recommendation regarding any particular security or course of action. There is no guarantee that investment strategies will achieve the desired results under all market conditions. The output presented above is dependent on variables set by the user, including the Starting Date. No representation is being made that any account, investment fund, or strategy will or is likely to achieve performance similar to that presented. This information is provided with the understanding that users will make their own independent decision with respect to any course of action and as to whether such course of action is appropriate based on personal circumstances. The above is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. Commissions, trailing commissions, management 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 share or unit value and reinvestment of all dividends or distributions 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. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The table is used only to illustrate the effects of the compound growth rate and is not intended to reflect the future values or returns in the Fund. This presentation is the property of Norrep Capital Management Ltd., and may not be used, copied, reproduced or distributed without our express written permission. All price and performance data used is for the Series indicated above. Performance data for other series can be found at www.norrep.com. Returns indicated above are annualized.

1. Annualized.

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Date BalanceMonthly Return

Monthly Withdrawal

$250,000Jan-06 $259,003 4.1% $1,250Feb-06 $262,055 1.7% $1,250Mar-06 $276,068 5.8% $1,250Apr-06 $278,525 1.3% $1,250May-06 $276,408 -0.3% $1,250Jun-06 $272,355 -1.0% $1,250Jul-06 $281,890 4.0% $1,250Aug-06 $285,495 1.7% $1,250Sep-06 $280,870 -1.2% $1,250Oct-06 $289,065 3.4% $1,250Nov-06 $264,630 -8.0% $1,250Dec-06 $271,838 3.2% $1,250Jan-07 $270,715 0.0% $1,250Feb-07 $284,698 5.6% $1,250Mar-07 $286,875 1.2% $1,250Apr-07 $302,983 6.1% $1,250May-07 $318,683 5.6% $1,250Jun-07 $316,995 -0.1% $1,250Jul-07 $313,355 -0.8% $1,250Aug-07 $297,405 -4.7% $1,250Sep-07 $299,365 1.1% $1,250Oct-07 $311,396 4.4% $1,250Nov-07 $298,252 -3.8% $1,250Dec-07 $311,630 4.9% $1,250Jan-08 $287,650 -7.3% $1,250Feb-08 $302,937 5.7% $1,250Mar-08 $298,250 -1.1% $1,250Apr-08 $306,488 3.2% $1,250May-08 $308,946 1.2% $1,250Jun-08 $313,981 2.0% $1,250Jul-08 $290,149 -7.2% $1,250Aug-08 $300,925 4.1% $1,250Sep-08 $253,653 -15.3% $1,250Oct-08 $217,629 -13.7% $1,250Nov-08 $196,072 -9.3% $1,250Dec-08 $197,104 1.2% $1,250Jan-09 $199,656 1.9% $1,250Feb-09 $175,743 -11.4% $1,250Apr-09 $196,810 2.8% $1,250

Jun-09 $211,473 -1.6% $1,250Aug-09 $228,476 5.2% $1,250Oct-09 $242,244 1.4% $1,250Dec-09 $262,348 5.6% $1,250Feb-10 $275,567 4.0% $1,250Apr-10 $288,963 2.0% $1,250Jun-10 $271,554 -0.2% $1,250Aug-10 $285,008 3.3% $1,250Oct-10 $310,539 4.2% $1,250Dec-10 $331,330 4.4% $1,250Feb-11 $353,079 3.3% $1,250Apr-11 $351,906 -0.5% $1,250Mar-09 $192,617 10.3% $1,250May-09 $216,133 10.5% $1,250Jul-09 $218,450 3.9% $1,250Sep-09 $240,207 5.7% $1,250Nov-09 $249,530 3.5% $1,250Jan-10 $266,072 1.9% $1,250Mar-10 $284,605 3.7% $1,250May-10 $273,361 -5.0% $1,250Jul-10 $277,109 2.5% $1,250Sep-10 $299,163 5.4% $1,250Nov-10 $318,597 3.0% $1,250Jan-11 $343,128 3.9% $1,250Mar-11 $355,078 0.9% $1,250May-11 $350,127 -0.2% $1,250Jul-11 $339,022 -0.7% $1,250Aug-11 $326,293 -3.4% $1,250Sep-11 $293,981 -9.5% $1,250Oct-11 $318,588 8.8% $1,250Nov-11 $325,660 2.6% $1,250Dec-11 $327,295 0.9% $1,250Jan-12 $339,540 4.1% $1,250Feb-12 $355,873 5.2% $1,250Mar-12 $352,246 -0.7% $1,250Apr-12 $349,451 -0.7% $1,250May-12 $340,102 -2.3% $1,250Jun-12 $340,108 0.4% $1,250

Jul-12 $346,032 2.1% $1,250

Norrep Income Growth Class - Series F June 30, 2018

Starting Date: June 30, 2018 Starting Investment: $250,000 Monthly Withdrawal: $1,250

Date BalanceMonthly Return

Monthly Withdrawal

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Date BalanceMonthly Return

Monthly Withdrawal

Aug-13 $368,798 0.5% $1,250Sep-13 $379,303 3.2% $1,250Oct-13 $394,503 4.3% $1,250Nov-13 $404,266 2.8% $1,250Dec-13 $416,756 3.4% $1,250Jan-14 $409,731 -1.4% $1,250Feb-14 $423,078 3.6% $1,250Mar-14 $434,587 3.0% $1,250Apr-14 $443,977 2.4% $1,250May-14 $446,637 0.9% $1,250Jun-14 $456,896 2.6% $1,250Jul-14 $450,407 -1.1% $1,250Aug-14 $458,867 2.2% $1,250Sep-14 $431,729 -5.6% $1,250Dec-14 $393,739 -3.1% $1,250Jan-15 $377,573 -3.8% $1,250Feb-15 $396,543 5.4% $1,250Mar-15 $397,755 0.6% $1,250Apr-15 $407,486 2.8% $1,250May-15 $402,966 -0.8% $1,250Jun-15 $402,705 0.2% $1,250Jul-15 $393,970 -1.9% $1,250Aug-15 $387,385 -1.4% $1,250Sep-15 $378,599 -1.9% $1,250Oct-15 $382,353 1.3% $1,250Nov-15 $391,030 2.6% $1,250Dec-15 $385,288 -1.1% $1,250Jan-16 $374,211 -2.6% $1,250Feb-16 $365,051 -2.1% $1,250Mar-16 $377,947 3.9% $1,250Apr-16 $389,087 3.3% $1,250May-16 $394,534 1.7% $1,250Jun-16 $386,457 -1.7% $1,250Jul-16 $398,325 3.4% $1,250Aug-16 $407,828 2.7% $1,250Sep-16 $415,230 2.1% $1,250Oct-16 $412,008 -0.5% $1,250Nov-16 $412,673 0.5% $1,250Dec-16 $421,368 2.4% $1,250

Date BalanceMonthly Return

Monthly Withdrawal

Jan-17 $413,537 -1.6% $1,250Feb-17 $416,217 1.0% $1,250Mar-17 $427,669 3.1% $1,250Apr-17 $427,858 0.3% $1,250May-17 $420,730 -1.4% $1,250Jun-17 $420,584 0.3% $1,250Jul-17 $412,458 -1.6% $1,250Aug-17 $415,998 1.2% $1,250Sep-17 $420,091 1.3% $1,250Oct-17 $431,390 3.0% $1,250Nov-17 $420,810 -2.2% $1,250Dec-17 $432,243 3.0% $1,250Jan-18 $429,250 -0.4% $1,250Feb-18 $414,607 -3.1% $1,250Mar-18 $414,082 0.2% $1,250Apr-18 $417,069 1.0% $1,250May-18 $414,292 -0.4% $1,250Jun-18 $409,674 -0.8% $1,250

$187,500

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T Series funds provide an option for investors looking for a high percentage of income with the potential for capital appreciation.

Formanyinvestors,cashflowisaprimaryobjectiveandNCM’s T6 series provides three unique funds to support this.

All NCM T6 Series funds target a 6% annualized distribution,paid monthly.

T6 Series helps retirees and investors draw income from their investment.AllT6NCMfundsalsobenefitfrompossiblecapitalappreciation, which is becoming more critical as life expectancies increase in Canada and retirement funds need to last longer.

NCM helps you meet your monthly income needs with T6 Series

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T6 Series provides cash flow on a monthly basis Monthly income – Targets a 6.0% annualized distribution, paid monthly

Access to cash-Investorsthatrequirecashflowonamonthlybasis

Lifestyle needs-Retireeslookingforcashflowtomeetlifestyleneedsinaddition to receiving CPP or Pension Income

Capital appreciation - T6 Series funds pay income monthly with the possibility of capital appreciation

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NORREP HIGH INCOME FUNDInvestment ObjectivesThe Fund is designed to provide investors with a stable stream of monthly distributions and to achieve long-term capital appreciation by investing primarily in corporate debt securities and other similar investments.

Investing mainly in high yield bonds targeting a net 5%-7% annualized return Targets a monthly distribution largely through interest income and capital appreciation Abilitytoinvestinsmallerissuesthatoffermoreattractiveyieldswithbetter credit protection than similar larger issues Currently invests in an appealing risk/reward climate where corporate default rates are at historical lows

NORREP INCOME GROWTH CLASSInvestment ObjectivesA Canadian balanced fund that combines small and mid cap dividend growth businesses withthestabilityoffixedincomesecurities.TheFundisdesignedtoprovideinvestorswithstable monthly distributions and the potential for long-term capital appreciation by investing in small and mid capitalization high yielding securities.

Balancesamixofgrowth,yield,andstabilitywithoutsacrificingupsidepotential Hastheflexibilitytoblenddividendpayingequitiesofallmarketcapswithhighyield bonds and senior secured loans Focuses on a large investable universe of small and mid-sized companies that are growing their dividend Isdistinctlydifferentfromtheindex Targets a stable dividend, paid monthly Managed by an award-winning investment team

NCM’s T6 Funds

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NORREP GLOBAL INCOME GROWTH CLASSInvestment ObjectivesA Global equity balanced fund investing primarily in dividend paying equities with a minimum10%weightinfixedincome.TheFundisdesignedtoprovideinvestorswithstablemonthly distributions and the potential for long-term capital appreciation by investing in small, mid, and large capitalization high yielding securities.

Balancesamixofgrowth,yieldandstabilitywithoutsacrificingupsidepotential Invests primarly in dividend paying equities of all market caps with a blend of fixedincome Gives Canadian investors access to the other 95% of world`s markets Isdistinctlydifferentfromtheindex Targets a stable dividend, paid monthly Managed by an award-winning Portfolio Manager

NORREP CAPITAL MANAGEMENT

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FOLLOW US

Conditions, including minimum holdings, apply to the availability of flat management fee pricing. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions 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. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at www.norrep.com.

CONTACT US

www.norrep.com

Phone 403.531.2650 Client Services 1.877.531.9355 Dealer Services 1.877.431.1407

NORREP CAPITAL MANAGEMENT

Pays Monthly

PaysQuarterly

A Series (FE)

A Series (LSC) F Series Z Series T6 Series F6 Series

Norrep Income Growth Class Y - NRP 5031 NRP 5041 NRP 500 - NRP 506 NRP 509

Norrep US Dividend Plus Class Y - NRP 601 NRP 602 NRP 600 - - -

Norrep Global Income Growth Class Y - NRP 1001 NRP 1002 NRP 1000 - NRP 1006 NRP 1009

Norrep Tactical Opportunities Class - Y NRP 1201 NRP 1202 NRP 1200 - - -

Norrep Premium Growth Class - Y NRP 3303 - NRP 3300 NRP 3307 - -

Norrep High Income Fund Y - NRP 1301 NRP 1302 NRP 1300 - NRP 1306 NRP 1309

Norrep Short Term Income Fund Y - NRP 1101

US$ NRP 1107- NRP 1100

US$ NRP 1108- - -

Norrep Market Neutral Income Fund - Y NRP 3101 - NRP 3100 - - -

Norrep Canadian Enhanced Equity Fund

- Y NRP 5101 - NRP 5100 - - -

NCM Income Solutions - Fund Codes

1. B Series