| Opalesque Industry Update - The Scotiabank Canadian Hedge Fund Index ended
December, 2020, up 2.2 3 % MOM on an asset weighted basis and up
4.50% MOM on an equal weighted basis.

The aim of the Scotiabank Canadian Hedge Fund Index is to provide a comprehensive overview of the Canadian Hedge Fund
universe. To achieve this, index returns are calculated using both an equal weighting and an asset based weighting of the
funds. The index includes both open and closed funds with a minimum AUM of C$15 million, a 12 month track record and are
managed by Canadian domiciled managers.
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