Common use of Statement of Policies Regarding Securities of Related and Connected Issuers and Conflicts of Interest Clause in Contracts

Statement of Policies Regarding Securities of Related and Connected Issuers and Conflicts of Interest. The securities legislation of certain jurisdictions requires securities dealers and advisers who trade in or advise with respect to their own securities or securities of certain other issuers to which they, or certain other parties related to them, are related or connected, to do so only in accordance with particular disclosure and other rules. In certain provinces or territories, these rules require dealers and advisers to inform their clients of the relevant relationships and connections with the issuer of the securities prior to trading with or advising their clients. Clients should refer to the applicable provisions of such securities legislation for the particulars of these rules and their rights or consult with a legal adviser. The Subscriber acknowledges that the Advisor is the portfolio manager to the Partnership. In addition, the Advisor may also be acting as the dealer of record for the Subscriber. In each of the provinces and territories of Canada, the Advisor is registered as an exempt market dealer and an advisor in the category of restricted portfolio manager. As a result, potential conflicts of interest could arise in connection with the Advisor acting in all of these capacities. As an exempt market dealer, the Advisor intends only to sell interests in related limited partnerships and other pooled funds organized by the Advisor. Accordingly, there is no opportunity for a potential conflict to arise as there would be if, for example, the Advisor also sold or sought investors for, securities of unrelated issuers. The Advisor manages, and may in the future manage, the trading for other limited partnership, trusts, corporations, investment funds or managed accounts in addition to the Partnership. In the event that the Advisor elects to undertake such activities and other business activities in the future, the Advisor and its principals may be subject to conflicting demands in respect of allocating management time, services and other functions. The Advisor and its principals and affiliates will endeavour to treat each investment pool and managed account fairly and not to favour one pool or account over another and will conduct their activities in accordance with the Advisor’s fair allocation policy.

Statement of Policies Regarding Securities of Related and Connected Issuers and Conflicts of Interest. The securities legislation of certain jurisdictions requires securities dealers and advisers who trade in or advise with respect to their own securities or securities of certain other issuers to which they, or certain other parties related to them, are related or connected, to do so only in accordance with particular disclosure and other rules. In certain provinces or territories, these rules require dealers and advisers to inform their clients of the relevant relationships and connections with the issuer of the securities prior to trading with or advising their clients. Clients should refer to the applicable provisions of such securities legislation for the particulars of these rules and their rights or consult with a legal adviser. The Subscriber acknowledges that the Advisor Manager is the portfolio manager to the PartnershipFund. In addition, the Advisor Manager may also be acting as the dealer of record for the Subscriber. In each of the provinces and territories of Canada, the Advisor Manager is registered as an exempt market dealer and an advisor in the category of restricted portfolio manager. As a result, potential conflicts of interest could arise in connection with the Advisor Manager acting in all of these capacities. As an exempt market dealer, the Advisor Manager intends only to sell interests in related limited partnerships and other pooled funds organized by the AdvisorManager. Accordingly, there is no opportunity for a potential conflict to arise as there would be if, for example, the Advisor Manager also sold or sought investors for, securities of unrelated issuers. The Advisor Manager manages, and may in the future manage, the trading for other limited partnership, trusts, corporations, investment funds or managed accounts in addition to the PartnershipFund. In the event that the Advisor Manager elects to undertake such activities and other business activities in the future, the Advisor Manager and its principals may be subject to conflicting demands in respect of allocating management time, services and other functions. The Advisor Manager and its principals and affiliates will endeavour to treat each investment pool and managed account fairly and not to favour one pool or account over another and will conduct their activities in accordance with the AdvisorManager’s fair allocation policy.

Statement of Policies Regarding Securities of Related and Connected Issuers and Conflicts of Interest. The securities legislation of certain jurisdictions requires securities dealers and advisers who trade in or advise with respect to their own securities or securities of certain other issuers to which they, or certain other parties related to them, are related or connected, to do so only in accordance with particular disclosure and other rules. In certain provinces or territories, these rules require dealers and advisers to inform their clients of the relevant relationships and connections with the issuer of the securities prior to trading with or advising their clients. Clients should refer to the applicable provisions of such securities legislation for the particulars of these rules and their rights or consult with a legal adviser. The Subscriber acknowledges that the Advisor Manager is the portfolio manager to the Partnership. In addition, the Advisor Manager may also be acting as the dealer of record for the Subscriber. In each of the provinces and territories of Canada, the Advisor Manager is registered as an exempt market dealer and an advisor Manager in the category of restricted portfolio manager. As a result, potential conflicts of interest could arise in connection with the Advisor Manager acting in all of these capacities. As an exempt market dealer, the Advisor Manager intends only to sell interests in related limited partnerships and other pooled funds organized by the AdvisorManager. Accordingly, there is no opportunity for a potential conflict to arise as there would be if, for example, the Advisor Manager also sold or sought investors for, securities of unrelated issuers. The Advisor Manager manages, and may in the future manage, the trading for other limited partnership, trusts, corporations, investment funds or managed accounts in addition to the Partnership. In the event that the Advisor Manager elects to undertake such activities and other business activities in the future, the Advisor Manager and its principals may be subject to conflicting demands in respect of allocating management time, services and other functions. The Advisor Manager and its principals and affiliates will endeavour to treat each investment pool and managed account fairly and not to favour one pool or account over another and will conduct their activities in accordance with the AdvisorManager’s fair allocation policy.