NORREP INVESTMENTS MONTHLY FUND SUMMARIES...All performance F Series as of September 30, 2016, net...

NORREP INVESTMENTS

MONTHLY FUND SUMMARIES

AS AT SEPTEMBER 30, 2016

TABLE OF CONTENTS

Fund Performance

Norrep Fund

Norrep II Class

Norrep Income Growth Class

Norrep Energy Class

Norrep Entrepreneurs Class

Norrep Tactical Opportunities Class

Norrep US Dividend Plus Class

Norrep Global Income Growth Class

Norrep High Yield Class

Norrep Short Term Income Fund

Norrep Premium Growth Class

3

4

6

8

10

12

14

16

18

20

22

24

FEATURED FUND

NORREPUS DIVIDENDPLUS CLASS

8.0%SINCE INCEPTION*

18.8%1 Year

18.5%3 Year*

21.7%5 Year*

WHO SHOULD INVEST

Investors looking to access the world’s deepest and broadest market with a

team that has a strong track record of Active Management

Investors seeking a stable income and long-term capital appreciation

through a unique all cap approach to U.S. dividend investing

Investors that want a Fund with the flexibility to employ option writing

(both covered calls and cash-secured puts) to generate income, protect

existing gains and reduce risk

* Annualized, as at September 30, 2016

8.8%10 Year*

Fund - F Series YTD 1Y 3Y 5Y 10Y 15YSince

InceptionInception

DateFundYield

CANADIAN EQUITY

Norrep Fund (MF Series) 5.0% 13.1% 5.7% 12.3% 7.5% 14.9% 16.0% Apr 12, 20001 -

Norrep II Class 8.8% 15.6% 6.2% 11.7% 6.9% - 9.1% Jan 31, 20052 -

Norrep Income Growth Class 10.9% 14.0% 7.0% 11.4% 9.0% - 9.9% Dec 31, 2005 5.3%

Norrep Energy Class 18.7% 16.1% -5.2% 2.5% - - 7.1% May 31, 2009 -

Norrep Entrepreneurs Class 15.5% 21.6% 14.9% 19.6% - - 18.0% May 31, 2010 -

Norrep Tactical Opportunities Class 9.9% 7.8% -0.0% 7.9% - - 6.4% Sep 16, 2011 4.0%

GLOBAL EQUITY

Norrep US Dividend Plus Class3 10.4% 18.8% 18.5% 21.7% 8.8% - 8.0% Dec 31, 2005 2.4%

Norrep Global Income Growth Class 1.8% 9.2% 12.2% 14.9% - - 10.3% May 31, 2011 3.8%

FIXED INCOME

Norrep High Yield Class 5.3% 0.6% 2.6% 4.8% - - 3.8% May 31, 2011 6.4%

Norrep Short Term Income Fund 4.5% 3.9% 3.1% 3.6% - - 3.6% Sep 16, 2011 3.8%

FUND OF FUNDS

Norrep Premium Growth Class (MG Series) 6.2% 9.3% 4.3% - - - 6.3% Mar 31, 2012 4.0%

FUND PERFORMANCE SUMMARIES

1. Current Base Yield on Dividend or Distribution (subject to change)

NOTES

1. Norrep Fund inception date May 31, 1997, public inception date listed. 2. Norrep II Class inception date September 30, 2001, public inception date listed. 3. On January 31, 2013, the investment objective of the Norrep US Dividend Plus Class was changed from a focus on small and micro capitalization U.S. equities to a broader mandate focused on dividend-paying U.S. equity securities of all capitalizations. If the change had been in effect prior to January 31, 2013, the Fund’s performance could have been materially different.

as at September 30, 2016

All performance F Series as of September 30, 2016, net of fees, annualized, unless otherwise stated. Norrep Mutual Funds are offered for sale by prospectus in all prov-inces of Canada. 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 securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect the future values or returns in any Fund. We have made reasonable commercial efforts to ensure that the information contained in this document is accurate, complete and timely but provide no guarantees of same either express or implied. All opinions expressed and data provided herein are subject to change without notice.

NORREPFUND

Seeking long-term, above average growth who can tolerate medium to high risk levels. Please note that the Norrep Fund is currently closed to new investors.

MONTHLY SUMMARY AS AT September 30, 2016

PERFORMANCE

FOR INVESTORS

1 month 3 month 6 month YTD 1 year 3 year 5 year 10 Year 15 year Inception

MF 0.6% 3.6% 10.0% 5.0% 13.1% 5.7% 12.3% 7.5% 14.9% 16.0%

F 0.7% 3.8% 10.4% 5.6% 14.3% - - - - -0.6%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

MF 41.4% 23.5% 20.7% 43.9% 25.0% 32.4% 25.7% 19.9% -51.1% 62.8% 30.8% -4.3% 10.0% 31.3% 0.5% -0.2%

F - - - - - - - - - - - - - - - -6.0%1

4

TOP TEN HOLDINGSListed alphabetically

BADGER DAYLIGHTING LTD.

BRP INC.

CANAM GROUP INC.

CHEMTRADE LOGISTICS INCOME FUND

FIRSTSERVICE CORP.

INTERTAPE POLYMER GROUP INC.

MAJOR DRILLING GROUP INTERNATIONAL INC.

SLEEP COUNTRY CANADA HOLDINGS INC.

UNI-SELECT INC.

WESTERN FOREST PRODUCTS INC.

2016 Paid Distribution -

2015 Paid Distribution -

2014 Paid Distribution $3.8245


Aggregate of eligible and capital gains distributions paid. Complete list and breakdown available at norrep.com.

DISTRIBUTION

VALUE OF $10,000 INVESTED AT INCEPTION

$0

$30,000

$60,000

$90,000

$12,0000

$15,0000

20162015201420132012201120102009200820072006200520042003200220012000

$114,665

NAV/Share |MF Series: $36.32 |F Series: $36.78

A Canadian small cap equity fund, focusing on fast-growing companies trading at reasonable valuations in an asset class that has historically outperformed.

1. 2015 return begins with July 6 inception

Alex Sasso, CFAChief Executive Officer and Portfolio Manager

Don Walker, CFAPortfolio Manager

Sarah Hughes, CFAPortfolio Manager

MANAGEMENT TEAM

Except where indicated otherwise, MF Series data as of September 30, 2016, net of fees, annualized. Norrep Fund is closed to new investors. 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 Norrep 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 Norrep 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.

Beta represents the tendency of the fund’s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive cor-relation. R-Squared is a number 0 to 100 representing the percentage of a fund’s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard Deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average).

Source: CPMS (of covered securities)

PORTFOLIO ATTRIBUTES

FIVE YEAR METRICS

Beta Correlation R-squared Standard Deviation

0.64 0.78 60.2 12.7%

5

Trailing P/E

Trailing ROE

Cash Flow/ Debt

TrailingP/CF

Norrep Fund 24.6x 14.2% 0.37 9.4x

BMO Small Cap Equity Index (Weighted) - 4.5% 0.22 11.1x

Advantage - 9.7% 0.15 1.7x

HOW THE FUND INVESTS

12+29+18+15+0+0+11+8+0+0+0+7+0+0+G <Energy (12.3%) <Basic Materials (29.5%) <Industrials (17.6%) <Consumer Discretionary (15.1%) <Financials (10.6%) <Information Technology (7.9%) <Cash (7.0%)

Fund Codes NRP 100 (F)NRP 101 (FE)

Net Assets $82.7 Million

InceptionF SeriesMF Series

July 6, 2015April 12, 2000

CIFSC Category

Canadian Small/Mid Cap Equity

Risk Rating Medium to High

Management Fee F SeriesMF Series

1.25%2.00%

Benchmark Index BMO Small Cap Equity Only Weighted Total Return Index

Portfolio Manager

Norrep Capital Management Ltd.

Auditor KPMG LLP

Custodian CIBC Mellon Trust Company

Transfer Agent and Registrar

CIBC Mellon Global Securities Services Company

1.877.431.1407 | www.norrep.com

Disciplined Canadian small cap equity fund utilising Norrep’s proven investment methodology

Focuses on fast-growing companies trading at reasonable valuations in an asset class that has historically outperformed

Utilizes both deep fundamental and quantitative analysis to create a portfolio of businesses with very attractive attributes

NORREP IICLASS

Seeking long-term, above average growth who can tolerate medium to high risk levels.


PERFORMANCE

FOR INVESTORS

1 month 3 month 6 month YTD 1 year 3 year 5 year 10 Year Inception

F 0.7% 3.9% 10.3% 8.8% 15.6% 6.2% 11.7% 6.9% 9.1%

MF 0.6% 3.6% 9.7% 7.9% 14.5% 5.0% 10.5% 5.8% 11.6%

6


ALTUS GROUP LTD.

BRP INC.

CANAM GROUP INC.


FIRSTSERVICE CORP.


SLEEP COUNTRY CANADA HOLDINGS INC.

UNI-SELECT INC.


WHITECAP RESOURCES INC.

2016 Paid Dividends -


2014 Paid Dividends $2.9221


Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at norrep.com.

DIVIDENDS


$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

201620152014201320122011201020092008200720062005

$27,746

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

F 34.6%1 19.5% 17.3% -51.9% 64.6% 32.5% -7.0% 9.4% 28.4% 2.2% -3.5%

MF 33.9% 18.6% 16.4% -52.1% 60.5% 31.4% -7.9% 8.2% 27.2% 1.1% -4.6%

1. 2005 return begins with Jan 31 inception

NAV/Share |F Series: $44.91 |MF Series: $39.71

A Canadian small cap equity fund focusing on fast-growing companies trading at reasonable valuations in an asset class that has historically outperformed.




MANAGEMENT TEAM

Except where indicated otherwise, F Series data as of September 30, 2016, net of fees, annualized. 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 Norrep 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 Norrep 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.




FIVE YEAR METRICS


0.72 0.84 69.8 13.2%

7


12+28+16+15+0+0+10+8+0+0+0+11+0+0+G <Energy (11.9%) <Basic Materials (28.0%) <Industrials (16.5%) <Consumer Discretionary (14.9%) <Financials (10.2%) <Information Technology (7.8%) <Cash (10.8%)

Fund Codes NRP 200 (F)NRP 201 (FE)NRP 202 (LSC)


InceptionF SeriesMF Series

January 31, 2005February 15, 2002

CIFSC Category




1.00%*2.00%*


Portfolio Manager


Auditor KPMG LLP




*Does not include performance bonus.

1.877.431.1407 | www.norrep.com

Trailing P/E

Trailing ROE

Cash Flow/ Debt

TrailingP/CF

Norrep II Class 24.9x 14.1% 0.37 9.5x


Advantage - 9.6% 0.15 1.6x

Disciplined Canadian small cap equity fund utilising Norrep’s proven investment methodology

Utilizes Norrep’s proven and repeatable investment methodology of delivering high quality portfolios of cash generative businesses that trade at reasonable valuations

Invests in an asset class that has historically outperformed and gives investors exposure to excellent wealth creation opportunities

NORREP INCOME GROWTHCLASS

Looking for Canadian equity exposure that combines growth with dependable monthly income.


PERFORMANCE

FOR INVESTORS


F 2.1% 8.4% 11.9% 10.9% 14.0% 7.0% 11.4% 9.0% 9.9%

MF 2.1% 8.3% 11.6% 10.4% 13.3% 6.2% 10.6% 8.3% 9.2%

B 2.1% 8.3% 11.5% 10.2% 13.0% 5.8% 10.3% - 6.7%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

F 14.8% 20.5% -33.1% 42.6% 33.0% 3.3% 13.2% 22.2% -2.2% 1.7%

MF 13.8% 19.6% -33.6% 42.3% 32.6% 2.2% 12.6% 21.5% -2.7% 0.9%

B - - - - - -3.4%1 12.2% 21.0% -3.0% 0.5%

8



CHORUS AVIATION

FIRSTSERVICE CORP.

GIBSON ENERGY INC.

HARDWOODS DISTRIBUTION INC.

IMVESCOR RESTAURANT GROUP INC.

SIR ROYALTY INCOME FUND

SUPREMEX INC.








DIVIDENDS

1. 2011 return begins with June 30 inception


$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

201620152014201320122011201020092008200720062005

$27,241

Paid Monthly

NAV/Share |F Series: $14.69 |MF Series: $13.46 |B Series: $13.15

A Canadian balanced fund that combines small and mid cap dividend-growth businesses with the stability of high yield fixed income securities, targeting a $0.065 per share monthly tax-advantaged dividend.




MANAGEMENT TEAM

Except where indicated otherwise, F Series data as of September 30, 2016, net of fees, annualized. MF series is not available for purchase. 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 Norrep 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 Norrep 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.


Source: CPMS (of covered securities), as at September 30, 2016


FIVE YEAR METRICS


1.01 0.70 49.5 9.2%

9

Trailing P/E

Trailing ROE

Dividend Yield

Cash Flow/ Debt

Norrep Income Growth Class 22.6x 13.5% 3.6% 0.45

S&P / TSX Composite Index 20.2x 11.8% 2.8% 0.29

Advantage -2.4x 1.7% 0.8% 0.16


17+14+19+19+0+0+11+2+0+0+17+1+0+0+G <Energy (17.2%) <Basic Materials (13.7%) <Industrials (18.6%) <Consumer Discretionary (19.5%) <Financials (10.7%) <Information Technology (2.4%) <Fixed Income (16.9%) <Cash (1.0%)

1.877.431.1407 | www.norrep.com



InceptionF & MF SeriesB Series

December 31, 2005June 30, 2011

CIFSC Category

Canadian Equity Balanced

Risk Rating Low to Medium

Management Fee F SeriesMF SeriesB Series

1.00%1.65%2.00%

Benchmark Index 75% S&P/TSX Composite Total Return Index

25% FTSE TMX Universe Bond Index

Portfolio Manager


Auditor KPMG LLP




Canadian balanced fund that combines small and mid cap dividend growth businesses with the stability of high yield fixed income securities

Targets a $0.065 per share monthly tax-advantaged dividend

Blends growth, yield, and stability without sacrificing upside potential

NORREP ENERGY CLASSSeeking exposure to the Canadian Energy sector who can tolerate higher risk for potential growth.


PERFORMANCE

FOR INVESTORS

1 month 3 month 6 month YTD 1 year 3 year 5 year Inception

F 2.1% 2.1% 9.4% 18.7% 16.1% -5.2% 2.5% 7.1%

MF 2.0% 1.9% 8.9% 17.8% 14.9% -6.3% 1.3% 5.8%

10


ADVANTAGE OIL & GAS LTD.

BAYTEX ENERGY CORP.

CRESCENT POINT ENERGY CORP.

PAREX RESOURCES INC.

PEYTO EXPLORATION & DEVELOPMENT CORP.

RAGING RIVER EXPLORATION INC.

SPARTAN ENERGY CORP.

TORC OIL & GAS LTD.

VERMILION ENERGY INC.







DIVIDENDS


$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

20162015201420132012201120102009

$16,490

20091 2010 2011 2012 2013 2014 2015

F 36.5% 28.8% -4.7% 0.2% 23.2% -8.4% -26.6%

MF 35.1% 27.7% -5.6% -0.9% 22.0% -9.6% -27.7%

1. 2009 return begins with May 31 inception


An all cap Canadian energy equity fund providing access to a specialist Calgary-based portfolio management team with strong relationships in the heart of Canada’s energy industry.

Steve Smith, CAChief Financial Officer and Portfolio Manager

Steve Ripplinger, CFAPortfolio Manager

MANAGEMENT TEAM



1 S&P/TSX Capped Energy Total Return Index, as at JUly 31, 2016


FIVE YEAR METRICS


1.01 0.92 85.3 20.7%

11

Norrep Energy S&P/TSX Capped Energy Index

Market Cap - Median ($Mn) $1,508 $1,652

EV/EBITDA 8.6x 9.1x

Producer’s Production - Median (Boe/d) 29,136 56,527

Producer’s Gas Weighting (%) 34% 31%


29+50+12+0+0+0+0+0+0+0+0+9+G <Large Cap (29.0%) <Mid Cap (50.0%) <Small Cap (11.7%) <Cash (9.2%)



Inception May 31, 2009

CIFSC Category

Energy Equity

Risk Rating High


1.00%*2.00%*

Benchmark Index S&P/TSX Capped Energy Total Return Index

Portfolio Manager


Auditor KPMG LLP





1.877.431.1407 | www.norrep.com

An energy equity fund investing primarily in Canadian energy equities of all capitalizations

Provides access to a specialist Calgary-based portfolio management team with strong relationships in the core of Canada’s energy industry

Gives investors exposure to Canada’s energy sector - large reserves, low geopolitical risk, and a fast growing production profile

NORREP ENTREPRENEURS CLASSSeeking exposure to a large, underfollowed and underinvested asset class with many investment opportunities.


PERFORMANCE

FOR INVESTORS


F 3.7% 4.8% 14.7% 15.5% 21.6% 14.9% 19.6% 18.0%

MF 3.7% 4.6% 14.2% 14.7% 20.5% 13.8% 18.5% 16.8%

12


ADF GROUP INC.

GLOBAL WATER RESOURC COMMON

HARDWOODS DISTRIBUTION INC.

IMVESCOR RESTAURANT GROUP INC.

ORBIT GARANT DRILLING INC.

PARK LAWN CORP.

PFB CORP.

POLLARD BANKNOTE LIMITED

SUPREMEX INC.

ZCL COMPOSITES INC.






DIVIDENDS


$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

2016201520142013201220112010

$28,585

20101 2011 2012 2013 2014 2015

F 26.9% -1.1% 23.8% 38.9% 5.8% 8.4%

MF 25.5% -2.0% 22.5% 37.7% 4.8% 7.3%



A Canadian micro cap equity fund that utilizes Norrep’s proven investment methodology to deliver a high quality portfolio of cash generating businesses that trade at reasonable valuations.

12+14+22+25+0+0+4+3+0+5+0+15+0+0+G <Energy (11.7%) <Basic Materials (14.5%) <Industrials (21.7%) <Consumer Discretionary (25.4%) <Financials (3.8%) <Information Technology (3.3%) <Utilities (4.8%) <Cash (14.7%)

Source: CPMS (of covered securities), as at June 30, 2016


Trailing P/E

Trailing ROE

Debt/Equity

Trailing P/CF

Norrep Entrepreneurs Class 38.6x 4.6% 0.18 9.7x


Advantage - 0.1% 0.38 1.4x

Don Walker, CFA

Portfolio Manager


MANAGEMENT TEAM

Except where indicated otherwise, F Series data as of September 30, 2016, net of fees, annualized. On June 30, 2016 the benchmark index of the Fund was changed from 70% BMO Small Cap Equity Only Weighted Total Return Index and 30% S&P Developed Small Cap Total Return Index to 100% BMO Small Cap Equity Only Weighted Total Return Index. 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 Norrep 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 Norrep 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.


FIVE YEAR METRICS


0.63 0.83 68.4 9.7%




CIFSC Category




1.00%*2.00%*


Portfolio Manager


Auditor KPMG LLP






13

1.877.431.1407 | www.norrep.com

Disciplined Canadian micro cap equity fund utilising Norrep’s proven investment methodology

Provides investors exposure to a large, underfollowed, and underinvested asset class with many investment opportunities

Mitigates risk by investing in profitable companies with proven management teams

NORREP TACTICALOPPORTUNITIESCLASSWho want to own a portfolio with a broad mandate and would also like the added safety of a quarterly dividend.


PERFORMANCE

FOR INVESTORS

1 month 3 month 6 month YTD 1 year 3 year Inception

F 1.5% 3.9% 9.4% 9.9% 7.8% -0.0% 6.4%

MF^ 1.4% 3.7% 8.9% 9.0% 6.5% -1.2% 5.3%

14






DIVIDENDS


$0

$4,000

$8,000

$12,000

$16,000

$20,000

201620152014201320122011

$13,702

Paid Quarterly

20111 2012 2013 2014 2015

F 3.5% 10.9% 29.7% 2.7% -18.6%

MF 3.3% 9.8% 28.6% 1.6% -19.7%


CAE INC.


GILDAN ACTIVEWEAR INC.


JOHNSON & JOHNSON

NORREP HIGH YIELD, SERIES I

SUN LIFE FINANCIAL INC.

TORONTO-DOMINION BANK

VERIZON COMMUNICATIONS INC.


1. 2011 return begins with September 16 inception

A fund with a broad mandate to invest in high-conviction investment ideas, resulting in a concentrated portfolio that is notably different from its index.


Craig Millar, CFAChief Investment Officer and Portfolio Manager


56+20+0+0+0+0+0+0+0+0+14+10+0+0+G <Canada (55.8%) <United States (19.6%) <Fixed Income (14.0%) <Cash (10.6%)

MANAGEMENT TEAM



9+17+11+11+3+4+16+0+4+0+14+11+0+0+G<Energy (8.9%) <Basic Materials (17.3%) <Industrials (11.4%) <Consumer Discretionary (11.5%) <Consumer Staples (3.0%) <Healthcare (3.7%) <Financials (15.9%) <Telecommunications (3.7%) <Fixed Income (14.0%) <Cash (10.6%)



Trailing P/E

Trailing ROE

Trailing P/CF

Cash Flow/ Debt

Norrep Tactical Opportunities Class 20.9x 11.4% 6.3x 0.39



Inception September 16, 2011

CIFSC Category

Tactical Balanced


Management FeeF SeriesMF Series

1.00%*2.00%*

Benchmark Index 60% S&P/TSX Composite TotalReturn Index

20% Russell 3000 Index

20% FTSE TMXUniverse Bond Index

Portfolio Manager


Auditor KPMG LLP





THREE YEAR METRICS


1.22 0.69 47.0 12.9%

1.877.431.1407 | www.norrep.com


Tactical balanced fund with a broad mandate to invest in the best risk/reward opportunities in Canada and around the world

Provides investors with a “shock absorber” through a targeted 4% annualized dividend

Gives investors access to a portfolio that includes several heavily researched, contrarian ideas

NORREPUS DIVIDENDPLUS CLASSWho are seeking exposure to the world’s largest economy alongside a stable monthly dividend.


PERFORMANCE

FOR INVESTORS


F 0.6% 6.2% 9.1% 10.4% 18.8% 18.5% 21.7% 8.8% 8.0%

MF 0.5% 6.0% 8.6% 9.7% 17.7% 17.4% 20.6% 7.7% 6.9%

16


BB&T CORP.

CARNIVAL CORP

FMC CORP.

INTERNATIONAL BUSINESS MACHINES CORP.

NORFOLK SOUTHERN CORP.

ORACLE CORPORATION

QUEST DIAGNOSTICS INC.

STATE STREET CORP.

VERIZON COMMUNICATIONS INC.

XEROX CORPORATION






DIVIDENDS


$5,000

$7,500

$10,000

$12,500

$15,000

$17,500

$20,000

$22,500

$25,000

20162015201420132012201120102009200820072005

$22,824

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

F 13.7% -14.6 -18.0% 7.4% 23.6% -11.4% 19.0% 36.4% 22.5% 10.9%

MF 12.4% -15.6% -19.0% 6.3% 22.5% -12.3% 17.8% 35.3% 21.5% 9.8%

Paid Monthly


A U.S. equity fund focusing primarily on dividend paying stocks through a unique all cap approach, offering investors access to the world’s deepest and broadest market with a team that has a proven track record of active management

Kamran Khan, CFAPortfolio Manager


MANAGEMENT TEAM

Except where indicated otherwise, F Series data as of September 30, 2016, net of fees, annualized. On January 31, 2013, the investment objective of the Norrep US Dividend Plus Class was changed from a focus on small and micro capitalization U.S. equities to a broader mandate focused on dividend-paying U.S. equity securities of all capitalizations. If the change had been in effect prior to January 31, 2013, the Fund’s performance could have been materially different. 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 Norrep 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 Norrep 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.


Source: Capital IQ


FIVE YEAR METRICS


0.72 0.81 65.3 11.2%

17

Trailing P/E

Current Year P/E

Trailing ROE

TrailingP/CF

Norrep US Dividend Plus Class 17.7x 14.9x 20.9% 8.8x


0+8+8+11+1+7+21+12+3+0+0+3+0+26+G<Basic Materials (7.7%) <Industrials (7.7%) <Consumer Discretionary (11.6%) <Consumer Staples (1.6%) <Healthcare (6.8%) <Financials (20.7%) <Information Technology (12.0%) <Telecommunications (3.0%) <Cash (3.0%)

<Cash-Secured Puts (26.5%)

1.877.431.1407 | www.norrep.com



Inception December 31, 2005

CIFSC Category

US Equity

Risk Rating Medium


1.00%2.00%

Benchmark Index S&P Composite 1500 Total Return Index

Portfolio Manager


Auditor KPMG LLP




Core U.S. equity fund focusing primarily on dividend paying stocks through a unique all cap approach

Access the world’s deepest and broadest market with a team that has a strong track record of active management

Targets a $0.035 per share monthly dividend while offering long-term growth potential from U.S. equity markets

NORREP GLOBAL INCOME GROWTH CLASSLooking for diversification into global markets, monthly dividend payments and significant growth.


PERFORMANCE

FOR INVESTORS


F -0.9% 5.0% 6.6% 1.8% 9.2% 12.2% 14.9% 10.3%

MF^ -0.9% 4.8% 6.1% 1.0% 8.0% 11.1% 13.8% 9.2%

18


ALM. BRAND A/S

ANHEUSER-BUSCH INBEV

FIRST REPUBLIC BANK

GRANDVISION NV

JPMORGAN CHASE & CO.

L BRANDS INC.

ORACLE CORPORATION

SEALED AIR CORP.

SVENSKA HANDELSBANKEN AB

UNITED TECHNOLOGIES CORP.






DIVIDENDS


$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

201620152014201320122011

$16,866

Paid Monthly

20111 2012 2013 2014 2015

F -9.1% 12.9% 26.5% 11.1% 14.9%

MF -9.7% 11.8% 25.4% 10.0% 13.7%



A Global equity balanced fund investing primarily in dividend paying equities with a minimum 10% weight in fixed income, targeting a $0.042 per share monthly dividend without sacrificing long-term growth.

Paid Monthly

3+43+34+2+2+0+0+0+0+0+14+2+0+0+G <Canada (3.2%) <United States (42.8%) <Europe (34.5%) <Asia (ex: Japan) (1.9%) <Japan (2.0%) <Fixed Income (13.9%) <Cash (1.7%)

Source: Capital IQ


Current Year P/E

Current Year ROE

Current Year EV/EBITDA

Current Year D/E

Dividend Yield

Norrep Global Income Growth Class 18.2x 20.8% 12.0x 0.99 2.9%


PORTFOLIO MANAGER


Beta represents the tendency of the fund’s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive correlation. R-Squared is a number 0 to 100 representing the percentage of a fund’s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard Deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average).

FIVE YEAR METRICS


0.92 0.86 74.0 8.6%

HOW THE FUND INVESTSFund Codes NRP 1000 (F)

NRP 1001 (FE)NRP 1002 (LSC)



CIFSC Category

Global Equity Balanced

Risk Rating Low to Medium


1.00%2.00%

Benchmark Index 75% MSCI World Total Return Index

25% FTSE TMXUniverse Bond Index

Portfolio Manager


Auditor KPMG LLP




3+5+15+9+11+11+25+3+2+0+14+2+0+0+G<Energy (2.5%) <Basic Materials (5.3%) <Industrials (15.4%) <Consumer Discretionary (9.4%) <Consumer Staples (10.8%) <Healthcare (10.9%) <Financials (24.8%) <Information Technology (3.5%) <Telecommunications (1.7%) <Fixed Income (13.9%) <Cash (1.7%)

1.877.431.1407 | www.norrep.com

19

Global equity balanced fund investing primarily in dividend paying equities with a minimum 10% weight in fixed income

Gives Canadian investors geographic and sector diversification into the other 95% of the world’s markets

Targets a $0.042 per share monthly dividend without sacrificing long-term growth upside from global equity markets

NORREP HIGH YIELDCLASSWho want exposure to fixed income securities and a monthly dividend while also having the potential for growth.


PERFORMANCE

FOR INVESTORS


F 0.4% 2.8% 4.3% 5.3% 0.6% 2.6% 4.8% 3.8%

MF 0.3% 2.5% 3.7% 4.4% -0.5% 1.4% 3.7% 2.7%

20






DIVIDENDS


$8,000

$9,000

$10,000

$11,000

$12,000

$13,000

201620152014201320122011

$12,232

Paid Monthly

20111 2012 2013 2014 2015

F -0.9% 8.7% 7.7% 2.7% -2.5%

MF -1.5% 7.6% 6.5% 1.6% -3.6%


FIVE YEAR METRICS


0.58 0.74 54.9 3.4%



A fixed income fund with a unique strategy of overweighting either floating rate senior secured loans or high yield corporate bonds, depending on market conditions, taking advantage of an appealing risk/reward environment where corporate default rates are at historical lows.

Paid Monthly

33+53+4+0+0+0+0+10+0+0+0+0+0+0+G <Canada (33.4%) <United States (53.1%) <Europe (3.8%) <Other (9.4%) <Cash (0.3%)

Bill Holy, MBA, CFAVice President and Portfolio Manager

Owen Morgan, MBA, CFAPortfolio Manager

MANAGEMENT TEAM



0+0+0+0+29+38+21+12+0+0+0+0+G <BB (28.8%) <B (37.6%) <CCC (21.5%) <NR (11.8%) <Net Cash (0.3%)

Government Bonds 0.0%

Investment Grade Bonds 0.0%

High yield Bonds 87.2%

Senior Loans 12.4%

Asset backed securities 0.0%

Net Cash 0.3%

Short Positions 0.0%

Total 100%

PORTFOLIO COMPOSITION

Internal Yield 8.8%

YIeld to Maturity 10.2%

Modified Duration (years) 2.9

Holdings 35





CIFSC Category

High Yield Fixed Income

Risk Rating Low


1.00%2.00%

Benchmark Index Merrill Lynch Canada High Yield Canadian Issuers Index

Portfolio Manager


Auditor KPMG LLP




1.877.431.1407 | www.norrep.com

21

Fixed income fund with a unique strategy of overweighting either floating rate senior secured loans or high yield corporate bonds, depending on market conditions

Pays a monthly tax-advantaged distribution while also having the potential for long-term growth

Seeks to take advantage of an appealing risk/reward environment where corporate default rates are at historical lows

NORREP SHORT TERMINCOME FUNDWho want a stable monthly income higher than traditional short-term income alternatives.


PERFORMANCE

FOR INVESTORS


F 0.6% 2.2% 4.9% 4.5% 3.9% 3.1% 3.6%

MF^ 0.5% 2.1% 4.6% 4.1% 3.3% 2.6% 3.0%

22






DISTRIBUTION


$9,000

$9,500

$10,000

$10,500

$11,000

$11,500

$12,000

$12,500

201620152014201320122011

$11,937

Paid Monthly

20111 2012 2013 2014 2015

F 0.9% 5.2% 4.3% 1.2% 2.0%

MF 0.7% 4.6% 3.8% 0.6% 1.4%


THREE YEAR METRICS


1.22 0.90 80.5 2.7%

A fixed income fund investing in a wide range of debt securities that targets a 3-4% annual distribution, payable monthly

1. 2011 return begins with September 16 inception


22+60+0+0+0+0+0+10+0+0+0+8+0+0+G <Canada (22.3%) <United States (60.2%) <Other (9.7%) <Cash (7.9%)

MANAGEMENT TEAM



0+0+0+2+24+65+0+1+0+0+0+8+G <BBB (1.9%) <BB (23.7%) <B (65.2%) <NR (1.3%) <Net Cash (7.9%)

Government Bonds 0.0%

Investment Grade Bonds 1.9%

High yield Bonds 56.4%

Senior Loans 33.8%

Asset backed securities 0.0%

Net Cash 7.9%

Short Positions 0.0%

Total 100%

PORTFOLIO COMPOSITION

Internal Yield 6.0%

Yield to Maturity 5.7%

Modified Duration (years) 2.1

Holdings 41


Fund Codes

US$US$

NRP 1100 (F)NRP 1101 (FE)NRP 1107 (FE)NRP 1108 (F)


Inception September 16, 2011

CIFSC Category

Miscellaneous - Income and Real Property

Risk Rating Low


0.75%1.25%

BenchmarkIndex

50% FTSE TMX Short Term Bond Index

30% Credit Suisse Levered Loan Index

20% Merrill Lynch High Yield Canadian Issuers Index

Portfolio Manager


Auditor KPMG LLP




23

1.877.431.1407 | www.norrep.com

Bill Holy, MBA, CFAVice President and Portfolio Manager

Owen Morgan, MBA, CFAPortfolio Manager

Fixed income fund investing in a wide range of debt securities that targets a net 3% - 4% annualized return

Targets a $0.031 per unit monthly distribution

Provides investors with a higher yield than traditional short term income alternatives

NORREP PREMIUMGROWTH CLASSWho want an all-in-one investment solution providing access to multiple Norrep products.


PERFORMANCE

FOR INVESTORS


MG 0.9% 4.5% 7.6% 6.2% 9.3% 4.3% 6.3%

MF 0.9% 4.3% 7.3% 5.8% 8.6% - 0.6%

F 0.9% 4.6% 7.9% 6.7% 10.1% - 2.0%

24



2014 Paid Dividends $1.3653Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at norrep.com.

DIVIDENDS


$9,000

$10,000

$11,000

$12,000

$13,000

$14,000

$15,000

20162015201420132012

$13,158

Paid Quarterly

2012 2013 2014 2015

MG 2.1%1 23.1% 2.1% -3.4%

MF - - 0.2%2 -4.1%

F - - 1.4%2 2.7%

1. 2012 return begins with March 31 inception 2. 2014 return begins with January 22 inception


THREE YEAR METRICS


0.96 0.89 80.0 9.2%

NAV/Share |MG Series: |MF Series: $15.78 |F Series: $16.37

A single fund that allows investors to access a range of Norrep’s actively managed investment products, providing diversified income from both domestic and global securities, targeting an annualized dividend of 4%.


28+27+17+11+10+7+0+0+0+0+G <Norrep Income Growth, Series I (28.2%) <Norrep Global Income Growth, Series I (26.6%) <Norrep Tactical Opportunities, Series I (17.3%) <Norrep Core Global Pool, Series F (10.5%) <Norrep Energy, Series I (9.9%) <Norrep Entrepreneurs, Series I (6.8%)

PORTFOLIO MANAGER

Except where indicated otherwise, MG Series data as of September 30, 2016, net of fees, annualized. 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 Norrep 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 Norrep 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.


17+10+14+13+5+5+15+3+1+0+16+1+0+0+G<Energy (17.1%) <Basic Materials (9.5%) <Industrials (14.4%) <Consumer Discretionary (13.2%) <Consumer Staples (5.1%) <Healthcare (4.5%) <Financials (14.8%) <Information Technology (2.9%) <Telecommunications (1.4%) <Utilities (0.3%) <Fixed Income (15.7%) <Cash (1.0%)

49+20+12+1+1+0+0+0+0+0+16+1+0+0+G <Canada (48.8%) <United States (20.6%) <Europe (12.2%) <Asia (ex: Japan) (0.9%) <Japan (0.9%) <Fixed Income (15.7%) <Cash (1.0%)

Fund Codes NRP 3301 (MG)NRP 3303 (MF)NRP 3300 (F)


InceptionMG SeriesMF & F Series

March 28, 2012January 22, 2014

CIFSC Category

Tactical Balanced

Risk Rating Medium

Management Fee MG SeriesMF SeriesF Series

1.55%2.00%0.80%

Benchmark Index

40% S&P/TSX Composite Total Return Index

25% MSCI World Total Return Index

20% S&P/TSX Capped Energy Total Return Index

15% FTSE TMX Universe Bond Index

Portfolio Manager


Auditor KPMG LLP




1.877.431.1407 | www.norrep.com

25

All-in-one fund of funds investment solution providing access to multiple Norrep products which are continually monitored by an investment committee

Provides a diversified income stream from both domestic and global securities

Pays a targeted dividend of 1% per quarter

NORREP INVESTMENTS PRODUCT RANGE

Norrep Investments offers a range of well designed, actively managed investments built to help you achieve your wealth goals, from Core products that can form the base of a high-performing portfolio to specialised funds designed to meet your individual needs. All of the funds are RSP and TFSA eligible.

FUND OF FUNDSALTERNATIVE INVESTMENTS

STAND ALONE FUNDS

4

5

6

Norrep Income Growth ClassCanadian equity balanced fund that blends growth, yield, and stability without sacrificing upside potential.

Norrep Energy ClassAll cap Canadian energy equity fund utilizing its Calgary-based expertise to invest in the best opportunities in Canada’s oil and gas sector.

Norrep Entrepreneurs ClassDisciplined Canadian micro cap equity fund investing in underfollowed companies with a track record of success.

7 Norrep Tac�cal Opportuni�es ClassTactical balanced fund with a broad mandate to invest in the best risk/reward opportunities in Canada and around the world.

8

Norrep II ClassCanadian small cap equity fund with a disciplined and repeatable value-based investment approach.

3

NORREP OPPORTUNITIES CORP.

Norrep Premium Growth ClassAll-in-one fund of funds investment solution providing access to an equity-focused portfolio of Norrep products which are continually monitored by an investment committee.

1411

12

13

Norrep US Dividend Plus ClassU.S. equity fund focusing on dividend paying stocks using a unique all cap approach that provides access to the world’s largest economy.

9 Norrep Global Income Growth ClassGlobal equity balanced fund that offers geographic and sector diversification, with an attractive tax-efficient yield.

10 Norrep High Yield ClassFixed income fund with a unique strategy of overweighting either floating rate senior secured loans or high yield corporate bonds, depending on market conditions.

Norrep Market Neutral Income FundCanadian absolute return fund targeting positive returns over reasonable time periods, regardless of market direction.

Norrep Enhanced Credit FundInvests in North American high yield credit markets, principally through corporate bonds and senior secured loans with attractive risk adjustedreturns.

Norrep Canadian Enhanced Equity FundCanadian equity fund using an active extension strategy to provide more flexibility than a standard mutual fund.

15 Norrep Fund (closed)Canadian small cap equity fund with a disciplined and repeatable value-based investment approach.

16 Norrep Short Term Income FundDesigned specifically to preserve your wealth and generate incomein the short term. Providing better short-term yield than typical short duration products.

CORE POOLS1 Norrep Core Canadian Pool

Offers investors a portfolio of stable, high quality Canadian large cap equities. Targets an attractive long-term return with lower volatility than its index.

2 Norrep Core Global PoolOffers investors exposure to the global markets, targeting an attractive long-term return with lower volatility than its index.

3

4

5

67

8

9

10NORREP OPPORTUNITIES CORP.

11

12

1314

15

16

FUND OF FUNDS

S

TAN

D A

LONE FUNDS

ALTER

NA

TIVE

INV

ESTM

ENTS

C

OR

E P

OO

L S CO

RE

PO

OLS 2

1

To be a leading global investment manager, providing unrivalled investment solutions, delivering exceptional long-term performance and being a trusted partner to our clients.

NORREP’S VISION

CONTACT US

Calgary Barclay CentreSuite 1100, 606 - 4 Street SWCalgary, Alberta T2P 1T1

Toronto TD North TowerSuite 4330, 77 King Street WestToronto, Ontario M5K 1H6

403.531.2650 phone1.877.531.9355 client services1.877.431.1407 sales & [email protected]

www.norrep.com

MAKING ACTIVE MANAGEMENT COUNT™

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