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BRIDGING THE GAP BETWEEN

FUND MANAGERS AND INVESTORS

Pinnacle Fund Services

Private Equity & Venture Capital

2

Fund Services Presentation

1 Pinnacle Overview

2 Pinnacle Team

3 Why Pinnacle

4 Working with Pinnacle

5 Contact

6 Sample Reports

3

Pinnacle OverviewPurpose

To provide exceptional services to the investment fund industry by building meaningful

connections with our clients and each other

Excellence

• Everything we do must be of the highest quality.

• We will research and develop innovative solutions

that help our team and clients achieve success.

Guiding Principles

Respect

• We will respect each individual’s dignity and merit.

• In all our interactions, we will deal with others as we

would have them deal with us.

Collaboration

• We will be a learning organization, turning mistakes

into learning, and sharing solutions with each other.

• We will work to bring out the best in each other

through a nurturing and supportive culture.Accountability

• We are responsible to the clients we serve, the employees we work

with and the communities we live in, wherever they are in the world.

Integrity

• We believe that nothing is more important than our

reputation, and behaving with the highest levels of integrity

is fundamental to who we are.

4

Pinnacle BackgroundMajor milestones…..

Inception

Pinnacle US founded by

David Smith & US

partners.

2004

Canada

Pinnacle Canada co-

founded by David Smith

and Keith Donald

2011

Growth

Pinnacle Group grown

to $5bln+ AUA,

100+funds & 25 staff

2014US sale,

Canada buy-

out

Pinnacle US sold to

large financial

services group;

Pinnacle Canada

local management

buy-out

2015

New

technology Moved to PFS-

Paxus

technology

platform.

2015

2020

Goal

Have offices in

major financial

services centers

5

Scope of Services

Types

• Investment funds

• Hedge funds

• Fund of funds

• Private equity

• Managed

accounts

• Family Office

Jurisdictions

• Canada

• United States

• Bermuda

• Cayman Islands

• British Virgin

Islands

Management team has extensive in offshore and US funds

Strategies

• Equities

• Fixed

income/debt

• Derivatives

• Asset backed

• Insurance

linked

securities

Staggered day to cover all North American time zones

Staff trained on multiple strategies

6

Pinnacle MetricsGrowing…..

Client Servicing• Assets under Administration at 6/30/2017 - $6 Billion

• # of Funds – 120

• # of Clients – 45

Headcount

• 17 – Vancouver

• 1 – United States

Financials strong, increasing corporate governance• Profitable, consistent revenue growth, year over year

• Appointed KPMG as auditors for fiscal 2016

• Enhanced senior management and executive team

• SOC Type I Certification

7

Strategic AimsGlobal expansion, controlled growth….

Global growth

• Added East Coast office in 2016

• Next locations (Asia and Europe) by 2020

• Continue to enhance technology platform

and operational support to clients

• Target AUA of $10 billion by 12/31/2017

8


1 Pinnacle Overview

2 Pinnacle Team

3 Why Pinnacle


5 Contact

6 Sample Reports

9

Executive TeamDavid Smith – Managing Director & Founder

David is responsible for the delivery of fund administration services to clients and investors, the development of Pinnacle’s technology platform and operating systems and the strategic and business development of the company. Prior to founding Pinnacle, David was the founding partner of Pinnacle Fund Administration LLC in the United States, which was subsequently sold to Apex Fund Services. David commenced his career with Grant Thornton in Vancouver and then moved to Bermuda, first at Ernst & Young and then at Prime Management Limited.

David is a Chartered Accountant, holds a Bachelor of Arts degree in Economics from Queen’s University and holds the Chartered Financial Analyst designation. David is the current President of CFA Society Vancouver and was awarded the CFA Institute Volunteer of the year award in 2017. He is the Treasurer of Christ Church Cathedral.

Keith is responsible for providing fund administration services to clients as well as corporate strategy, compliance and human resources. Keith has over 18 years' experience in the hedge fund industry, working in Bermuda between 1998 and 2008 at KPMG and CACEIS Bermuda (previously Olympia Capital). Following his move to Canada in 2008 Keith was Chief Executive Officer of CACEIS Canada. At CACEIS, Keith was responsible for all aspects of operations, including new client integration and business development support.

Keith is a member of the Scottish and Canadian Institute of Chartered Accountants, holds a Bachelor of Accountancy degree from Glasgow University, and holds the Certified Internal Auditor designation.

Keith Donald – Managing Director & Founder

10

Senior Management Team

Alex Chapman – Managing Partner (Pinnacle US)Alex is the Managing Partner of Pinnacle Fund Services. Prior to Pinnacle, Alex founded the Canadian fund administration business for Apex Fund Services before relocating to the United States to become Managing Director of Apex in Canada and the United States. Prior to Apex, Alex established and managed fund administration businesses in Toronto and Monaco.

Alex is a member and fellow of the Institute of Chartered Accountants in England & Wales.

Leah Gosbee – Senior Manager TaxLeah oversees provision of fund administration services to private equity funds, tax reporting and is Pinnacle’s Controller. She has significant experience in providing Canadian tax reporting for investment trusts, corporations and partnerships and qualified as a Certified General Accountant in 2002 while employed at Berris Mangan Chartered Accountants before joining KPMG as a Senior Manager in 2011.

Leah is a member of the Certified General Accountants of British Columbia and holds a Bachelor’s degree in Accounting Science from the University of Calgary.

Anton is responsible for the management of the operations team who perform hands on administration of a number of investment funds. Anton oversees Pinnacle’s operations, working to ensure quality service to all clients. He has a wealth of experience both onshore and offshore, gained with PwC from 2005 to 2016 where he was a Senior Manager leading audit and advisory teams across a number of industries.

Anton Schmitz– Senior Manager, Operations

11


1 Pinnacle Overview

2 Pinnacle Team

3 Why Pinnacle


5 Contact

6 Sample Reports

12

Why Pinnacle

Quality of Senior Management

• Depth of management team and quality of staff

• Client focused service model – we take care of everything

• Extensive experience in Canadian, US and offshore fund services

• Advice / Guidance on new fund launches and operations

• Complete customization and branding of all investor correspondence

Tax Servicing

• In-house tax expertise - ad-hoc queries, questions and guidance

• ‘Dry-run’ preparation and filing prior to year end

• Complete year end processing of CRA returns and investor slips

Financial Statement Expertise

• Senior management team are all ex accounting firm auditors

• Rigorous internal review of all financial statements

13

Operations and Risk Management

Compliance

• Key policies

contained in AML &

Office procedures

manuals

• Employees certify

compliance at least

annually

• Approved Offshore

administrator

• Employee trading

policies and

procedures

Operations

• Executives integral

part of daily

operations

• Two tier review

process

• Risk incident

reporting

• SSAE16 Type II

• Business

continuity plans

• Cyber security

policies

Financial

• E&O, D&O & key

man coverage

• 100% management

ownership

• KPMG external

auditor

Committee

• Platform for review

of operational,

financial and

reputational risks

• Approve new client

acceptance forms

• Review operational

risk incident forms

• Assess risks

inherent in client

base

• Review regulatory

and legal risks

14


1 Pinnacle Overview

2 Pinnacle Team

3 Why Pinnacle


5 Contact

6 Sample Reports

15

Conversion to PinnacleThe Pinnacle client service team will handle all setup and ongoing support:

Client Relationship:

• David Smith, CPA CA, CFA (Managing Director)

Operations Review:

• Anton Schmitz, CPA CA (Senior Manager, Operations)

Fund Accounting:

• Senior Fund Accountant, CPA CA (Or working towards)

Onboarding and setup procedures

• Review offering memorandums, financial statements and other governing documents

• Execute agreements and set target start date

• Pinnacle granted access to fund bank and custodian accounts

• Setup of all investors, commitments and contact information

• Pinnacle commence fund accounting and reporting

16


1 Pinnacle Overview

2 Pinnacle Team

3 Why Pinnacle


5 Contact

6 Sample Reports

17

Contact information

www.pinnaclefundservices.com

linkedin.com/pinnaclefundservices

David [email protected]


1095 West Pender Street, Suite 1130

Vancouver, BC V6E 2M6

18


1 Pinnacle Overview

2 Pinnacle Team

3 Why Pinnacle

4 Conversion to Pinnacle

5 Contact

6 Sample Reports

Key contact David Smith Managing Director +1 604 559 8921 Email: [email protected] For further information on Pinnacle Fund Services, visit our website at www.pinnaclefundservices.com

Sample Investor Reporting Private Equity & Venture Capital

PE Demo Fund II

1234 Any StreetVancouver, BC V1V 1V1Canada

PE Investor 1 May 29, 2017

[email protected]:

: 16334Partner No.

Email

Agent: PE Agent 1

CAPITAL ACTIVITY NOTICE

Notice issue date

Payment date

General Partner's commitment

Committed capital of the fund in fund local currency

December 14, 2016

1,750,000.00 CAD

0.00 CAD

December 29, 2016

Cumulative fund amount prior to current notice

Current notice

Cumulative fund amount including current notice

500,000.00

0.00

500,000.00

45,009.38

524,984.78

569,994.16

Summary of aggregate Calls and Distributions including the GP Contributions

LP name

LP commitment in fund local currency

LP % commitment of the fund

LP % of Capital Account

LP unfunded commitment prior to this notice

LP cumulative contributions prior to this notice

LP cumulative distributions prior to this notice

57.14%

57.14%

1,000,000.00

Cumulative LP amount prior to this notice

as a % of the fund amount

LP amount (this notice)

as a % of the fund amount 57.14%

325,710.94

57.14%

25,719.65

57.14%

as a % of the fund amount

Cumulative LP amount including this notice

299,991.29

Summary of Calls and Distributions

Current notice

LP total net amount called / (returned) / (distributed)

Unfunded commitment

Unfunded commitment prior to this notice

Impact on unfunded balance (current notice)

Unfunded commitment including this notice

Contributions

Summary

299,991.29

785,723.00

285,714.29

57.14%

285,714.29

0.00%

0.00

57.14%

285,714.29

25,719.65

760,003.35

(25,719.65)

785,723.00

Distributions

Fund Level Information

Limited Partner (LP) information

Distributions

PE Demo Fund II



[email protected]:

: 16334Partner No.

Email

Agent: PE Agent 1

Call and Distribution details

Holding Name/Transaction Description

Net Amount Called(Distributed)

Value Impact toUnfunded Commitment

Impact on UnfundedCommitment

LP AmountTransaction Type

Investment - Ada 9,428.57 (9,428.57)Decreases9,428.57 Call

Investment - Arigato Machine Inc 9,728.57 (9,728.57)Decreases9,728.57 Call

Management Fee (incl GST) 6,562.50 (6,562.50)Decreases6,562.50 Call

25,719.64 (25,719.64)Total

If you have any questions regarding this capital call, please contact David Smith at 604-559-8921 or by email at [email protected]..

Demo VC Fund I LP

Capital Call Request

August 5, 2016

Test Investor 1

555 Any Street

Toronto, ON M4V 4V4

Canada

Investor ID: 13665

DEIICAD Benjamin Kay 7-13-2016 Capital call 13665

Dear Investor,

General Partner Inc., the General Partner of Demo VC Fund I, LP (the "Partnership") hereby advises you that, in accordance

with the terms of the Limited Partnership Agreement, a Capital Call is currently required from the Limited Partners. We are

hereby providing you with this Capital Call Notice regarding Test Investor 1's commitment to the Partnership, which is due no

later than Wednesday, July 13, 2016.

In accordance with the Partnership Agreement, a capital contribution is being drawn down from investors and will be applied by

the Partnership in the manner set out on the following page.

Your share of the amount due is CAD $0 .

This amount is due and payable by 5:00pm Easter Standard Time on July 13, 2016. Please ensure that you check with your

bank for the cost of the wire transfer.

Wire transfer instructions are as follows:

Beneficiary Bank: CIBC Private Banking

Beneficiary Address: 125 Main Street, Hamilton ON, M5M 5M5

Beneficiary Bank Number: 010

Beneficiary Transit Number: 00009

Beneficiary Account Number: 54-66717

SWIFT: CIBCCATT

Beneficiary Customer: Demo VC Fund LP

Beneficiary Address: 101 Bay Street, Suite 2340

Toronto ON, M4A 1A3

Reference: Capital Call - Investor 13665

If you have any questions, please contact David Smith by phone at +1 (604) 559-8920 or by email at

[email protected].

Sincerely,


Demo VC Fund I LP

Capital Call Request

August 5, 2016

Test Investor 1

555 Any Street

Toronto, ON M4V 4V4

Canada

Investor ID: 13669

DEIICAD Amaranth Resources Limited 7-13-2016 Capital call 13669

Total Partnership

(CAD)

Your Share

(CAD)

$4,850,000.00 $1,000,000.00 Total Committed Capital:

Amount to be contributed at this Capital Call:

Investment in Sitka Exploration Ltd. $ 42,929.03 $ 8,851.35

Q3 2016 management fees 12,207.62 2,517.03

Q3 2016 estimated expenses 571.77 117.89

Cash maintaining balance 857.65 176.84

Negative working capital 83.11 403.10

Total amount applied to capital: $11,746.22 $56,969.17

Less: amount applied to deposit already received (11,746.22)

$56,969.17 $- Total cash proceeds due:

7.52% 7.52%Percentage of Committed Capital remaining, after this capital call

$75,237.73 $364,902.89 Remaining Unfunded Committed Capital, after this capital call

Cumulative Contributed Capital, including this capital call 4,485,097.11 924,762.27

56,969.17 11,746.22 Total amount applied to capital, this capital call

4,428,127.94 913,016.05 Cumulative Contributed Capital, before this capital call

$1,000,000.00 $4,850,000.00 Total Committed Capital:

Below is a summary of your capital activity to date:

Below is a summary of your deposit activity to date:

Cumulative deposits received, before this capital call

Total amount applied to deposit balance, this capital call

Deposit balance remaining, after this capital call

$1,000,000.00

(11,746.22)

$75,237.73

Total amount applied to deposit balance, before this call (913,016.05)

The deposit balance above being held by the Partnership is non-interest bearing and will be applied to future capital calls.

May 29, 2017

PE Investor 3

12345 Any StreetVancouver, BC V7R 1K7Canada

PE Demo Fund II

[email protected]

19208

:

:Partner No.

Email

DISTRIBUTION NOTICE

A distribution is being made in accordance with the Fund's Limited Partnership Agreement for the following:

Your proportionate share is:

Funds will be paid by electronic transfer to your account on or prior to September 21, 2016. If you have not provided banking details,funds will be paid by cheque.

Profit distribution250,000.00

Return of Capital150,000.00

CAD 400,000.00Total:

Profit distribution35,714.29

Return of Capital21,428.57

Total: CAD 57,142.86

If you have any questions regarding this notice please contact David Smith at 604-559-8921 or by email at [email protected]..

INVESTOR DISTRIBUTIONS FROM 01-JAN-2016 TO 30-JUN-2017

PE Demo Fund II

PE Investor 1

Distribution reference:

Amount:

Currency:

Calculation method:

11-Jul-2016

21-Jul-2016

01-Jul-2016

Display date:

Accrual date:

Payment date:

Record date:

01-Jul-2016

RBC Express - VERS2INT - 1017938 - CAD

RBCFrom bank:

From account:

D7228

57,142.86

CAD

End holding

Shareholder / Description

Shareholder:

Description:

Investor No.Gross

AmountWithholding

taxWhtType

NetAmount

ReinvestmentAmount

ReinvestmentShares

PaymentAmount

All Counterparts

Profit Distribution

PE Investor 1

Profit Distribution

16334 57,142.86 0.00 Non.res 57,142.86 0.00 57,142.86

Distribution total 0.0057,142.86 57,142.86 0.00 0.00000000 57,142.86

Series total 0.0057,142.86 57,142.86 0.00 0.00000000 57,142.86

PE Investor 2


Amount:

Currency:

Calculation method:

11-Jul-2016

21-Jul-2016

01-Jul-2016

Display date:

Accrual date:

Payment date:

Record date:

01-Jul-2016


RBCFrom bank:

From account:

D7229

14,285.71

CAD

End holding


Shareholder:

Description:

Investor No.Gross

AmountWithholding

taxWhtType

NetAmount

ReinvestmentAmount

ReinvestmentShares

PaymentAmount

All Counterparts

Profit Distribution

PE Investor 2

Profit Distribution

10003 14,285.71 0.00 Non.res 14,285.71 0.00 14,285.71


Series total 0.0014,285.71 14,285.71 0.00 0.00000000 14,285.71

PE Investor 3


Amount:

Currency:

Calculation method:

11-Jul-2016

21-Jul-2016

01-Jul-2016

Display date:

Accrual date:

Payment date:

Record date:

01-Jul-2016


RBCFrom bank:

From account:

D7230

14,285.71

CAD

End holding


Shareholder:

Description:

Investor No.Gross

AmountWithholding

taxWhtType

NetAmount

ReinvestmentAmount

ReinvestmentShares

PaymentAmount

All Counterparts

Profit Distribution

PE Investor 3

Profit Distribution

19208 14,285.71 0.00 Non.res 14,285.71 0.00 14,285.71


Series total 0.0014,285.71 14,285.71 0.00 0.00000000 14,285.71

6/1/2017 10:06:58 Page 1 of 3PFS-PAXUS

May 25, 2017

PE Investor 4

4545 Montgomery StSan Fancisco, CA 90210United States

PE Demo Fund II

[email protected]

15522

:

:Partner No.

Email

Statement of Partner's Capital Account

For the Period 1 October 2016 to 31 December 2016

PTD - CAD YTD - CAD ITD - CADACTIVITY

4,550.81 29,542.89 0.00 Opening Balance

6,429.91 45,711.16 81,427.74 Contributions

0.00 0.00 0.00 Withdrawals

0.00 (71,428.57) (71,428.57)Distributions

10,980.72 3,825.48 9,999.17 Adjusted Opening Balance

15,089.59 27,166.72 22,633.66 Gross Profit (Loss) Allocation

(1,640.63) (6,562.52) (8,203.15)Management Fee Allocation

13,448.96 20,604.20 14,430.51 Net Profit (Loss) Allocation

24,429.68 24,429.68 24,429.68 Account Value - 31 December 2016

122.48% 172.78% 25.84% Net Return of period

Fund Amount Percent AUM

196,260.77 12.45%Total Assets Under Management

The total commitment of PE Investor 4 as of 31-Dec-2016 is $250,000.00. Total contributions of $59,999.17 have beenreceived to date leaving a remaining unfunded commitment of $190,000.83.

If you have any questions relating to this statement, please contact David Smith at 604-559-8921 or by email [email protected].

Private Equity Demo Fund (US) LP

Investor Statement

For the quarted ended March 31, 2015

(Expressed in Us Dollarss & Unaudited)

Investor ID: Investor 15909

150 E 48th Street

New York NY 10017

United States

15909

Statement of Capital Account

QUARTER

TO DATE

YEAR

TO DATE

INCEPTION

TO DATE

Opening Value $$ 3,985,004.69 3,985,004.69 - $

Capital Transactions:

Capital Called 4,583,333.34 4,583,333.34 8,583,333.34

- - Capital Returned -

Income Distributed - - -

4,583,333.34 4,583,333.34 8,583,333.34 Total Capital Transactions:

Net Return 139,501.73 139,501.73 124,506.42

Closing Value $ $ 8,707,839.76 8,707,839.76 8,707,839.76 $

Components of Net Change shown above:

Net operating income (loss) $$ (2,083.33) (2,083.33) $ (12,083.32)

Realized gains (losses) - - -

Unrealized gains (losses) 145,833.33 145,833.33 145,833.33

Management fees (9,243.59)(4,248.27) (4,248.27)

Net Return $$$ 139,501.73 139,501.73 124,506.42

Net Internal Rate of Return: 2.31% 1.70% 1.70%

Commitment Amount

Capital Called to Date

Unfunded Capital Commitment

Below is a summary of your capital activity to date:

$

$

16,416,666.66

25,000,000.00

8,583,333.34

If you have any questions regarding this statement, please contact Alex Chapman by email at [email protected]

or by phone at (203) 266-1360.

The net rate of return calculated above is the internal rate of return, which is a money-weighted return based on the timing of capital

activity.

PE Demo Fund II



[email protected]:

: 16334Partner No.

Email

Agent: PE Agent 1

Dec 31 2016)

(Dec 31 2015-(Sep 30 2016-

Dec 31 2016)

Total fund

(Sep 30 2014-

Dec 31 2016)PE Demo Fund II (CAD)

Current Period YTD Since inception

PE Investor 1

Current Period

(Sep 30 2016-

Dec 31 2016)

YTD

(Dec 31 2015-

Dec 31 2016)

Since inception

(Sep 30 2014-

Dec 31 2016)

Beginning Balance 18,203.15 31,856 206,800 0118,171.47 0.00

Contributions 25,719.65 45,009 319,978 569,994182,844.66 325,710.94

(Distributions) 0.00 0 (500,000) (500,000)(285,714.29) (285,714.29)

Total Cash/Deemed Flows 25,719.65 45,009 (180,022) 69,994(102,869.63) 39,996.65

Net operating income (Expense):

Audit fees 257.17 450 (1,138) (2,398)(650.19) (1,370.20)

Bank charges (39.34) (69) (541) (1,108)(308.90) (633.08)

Fund Conversion Rounding 0.00 0 0 (0)0.00 (0.01)

GST / HST fees 0.00 0 0 00.00 0.01

Incentive fee expense (14,430.37) (25,253) (25,253) (25,253)(14,430.37) (14,430.37)

Interest earned - bonds 77.35 135 570 1,248325.68 713.03

Interest earned - bonds (manual entry) 0.00 0 0 1,1220.00 641.32

Interest expense - cash balances 0.00 0 0 (0)0.00 (0.03)

Interest expense - debt financing (67.49) (118) (599) (599)(342.53) (342.53)

Legal fees (86.71) (152) (733) (1,333)(419.04) (761.90)

Management fee (6,562.50) (11,484) (45,938) (57,422)(26,250.00) (32,812.50)

Management fees (manual entry) 0.00 0 0 (43,940)0.00 (25,108.68)

Miscellaneous expenses 0.00 0 (75) (75)(42.86) (42.86)

Organisation expense 0.00 0 0 (3,511)0.00 (2,006.02)

Realised FX gain/loss securities 0.00 0 2,189 2,1891,251.00 1,251.00

Realised gain/loss fx spot (37.67) (66) (1,448) (1,136)(827.40) (649.21)

Tax fees (69.71) (122) (450) (870)(257.11) (497.12)

Unrealised FX gain/loss - balance sheet 12.27 21 1,233 (9,446)704.55 (5,397.47)

PE Demo Fund II



[email protected]:

: 16334Partner No.

Email

Agent: PE Agent 1

Dec 31 2016)

(Dec 31 2015-(Sep 30 2016-

Dec 31 2016)

Total fund

(Sep 30 2014-

Dec 31 2016)PE Demo Fund II (CAD)

Current Period YTD Since inception

PE Investor 1

Current Period

(Sep 30 2016-

Dec 31 2016)

YTD

(Dec 31 2015-

Dec 31 2016)

Since inception

(Sep 30 2014-

Dec 31 2016)

Unrealised FX gain/loss - balance sheet (manual) 0.00 0 0 400.00 23.05

Unrealised FX gain/loss on securities 3,945.69 6,905 (12,845) 14,250(7,340.15) 8,142.82

Unrealised p/l settled bonds (7,672.57) (13,427) (13,427) (13,427)(7,672.57) (7,672.57)

Unrealised p/l settled equities 78,469.70 137,322 242,684 242,682138,676.66 138,675.30

Unrealised p/l settled equities (manual entry) 0.00 0 0 (0)0.00 (0.02)

Total Net Operating Income (Expense) 53,795.82 94,143 144,229 101,01382,416.77 57,721.96

Ending NAV 97,718.61 171,008 171,008 171,00897,718.61 97,718.61

Accrued potential incentive allocation 0.00 0 0 00.00 0.00

Ending NAV after potential incentive allocation 97,718.61 171,008 171,008 171,00897,718.61 97,718.61

Total commitment 1,750,0001,000,000.00

Beginning unfunded commitment 785,723.00 1,375,015 1,499,984 1,750,000857,133.72 1,000,000.00

Less contributions 25,719.65 45,009 319,978 569,994182,844.66 325,710.94

Plus return of unused capital 0.00 0 (150,000) (150,000)(85,714.29) (85,714.29)

Ending unfunded commitment 760,003.35 1,330,006 1,330,006 1,330,006760,003.35 760,003.35

If you have any questions regarding your statement please contact David Smith at 604-559-8921 or by email at [email protected]..

Profit Alloc UnevenAllocations

AllocationBase

Confirmed

30 Sep 2016

Gross AssetsBrought Fwd

Net AssetsBrought Fwd

Status:

Previous valuation date:Committed capital

CADLocal currency:

Profit allocation basis:

ManagementFee

System CalcPerf. Fee

ClosingNet Capital

CapitalMovements

PE Demo Fund II

31 Dec 2016

VALUATION DETAIL

NAV% Change

GAV% Change

Profit allocation calculations are in local currency

Perf. FeeCrystalised

PE Investor 1 112,149 97,719

18,203.15 1,000,000.00 0.0018,203.15 25,719.65 74,788.68 -6,562.50 -14,430.37 97,718.61 155.332% 122.4781%0.00

PE Investor 2 28,037 24,430

4,550.81 250,000.00 0.004,550.81 6,429.91 18,697.17 -1,640.63 -3,607.59 24,429.68 155.3318% 122.4779%0.00

PE Investor 3 28,037 24,430

4,550.80 250,000.00 0.004,550.80 6,429.91 18,697.17 -1,640.63 -3,607.59 24,429.67 155.3319% 122.478%0.00

PE Investor 4 28,037 24,430

4,550.81 250,000.00 0.004,550.81 6,429.91 18,697.17 -1,640.63 -3,607.59 24,429.68 155.3318% 122.4779%0.00

PE Demo Fund General Partner 0 25,253

0.00 0.000.00 0.00 0.00 0.00 25,253.14 25,253.140.00

Total for Company

31,855.57 45,009.38 0.00 1,750,000.00 130,880.19 0.0031,855.58 -11,484.38 0.00 196,260.77

Page 1 of 15/25/2017 14:11:21 PFS-PAXUS

PE Demo Fund II

INVESTOR COMMITMENTS AS OF 31-DEC-16

Market ValueInvestor / Partner Account CCY Commitment ContributionsFormal

ContributionsOther

%Return ofUnused Capital

Remaining Withdrawals Distributions DistributionsRecallable

97,718.61PE Investor 1 CAD 24.00%1,000,000.00 325,710.94 0.00 -85,714.29 760,003.35 0.00 -200,000.00 0.00

24,429.68PE Investor 2 CAD 24.00%250,000.00 81,427.74 0.00 -21,428.57 190,000.83 0.00 -50,000.00 0.00

24,429.67PE Investor 3 CAD 24.00%250,000.00 81,427.74 0.00 -21,428.57 190,000.83 0.00 -50,000.00 0.00

24,429.68PE Investor 4 CAD 24.00%250,000.00 81,427.74 0.00 -21,428.57 190,000.83 0.00 -50,000.00 0.00

PE Demo Fund II Totals 171,007.641,750,000.00 569,994.16 0.00 -150,000.00 1,330,005.84 0.00 -350,000.00 0.00

5/25/2017 14:11:23 Page 1 of 1PFS-PAXUS

PE DEMO FUND II

ConfirmedBALANCE SHEET AS OF DECEMBER 31, 2016

ASSETS CAD

Bank accounts (473,776.62)

Cost of investment - bonds 100,702.50

Cost of investment - equities 354,469.66

App/depr bonds (13,427.00)

App/depr equities 242,681.78

Interest receivable - bonds 612.12

Capital call receivable 19,305.03

ASSETS 230,567.47

LIABILITIES CAD

Audit fee payable 770.34

Legal fees payable 151.74

Tax fees payable 475.00

Due to parallel investment fund 32,909.62

LIABILITIES 34,306.70

NET ASSET VALUE 196,260.77

PARTNER CAPITAL CAD

Total partner capital 196,260.77

PARTNER CAPITAL TOTAL 196,260.77

14:11:225/25/2017 Page 1 of 1PFS-PAXUS

PE DEMO FUND II

STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD SEPTEMBER 30, 2016 TO DECEMBER 31, 2016

PERIOD CAD YTD CAD

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

0.00 2,189.25Realised FX gain/loss securities

(65.93) (1,447.94)Realised gain/loss fx spot

21.47 1,232.96Unrealised FX gain/loss - balance sheet

6,904.95 (12,845.27)Unrealised FX gain/loss on securities

(13,427.00) (13,427.00)Unrealised p/l settled bonds

137,321.98 242,684.16Unrealised p/l settled equities

135.37 569.95Interest earned - bonds

(118.11) (599.43)Interest expense - debt financing

450.04 (1,137.84)Audit fees

(68.84) (540.56)Bank charges

(151.74) (733.32)Legal fees

0.00 (75.00)Miscellaneous expenses

(122.00) (449.95)Tax fees

(11,484.38) (45,937.52)Management fee

119,395.81 169,482.49

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS

45,009.38 319,978.14Subscriptions

0.00 (150,000.00)Redemptions

0.00 (350,000.00)Distributions

45,009.38 (180,021.86)

NET INCREASE (DECREASE) IN NET ASSETS FOR THE PERIOD 164,405.19 (10,539.37)

NET ASSETS, BEGINNING OF THE PERIOD 31,855.58 206,800.14

NET ASSETS, END OF THE PERIOD 196,260.77 196,260.77

5/25/2017 14:11:22 Page 1 of 1PFS-PAXUS

CAD CAD

PROFIT & LOSS FOR PE INVESTOR 1 INTEREST IN PE DEMO FUND II

Period October 1, 2016 to December 31, 2016

Confirmed

Realised gain/loss fx spot (37.67)Realised gain/loss

(37.67)

Unrealised p/l settled equities 78,469.70 Unrealised gain/loss

Unrealised p/l settled bonds (7,672.57)

Unrealised FX gain/loss - balance sheet 12.27

Unrealised FX gain/loss on securities 3,945.69

74,755.09

Interest expense - debt financing (67.49)Interest income

Interest earned - bonds 77.35

9.86

Tax fees (69.71)Other expenses

Audit fees 257.17

Legal fees (86.71)

Bank charges (39.34)

61.41

Management fee (6,562.50)Investment management fee expense

Incentive fee expense (14,430.37)

(20,992.87)

NET PROFIT / (LOSS) FOR THE PERIOD 53,795.82

6/1/2017 10:09:06 Page 1 of 1PFS-PAXUS

dsmith

Highlight

LVD MTD

Calculation method: IRR

Investor Inv dateFund

31-DEC-16INVESTOR PERFORMANCE AS OF:

PE Demo Fund II

QTD YTD 1 year 3 year 5 year 10 year

Returns (CAD) %

ITD

Annualised: Hybrid

PE Demo Fund General Partner PE Demo Fund II 0.00% 0.00%12/31/2016 0.00% 0.00% 0.00%

PE Investor 1 PE Demo Fund II 291.28% 223.29%10/21/2014 291.28% 65.28% 65.05% 21.92%




Notes : LVD, MTD, QTD and YTD are not annualised. 1 year, 3 year, 5 year, 10 year and ITD are annualised.

6/1/2017 10:08:09 Page 1 of 1PFS-PAXUS

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