Ninepoint Tec Private Credit Fund Om

CONFIDENTIAL OFFERING MEMORANDUM
No. ___________
This confidential offering memorandum (the “Offering Memorandum”) constitutes an offering of the securities described herein only in those
jurisdictions where, and to those persons to whom, they may be lawfully offered for sale. This Offering Memorandum is not, and under no
circumstances is it to be construed as, a prospectus or an advertisement or a public offering of these securities. No securities commission or
similar regulatory authority in Canada has reviewed this Offering Memorandum nor has it in any way passed upon the merits of the securities
offered hereunder and any representation to the contrary is an offence. No prospectus has been filed with any such authority in Canada in
connection with the securities offered hereunder.
This Offering Memorandum is for the confidential use of only those persons to whom it is transmitted in connection with this offering. By their
acceptance of this Offering Memorandum, recipients agree that they will not transmit, reproduce or make available to anyone, other than their
professional advisors, this Offering Memorandum or any information contained herein. No person has been authorized to give any information
or to make any representation not contained in this Offering Memorandum. Any such information or representation which is given or received
must not be relied upon.
Continuous Offering May 31, 2019
NINEPOINT-TEC PRIVATE CREDIT FUND
Class A1, Class D, Class E, Class F1, Class FD and Class I trust units (collectively, the “Units”) of
Ninepoint-TEC Private Credit Fund (the “Fund”) are being offered on a private placement basis pursuant
to exemptions from the prospectus requirements and, where applicable, the registration requirements
under applicable securities legislation. Units are being offered on a continuous basis to an unlimited
number of eligible subscribers who are prepared to invest a minimum initial subscription amount of
$10,000 if the subscriber qualifies as an “accredited investor” under applicable securities legislation. If
the subscriber does not qualify as a “accredited investor” then the minimum initial subscription amount
for Units is $150,000 pursuant to the “minimum amount investment” exemption under National
Instrument 45-106 – Prospectus Exemptions (“NI 45-106”); provided that such subscriber is (i) not an
individual, and (ii) not created or used solely to rely on the “minimum amount investment” exemption.
Ninepoint Partners LP (the “Manager”), the manager of the Fund, may, in its sole discretion, accept
subscriptions for lesser amounts provided such subscribers are “accredited investors” as defined under
applicable securities legislation. Units will be offered at a price equal to the net asset value (“Net Asset
Value”) per Unit for the applicable class (determined in accordance with the amended and restated trust
agreement of the Fund dated as of July 31, 2017 (the “Trust Agreement”), as the same may be further
amended, restated or supplemented from time to time) as at the relevant Valuation Date (as hereinafter
defined). Units are only transferable with the consent of the Manager and in accordance with applicable
securities legislation.
Units are subject to restrictions on resale under applicable securities legislation, unless a further
statutory exemption may be relied upon by the investor or an appropriate discretionary order is
obtained from the appropriate securities regulatory authorities pursuant to applicable securities
legislation. As there is no market for the Units, it may be difficult or even impossible for a
subscriber to sell them other than by way of a redemption of their Units on a Valuation Date. Units
may be redeemed (subject to an early redemption fee (as described herein) if not held for at least 12
months) at their Net Asset Value per Unit for the applicable class (determined in accordance with
the Trust Agreement) at the close of business on the last business day of any month (a “Valuation
Date”), provided the request for redemption is submitted to the Manager at least 120 days prior to
such Valuation Date.
The Units offered hereby are distributed exclusively by the Fund by way of a private placement.
Investors should carefully review the risk factors outlined in this Offering Memorandum. Investors
are urged to consult with an independent legal advisor prior to signing the subscription form for
the Units which accompanies this Offering Memorandum. Investors relying on this Offering
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Memorandum must comply with all applicable securities legislation with respect to the acquisition
or disposition of Units.
Sightline Wealth Management LP is a registered dealer participating in the offering of the Units to
its clients for which it will receive a service commission with respect to Class A Units and Class D
Units. In addition, the Fund may execute a portion of its portfolio transactions through Sightline
Wealth Management LP. The Fund may be considered to be “connected issuers” and “related
issuers” of Sightline Wealth Management LP and the Manager under applicable securities
legislation. Sightline Wealth Management LP, 2573323 Ontario Inc. (the general partner of
Sightline Wealth Management LP), the Manager and Ninepoint Partners GP Inc. are controlled,
directly or indirectly, by the same group of individuals. See “Conflicts of Interest”.
TABLE OF CONTENTS
SUMMARY ................................................................................................................................................... i
THE FUND ................................................................................................................................................... 1
INVESTMENT OBJECTIVE AND STRATEGY OF THE FUND ............................................................. 1
INVESTMENT GUIDELINES OF THE FUND.......................................................................................... 2
INVESTMENT RESTRICTIONS OF THE FUND ..................................................................................... 2
MANAGEMENT OF THE FUND ............................................................................................................... 5
DESCRIPTION OF UNITS OF THE FUND ............................................................................................. 14
FEES AND EXPENSES ............................................................................................................................. 18
DEALER COMPENSATION..................................................................................................................... 20
DETAILS OF THE OFFERING................................................................................................................. 21
ADDITIONAL SUBSCRIPTIONS ............................................................................................................ 23
USE OF PROCEEDS ................................................................................................................................. 24
REDEMPTION OF UNITS ........................................................................................................................ 24
RESALE RESTRICTIONS ........................................................................................................................ 25
COMPUTATION OF NET ASSET VALUE OF THE FUND .................................................................. 26
DISTRIBUTIONS ...................................................................................................................................... 31
UNITHOLDER MEETINGS...................................................................................................................... 32
AMENDMENTS TO THE TRUST AGREEMENT .................................................................................. 33
TERMINATION OF THE FUND .............................................................................................................. 34
CANADIAN FEDERAL INCOME TAX CONSIDERATIONS ............................................................... 34
RISK FACTORS ........................................................................................................................................ 38
CONFLICTS OF INTEREST ..................................................................................................................... 46
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS.......................... 47
TRUSTEE ................................................................................................................................................... 47
CUSTODIAN ............................................................................................................................................. 47
RECORD-KEEPER AND FUND REPORTING ....................................................................................... 48
AUDITORS ................................................................................................................................................ 48
UNITHOLDER REPORTING ................................................................................................................... 48
MATERIAL CONTRACTS ....................................................................................................................... 49
PROCEEDS OF CRIME (MONEY LAUNDERING) LEGISLATION .................................................... 49
PRIVACY POLICY.................................................................................................................................... 49
PURCHASERS’ RIGHTS OF ACTION FOR DAMAGES OR RESCISSION ........................................ 49
CERTIFICATE ........................................................................................................................................... 66
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SCHEDULE A......................................................................................................................................... A-1

SUMMARY
Prospective investors are encouraged to consult with their own professional advisors as to the tax and legal
consequences of investing in the Fund. The following is a summary only and is qualified by the more detailed
information contained in this Offering Memorandum and the Trust Agreement.
The Fund: Ninepoint-TEC Private Credit Fund (the “Fund”) is an open-ended

unincorporated investment trust established under the laws of the Province of
Ontario. The Fund was previously known as “Sprott-TEC Private Credit Fund”
and, prior to that, “Sprott Private Credit Trust II”, which merged with Sprott
Private Credit Trust on July 5, 2017 at a special meeting of unitholders (the
“Merger”). The Fund exists pursuant to an amended and restated trust agreement
dated as of July 31, 2017 (the “Trust Agreement”), as the same may be further
amended, restated or supplemented from time to time. See “The Fund”.
The Trustee: Pursuant to the Trust Agreement, CIBC Mellon Trust Company (the “Trustee”)
is the trustee of the Fund. The Trustee is a trust company continued under the
federal laws of Canada. See “Trustee”.
The Manager: Ninepoint Partners LP (the “Manager”) is the manager of the Fund. The
Manager is a limited partnership formed and organized under the laws of the
Province of Ontario. The Manager is responsible for the management of the day-
to-day business and administration of the Fund, including management of the
Fund’s investment portfolio. See “Management of the Fund – The Manager”.
Investment Objective The investment objective of the Fund is to achieve superior risk-adjusted returns
and Strategy of the Fund: with minimal volatility and low correlation to most traditional asset classes,
primarily by investing in a portfolio comprised of asset-based loans of companies
based primarily in Canada and/or the United States.
To achieve its investment objective the Fund intends to allocate capital to invest
in a portfolio (the “Portfolio”) that will employ various credit strategies across
the credit quality spectrum, including investing in securities of the TEC Trust (as
defined below). Such Portfolio will hold an actively managed asset-based loans
that will be focused on private and public companies that are unable to access
traditional financing.
The Portfolio will not be subject to geographical or industry sector restrictions.
However, it is intended that it will focus primarily on private and public
companies based in Canada and/or the United States.
In addition to holding investments in the Portfolio directly, the Fund will also
invest a portion of its capital in Class SD units of the Third Eye Capital
Alternative Credit Trust (the “TEC Trust”), an open-ended unincorporated
investment trust established under the laws of the Province of Ontario (the “TEC
Units”). The TEC Trust focuses on identifying short–term credit investments
principally in Canadian companies that are unable to access traditional financing.
Portfolio construction in respect of each of its investments will involve (i)
origination and term sheet construction, (ii) due diligence on collateral and
business strength, (iii) risk rating assignment and preparation of an investment
summary, (iv) credit committee review, (v) monitoring of the investment by
collateral tracking and covenant testing, and (vi) risk rating updates, audits and
appraisals.
Integral to the investment strategy of the Fund is capital preservation through
senior liens on collateral assets with visible potential cash flows and/or
liquidation or break-up values. The foundation of the strategy is rigorous,
bottom-up fundamental analysis that emphasizes asset-level overcollaterilizaton
based on liquidation value, identifying good companies that are overlooked or
out-of-favour, and diversification based on asset-type, investment size, as well as
company and industry exposures. Each potential investment must also have an
identifiable catalyst that will enable the borrower to retire the loan within a
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reasonable period of time, usually within two years.

The Fund will execute its investment strategy through the unique insight and
experience of the Sub-Advisor. Portfolio construction by the Sub-Advisor in
respect of each of the Fund’s investments will involve (i) origination and term
sheet construction, (ii) due diligence on collateral and business strength, (iii) risk
rating assignment and preparation of an investment summary, (iv) credit
committee review, (v) monitoring of the investment by collateral tracking and
covenant testing, and (vi) risk rating updates, audits and appraisals.
The asset-based lending (“ABL”) investments acquired by the Fund will
generally be originated and negotiated by the Sub-Advisor, and may consist of all
types of ABL debt obligations. The ABL investments may have varying terms
with respect to overcollateralization, seniority or subordination, purchase price,
convertibility, interest terms, and maturity, but will consist primarily of passive
positions (that is, positions in which the Fund does not participate or seek to
participate in management or control) in middle-market ABL loans that have
limited liquidity. In the course of making ABL investments, the Fund may also
acquire common or preferred stock, warrants to purchase common or preferred
stock, royalty participations, and other equity interests or participations, from
time to time.
The Fund will seek, through portfolio construction, to minimize the specific risk
of any single investment and to reduce the overall volatility of returns. The Fund
may have certain limitations with respect to size, industry, and geography
concentration of its ABL investments, as determined by the Manager; however,
there can be no assurance that these limitations will not be exceeded from time to
time.
Any un-allocated cash will be held by the Fund until such time as the Fund
identifies attractive investment opportunities or requires additional funding for
portfolio management purposes. Any reserve cash held by the Fund will be used
to manage cash flows, pay expenses, and facilitate redemption payments. Such
reserve will be held in an interest-bearing account or invested in money-market
funds, other short-term instruments or U.S. Treasury bills.
See “Investment Objective and Strategy of the Fund” and “Investment
Restrictions of the Fund”.
The Sub-Advisor: The Manager has retained Third Eye Capital Management Inc. (the “Sub-
Advisor”) as the sub-advisor of the Fund with respect to the asset-based loans
held directly by the Fund. The Sub-Advisor is a corporation formed and
organized under the laws of the Province of Ontario, is the manager of the TEC
Trust and is registered under securities legislation as an investment fund manager
in Ontario, Quebec and Newfoundland and Labrador, a portfolio manager in
Ontario and an exempt market dealer in each of the provinces and territories of
Canada. The Manager may, in its discretion, terminate and replace the Sub-
Advisor where it deems it to be in the best interests of the Fund. See
“Management of the Fund – The Sub-Advisor”.
Investor Suitability: The Fund is suitable for those investors seeking income, preservation of capital
and growth potential over the long-term with a medium level tolerance for risk
and lower volatility. Investors should have a long-term investment horizon.
Investors are encouraged to consult with their professional advisors to determine
whether an investment in the Fund is suitable having regard to their own
circumstances.
The Offering: A continuous offering of Class A1 units, Class D units, Class E units, Class F1
units, Class FD units and Class I units of the Fund (collectively, the “Units”).
There need not be any correlation between the number of Units of each class sold
hereunder. The differences among the six classes of Units are the different
eligibility criteria, fee structures, minimum timeframe for redemption and
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administrative expenses associated with each class. See “Description of Units”,

“Redemption of Units” and “Fees and Expenses”.
Units may be purchased as at the close of business on a Valuation Date (as
hereinafter defined) if a duly completed subscription form and the required
payment reaches the Manager no later than 4:00 p.m. (Toronto time) on such
Valuation Date. The issue date for subscription orders received and accepted
after 4:00 p.m. (Toronto time) on a Valuation Date will be the next Valuation
Date. No certificates evidencing ownership of Units will be issued to
Unitholders. See “Details of the Offering”.
Each Unit represents a beneficial interest in the Fund. The Fund is authorized to
issue an unlimited number of classes and/or series of Units and an unlimited
number of Units in each such class or series. The Fund may issue fractional Units
so that subscription funds may be fully invested. Each whole Unit of a particular
class has equal rights to each other Unit of the same class with respect to all
matters, including voting, receipt of distributions from the Fund, liquidation and
other events in connection with the Fund. See “Description of Units”.
Personal Investment Capital: Certain directors, officers and employees of the Manager and the Sub-Advisor
and their respective affiliates and associates may purchase and hold Class E Units
from time to time. See “Conflicts of Interest”.
Valuation Date: The net asset value (“Net Asset Value”) of the Fund and the Net Asset Value per
Unit of each class will be calculated on the last business day (that is, the last day
on which the Toronto Stock Exchange is open for trading) of each month and on
such other business day or days as the Manager may in its discretion designate
(each, a “Valuation Date”).
Price: Units will be offered at a price equal to the Net Asset Value per Unit for the
applicable class of Units on each Valuation Date (determined in accordance with
the Trust Agreement). See “Computation of Net Asset Value of the Fund”.
Minimum Units are being offered to investors resident in British Columbia, Alberta,
Initial Subscription: Saskatchewan, Manitoba, Ontario, Québec, New Brunswick, Nova Scotia,
Newfoundland and Labrador, Prince Edward Island, Northwest Territories,
Nunavut and Yukon (the “Offering Jurisdictions”) pursuant to exemptions from
the prospectus requirements under (i) section 2.3 of National Instrument 45-106
Prospectus Exemptions (“NI 45-106”) or section 73.3 of the Securities Act
(Ontario), as the case may be (in each case, the accredited investor exemption),
and (ii) section 2.10 of NI 45-106 (minimum amount investment exemption) and,
where applicable, the registration requirements under National Instrument 31-103
Registration Requirements, Exemptions and Ongoing Registrant Obligations
(“NI 31-103”). Units will not be issued to individuals under section 2.10 of NI
45-106 (minimum amount investment exemption). See “Details of the Offering”.
Units are being offered by the Fund on a continuous basis to an unlimited number
of eligible subscribers who are prepared to invest a sufficient amount to meet the
minimum initial subscription requirements or who are otherwise qualified
investors. As at the date of this Offering Memorandum, the minimum initial
subscription amount for persons relying on the “accredited investor” exemption
is $10,000. The minimum initial subscription amount for persons relying on the
“minimum amount investment” exemption is $150,000; provided that such
subscriber is (i) not an individual, and (ii) not created or used solely to rely on the
“minimum amount investment” exemption. At the sole discretion of the
Manager, subscriptions may be accepted for lesser amounts provided such
subscribers are “accredited investors”. These minimum initial subscription
amounts are net of any sales commissions payable by an investor to their
registered dealer. See “Dealer Compensation”.
Subscriptions for Units are subject to acceptance or rejection in whole or in part
by the Manager in its sole discretion. No subscription for Units will be accepted
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from a subscriber unless the Manager is satisfied that the subscription is in

compliance with the requirements of applicable securities legislation.
Subscribers whose subscriptions have been accepted by the Manager will become
Unitholders.
Description of Units: Class A Units were issued to previous subscribers of Class A Units of the Fund
(as Sprott Private Credit Trust II) through normal subscriptions prior to the
Merger. Such unitholders have the opportunity to make additional investments in
Class A Units of the Fund with the existing fee structure until April 30, 2018.
Thereafter, the Class A Units will be closed to further subscriptions and such
unitholders wishing to make additional investments will have their subscriptions
accepted for Class A1 Units (described below). Unitholders who hold Class A
Units will receive monthly distributions (determined in accordance of the Trust
Agreement) calculated and payable in arrears on the last Valuation Date of each
month. Distributions on Class A Units will consist of 100% of any Net Income
(as such term is defined in the Trust Agreement) attributable to such Class of the
Fund. Subject to applicable securities legislation, monthly distributions will be
automatically reinvested in additional Units of the Class at the Net Asset Value
of such Class of Units on the date of distribution (or Class A1 Units if such
distribution is after April 30, 2018), unless a Unitholder elects, by written notice
to the Manager, to receive such distributions in cash. These distributions are not
guaranteed and may change at any time at the sole discretion of the Manager.
Class A1 Units will be issued to qualified purchasers. Unitholders who hold
Class A1 Units will receive monthly distributions (determined in accordance of
the Trust Agreement) calculated and payable in arrears on the last Valuation Date
of each month. Distributions on Class A1 Units will consist of 100% of any Net
Income (as such term is defined in the Trust Agreement) attributable to such
Class of the Fund. Subject to applicable securities legislation, monthly
distributions will be automatically reinvested in additional Units of the Class at
the Net Asset Value of such Class of Units on the date of distribution, unless a
Unitholder elects, by written notice to the Manager, to receive such distributions
in cash. These distributions are not guaranteed and may change at any time at the
sole discretion of the Manager.
Class A1 Units of the Fund were also issued in exchange for Class A Units of
Sprott Private Credit Trust to holders of such units in connection with the
Merger.
Class D Units will be issued to qualified purchasers. Unitholders who hold Class
D Units will receive monthly distributions payable in cash (determined in
accordance of the Trust Agreement) calculated and payable in arrears on the last
Valuation Date of each month. Distributions on Class D Units will consist of
100% of any Net Income (as such term is defined in the Trust Agreement)
attributable to such Class of the Fund. These distributions are not guaranteed and
may change at any time at the sole discretion of the Manager.
Class D Units of the Fund were also issued in exchange for Class D Units of
Merger.
Class E Units will be issued to qualified purchasers who are directors, officers
and employees of the Manager, the Sub-Advisor and their respective affiliates
and associates. Unitholders who hold Class E Units will receive monthly
distributions (determined in accordance of the Trust Agreement) calculated and
payable in arrears on the last Valuation Date of each month. Distributions on
Class E Units will consist of 100% of any Net Income (as such term is defined in
the Trust Agreement) attributable to such Class of the Fund. Subject to applicable
securities legislation, monthly distributions will be automatically reinvested in
additional Units of the Class at the Net Asset Value of such Class of Units on the
date of distribution, unless a Unitholder elects, by written notice to the Manager,
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to receive such distributions in cash. These distributions are not guaranteed and
may change at any time at the sole discretion of the Manager.
Class E Units of the Fund were also issued in exchange for Class E Units of
Merger.
Class F Units were issued to previous subscribers of Class F Units of the Fund
(as Sprott Private Credit Trust II) through normal subscriptions prior to the
Merger. Such unitholders have the opportunity to make additional investments in
Class F Units of the Fund with the existing fee structure until April 30, 2018.
Thereafter, the Class F Units will be closed to further subscriptions and such
unitholders wishing to make additional investments will have their subscriptions
accepted for Class F1 Units (described below). Unitholders who hold Class F
Units will receive monthly distributions (determined in accordance of the Trust
Agreement) calculated and payable in arrears on the last Valuation Date of each
month. Distributions on Class F Units will consist of 100% of any Net Income
(as such term is defined in the Trust Agreement) attributable to such Class of the
Fund. Subject to applicable securities legislation, monthly distributions will be
automatically reinvested in additional Units of the Class at the Net Asset Value
of such Class of Units on the date of distribution (or Class F1 Units if such
distribution is after April 30, 2018), unless a Unitholder elects, by written notice
to the Manager, to receive such distributions in cash. These distributions are not
guaranteed and may change at any time at the sole discretion of the Manager. If a
Unitholder ceases to be eligible to hold Class F Units, the Manager may, in its
sole discretion, reclassify such Unitholder’s Class F Units for Class A Units (or
Class A1 Units if after April 30, 2018) on five days’ notice, unless such
Unitholder notifies the Fund during the notice period and the Manager agrees that
the Unitholder is once again eligible to hold Class F Units.
Class F1 Units will be issued to: (i) qualified purchasers who participate in fee-
based programs through eligible registered dealers; (ii) qualified purchasers in
respect of whom the Fund does not incur distribution costs; and (iii) qualified
individual purchasers in the Manager’s sole discretion. Unitholders who hold
Class F1 Units will receive monthly distributions (determined in accordance of
the Trust Agreement) calculated and payable in arrears on the last Valuation Date
of each month. Distributions on Class F1 Units will consist of 100% of any Net
Income (as such term is defined in the Trust Agreement) attributable to such
Class of the Fund. Subject to applicable securities legislation, monthly
distributions will be automatically reinvested in additional Units of the Class at
the Net Asset Value of such Class of Units on the date of distribution, unless a
Unitholder elects, by written notice to the Manager, to receive such distributions
in cash. These distributions are not guaranteed and may change at any time at the
sole discretion of the Manager. If a Unitholder ceases to be eligible to hold Class
F1 Units, the Manager may, in its sole discretion, reclassify such Unitholder’s
Class F1 Units for Class A1 Units on five days’ notice, unless such Unitholder
notifies the Fund during the notice period and the Manager agrees that the
Unitholder is once again eligible to hold Class F1 Units.
Class F1 Units of the Fund were also issued in exchange for Class F Units of
Merger.
Class FD Units will be issued to: (i) qualified purchasers who participate in fee-
based programs through eligible registered dealers; (ii) qualified purchasers in
respect of whom the Fund does not incur distribution costs; and (iii) qualified
individual purchasers in the Manager’s sole discretion. Unitholders who hold
Class FD Units will receive monthly distributions payable in cash (determined in
accordance of the Trust Agreement) calculated and payable in arrears on the last
Valuation Date of each month. Distributions on Class FD Units will consist of
100% of any Net Income (as such term is defined in the Trust Agreement)
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attributable to such Class of the Fund. These distributions are not guaranteed and
may change at any time at the sole discretion of the Manager. If a Unitholder
ceases to be eligible to hold Class FD Units, the Manager may, in its sole
discretion, reclassify such Unitholder’s Class FD Units for Class D Units on five
days’ notice, unless such Unitholder notifies the Fund during the notice period
and the Manager agrees that the Unitholder is once again eligible to hold Class
FD Units.
Class FD Units of the Fund were also issued in exchange for Class FD Units of
Merger.
Class I Units will be issued to institutional investors at the discretion of the
Manager. Unitholders who hold Class I Units will receive monthly distributions
(determined in accordance of the Trust Agreement) calculated and payable in
arrears on the last Valuation Date of each month. Distributions on Class I Units
will consist of 100% of any Net Income (as such term is defined in the Trust
Agreement) attributable to such class of the Fund. Subject to applicable securities
legislation, monthly distributions will be automatically reinvested in additional
Units of the Class at the Net Asset Value of such Class of Units on the date of
distribution, unless a Unitholder elects, by written notice to the Manager, to
receive such distributions in cash. These distributions are not guaranteed and may
change at any time at the sole discretion of the Manager. If a Unitholder ceases to
be eligible to hold Class I Units, the Manager, may, in its sole discretion,
reclassify such Unitholder’s Class I Units for Class A Units on five days’ notice,
unless such Unitholder notifies the Fund during the notice period and the
Manager agrees that the Unitholder is once again eligible to hold Class I Units.
Class I Units were issued to previous subscribers of Class I Units of the Fund (as
Sprott Private Credit Trust II) through normal subscriptions prior to the Merger.
Such unitholders have the opportunity to make additional investments in Class I
Units of the Fund with the existing fee structure until April 30, 2018. Thereafter,
such unitholders wishing to make additional investments will have their
subscriptions accepted for Class I Units with the fee structure applicable to such
Units set out under “Management Fees Payable by the Fund”.
Class I Units of the Fund were also issued in exchange for Class I Units of Sprott
Private Credit Trust to holders of such units in connection with the Merger.
Subject to the consent of the Manager, Unitholders may reclassify or switch all or
part of their investment in the Fund from one class of Units to another class if the
Unitholder is eligible to purchase that class of Units. The timing and processing
rules applicable to purchases and redemptions of Units also applies to
reclassifications or switches between classes of Units. See “Details of the
Offering” and “Redemption of Units”. Upon a reclassification or switch from one
class of Units to another class, the number of Units held by the Unitholder will
change since each class of Units has a different Net Asset Value per Unit.
Generally, reclassifications or switches between classes of Units are not
dispositions for tax purposes. However, Unitholders should consult with their
own tax advisors regarding any tax implications of reclassifying or switching
between classes of Units.
Any investor who becomes a “non-resident” or a “financial institution” within the
meaning of the Income Tax Act (Canada) (the “Tax Act”) shall disclose such
status to the Fund at the time such status changes and the Fund may restrict the
participation of any such investor or require any such investor to redeem all or
some of such investor’s Units at the next Valuation Date.
By executing a subscription form for Units in the form prescribed by the
Manager, each subscriber is making certain representations, and the Manager and
the Fund are entitled to rely on such representations to establish the availability
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of exemptions from the prospectus and registration requirements described under

NI 45-106 and NI 31-103. In addition, the subscriber is also acknowledging in
the subscription form that the investment portfolio and trading procedures of the
Fund are proprietary in nature and agrees that all information relating to such
investment portfolio and trading procedures will be kept confidential by such
subscriber and will not be disclosed to third parties (excluding the subscriber’s
professional advisors) without the prior written consent of the Manager.
Additional Subscriptions: Following the required initial minimum investment in the Fund, Unitholders
resident in the Offering Jurisdictions may make additional investments in the
Fund of not less than $5,000 provided that, at the time of the subscription for
additional Units, the Unitholder is an “accredited investor” as defined under
applicable securities legislation. Unitholders who are not “accredited investors”
nor individuals, but previously invested in, and continue to hold, Units having an
aggregate initial acquisition cost or current Net Asset Value equal to $150,000,
will also be permitted to make subsequent investments in the Fund of not less
than $5,000. Subject to applicable securities legislation, the Manager, in its sole
discretion, may from time to time permit additional investments in Units of lesser
amounts. Unitholders subscribing for additional Units should complete the
subscription form prescribed from time to time by the Manager. See “Additional
Subscriptions”.
Management Fees Payable by The Fund will pay the following management fees in respect of Net Asset Value
the Fund: of the Fund attributable to each class of Units:
As compensation for providing management and administrative services to the

Fund, the Manager receives a monthly management fee (the “Management
Fee”) from the Fund attributable to Class A1 Units, Class D Units, Class F1
Units, Class FD Units and, in certain circumstances described below, Class I
Units. No Management Fee is payable by the Fund to the Manager in connection
with Class E Units. Each class of Units is responsible for the Management Fee
attributable to that class.
Class A1 Units:
The Fund pays the Manager a monthly Management Fee equal to 1/12 of 2.45%
of the Net Asset Value of the Class A1 Units (determined in accordance with the
Trust Agreement), plus any applicable federal and provincial taxes (“HST”),
calculated and accrued on each Valuation Date and payable on the last business
day of each month based on the Net Asset Value of the Class A1 Units as at the
last business day of each month.
Class D Units:
of the Net Asset Value of the Class D Units (determined in accordance with the
Trust Agreement), plus any applicable HST, calculated and accrued on each
Valuation Date and payable on the last business day of each month based on the
Net Asset Value of the Class D Units as at the last business day of each month.
Class E Units:
There is no Management Fee payable by the Fund to the Manager in connection
with Class E Units.
Class F1 Units:
of the Net Asset Value of the Class F1 Units (determined in accordance with the
Net Asset Value of the Class F1 Units as at the last business day of each month.
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Class FD Units:
of the Net Asset Value of the Class FD Units (determined in accordance with the
Net Asset Value of the Class FD Units as at the last business day of each month.
Class I Units:
Subject to the discretion of the Manager, investors who purchase Class I Units
must either: (i) enter into an agreement with the Manager which identifies the
monthly Management Fee negotiated with the investor which is payable by the
investor directly to the Manager; or (ii) enter into an agreement with the Fund
which identifies the monthly Management Fee negotiated with the investor which
is payable by the Fund to the Manager. In each circumstance, the monthly
Management Fee, plus any applicable HST, is calculated and payable monthly in
arrears as of each Valuation Date based on the Net Asset Value of the Class I
Units at the beginning of each such month.
See “Fees and Expenses – Management Fees Payable by the Fund”.
Performance Fees Payable The Fund will pay the following Performance Fees (as hereinafter defined) to the
by the Fund: Manager:
The Manager is entitled to receive from the Fund a quarterly performance fee
(the “Performance Fee”) plus applicable HST attributable to Class A1 Units,
Class D Units, Class F1 Units, Class FD Units and Class I Units. Each such class
of Units is charged a Performance Fee plus applicable HST. If the return in the
Net Asset Value per Unit of the particular class of Units (before calculation and
accrual for the Performance Fee) from the beginning of the quarter (or inception
date of the class of Units) to the end of the quarter exceeds 8% annualized (the
“Hurdle Rate”) (or prorated for partial quarters) and such return is between 8%
and 10% on an annualized basis, then any amount in excess of the Hurdle Rate
shall be payable to the Manager as a Performance Fee, plus applicable HST. If
the return in the Net Asset Value per Unit of the particular class of Units (before
calculation and accrual for the Performance Fee) in the particular quarter exceeds
the Hurdle Rate and is 10% or more on an annualized basis, then 20% of such
return shall be payable to the Manager as Performance Fee, plus applicable HST.
If any class of Units of the Fund are redeemed prior to the last Valuation Date of
a quarter, the Manager will determine if any Performance Fee is payable on such
Units immediately before such Units are redeemed. If a Performance Fee is
payable on such Units being redeemed, the Performance Fee will be accrued and
paid to the Manager as soon as practicable.
If the performance of a particular class of Units in any quarter is positive but less
than the Hurdle Rate, then no Performance Fee will be payable in that quarter for
that class of Units, however, the difference between such return of the Fund and
the Hurdle Rate is not carried forward. If the performance of a particular class of
Units in any quarter is negative, such negative return will be added to the
subsequent quarter’s Hurdle Rate when calculating the Performance Fee for that
class of Units. The Performance Fee in respect of each class of Units will be
calculated monthly and will be payable quarterly. See “Fees and Expenses –
Performance Fees Payable by the Fund”.
Operating Expenses The Fund is responsible for the payment of all routine and customary fees and
Payable by the Fund: expenses incurred relating to the administration and operation of the Fund
including, but not limited to: Trustee fees and expenses; custodial, prime broker
and safekeeping fees and expenses; registrar and transfer agency fees and
expenses; audit, legal and record-keeping fees and expenses; communication
expenses; printing and mailing expenses; all costs and expenses associated with
the qualification for sale and distribution of the Units in the Offering
- ix -
Jurisdictions including securities filing fees (if any); investor servicing costs;
costs of providing information to Unitholders (including proxy solicitation
material, financial and other reports) and convening and conducting meetings of
Unitholders; taxes, assessments or other governmental charges of all kinds levied
against the Fund; interest expenses; all brokerage commissions and other fees
associated with the purchase and sale of portfolio securities and other assets of
the Fund; and all expenses associated with the servicing, collection and
liquidation of investments held directly by the Fund. In addition, the Fund will be
responsible for the payment of all expenses associated with ongoing investor
relations and education relating to the Fund. See “Fees and Expenses – Operating
Expenses Payable by the Fund”.
Sales Commission: No sales commission is payable to the Manager in respect of Units purchased
directly by a subscriber. However, registered dealers may, at their discretion,
charge purchasers a front-end sales commission of up to 2% of the Net Asset
Value of the Class A1 Units and Class D Units purchased by the subscriber. Any
such sales commission will be negotiated between the registered dealer and the
purchaser and will be payable directly by the purchaser to their dealer. All
minimum subscription amounts described in this Offering Memorandum are net
of such sales commissions. See “Dealer Compensation – Sales Commission”.
Service Commission: The Manager intends to pay a monthly service commission to participating
registered dealers, including Sightline Wealth Management LP, equal to 1/12th of
1.0% of the Net Asset Value of the Class A1 Units and Class D Units sold by
such dealers then outstanding. Payments are calculated and paid monthly to
registered dealers from the Management Fees the Manager receives from the
Fund. Notwithstanding the foregoing, the Manager, in its sole discretion,
reserves the right to change the frequency of payment to registered dealers of the
service commission to a quarterly or annual basis. See “Dealer Compensation –
Service Commission”.
Redemption of Units: An investment in Units is intended to be a long-term investment. However,
Unitholders may request that Units may be redeemed (subject to an early
redemption fee described below if not held for at least 12 months) at their Net
Asset Value per Unit for the applicable class (determined in accordance with the
Trust Agreement) on any Valuation Date, provided the written request for
redemption, in form satisfactory to the Manager and all necessary documents
relating thereto, is submitted to the Manager at least 120 days prior to such
Valuation Date. See “Redemption of Units”.
Redemption requests must be received by the Manager prior to 4:00 p.m.
(Toronto time) on a business day which is at least 120 days prior to a Valuation
Date. If a redemption request is received, and deemed acceptable, by the
Manager at such time, Units will be redeemed at the Net Asset Value per Unit
for the applicable class determined on the first Valuation Date which is at least
120 days following receipt of the redemption request. Payment of the
redemption amount (the “Redemption Amount”) will be paid to the redeeming
Unitholder not later than the 30th day following the applicable Valuation Date (or
60 days if such Valuation Date is the Fund’s fiscal year-end) for which such
redemption is effective.
On direction from the Manager, the record-keeper of the Fund shall hold back up
to 20% of the Redemption Amount on any redemption to provide for an orderly
disposition of assets. Any Redemption Amount which is held back shall be paid
within a reasonable time period, having regard for applicable circumstances.
Any Unitholder whose total combined investment in all classes of Units in the
Fund represents 20% or greater of the Net Asset Value of the Fund, when
measured at market value, is restricted from filing a redemption request which
exceeds 20% of the Net Asset Value of the Fund, when measured at market
value.
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If during any three-month period, the Manager has received from one or more
Unitholders an acceptable Redemption Notice to redeem in aggregate 5% or
more of the outstanding Units, the Manager may, in its discretion, choose to
redeem such Units in equal Unit amounts over a period of up to 18 months
beginning on the first Valuation Date which is at least 120 calendar days
following receipt of such Redemption Notice, or in one aggregated payment at
any time during the period of 18 months beginning on the first Valuation Date
which is at least 120 calendar days following receipt of such Redemption Notice.
Each such redemption shall be made on a Valuation Date. The Redemption
Amount payable to Unitholders will be adjusted by changes in the Net Asset
Value of the Fund during this period and calculated on each Valuation Date in
respect of the payment to be made on such date.
Notwithstanding and without limiting any of the provisions contained herein and
in the Trust Agreement, the Manager may require the redemption of all or any
part of the Units held by a Unitholder at any time in its absolute discretion.
The record-keeper of the Fund shall, upon any redemption of Units, deduct from
the Redemption Amount an amount equal to any accrued and applicable fees and
taxes payable by the Unitholder in connection with such redemption.
The Manager may suspend the right of Unitholders to require the Fund to redeem
Units held by them and the concurrent payment for Units tendered for
redemption: (i) during the whole or any part of any period when normal trading is
suspended on any stock exchange, options exchange or futures exchange within
or outside Canada on which securities or derivatives owned by the Fund (or any
successor thereto) are traded which, in the aggregate, represent directly or
indirectly more than 50% by value or underlying market exposure of the total
assets of the Fund (or any successor thereto) without allowance for liabilities; or
(ii) for any period not exceeding 120 days during which the Manager determines
that conditions exist which render impractical the sale of the assets of the Fund or
which impair the ability of the Fund to determine the value of the assets of the
Fund.
Early Redemption Fee: The Manager may, in its sole discretion, impose an early redemption fee equal to
2% of the aggregate Net Asset Value of Units redeemed if such Units are
redeemed within 12 months of their date of purchase. This early redemption fee
will be deducted from the Redemption Amount otherwise payable to a Unitholder
and will be paid to the Fund. No early redemption fee will be charged in respect
of the redemption of Units which were acquired by a Unitholder through the
automatic reinvestment of all distributions of net income or capital gains by the
Fund or where the Manager requires a Unitholder to redeem some or all of the
Units owned by such Unitholder. This early redemption fee is in addition to any
other fees a Unitholder is otherwise subject to under this Offering Memorandum.
See “Fees and Expenses – Early Redemption Fee”.
Distributions: Unitholders of Class A1, Class D, Class E, Class F1, Class FD and Class I Units
will be entitled to receive a monthly distribution equal to 100% of the Net
Income of the Fund attributable to such classes, as applicable, from the preceding
month.
The Fund reserves the right to adjust the distribution amount for Class A1, Class
D, Class E, Class F1, Class FD and Class I Units if deemed appropriate.
Additional distributions of income, if any, and distributions of realized capital
gains if any, will be made annually in December.
The Fund will distribute in each year such portion of its annual Net Income and
Net Realized Capital Gains (as such term is defined in the Trust Agreement) as
will result in the Fund paying no tax under the Tax Act. The Net Income and Net
Realized Capital Gains of the Fund for the period since the immediately
preceding date on which Net Income and Net Realized Capital Gains were
calculated will be calculated as of the close of business on the last Valuation Date
- xi -
in each fiscal year and as of such other dates during the year as the Manager in its
discretion may decide. Allocations and distributions of capital gains will
generally be made by reference to the number of Units held as of the close of
business on the last Valuation Date in each fiscal year (or such other distribution
date as may be determined by the Manager); however, the Manager may make
allocations in a manner to fairly reflect, as best as possible, subscriptions and
redemptions made during the year. The Manager, in its sole discretion, may
allocate and, where applicable, designate to a Unitholder who has redeemed
Units during a year an amount equal to any Net Realized Capital Gains realized
by the Fund for the year as a result of the disposition of any of the Fund Property
to satisfy the Redemption Notice given by such Unitholder or such other amount
that is determined by the Manager to be reasonable. See “Distributions”.
Risk Factors and The Fund is subject to various risk factors and conflicts of interest. An
Conflicts of Interest: investment in the Fund is not guaranteed and is not intended as a complete
investment program. A subscription for Units should be considered only by
persons financially able to maintain their investment and who can bear the risk of
loss associated with an investment in the Fund. Prospective investors should
review closely the investment objective, strategies and restrictions to be utilized
by the Fund as outlined herein to familiarize themselves with the risks associated
with an investment in the Fund. An investment in the Fund is also subject to
certain other risks. These risk factors and the Code of Ethics to be followed by
the Manager to address conflicts of interest are described under “Risk Factors”
and “Conflicts of Interest”.
Investment Risk Level: The Manager has identified the investment risk level of the Fund as an additional
guide to help prospective investors decide whether the Fund is suitable for the
investor. The Manager’s determination of the risk rating for the Fund is guided by
the methodology recommended by the Fund Risk Classification Task Force of the
Investment Funds Institute of Canada. The Task Force concluded that the most
comprehensive, easily understood form of risk is the historical volatility of a fund
as measured by the standard deviation of its performance. The Manager believes
the use of standard deviation as a measurement tool allows for a reliable and
consistent quantitative comparison of a fund’s relative volatility and related risk.
Standard deviation is widely used to measure volatility of return. A fund’s risk is
measured using rolling one, three and five year standard deviation and comparing
these values against other funds and an industry standard framework. The
standard deviation represents, generally, the level of volatility in returns that a
fund has historically experienced over the set measurement periods.
However, an investor should also be advised that other types of risk, both
measurable and non-measurable, may exist. Additionally, just as historical
performance may not be indicative of future returns, the Fund’s historical
volatility may not be indicative of its future volatility.
In accordance with the methodology described above, the Manager has rated the
Fund as “medium”.
Notwithstanding the foregoing, investors should consider this Offering

Memorandum in its entirety before making an investment decision, including the
risk factors set out herein. See “Risk Factors”.
Canadian Federal A prospective investor should consider carefully all of the potential tax
Income Tax Considerations: consequences of an investment in the Fund and should consult with their tax
advisor before subscribing for Units. For a discussion of certain income tax
consequences of this investment, see “Canadian Federal Income Tax
Considerations”.
- xii -
Eligibility Provided the Fund qualifies at all relevant times as a “mutual fund trust” for the
for Investment by purposes of the Tax Act, Units will be “qualified investments” under the Tax Act
Deferred Income Plans: for a registered retirement savings plan (“RRSP”), a registered retirement income
fund (“RRIF”), a deferred profit sharing plan, a registered disability savings
plan, a registered education savings plan and a tax-free savings account
(“TFSA”) (individually, a “Tax Deferred Plan” and collectively, the “Tax
Deferred Plans”). A fee of up to $125 may be charged for each transfer or
deregistration of Units held directly with the Manager in a Tax Deferred Plan.
See “Canadian Federal Income Tax Considerations – Eligibility for Investment
by Deferred Income Plans”.
Year-End: December 31
Auditors to the Fund: KPMG LLP
Toronto, Ontario
Legal Counsel to the Fund: Baker McKenzie
Toronto, Ontario
Custodian CIBC Mellon Trust Company
to the Fund: Toronto, Ontario
Record-keeper to the Fund: CIBC Mellon Trust Company
Toronto, Ontario
THE FUND
Ninepoint-TEC Private Credit Fund (the “Fund”) is an open-ended unincorporated investment trust
established under the laws of the Province of Ontario. The Fund was previously known as “Sprott-TEC
Private Credit Trust” and, prior to that, “Sprott Private Credit Trust II”, which merged with Sprott Private
Credit Trust on July 5, 2017 at a special meeting of unitholders (the “Merger”). The Fund exists pursuant
to an amended and restated trust agreement dated as of July 31, 2017 (the “Trust Agreement”), as the
same may be further amended, restated or supplemented from time to time.
Pursuant to the Trust Agreement, CIBC Mellon Trust Company is the Trustee of the Fund. The principal
office of the Trustee is located at 1 York Street, Suite 900, Toronto, Ontario M5J 0B6. CIBC Mellon
Trust Company also acts as the custodian and the record-keeper of the Fund. See “Trustee”, “Custodian”
and “Record-Keeper and Fund Reporting”.
Ninepoint Partners LP is the Manager of the Fund. The principal office of the Fund and of the Manager is
located at Suite 2700, South Tower, Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, M5J 2J1. A
copy of the Trust Agreement is available for review during regular business hours at the offices of the
Manager. See “Management of the Fund – The Manager”.
The capital of the Fund is divided into an unlimited number of Units issuable in one or more classes
and/or series of Units. The Fund currently offers six classes of Units: Class A1 Units, Class D Units,
Class E Units, Class F1 Units, Class FD Units and Class I Units. Class A Units, Class F Units and Class I
Units were previously issued to unitholders of the Fund (as Sprott Private Credit Trust II) through normal
subscriptions prior to the Merger. Additional classes and/or series of Units may be offered in the future.
See “Description of Units”.
Subscribers whose subscription for Units have been accepted by the Manager will become Unitholders.
INVESTMENT OBJECTIVE AND STRATEGY OF THE FUND
Investment Objective
The investment objective of the Fund is to achieve superior risk-adjusted returns with minimal volatility
and low correlation to most traditional asset classes, primarily by investing in a portfolio comprised of
asset-based loans of companies based primarily in Canada and/or the United States.
Investment Strategy
To achieve its investment objective the Fund intends to allocate capital to invest in a portfolio (the
“Portfolio”) that will employ various credit strategies across the credit quality spectrum, including
investing in securities of the TEC Trust (as defined below). Such Portfolio will hold an actively managed
asset-based loans that will be focused on private and public companies that are unable to access
traditional financing.
The Portfolio will not be subject to geographical or industry sector restrictions. However, it is intended
that it will focus primarily on private and public companies based in Canada and/or the United States.
In addition to holding investments in the Portfolio directly, the Fund will also invest a portion of its
capital in Class SD units of the Third Eye Capital Alternative Credit Trust (the “TEC Trust”), an open-
ended unincorporated investment trust established under the laws of the Province of Ontario (the “TEC
Units”). The TEC Trust focuses on identifying short–term credit investments principally in Canadian
companies that are unable to access traditional financing. Portfolio construction in respect of each of its
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investments will involve (i) origination and term sheet construction, (ii) due diligence on collateral and
business strength, (iii) risk rating assignment and preparation of an investment summary, (iv) credit
committee review, (v) monitoring of the investment by collateral tracking and covenant testing, and (vi)
risk rating updates, audits and appraisals.
The Fund will execute its investment strategy through the unique insight and experience of the Sub-
Advisor. Portfolio construction by the Sub-Advisor in respect of each of the Fund’s investments will
involve (i) origination and term sheet construction, (ii) due diligence on collateral and business strength,
(iii) risk rating assignment and preparation of an investment summary, (iv) credit committee review, (v)
monitoring of the investment by collateral tracking and covenant testing, and (vi) risk rating updates,
audits and appraisals.
INVESTMENT GUIDELINES OF THE FUND
Integral to the investment strategy of the Fund is capital preservation through senior liens on collateral
assets with visible potential cash flows and/or liquidation or break-up values. The foundation of the
strategy is rigorous, bottom-up fundamental analysis that emphasizes asset-level overcollaterilizaton
based on liquidation value, identifying good companies that are overlooked or out-of-favour, and
diversification based on asset-type, investment size, as well as company and industry exposures. Each
potential investment must also have an identifiable catalyst that will enable the borrower to retire the loan
within a reasonable period of time, usually within two years.
The asset-based lending (“ABL”) investments acquired by the Fund will generally be originated and
negotiated by the Sub-Advisor, and may consist of all types of ABL debt obligations. The ABL
investments may have varying terms with respect to overcollateralization, seniority or subordination,
purchase price, convertibility, interest terms, and maturity, but will consist primarily of passive positions
(that is, positions in which the Fund does not participate or seek to participate in management or control)
in middle-market ABL loans that have limited liquidity. In the course of making ABL investments, the
Fund may also acquire common or preferred stock, warrants to purchase common or preferred stock,
royalty participations, and other equity interests or participations, from time to time.
The Fund will seek, through portfolio construction, to minimize the specific risk of any single investment
and to reduce the overall volatility of returns. The Fund may have certain limitations with respect to size,
industry, and geography concentration of its ABL investments, as determined by the Manager; however,
there can be no assurance that these limitations will not be exceeded from time to time.
Any un-allocated cash will be held by the Fund until such time as the Fund identifies attractive
investment opportunities or requires additional funding for portfolio management purposes. Any reserve
cash held by the Fund will be used to manage cash flows, pay expenses, and facilitate redemption
payments. Such reserve will be held in an interest-bearing account or invested in money-market funds,
other short-term instruments or U.S. Treasury bills.
INVESTMENT RESTRICTIONS OF THE FUND
General
The New Fund shall not invest more than 30% of the Net Asset Value of the Fund (determined in
accordance with the Trust Agreement) in any one investment. The foregoing restriction shall not apply to
the New Fund’s investment in the TEC Trust. Further, this restriction shall not apply to investments in
liquid assets or securities issued or guaranteed by a member state of the Organization for Economic
Cooperation and Development (“OECD”) or by its local authority or by supranational institutions and
-3-
organizations with regional or worldwide scope. The Fund may change these limits, subject to a limit of
30%.
For the purposes of the foregoing paragraph, “liquid assets” means cash or cash equivalents including,
inter alia and without limitation, investments in units of money market funds, time deposits and regularly
negotiated money market instruments the remaining maturity of which is less than 12 months, treasury
bills and bonds issued by OECD countries or their local authorities or by supranational institutions and
organizations with worldwide scope as well as bonds admitted to official listing on a stock exchange or
dealt on a regulated market, issued by first-class issuers and highly liquid.
The Manager may from time to time establish restrictions with respect to the investments of the Fund
including, without limitation, restrictions as to the proportion of the assets of the Fund which may be
invested the securities of issuers operating in any industry sector or in any class of investment. The
Manager does not anticipate imposing any restrictions with respect to the investments of the Fund other
than those outlined above under the heading “Investment Objective and Strategy of the Fund”. These
restrictions may be changed from time to time by the Manager to adapt to changing circumstances.
Additional restrictions may also be imposed in order to ensure generally that the Fund is not subject to tax
under the Tax Act.
The Manager may open accounts for the Fund with brokerage firms, banks or others and may invest
assets of the Fund in, and may conduct, maintain and operate these accounts for, the purchase, sale and
exchange of stocks, bonds and other securities, and in connection therewith, may borrow money or
securities on behalf of the Fund to complete trades, obtain guarantees, pledge securities and engage in all
other activities necessary or incidental to conducting, maintaining and operating such accounts.
Borrowing
The Fund may borrow permanently (either directly or at the level of any intermediary vehicle) and for
investment purposes, to meet funding commitments in underlying investments, for working capital
purposes, and to meet redemption requests of unitholders of the Fund, and secure these borrowings with
liens or other security interests in its assets (or the assets of any of its intermediary vehicles) provided that
the Fund may not, at any point in time, incur a level of borrowing (including any short-term borrowings)
in excess of 100% of the Net Asset Value of the Fund (determined in accordance with the Trust
Agreement). Subject to the foregoing restriction on the use of leverage, the Fund may obtain letters of
credit/financial guarantees instead of cash borrowings.
Hedging, Derivatives, Short Sales, Securities Lending and Repurchase Transactions
The Fund is not obligated to hedge against fluctuations in the value of its investments as a result of
changes in market interest rates, currency changes, or other events, but intends to mitigate such risks
through structuring and favourable ABL loan terms (including, but not limited to, interest rate floors,
availability reserves, and assignment rights). The Sub-Advisor shall have sole discretion in determining
when or whether to engage in hedging strategies. The Fund may utilize a variety of financial instruments
including, without limitation, derivatives, options, interest rate swap, caps and floors, futures, and forward
contracts, to seek to hedge against declines in the values of the investments of the Fund. The risk
exposure of the Fund to a counterparty in over-the-counter derivative transactions may not exceed 30% of
the Net Asset Value of the Fund. Unless otherwise provided for in this Offering Memorandum, the
maximum level of leverage of the Fund resulting from the use of financial derivative instruments will be
limited to 105% of the Net Asset Value of the Fund.
-4-
The Fund may enter into short sales to hedge against declines in the values of the investments of the
Fund. Short sales may, in principle, not result in the Fund (i) incurring an excessive exposure on any
single issuer (and under no circumstances may short sales result in the Fund holding an uncovered
exposure in respect of securities of the same kind issued by the same issuer, which account for more than
30% of the Fund’s assets); or (ii) holding an uncovered position on assets which are not listed on a stock
exchange or dealt on another regulated market. However, the Fund may hold uncovered positions on
assets which are not listed or not dealt on a regulated market if such assets are sufficiently liquid.
The Fund may also enter into securities lending and repurchase transactions, and enter into sale with right
of repurchase transactions provided that: (i) the counterparties shall be appropriate parties specialized in
such types of transactions; (ii) the counterparty risk resulting from the difference between (a) the value of
the assets transferred by the Fund to a lender as security in the context of borrowing or security lending
transactions, and (b) the debt of the Fund owed to such lender, may not exceed 30% of the Net Asset
Value of the Fund. The Fund may, in addition, grant guarantees in the context of systems of guarantee
which do not result in a transfer of ownership or which limit the counterparty risk by other means; and
(iii) unless otherwise provided for in this Offering Memorandum, as part of lending transactions, the Fund
receives liquid assets (as defined under “Investment Restrictions of the Fund – General”) of a value
which, at the time of conclusion of the lending agreement, must be at least equivalent to 100% of the
global valuation of the securities loaned. This security is, however, not required if the securities lending is
carried out through recognized clearing institutions or other organizations assuring to the lender a
reimbursement of the value of the securities loaned, by way of guarantee or otherwise.
Investment Through Intermediary Vehicles
Investments may be made by the Fund through intermediary vehicles, including, without limitation,
special purposes or joint ventures, general or limited partnerships, and limited liability companies. The
Fund will seek to fully control any such intermediary vehicles, but may also hold investments through
joint ventures where the Fund will seek to retain control over management, sale, and financing of the
venture’s assets or alternatively will have a viable mechanism for exiting the venture, within a reasonable
period of time.
Unless otherwise provided for in this Offering Memorandum, an investment into an intermediary vehicle
should be ignored for the purposes of “Investment Restrictions of the Fund – General” above, and the
underlying investments of the intermediary vehicle should be treated as if they were direct investments
made by the Fund.
Security Interests and Guarantees
In furtherance of the Fund’s investment objective, the Fund may give guarantees and grant security in
favour of third parties to secure the Fund’s obligations and the obligations of intermediary vehicles and it
may grant any assistance to intermediary vehicles, including, without limitation, assistance in the
management and the development of such companies and their portfolio, financial assistance, loans,
advances, or guarantees. The Fund may pledge, transfer, encumber, or otherwise create security over
some or all of the Fund’s assets.
The foregoing investment objective, strategy and restrictions of the Fund may be changed from time to
time by the Manager to adapt to changing circumstances. Unitholders will be given not less than 60 days’
prior written notice of any material changes to the investment objective, strategy and restrictions of the
Fund unless such changes are required to comply with applicable laws in which case prompt notice will
be given.
-5-
MANAGEMENT OF THE FUND
The Manager
Ninepoint Partners LP is the manager of the Fund. The Manager is a limited partnership formed under
the Limited Partnerships Act (Ontario) by the filing and recording of a declaration dated May 1, 2017.
The general partner of the Manager is Ninepoint Partners GP Inc. (“Ninepoint GP”), which is a
corporation incorporated under the laws of the Province of Ontario on April 21, 2017. Ninepoint GP is a
directly wholly-owned subsidiary of Ninepoint Financial Group Inc., which is a corporation incorporated
under the laws of the Province of Ontario on March 21, 2017. John Wilson and James Fox are the
principal shareholders of Ninepoint Financial Group Inc.
The Manager, together with its affiliates and related entities, provides management and investment
advisory services to many entities, including mutual funds, hedge funds, offshore funds and closed-end
funds. The Manager may establish and manage other investment funds from time to time.
The Manager’s and Ninepoint GP’s principal office is located at Suite 2700, South Tower, Royal Bank
Plaza, 200 Bay Street, Toronto, Ontario, M5J 2J1. The Manager may also be contacted by toll-free
telephone at 1-888-362-7172, by telephone at (416) 362-7172, by facsimile at (416) 362-4928 or by e-
mail to [email protected].
The Manager is responsible for the day-to-day business and administration of the Fund, including
management of the Fund’s investment portfolio. The Manager is responsible for all investment advice
provided to the Fund.
Directors and Officers of the Manager and of Ninepoint GP
The name, municipality of residence and position(s) with the Manager and Ninepoint GP, and the
principal occupation of the directors and senior officers of the Manager and of Ninepoint GP are as
follows:
Name and Municipality Position with the Position with Principal Occupation
of Residence Manager Ninepoint GP
John Wilson Senior Portfolio Co-Chief Executive Senior Portfolio Manager and
Toronto, Ontario, Manager and Officer and Director Managing Partner of the Manager
Managing Partner
James R. Fox Managing Partner Co-Chief Executive Managing Partner of the Manager
Toronto, Ontario, Officer and Director
Kirstin H. McTaggart Chief Corporate Secretary Chief Compliance Officer of the

Mississauga, Ontario, Compliance and Director Manager
Officer
Shirin Kabani as Chief as Chief Financial as Chief Financial Officer of the
Toronto, Ontario, Financial Officer Officer Manager
Set out below are the particulars of the professional experience of the directors and senior officers of the
Manager and of Ninepoint GP:
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John Wilson
Mr. Wilson established the Manager in April 2017. Mr. Wilson has over 26 years of investment and
business experience. Mr. Wilson currently serves as the Senior Portfolio Manager and Managing Partner
of the Manager. Mr. Wilson currently also serves as Co-Chief Executive Officer of the general partner of
the Manager. Most recently, Mr. Wilson was Chief Executive Officer and co-Chief Investment Officer of
Sprott Asset Management LP. Prior to joining Sprott in January 2012, Mr. Wilson was the Chief
Investment Officer of Cumberland Private Wealth Management from March 2009 to January 2012.
Previously, Mr. Wilson was the founder of DDX Capital Partners, an alternative investment manager,
where he worked from September 2004 to March 2009. Prior to that, from December 2000 to January
2004, he was a Managing Director and a top-rated technology analyst at RBC Capital Markets; and
previously, a Director at UBS Canada from November 1996 to November 2000. Mr. Wilson is an MBA
graduate of The Wharton School, University of Pennsylvania in 1996.
James Fox
Mr. Fox established the Manager with Mr. Wilson in April 2017. Mr. Fox currently serves as Managing
Partner of the Manager. Mr. Fox currently also serves as Co-Chief Executive Officer of the general
partner of the Manager. Most recently, Mr. Fox was President of Sprott Asset Management LP. Prior to
being appointed President of Sprott in 2009, Mr. Fox was one of the Manager’s founding executives
when it spun out of Sprott Securities Inc. in 2001. Mr. Fox was a key contributor to the growth of Sprott
Inc. Domestically, Mr. Fox led the development and management of the wholesale and institutional sales
teams of Sprott and was involved in product development, product launches and overall management
decisions. In recent years, Mr. Fox helped lead the launch of three Bullion Trust investment vehicles that
are dually listed on NYSE Arca and TSX exchanges, raising approximately $4B in assets. Internationally,
Mr. Fox represented Sprott Inc. as a panel speaker at institutional conferences in London, Geneva, New
York, Tokyo, and was a key contributor to the firm’s institutional accounts and client relationships. Mr.
Fox holds a Masters of Business Administration degree from the Rotman School of Management at the
University of Toronto (1999) and holds a B.A. in Finance and Economics at the University of Western
Ontario (1996).
Kirstin McTaggart
Ms. McTaggart joined the Manager in July 2017 and is the Chief Compliance Officer of the Manager.
Prior to joining the Manager, Ms. McTaggart was Chief Compliance Officer of Sprott Asset Management
LP since April 2007. Ms. McTaggart currently also serves as the Corporate Secretary of the general
partner of the Manager. Ms. McTaggart has accumulated over 27 years of experience in the financial and
investment industry. Prior to joining Sprott in April 2003, Ms. McTaggart spent five years as a Senior
Manager at Trimark Investment Management Inc., where her focus was the development of formal
compliance and internal control policies and procedures.
Shirin Kabani
Ms. Kabani is a Director of Finance and Controller with the Manager and has over 12 years of experience
in Finance, Planning, Budgeting and Accounting. Prior to joining the Manager, Ms. Kabani was a Senior
Manager in Finance at Sprott Asset Management LP for approximately 2 years. Prior to joining Sprott
Asset Management, Ms. Kabani was with IBM where she managed various operations and processes,
including financial planning, forecasting, accounting, capital budgeting, cost management, governance
and controls. Ms. Kabani received a Honors Bachelor of Commerce (High distinction) from McMaster
University and is a CPA, CMA (Ontario).
-7-
Powers and Duties of the Manager
Pursuant to the Trust Agreement, the Manager has the full authority and exclusive responsibility to
manage the business and affairs of the Fund including, without limitation, to provide the Fund with all
necessary investment management and all clerical, administrative and operational services.
In particular, the Manager is responsible for:
(a) determining the investment policies, practices, fundamental objectives and investment
strategies applicable to the Fund, including any restrictions on investments which it
deems advisable and to implement such policies, practices, objectives, strategies and
restrictions, provided that the investment policies, practices, objectives, strategies and
restrictions applicable to the Fund shall concur with those set forth in any current offering
memorandum or like offering document of the Fund or in any amendment thereto;
(b) receiving all subscriptions for Units, approving or rejecting subscriptions, and submitting
such subscriptions to the record-keeper of the Fund for processing;
(c) offering Units for sale to prospective purchasers and entering into arrangements
regarding the distribution and sale of Units, including arrangements relating to the right
to charge fees of any nature or kind (including, without limitation, sales commissions,
redemption fees, distribution fees and transfer or switch fees) in connection with the
distribution or sale of Units. Any such fees may be deducted from the amount of a
subscription, redemption proceeds or a distribution if not paid separately;
(d) conducting or causing to be conducted the day-to-day correspondence and administration

of the Fund;
(e) providing, at its own expense, the office accommodation, secretarial staff and other
facilities that may be required to properly and efficiently carry out its duties;
(f) appointing the auditors of the Fund, changing the auditors of the Fund and causing the
financial statements of the Fund to be audited for each fiscal year;
(g) appointing the bankers of the Fund and establishing banking procedures to be
implemented by the Trustee;
(h) establishing general matters of policy and governance of the Fund subject, where
specifically provided in the Trust Agreement, to the approval of the Trustee;
(i) authorizing, negotiating, entering into and executing all contractual arrangements relating
to the Fund including, without limitation, any loan agreement, granting of a security
interest and supporting documentation;
(j) if deemed advisable, appointing a record-keeper, valuation service provider, registrar,

transfer agent, and one or more custodians and prime brokers of the Fund, all of which
appointments shall be subject to the approval of the Trustee;
(k) subject to applicable laws, prescribing any minimum initial and/or subsequent
subscription amounts and minimum aggregate Net Asset Value balances of the Fund with
respect to all classes of Units, and prescribing any procedures in connection therewith;
-8-
(l) on or before March 31 in each year, other than a leap year in which case on or before
March 30 in such year, preparing and delivering to Unitholders the information
pertaining to the Fund, including all distributions and allocations which is required by the
Tax Act or which is necessary to permit Unitholders to complete their individual tax
returns for the preceding year;
(m) keeping proper records relating to the performance of its duties as Manager;
(n) delegating any or all of the powers and duties of the Manager contained in the Trust
Agreement to one or more agents, representatives, officers, employees, independent
contractors or other persons without liability to the Manager except as specifically
provided in the Trust Agreement; and
(o) doing all such other acts and things as are incidental to the foregoing, and exercising all
powers which are necessary or useful to carry on the business of the Fund, promoting any
of the purposes for which the Fund was formed and carrying out the provisions of the
Trust Agreement.
The Manager may appoint one or more investment managers in respect of the Fund. The Manager shall
enter, in its sole discretion, into an investment management agreement with any such investment manager
to act for all or part of the portfolio investments of the Fund. The investment manager will be a person or
entity, or persons or entities who, if required by applicable laws, will be duly registered and qualified as a
portfolio manager under applicable securities legislation and the regulations thereunder and will
determine, in its sole discretion, which securities and other assets of the Fund shall be purchased, held or
sold and shall execute or cause the execution of purchase and sale orders in respect such determinations.
As at the date hereof, the Manager has appointed the Sub-Advisor to act as the investment manager for
the Fund. See “Management of the Fund - The Sub-Advisor”.
Units will be distributed in the Offering Jurisdictions through registered dealers, including the Manager
and such other persons as may be permitted by applicable law. In the event of such distribution, registered
dealers (other than the Manager) will be entitled to the compensation described under “Dealer
Compensation”. Subject to the requirements under NI 31-103, the Manager may pay, out of the
Management Fees it receives from the Fund, a negotiated referral fee to registered dealers or other
persons in connection with the sale of Units. See “Dealer Compensation – Referral Fees”.
The Manager shall have the right to resign as Manager of the Fund by giving notice in writing to the
Trustee and the Unitholders not less than 90 days prior to the date on which such resignation is to take
effect. Such resignation shall take effect on the date specified in such notice. Notwithstanding the
foregoing, no approval of, or notice to, Unitholders is required to effect a reorganization of the Manager
as provided for in the Trust Agreement. The Manager shall appoint a successor manager of the Fund, and,
unless the successor manager is an affiliate of the Manager, such appointment must be approved by a
majority of the Unitholders. If, prior to the effective date of the Manager’s resignation, a successor
manager is not appointed or the Unitholders do not approve of the appointment of the successor manager
as required under the Trust Agreement, the Fund shall be terminated and dissolved upon the effective date
of resignation of the Manager and, after providing for the liabilities of the Fund, the property of the Fund
shall be distributed in accordance with the provisions of the Trust Agreement and the Trustee shall
continue to act as trustee of the Fund until such property of the Fund has been so distributed. See
“Termination of the Fund”.
-9-
Fees and Expenses of the Fund
In addition to the Management Fees and Performance Fees payable by the Fund to the Manager or the
Sub-Advisor, as the case may be, the Fund is responsible for the payment of all routine and customary
fees and expenses incurred relating to the administration and operation of the Fund. See “Fees and
Expenses – Operating Expenses Payable by the Fund”.
Standard of Care and Indemnification of the Manager
The Manager will exercise the powers and discharge the duties of its office honestly, in good faith and in
the best interests of the Fund and in connection therewith shall exercise the degree of care, diligence and
skill that a reasonably prudent professional manager would exercise in comparable circumstances.
The Manager may employ or engage, and rely and act on information or advice received from auditors,
distributors, brokers, depositories, custodians, prime brokers, electronic data processors, advisers, lawyers
and others and will not be responsible or liable for the acts or omissions of such persons or for any other
matter, including any loss or depreciation in value of the property of the Fund. The Manager shall be
entitled to assume that any information received from the Trustee, custodian, prime broker or a sub-
custodian or their respective authorized representatives associated with the day-to-day operation of the
Fund is accurate and complete and no liability shall be incurred by the Manager as a result of any error in
such information or any failure to receive any notices required to be delivered pursuant to the Trust
Agreement.
The Manager will not be required to devote its efforts exclusively to or for the benefit of the Fund and
may engage in other business interests and may engage in other activities similar or in addition to those
relating to the activities to be performed for the Fund. In the event that the Manager, its partners, officers,
employees, associates and affiliates or any of them now or hereafter carry on activities competitive with
those of the Fund or buy, sell or trade in assets and portfolio securities of the Fund or of other investment
funds, none of them will be under any liability to the Fund or to the Unitholders for so acting.
The Manager and its related entities, affiliates, subsidiaries and agents, and their respective directors,
partners, officers and employees and any other person will at all times be indemnified and saved harmless
by the Fund from and against all legal fees, judgments and amounts paid in settlement, actually and
reasonably incurred by them in connection with the Manager’s services provided pursuant to the Trust
Agreement, provided that the Fund has reasonable grounds to believe that the action or inaction that
caused the payment of the legal fees, judgments and amounts paid in settlement was in the best interests
of the Fund and provided that such person or companies shall not be indemnified by the Fund where: (i)
there has been negligence, wilful misconduct or dishonesty on the part of the Manager or such other
person; (ii) a claim is made as a result of a misrepresentation contained in any current offering
memorandum or like offering documents of the Fund distributed or filed in connection with the issue of
Units and officers, directors or partners of the Manager or Ninepoint GP or both have granted a
contractual right of action forming part of any current offering memorandum or like offering documents
of the Fund; or (iii) the Manager has failed to fulfill its standard of care or other obligations as set forth in
the Trust Agreement, unless in an action brought against such persons or companies they have achieved
complete or substantial success as a defendant.
The Fund will be indemnified and saved harmless by the Manager against any costs, charges, claims,
expenses, actions, suits or proceedings arising from a claim made as a result of a misrepresentation
contained in any current offering memorandum or like offering document of the Fund distributed or filed
in connection with the issue of Units and officers, directors or partners of the Manager or Ninepoint GP or
- 10 -
both have granted a contractual right of action forming part of any current offering memorandum or like
offering documents of the Fund.
The Sub-Advisor
General
The Sub-Advisor was incorporated under the laws of the Province of Ontario on February 7, 2008. The
registered office of the Sub-Advisor is located at 161 Bay Street, Suite 3930, Toronto, Ontario, M5J 2S1.
The Sub-Advisor’s primary operations are acting as an advisor to secured lending and other debt-related
investment structures investing into private credit markets globally.
Pursuant to an investment sub-advisory agreement dated as of May 31, 2017 and effective July 31, 2017
(the “Sub-Advisory Agreement”), the Manager appointed the Sub-Advisor to act as the sub-advisor to
the Fund to perform investment and risk analysis, monitor, service, and administer the portfolio of asset-
based loans held directly by the Fund. The Sub-Advisor has delegated certain of its responsibilities to its
affiliate, Third Eye Capital Corporation (“TECC”). The Sub-Advisor’s remuneration is described below,
and any fees and expenses of TECC will be paid by the Sub-Advisor from its own remuneration.
The Sub-Advisor, TECC, and their diverse team of experienced investment professionals will continue
the same disciplined investment strategy developed and successfully executed since 2005. TECC has
pursued a consistent investment strategy focused on identifying short-term ABL investment opportunities
in asset rich, out-of-favour, but otherwise sound companies that are often overlooked or underappreciated
by the general financial community. These ABL investments generally provide over-collateralization to
emphasize principal protection and offer outsized, equity-style returns without risk of or correlation to
equity. The Sub-Advisor believes that many opportunities exist for this strategy in its primary investment
market of Canada (and to a lesser degree, the United States of America and Western Europe) due to a
retrenchment in commercial lending by banks and financial institutions caused by recent credit market
turmoil, an increasing focus by financial institutions on larger, easier-to-access transactions, the
preference for less risky and complicated transactions that can be readily repackaged and sold, and the
accepted practice by middle-market borrowers to preserve equity by levering their balance sheets for
growth, acquisition or transaction.
TECC was founded in October 2005 by Mr. Arif N. Bhalwani and Dr. David G. Alexander, who have
close to a half-century of combined experience in private market investing. Mr. Bhalwani is a founder of
Pinnacle Capital, a highly-regarded early-stage and specialty venture capital firm, and registered exempt
market dealer, based in Toronto, Ontario with a ten year track record from investing its own capital and
advising on over $100 million in third-party funds. Dr. Alexander is a thirty year veteran in the Canadian
commercial finance industry, most recently selling his finance company to The CIT Group, and serving as
its Canadian Chief Executive Officer until The CIT Group’s acquisition of Newcourt Credit. Dr.
Alexander and his team were chiefly responsible for importing several of The CIT Group’s commercial
credit products into Canada, most notably, its asset-based lending product, which became CIT Business
Credit (a joint-venture between The CIT Group and CIBC that was eventually purchased by CIBC), and
was Canada’s largest asset-based finance company. Messrs Bhalwani and Alexander have worked
together for over a decade in structuring combination debt and equity transactions for selected portfolio
companies. TECC was originally established to exclusively originate, underwrite and service an ABL
investment account for a major Canadian pension fund (the “Managed Account”). The Managed
Account suffered no investment loss and did not employ leverage. There can be no assurance that the
Fund will perform as well as the past investments managed by TECC.
- 11 -
TECC has a team of experienced investment professionals with diverse backgrounds and differing skill
sets which enable it to analyze and assess opportunities in great depth and across industries. TECC has
originated, underwritten and serviced investments in a diversity of industries and sectors, including
media, entertainment, software/IT, healthcare, manufacturing, distribution, services, financials, real estate
and construction, consumer products, materials, mining, oil and gas, and alternative energy. Investment
recommendations of the Sub-Advisor are based on the insights of its team and that of its affiliates into the
assets, business, and industry of the potential investment opportunity balanced with a comprehensive
assessment of the inherent operational, commercial, credit, collateral, other financial and legal risks. The
Sub-Advisor’s investment skills are founded on the rigorous private equity-oriented business analysis of
Mr. Bhalwani and the deep credit and workout experience of Dr. Alexander. These skills are augmented
by the team’s breadth of transactional experience and decades of operational industry experience.
Mr. Arif N. Bhalwani and Dr. David G. Alexander are the Managing Directors of the Sub-Advisor,
members of the Investment Committee of the Sub-Advisor, and will be responsible, under authorization,
by the Manager, to evaluate and implement the Fund’s overall investment strategies.
Sub-Advisory Agreement
Pursuant to the Sub-Advisory Agreement, the Manager appointed the Sub-Advisor to provide or engage
others to provide all necessary or advisable investment management services to the Fund. The Sub-
Advisor will manage the assets of the Fund in the name of the Fund with full discretionary authority as to
all trades on a continuing basis until terminated and subject to, and in accordance with, the provisions of
the Sub-Advisory Agreement. The Sub-Advisor will manage the assets of the Fund by taking such action
from time to time in connection therewith as the Sub-Advisor, in its sole discretion, will deem necessary
or desirable for the proper investment management of the assets of the Fund at all times in compliance
with the investment objective, strategy, guidelines and restrictions set forth in the Sub-Advisory
Agreement.
The Sub-Advisor may from time to time employ or retain any other person or entity to manage on behalf
of the Sub-Advisor or to assist the Sub-Advisor in managing or providing investment management
services to all or any portion of the assets of the Fund, and in performing other duties of the Sub-Advisor
set out in the Sub-Advisory Agreement. In the event that the Sub-Advisor engages such other person or
entity with respect to providing investment management services to the assets of the Fund, and such other
person or entity is not registered as an adviser (or exempt from such registration requirement) under
applicable securities legislation, the Sub-Advisor will be responsible under the terms of the Sub-Advisory
Agreement to the Fund, the Trustee and the Manager for advice received from such other person or entity
with respect to the assets of the Fund as if such advice were given by the Sub-Advisor.
The Manager acknowledges and agrees that the Sub-Advisor will select brokers or dealers to transact
trades in respect of the assets of the Fund. Funds of the Sub-Advisor will not be commingled with those
of the Fund under any circumstances.
The Sub-Advisor will exercise the powers granted and discharge its duties pursuant to the Sub-Advisory
Agreement honestly, in good faith and in the best interests of the Fund and, in connection therewith, will
exercise the degree of care, diligence and skill that a reasonably prudent professional portfolio manager
would exercise in comparable circumstances. However, the Sub-Advisor does not in any way guarantee
the performance of the assets of the Fund and will not be responsible for any loss in respect of the assets
of the Fund, except where such loss arises out of acts and omissions of the Sub-Advisor done or suffered
through the Sub-Advisor’s own gross negligence, wilful misconduct, wilful neglect, or a breach of its
standard of care.
- 12 -
The Sub-Advisor will not be liable to the Fund or any unitholder of the Fund for any loss suffered by the
Fund or any unitholder of the Fund, as the case may be, which arises out of any action or inaction of the
Sub-Advisor if such course of conduct did not constitute gross negligence, willful misconduct, willful
neglect, or a breach of its standard of care.
The Manager, on behalf of the Fund, acknowledges and agrees that the Sub-Advisor will not be
responsible for any loss of opportunity whereby the value of any of the assets of the Fund could have
been increased nor shall it be responsible for any decline in value of any of the assets of the Fund unless
such decline is the result of the Sub-Advisor’s gross negligence, willful misconduct, willful neglect, or
breach of its standard of care.
The Manager will indemnify and hold harmless the Sub-Advisor and its directors, officers, employees and
agents from and against any and all expenses, losses, damages, liabilities, demands, charges, costs and
claims of any kind or nature whatsoever (including legal fees, judgments and amounts paid in settlement,
provided that the Manager has approved such settlement) in respect of the acts, omissions, transactions,
duties, obligations or responsibilities of the Sub-Advisor as investment manager to the Fund, save and
except where such expenses, losses, damages, liabilities, demands, charges, costs or claims are caused by
acts or omissions of the Sub-Advisor done or suffered in breach of its standard of care or through the Sub-
Advisor’s own gross negligence, willful misconduct, willful neglector breach of its standard of care.
The Sub-Advisor will indemnify and hold harmless the Trustee, the Manager and the Fund and their
respective directors, partners, officers, employees and agents from and against any and all expenses,
losses, damages, liabilities, demands, charges, costs and claims of any kind or nature whatsoever
(including legal fees, judgments and amounts paid in settlement, provided that the Sub-Advisor has
approved such settlement) as a result of, in respect of, connected with, or arising out of, under, or
pursuant to the breach of the Sub-Advisor’s standard of care or through the Sub-Advisor’s own gross
negligence, willful misconduct, or willful neglect.
The Manager, on behalf of the Fund, acknowledges that the Sub-Advisor has investment management
responsibilities and contracts with other persons, companies, limited partnerships, investment funds and
other entities. The Manager, on behalf of the Fund, therefore agrees that the Sub-Advisor may provide
investment management and other services to such other persons and entities which are similar or
different from the services provided to the Fund or the Manager by the Sub-Advisor even though such
other persons or entities may be the same or similar to the Fund. The Manager, on behalf of the Fund,
hereby accedes to such advisory arrangement consequences on the understanding that the Sub-Advisor
will act in good faith and follow a policy of allocating over a period of time investment opportunities to
the Fund on a basis which is, in the Sub-Advisor’s reasonable opinion, fair and equitable to the Fund
relative to investment opportunities allocated to other persons or entities for which the Sub-Advisor is
responsible, and of which the Sub-Advisor has knowledge, in which case the Sub-Advisor shall not be
liable to account to the Fund or the Manager for any profit, commission or remuneration made or received
from or by reason of such investment decisions or advice.
The Sub-Advisory Agreement will be in force for an initial period of three years effective as of the date of
thereof and will be automatically renewed from time to time thereafter for additional terms of one year
unless otherwise terminated pursuant to the Sub-Advisory Agreement. The Sub-Advisory Agreement will
continue in full force and effect until the Sub-Advisory Agreement is terminated by either party giving at
least 12 months prior written notice (or such shorter period as the parties may mutually agree upon) to the
other party of such termination.
- 13 -
Either party may terminate the Sub-Advisory Agreement at any time if the other party breaches any of its
material obligations under the Sub-Advisory Agreement and such breach has not been cured within 30
days following notice thereof.
Notwithstanding the foregoing, the Sub-Advisory Agreement will terminate immediately where a
winding-up, liquidation, dissolution, bankruptcy, sale of substantially all assets, sale of business or
insolvency proceeding have been commenced by the Manager or the Sub-Advisor, and terminated upon
the completion of any such proceeding by the Fund.
Such termination of the Sub-Advisory Agreement will be without prejudice to the rights and liabilities
created under the Sub-Advisory Agreement prior to the effective date of the termination. Termination of
the Sub-Advisory Agreement in accordance with the terms hereof shall not result in any penalty or other
fee.
The Manager may, in its sole discretion, terminate and replace the Sub-Advisor where it deems it to be in
the best interests of the Fund.
Fees and Expenses
In consideration for the investment management services rendered by the Sub-Advisor pursuant to the
Sub-Advisory Agreement, the Manager shall pay to the Sub-Advisor, out of the Management Fees and
the Performance Fee it receives from the Fund as set forth in the Management Agreement, a monthly
advisory fee (the “Advisory Fee”) and a quarterly performance fee (the “Advisor Performance Fee”).
In addition to the Advisory Fee and the Advisor Performance Fee paid to the Sub-Advisor pursuant to the
foregoing paragraph, the Manager, on behalf of the Fund, agrees that the Fund shall reimburse the Sub-
Advisor for all expenses incurred by the Sub-Advisor in connection with the duties set out in the Sub-
Advisory Agreement (including payments to third parties in that regard) to the extent such expenses were
incurred for and on behalf of the Fund and do not represent administrative costs of the Sub-Advisor
necessary for it to carry out its functions hereunder. Such expenses shall be reimbursed on each Fund
Valuation Date when incurred.
Directors and Officers of the Sub-Advisor
The name, municipality of residence and position(s) with the Sub-Advisor, and the principal occupation
of the directors and senior officers of the Sub-Advisor are as follows:
Name and
Municipality of Residence Position with the Sub-Advisor Principal Occupation
Arif N. Bhalwani, CFA Director, Chairman, President Director, Chairman, President,
Toronto, Ontario Chief Executive Officer and Chief Executive Officer and
Managing Director Managing Director of the Sub-
Advisor; and President and Chief
Executive Officer of Third Eye
Capital Corporation.
David G. Alexander, Director, Vice-Chairman and Director, Secretary, and Managing
CPA, CMA Managing Director Director of Third Eye Capital
Davao, Philippines Corporation; and Director, Vice-
Chairman and Managing Director
- 14 -
of the Sub-Advisor.
Arif Bhalwani
Mr. Bhalwani is a Director, Chairman, President, Chief Executive Officer and Managing Director of the
Sub-Advisor, and a member of its Investment Committee. He is also a founder and the President and
Chief Executive Officer of Third Eye Capital Corporation, an affiliated originator, underwriter, servicer,
and manager of senior, secured commercial loans including, without limitation, working capital revolving
lines of credit, fixed asset term loans, mortgages, leases, acquisition financing, deferred sales contracts,
and structured credits. In 1998, Mr. Bhalwani co-founded Pinnacle Capital, a highly-regarded early-stage
and specialty venture capital firm, and registered exempt market dealer, based in Toronto, Ontario, with a
successful ten-year track record from investing its own capital and advising on over $100 million in third-
party funds. From 1995 to 1997, Mr. Bhalwani was a major shareholder and director of a large Canadian
construction contractor that he helped turn around and eventually sell. He has also founded, managed,
and sold companies in the retail automotive and computer services industries. Mr. Bhalwani serves as a
director and advisor to several emerging growth companies, and is a member of the CFA Institute, the
Canadian Venture Capital and Private Equity Association and the Turnaround Management Association.
He is also a director of the Commercial Finance Association. Mr. Bhalwani received a Master of
Business Administration from the Queen’s School of Business, completed post-graduate studies at
Harvard Business School, and holds the Chartered Financial Analyst designation.
David Alexander
Dr. Alexander is a Director, Vice-Chairman, and Managing Director of the Sub-Advisor, and a member
of its Investment Committee. He is also a founder, Director, Secretary, and Managing Director of Third
Eye Capital Corporation. Dr. Alexander has an extensive and distinguished career in asset-based finance
and commercial credit, and has held management and executive positions at Business Development Bank,
RoyNat, Traders/Guaranty, Tuckahoe Leasing, and The CIT Group. As an entrepreneur, he helped lead a
management buyout at Tuckahoe Leasing in 1991 and, as its Chief Financial Officer, helped with the
company’s turnaround and eventual sale to Textron Financial in 1995. From 1995 to 1999, Dr. Alexander
was founder and the Chief Executive Officer of Securcor Ltd., a commercial finance company he sold to
The CIT Group in 1999. Dr. Alexander subsequently became the President and the Chief Executive
Officer of The CIT Group’s Canadian operations, and led the successful portfolio build in asset-based
lending products until the company’s merger with Newcourt Credit. In 2000, Dr. Alexander joined
Pinnacle Capital, a successful Canadian early-stage venture capital firm, where he provided strategic
advice and corporate governance to selected portfolio companies, and participated in combination private
debt/equity placements. Dr. Alexander received a Master of Business Administration from the Richard
Ivey School of Business, is a Certified Management Accountant, and received a doctoral degree in
accounting and management at the H. Wayne Huizenga School of Business and Entrepreneurship in
Florida. He continues to serve as a director and advisor for a number of private companies, and is a
Certified Corporate Director (ICD.D). In addition, Dr. Alexander is a past Governor of the Society of
Management Accountants of Ontario and a former Trustee of the Hospitals of Ontario Pension Plan
(HOOPP).
DESCRIPTION OF UNITS OF THE FUND
Each Unit represents a beneficial interest in the Fund. The Fund is authorized to issue an unlimited
number of classes and/or series of Units and an unlimited number of Units in each such class or series.
Units of each such class or series shall have such terms and conditions as the Manager may determine.
Additional classes may be offered in the future on different terms, including having different fee and
dealer compensation terms and different minimum subscription levels. Each Unit of a class represents an
- 15 -
undivided ownership interest in the net assets of the Fund attributable to that class of Units. The Fund
will consult with its tax advisors prior to the establishment of each new class to ensure that the issuance of
Units of that class will not have adverse Canadian tax consequences. Six classes of Units of the Fund are
offered under this Offering Memorandum, namely Class A1 Units, Class D Units, Class E Units, Class F1
Units, Class FD Units and Class I Units. Class A Units, Class F Units and Class I Units were previously
issued to unitholders of the Fund (as Sprott Private Credit Trust II) through normal subscriptions prior to
the Merger. Additional classes and/or series of Units may be offered in the future.
Class A Units were issued to previous subscribers of Class A Units of the Fund (as Sprott Private Credit
Trust II) through normal subscriptions prior to the Merger. Such unitholders have the opportunity to make
additional investments in Class A Units of the Fund with the existing fee structure until April 30, 2018.
Thereafter, the Class A Units will be closed to further subscriptions and such unitholders wishing to make
additional investments will have their subscriptions accepted for Class A1 Units (described below).
Unitholders who hold Class A Units will receive monthly distributions (determined in accordance of the
Trust Agreement) calculated and payable in arrears on the last Valuation Date of each month.
Distributions on Class A Units will consist of 100% of any Net Income (as such term is defined in the
Trust Agreement) attributable to such Class of the Fund. Subject to applicable securities legislation,
monthly distributions will be automatically reinvested in additional Units of the Class at the Net Asset
Value of such Class of Units on the date of distribution (or Class A1 Units if such distribution is after
April 30, 2018), unless a Unitholder elects, by written notice to the Manager, to receive such distributions
in cash. These distributions are not guaranteed and may change at any time at the sole discretion of the
Manager.
Class A1 Units will be issued to qualified purchasers. Unitholders who hold Class A1 Units will receive
monthly distributions (determined in accordance of the Trust Agreement) calculated and payable in
arrears on the last Valuation Date of each month. Distributions on Class A1 Units will consist of 100% of
any Net Income (as such term is defined in the Trust Agreement) attributable to such Class of the Fund.
Subject to applicable securities legislation, monthly distributions will be automatically reinvested in
additional Units of the Class at the Net Asset Value of such Class of Units on the date of distribution,
unless a Unitholder elects, by written notice to the Manager, to receive such distributions in cash. These
distributions are not guaranteed and may change at any time at the sole discretion of the Manager.
Class A1 Units of the Fund were also issued in exchange for Class A Units of Sprott Private Credit Trust
to holders of such units in connection with the Merger.
Class D Units will be issued to qualified purchasers. Unitholders who hold Class D Units will receive
monthly distributions payable in cash (determined in accordance of the Trust Agreement) calculated and
payable in arrears on the last Valuation Date of each month. Distributions on Class D Units will consist
of 100% of any Net Income (as such term is defined in the Trust Agreement) attributable to such Class of
the Fund. These distributions are not guaranteed and may change at any time at the sole discretion of the
Manager.
Class D Units of the Fund were also issued in exchange for Class D Units of Sprott Private Credit Trust
- 16 -
Class E Units will be issued to qualified purchasers who are directors, officers and employees of the
Manager, the Sub-Advisor and their respective affiliates and associates. Unitholders who hold Class E
Units will receive monthly distributions (determined in accordance of the Trust Agreement) calculated
and payable in arrears on the last Valuation Date of each month. Distributions on Class E Units will
consist of 100% of any Net Income (as such term is defined in the Trust Agreement) attributable to such
Class of the Fund. Subject to applicable securities legislation, monthly distributions will be automatically
reinvested in additional Units of the Class at the Net Asset Value of such Class of Units on the date of
distribution, unless a Unitholder elects, by written notice to the Manager, to receive such distributions in
cash. These distributions are not guaranteed and may change at any time at the sole discretion of the
Manager.
Class E Units of the Fund were also issued in exchange for Class E Units of Sprott Private Credit Trust to
holders of such units in connection with the Merger.
Class F Units were issued to previous subscribers of Class F Units of the Fund (as Sprott Private Credit
additional investments in Class F Units of the Fund with the existing fee structure until April 30, 2018.
Thereafter, the Class F Units will be closed to further subscriptions and such unitholders wishing to make
additional investments will have their subscriptions accepted for Class F1 Units (described below).
Unitholders who hold Class F Units will receive monthly distributions (determined in accordance of the
Trust Agreement) calculated and payable in arrears on the last Valuation Date of each month.
Distributions on Class F Units will consist of 100% of any Net Income (as such term is defined in the
Trust Agreement) attributable to such Class of the Fund. Subject to applicable securities legislation,
monthly distributions will be automatically reinvested in additional Units of the Class at the Net Asset
Value of such Class of Units on the date of distribution (or Class F1 Units if such distribution is after
April 30, 2018), unless a Unitholder elects, by written notice to the Manager, to receive such distributions
in cash. These distributions are not guaranteed and may change at any time at the sole discretion of the
Manager. If a Unitholder ceases to be eligible to hold Class F Units, the Manager may, in its sole
discretion, reclassify such Unitholder’s Class F Units for Class A Units (or Class A1 Units if after April
30, 2018) on five days’ notice, unless such Unitholder notifies the Fund during the notice period and the
Manager agrees that the Unitholder is once again eligible to hold Class F Units.
Class F1 Units will be issued to: (i) qualified purchasers who participate in fee-based programs through
eligible registered dealers; (ii) qualified purchasers in respect of whom the Fund does not incur
distribution costs; and (iii) qualified individual purchasers in the Manager’s sole discretion. Unitholders
who hold Class F1 Units will receive monthly distributions (determined in accordance of the Trust
Agreement) calculated and payable in arrears on the last Valuation Date of each month. Distributions on
Class F1 Units will consist of 100% of any Net Income (as such term is defined in the Trust Agreement)
attributable to such Class of the Fund. Subject to applicable securities legislation, monthly distributions
will be automatically reinvested in additional Units of the Class at the Net Asset Value of such Class of
Units on the date of distribution, unless a Unitholder elects, by written notice to the Manager, to receive
such distributions in cash. These distributions are not guaranteed and may change at any time at the sole
discretion of the Manager. If a Unitholder ceases to be eligible to hold Class F1 Units, the Manager may,
in its sole discretion, reclassify such Unitholder’s Class F1 Units for Class A1 Units on five days’ notice,
unless such Unitholder notifies the Fund during the notice period and the Manager agrees that the
Unitholder is once again eligible to hold Class F1 Units.
Class F1 Units of the Fund were also issued in exchange for Class F Units of Sprott Private Credit Trust
Class FD Units will be issued to: (i) qualified purchasers who participate in fee-based programs through
eligible registered dealers; (ii) qualified purchasers in respect of whom the Fund does not incur
distribution costs; and (iii) qualified individual purchasers in the Manager’s sole discretion. Unitholders
- 17 -
who hold Class FD Units will receive monthly distributions payable in cash(determined in accordance of
the Trust Agreement) calculated and payable in arrears on the last Valuation Date of each month.
Distributions on Class FD Units will consist of 100% of any Net Income (as such term is defined in the
Trust Agreement) attributable to such Class of the Fund. These distributions are not guaranteed and may
change at any time at the sole discretion of the Manager. If a Unitholder ceases to be eligible to hold
Class FD Units, the Manager may, in its sole discretion, reclassify such Unitholder’s Class FD Units for
Class D Units on five days’ notice, unless such Unitholder notifies the Fund during the notice period and
the Manager agrees that the Unitholder is once again eligible to hold Class FD Units.
Class FD Units of the Fund were also issued in exchange for Class FD Units of Sprott Private Credit
Trust to holders of such units in connection with the Merger.
Class I Units will be issued to institutional investors at the discretion of the Manager. Unitholders who
hold Class I Units will receive monthly distributions (determined in accordance of the Trust Agreement)
calculated and payable in arrears on the last Valuation Date of each month. Distributions on Class I Units
will consist of 100% of any Net Income (as such term is defined in the Trust Agreement) attributable to
such class of the Fund. Subject to applicable securities legislation, monthly distributions will be
automatically reinvested in additional Units of the Class at the Net Asset Value of such Class of Units on
the date of distribution, unless a Unitholder elects, by written notice to the Manager, to receive such
distributions in cash. These distributions are not guaranteed and may change at any time at the sole
discretion of the Manager. If a Unitholder ceases to be eligible to hold Class I Units, the Manager, may,
in its sole discretion, reclassify such Unitholder’s Class I Units for Class A Units on five days’ notice,
unless such Unitholder notifies the Fund during the notice period and the Manager agrees that the
Unitholder is once again eligible to hold Class I Units.
Class I Units were issued to previous subscribers of Class I Units of the Fund (as Sprott Private Credit
additional investments in Class I Units of the Fund with the existing fee structure until April 30, 2018.
Thereafter, such unitholders wishing to make additional investments will have their subscriptions
accepted for Class I Units with the fee structure applicable to such Units set out under “Management Fees
Payable by the Fund”.
Class I Units of the Fund were also issued in exchange for Class I Units of Sprott Private Credit Trust to
holders of such units in connection with the Merger.
Although the money invested by investors to purchase Units of any class of the Fund is tracked on a class
by class basis in the Fund’s administration records, the assets of all classes of Units will be combined into
a single pool to create one portfolio for investment purposes.
All Units of the same class have equal rights and privileges. Units and fractions thereof will be issued
only as fully paid and non-assessable. Units will have no preference, conversion, exchange or pre-emptive
rights. Each whole Unit of a particular class entitles the holder thereof to one vote at meetings of
Unitholders where all classes vote together, or to one vote at meetings of Unitholders where that
particular class of Unitholders votes separately as a class.
The Manager, in its sole discretion, determines the number of classes of Units and establishes the
attributes of each class, including investor eligibility, the designation and currency of each class, the
initial offering price for the first issuance of Units of the class, any minimum initial or subsequent
investment thresholds, any minimum redemption amounts or minimum account balances, valuation
frequency, fees and expenses of the class, sales or redemption fees payable in respect of the class,
redemption rights, convertibility among classes and any additional class specific attributes. The Manager
may establish additional classes of Units at any time without prior notice to or approval of Unitholders.
- 18 -
No class of Units will be created for the purpose of giving any Unitholder a percentage interest in the
property of the Fund that is greater than the Unitholder’s percentage interest in the income of the Fund.
All Units of the same class are entitled to participate pro rata: (i) in any allocations or distributions made
by the Fund to the Unitholders of the same class; and (ii) upon liquidation of the Fund, in any
distributions to Unitholders of the same class of net assets of the Fund attributable to the class remaining
after satisfaction of outstanding liabilities of such class. Units are not transferable, except by operation of
law (for example, a death or bankruptcy of a Unitholder) or with the consent of the Manager in
accordance with applicable securities legislation. To dispose of Units, a Unitholder must have them
redeemed.
The Fund may issue fractional Units so that subscription funds may be fully invested. Fractional Units
carry the same rights and are subject to the same conditions as whole Units (other than with respect to
voting rights) in the proportion which they bear to a whole Unit. Outstanding Units of any class may be
subdivided or consolidated in the Manager’s discretion upon the Manager giving at least 21 days’ prior
written notice to each Unitholder of its intention to do so. Units of a class may be reclassified by the
Manager as Units of any other class having an aggregate equivalent Class Net Asset Value (as described
under “Computation of Net Asset Value of the Fund”) if such reclassification is approved by the holder of
the Units to be reclassified or with 30 days’ prior written notice.
Subject to the consent of the Manager, Unitholders may reclassify or switch all or part of their investment
in the Fund from one class of Units to another if the Unitholder is eligible to purchase that class of Units.
The timing and processing rules applicable to purchases and redemptions of Units also applies to
reclassifications or switches between classes of Units. See “Details of the Offering” and “Redemption of
Units”. Upon a reclassification or switch from one class of Units to another class, the number of Units
held by the Unitholder will change since each class of Units has a different Net Asset Value per Unit.
Generally, reclassifications or switches between classes of Units are not dispositions for tax purposes.
However, Unitholders should consult with their own tax advisors regarding any tax implications of
reclassifying or switching between classes of Units.
FEES AND EXPENSES
Management Fees Payable by the Fund
The Fund will pay the following Management Fees to the Manager in respect of the Net Asset Value of
the Fund attributable to each class of Units.
As compensation for providing management and administrative services to the Fund, the Manager
receives a monthly Management Fee from the Fund attributable to Class A1 Units, Class D Units, Class
F1 Units, Class FD Units and, in certain circumstances described below, Class I Units of the Fund. No
Management Fees are payable in respect of Class E Fund Units. Each class of Units is responsible for the
Management Fee attributable to that class.
Class A1 Units:
The Fund pays the Manager a monthly Management Fee equal to 1/12 of 2.45% of the Net Asset Value of
the Class A1 Units (determined in accordance with the Trust Agreement), plus any applicable HST,
calculated and accrued on each Valuation Date and payable on the last business day of each month based
on the Net Asset Value of the Class A1 Units as at the last business day of each month.
- 19 -
Class D Units:
the Class D Units (determined in accordance with the Trust Agreement), plus any applicable HST,
on the Net Asset Value of the Class D Units as at the last business day of each month.
Class E Units:
No Management Fees are payable by the Fund to the Manager in respect of Class E Units.
Class F1 Units:
the Class F1 Units (determined in accordance with the Trust Agreement), plus any applicable HST,
on the Net Asset Value of the Class F1 Units as at the last business day of each month.
Class FD Units:
the Class F Units (determined in accordance with the Trust Agreement), plus any applicable HST,
on the Net Asset Value of the Class FD Units as at the last business day of each month.
Class I Units:
Subject to the discretion of the Manager, investors who purchase Class I Units must either: (i) enter into
an agreement with the Manager which identifies the monthly Management Fee negotiated with the
investor which is payable by the investor directly to the Manager; or (ii) enter into an agreement with the
Fund which identifies the monthly Management Fee negotiated with the investor which is payable by the
Fund to the Manager. In each circumstance, the monthly Management Fee, plus any applicable HST, is
calculated and payable monthly in arrears as of each Valuation Date based on the Net Asset Value of the
Class I Units at the beginning of each such month.
Performance Fees Payable by the Fund
The Fund will pay the following Performance Fees payable to the Manager:
The Manager is entitled to receive from the Fund a quarterly performance fee (the “Performance Fee”)
attributable to Class A1 Units, Class D Units, Class F1 Units, Class FD Units and Class I Units. Each
such class of Units is charged a Performance Fee, plus applicable HST. If the return in the Net Asset
Value per Unit of the particular class of Units (before calculation and accrual for the Performance Fee)
from the beginning of the quarter (or inception date of the class of Units) to the end of the quarter exceeds
8% annualized (the “Hurdle Rate”) (or prorated for partial quarters), and such return is between 8% and
10% on an annualized basis, then any amount in excess of the Hurdle Rate shall be payable to the
Manager as a Performance Fee, plus applicable HST. If the return in the Net Asset Value per Unit of the
particular class of Units (before calculation and accrual for the Performance Fee) in the particular quarter
exceeds the Hurdle Rate and is 10% or more on an annualized basis, then 20% of such return shall be
payable to the Manager as Performance Fee, plus applicable HST.
If any class of Units of the Fund are redeemed prior to the last Valuation Date of a quarter, the Manager
will determine if any Performance Fee is payable on such Units immediately before such Units are
- 20 -
redeemed. If a Performance Fee is payable on such Units being redeemed, the Performance Fee will be
accrued and paid to the Manager as soon as practicable.
If the performance of a particular class of Units in any quarter is positive but less than the Hurdle Rate,
then no Performance Fee will be payable in that quarter for that class of Units, however, the difference
between such return of the Fund and the Hurdle Rate is not carried forward. If the performance of a
particular class of Units in any quarter is negative, such negative return will be added to the subsequent
quarter’s Hurdle Rate when calculating the Performance Fee for that class of Units. The Performance Fee
in respect of each class of Units will be calculated monthly and will be payable quarterly.
Operating Expenses Payable by the Fund
The Fund is responsible for the payment of all routine and customary fees and expenses incurred relating
to the administration and operation of the Fund including, but not limited to: Trustee fees and expenses;
custodial, prime broker and safekeeping fees and expenses; registrar and transfer agency fees and
expenses; audit, legal and record-keeping fees and expenses; communication expenses; printing and
mailing expenses; all costs and expenses associated with the qualification for sale and distribution of the
Units in the Offering Jurisdictions including securities filing fees (if any); investor servicing costs; costs
of providing information to Unitholders (including proxy solicitation material, financial and other reports)
and convening and conducting meetings of Unitholders; taxes, assessments or other governmental charges
of all kinds levied against the Fund; interest expenses; and all brokerage commissions and other fees
associated with the purchase and sale of portfolio securities and other assets of the Fund; and all expenses
associated with the servicing, collection and liquidation of investments held directly by the Fund. In
addition, the Fund will be responsible for the payment of all expenses associated with ongoing investor
relations and education relating to the Fund.
Each class of Units is responsible for the expenses specifically relating to that class and a proportionate
share of expenses that are common to all classes of Units. The Manager shall allocate expenses to each
class of Units in its sole discretion as it deems fair and reasonable in the circumstances.
The Manager may from time to time waive any portion of the fees and reimbursement of expenses
otherwise payable to it, but no such waiver shall affect its right to receive fees and reimbursement of
expenses subsequently accruing to it.
Early Redemption Fee
The Manager may, in its sole discretion, impose an early redemption fee equal to 2% of the aggregate Net
Asset Value of Units redeemed if such Units are redeemed within 12 months of their date of purchase.
This early redemption fee will be deducted from the Redemption Amount otherwise payable to a
Unitholder and will be paid to the Fund. No early redemption fee will be charged in respect of the
redemption of Units which were acquired by a Unitholder through the automatic reinvestment of all
distributions of net income or capital gains by the Fund or where the Manager requires a Unitholder to
redeem some or all of the Units owned by such Unitholder. This early redemption fee is in addition to any
DEALER COMPENSATION
Units will be distributed in the Offering Jurisdictions through registered dealers, including the Manager
and such other persons as may be permitted by applicable law. In the event of such distribution, registered
dealers (other than the Manager) will be entitled to the compensation described below.
- 21 -
Sales Commission
No sales commission is payable to the Manager in respect of Units purchased directly by a subscriber.
However, registered dealers may, at their discretion, charge purchasers a front-end sales commission of
up to 2% of the Net Asset Value of the Class A1 Units and the Class D Units purchased by the subscriber.
Any such sales commission will be negotiated between the registered dealer and the purchaser and will be
payable directly by the purchaser to their dealer. All minimum subscription amounts described in this
Offering Memorandum are net of such sales commissions.
Service Commission
The Manager intends to pay a monthly service commission to participating registered dealers, including
Sightline Wealth Management LP, equal to 1/12th of 1.0% of the Net Asset Value of the Class A1 Units
and the Class D Units sold by such dealers then outstanding. Payments are calculated and paid monthly to
registered dealers from the Management Fees the Manager receives from the Fund. Notwithstanding the
foregoing, the Manager, in its sole discretion, reserves the right to change the frequency of payment to
registered dealers of the service commission to a quarterly or annual basis. See “Conflicts of Interest”.
Referral Fees
Subject to the requirements under NI 31-103, the Manager may pay, out of the Management Fees it
receives from the Fund, a negotiated referral fee to registered dealers or other persons in connection with
the sale of Units.
DETAILS OF THE OFFERING
Subscription Process
Units are being offered by the Fund on a continuous basis to an unlimited number of eligible subscribers
who are prepared to invest a sufficient amount to meet the minimum initial subscription requirements or
who are otherwise qualified investors. There need not be any correlation between the number of Class A1
Units, Class D Units, Class E Units, Class F1 Units, Class FD Units and Class I Units sold hereunder. The
differences among the six classes of Units are the different eligibility criteria, fee structures and
administrative expenses associated with each class. See “Description of Units” and “Fees and Expenses”.
As at the date of this Offering Memorandum, the minimum initial subscription amount for persons relying
on the “accredited investor” exemption is $10,000. The minimum initial subscription amount for persons
relying on the “minimum amount investment” exemption is $150,000; provided that such subscriber is (i)
not an individual and, (ii) not created or used solely to rely on the “minimum amount investment”
exemption. At the sole discretion of the Manager, subscriptions may be accepted for lesser amounts from
subscribers who are “accredited investors”. These minimum initial subscription amounts are net of any
sales commissions payable by an investor to their registered dealer. See “Dealer Compensation”.
Units are being offered to investors resident in the Offering Jurisdictions pursuant to exemptions from the
prospectus requirements under (i) section 2.3 of National Instrument 45-106 Prospectus Exemptions (“NI
45-106”) or section 73.3 of the Securities Act (Ontario), as the case may be (in each case, the accredited
investor exemption), and (ii) section 2.10 of NI 45-106 (minimum amount investment exemption) and,
where applicable, the registration requirements under National Instrument 31-103 Registration
Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”). Units will not be issued
to individuals under section 2.10 of NI 45-106 (minimum amount investment exemption).
- 22 -
Investors, other than individuals that are “accredited investors”, must also execute a subscription form for
Units which includes a representation (and a requirement to provide additional evidence promptly upon
request to establish) that such investor was not formed solely in order to make private placement
investments which may not have otherwise been available to any persons holding an interest in such
investor.
At no time may non-residents of Canada as determined for the purposes of the Tax Act be the beneficial
owners of any Units. The Manager may require declarations from Unitholders as to the jurisdictions in
which beneficial owners of Units are resident. If the Manager becomes aware, as a result of requiring
such declarations as to beneficial ownership, that the beneficial owners any of the Units then outstanding
are, or may be, non-residents, the Manager may send or cause to be sent a notice to such non-resident
holders of Units requiring them to sell their Units within a specified period of not less than 60 days. If the
Unitholders receiving such notice have not sold the specified number of Units or provided the Manager
with satisfactory evidence that they are not non-residents of Canada within such period, the Manager
may, on behalf of such Unitholders, sell such Units and, in the interim and in accordance with Applicable
Laws, may suspend the voting rights and the distribution rights attached to such Units. Upon such sale,
the affected holders shall cease to be holders of Units and their rights shall be limited to receiving the net
proceeds of sale of such Units. The Manager may also not issue Units to, and may direct the Record-
keeper not to register a transfer of Units to, a Person unless the Person provides a declaration, in form and
content satisfactory to the Manager, that the Person is not a non-resident of Canada. See “Redemption of
Units”.
“Financial institutions” within the meaning of Section 142.2 of the Tax Act may not invest in this Fund.
In the event that any Unitholder subsequently becomes a “financial institution”, such Unitholder is
required to immediately notify the Manager in writing of such change in status and the Units of such
Unitholder will be redeemed by the Fund at the next Valuation Date. See “Redemption of Units”.
Units will be offered at a price equal to the Net Asset Value per Unit for the applicable class of Units on
each Valuation Date (determined in accordance with the Trust Agreement). Units may be purchased as at
the close of business on a Valuation Date if a duly completed subscription form and the required payment
reaches the Manager no later than 4:00 p.m. (Toronto time) on such Valuation Date. The issue date for
subscription orders received and accepted after 4:00 p.m. (Toronto time) on a Valuation Date will be the
next Valuation Date. No certificates evidencing ownership of Units will be issued to Unitholders. See
“Computation of Net Asset Value of the Fund”.
The Net Asset Value for each class of Units (and the Net Asset Value per Unit) determined for the
purposes of a subscription or redemption of Units which takes place other than at a quarter-end will
reflect a reduction to take into account the Manager’s accrued performance fee, if any, based on returns of
the particular class of Units during the quarter from the date of commencement of the quarter to the date
of the issuance or redemption of such Units.
The Manager, on behalf of the Fund, may approve or disapprove a subscription for Units in whole or in
part. If the subscription (or part) is not approved, the Manager will so advise the subscriber, and will
forthwith return to the subscriber the amount (or a portion thereof) tendered by the subscriber in respect
of the rejected subscription without interest or deduction.
By executing a subscription form for Units in the form prescribed by the Manager, each subscriber is
making certain representations, and the Manager and the Fund are entitled to rely on such representations
to establish the availability of exemptions from the prospectus and registration requirements described
under NI 45-106 and NI 31-103. In addition, the subscriber is also acknowledging in the subscription
form that the investment portfolio and trading procedures of the Fund are proprietary in nature and agrees
- 23 -
that all information relating to such investment portfolio and trading procedures will be kept confidential
by such subscriber and will not be disclosed to third parties (excluding the subscriber’s professional
advisors) without the prior written consent of the Manager.
Registered Plans
Provided the Fund qualifies at all relevant times as a “mutual fund trust” for the purposes of the Tax Act,
Units will be “qualified investments” under the Tax Act for Tax Deferred Plans. A fee of up to $125 may
be charged for each transfer or deregistration of Units held directly with the Manager in a Tax Deferred
Plan.
Notwithstanding that Units will be qualified investments for a registered retirement savings plan
(“RRSP”), a registered retirement income fund (“RRIF”) or a tax-free savings account (“TFSA”), the
annuitant of an RRSP or RRIF or the holder of a TFSA, as the case may be, will be subject to penalty
taxes in respect of the Units if such properties are a “prohibited investment” (as defined in the Tax Act)
for the RRSP, the RRIF or the TFSA, as applicable. The Units will not be a “prohibited investment”
provided that the holder or annuitant, as the case may be: (i) deals at arm’s length with the Fund, and (ii)
does not have a “significant interest” in the Fund (within the meaning of the Tax Act). Generally, a
holder or annuitant, as the case may be, will not have a significant interest in the Fund unless the holder or
annuitant, as the case may be, owns interests as a beneficiary under the Fund that have a fair market value
of 10% or more of the fair market value of the interests of all beneficiaries under the Fund, either alone or
together with persons and partnerships with whom the holder or annuitant, as the case may be, does not
deal at arm’s length. In addition, the Units will generally not be a “prohibited investment” if the Units are
“excluded property” as defined in the Tax Act for TFSAs, RRSPs, or RRIFs. See “Canadian Federal
Income Tax Considerations – Eligibility for Investment”.
Rescission of Purchase
Pursuant to Ontario securities legislation, where the amount of a purchase does not exceed the sum of
$50,000, purchasers of mutual funds may rescind their purchase by written notice given to the registered
dealer from whom the purchase was made within 48 hours after receipt of the sale confirmation.
Purchasers of mutual funds under an automatic investment plan may have longer to cancel an order.
Purchasers must exercise these rights within the prescribed time limits under applicable securities
legislation. Purchasers should refer to provisions contained under applicable securities legislation in the
Offering Jurisdiction where the purchaser is a resident to determine whether they have similar rescission
rights or they should consult with their legal advisor for more details.
ADDITIONAL SUBSCRIPTIONS
Following the required initial minimum investment in the Fund, Unitholders resident in the Offering
Jurisdictions may make additional investments in the Fund of not less than $5,000 provided that, at the
time of the subscription for additional Units, the Unitholder is an “accredited investor” as defined under
applicable securities legislation. Unitholders who are not “accredited investors” nor individuals, but
previously invested in, and continue to hold, Units having an aggregate initial acquisition cost or current
Net Asset Value equal to $150,000, will also be permitted to make subsequent investments in the Fund of
not less than $5,000. Subject to applicable securities legislation, the Manager, in its sole discretion, may
from time to time permit additional investments in Units of lesser amounts. Unitholders subscribing for
additional Units should complete the subscription form prescribed from time to time by the Manager.
- 24 -
USE OF PROCEEDS
The net proceeds derived by the Fund from the sale of Units offered pursuant to this Offering
Memorandum will be used for investment purposes in accordance with the investment objective,
strategies and restrictions of the Fund as described earlier in this Offering Memorandum. See “Investment
Objective and Strategy of the Fund” and “Investment Restrictions of the Fund”.
REDEMPTION OF UNITS
An investment in Units is intended to be a long-term investment. However, Units may be redeemed

(subject to an early redemption fee described below if not held for at least 12 months) at their Net Asset
Value per Unit for the applicable class (determined in accordance with the Trust Agreement) on any
Valuation Date, provided the written request for redemption (a “Redemption Notice”), in form
satisfactory to the Manager and all necessary documents relating thereto, is submitted to the Manager at
least 120 calendar days prior to such Valuation Date.
A Redemption Notice shall be irrevocable (except as otherwise provided in the Trust Agreement) and
shall contain a clear request by the Unitholder that a specified number of Units be redeemed or stipulate
the dollar amount which the Unitholder requires to be paid. A Unitholder’s signature on a Redemption
Notice shall be guaranteed by a Canadian chartered bank, a trust company or a registered broker or
securities dealer acceptable to the Manager.
A Redemption Notice must be received by the Manager prior to 4:00 p.m. (Toronto time) on a business
day which is at least 120 calendar days prior to a Valuation Date. If a Redemption Notice deemed
acceptable by the Manager is received by the Manager at such time, Units will be redeemed at the Net
Asset Value per Unit for the applicable class determined on the first Valuation Date which is at least 120
calendar days following receipt of the Redemption Notice. Payment of the Redemption Amount will be
paid to the redeeming Unitholder as soon as is practicable and in any event within 30 days following the
Valuation Date (or 60 days if such Valuation Date is the Fund’s fiscal year end) for which such
redemption is effective.
On direction from the Manager, the record-keeper of the Fund shall hold back up to 20% of the
Redemption Amount on any redemption to provide for an orderly disposition of assets. Any Redemption
Amount which is held back shall be paid within a reasonable time period, having regard for applicable
circumstances.
If during any three-month period, the Manager has received from one or more Unitholders an acceptable
Redemption Notice to redeem in aggregate 5% or more of the outstanding Units, the Manager may, in its
discretion, choose to redeem such Units in equal Unit amounts over a period of up to 18 months
beginning on the first Valuation Date which is at least 120 calendar days following receipt of such
Redemption Notice, or in one aggregated payment at any time during the period of 18 months beginning
on the first Valuation Date which is at least 120 calendar days following receipt of such Redemption
Notice. Each such redemption shall be made on a Valuation Date. The Redemption Amount payable to
Unitholders will be adjusted by changes in the Net Asset Value of the Fund during this period and
calculated on each Valuation Date in respect of the payment to be made on such date.
Notwithstanding and without limiting any of the provisions hereof, the Manager, in its sole discretion,
may require the redemption of all or any part of the Units held by a Unitholder at any time.
The Manager may also from time to time fix a minimum investment amount for Unitholders and
thereafter give notice to any Unitholder whose Units have an aggregate Net Asset Value of less than such
threshold amount that all such Units will be redeemed on the next Valuation Date following the 30th day
after the date of the notice. A Unitholder may prevent such redemption by subscribing for and purchasing
- 25 -
within the 30-day notice period a sufficient number of additional Units to increase the Net Asset Value of
the total number of Units owned to an amount equal to or greater than such threshold amount. As at the
date hereof, the Manager has not fixed a minimum threshold amount. The Manager may, in its sole
discretion, waive this redemption requirement.
Each Unitholder who has delivered a Redemption Notice or whose Units are required to be redeemed,
shall be paid a Redemption Amount equal to the Net Asset Value per Unit for the applicable class on the
applicable Valuation Date, multiplied by the number of Units to be redeemed, and concurrently shall pay
to such Unitholder the proportionate share attributable to such Units of any distribution of Net Income
and Net Realized Capital Gains of the Fund which has been declared and not paid prior to the applicable
Valuation Date.
The record-keeper of the Fund shall, upon any redemption of Units, deduct from the Redemption Amount
an amount equal to any accrued and applicable fees and taxes payable by the Unitholder in connection
with such redemption.
The Manager may suspend the right of Unitholders to require the Fund to redeem Units held by them and
the concurrent payment for Units tendered for redemption: (i) during the whole or any part of any period
when normal trading is suspended on any stock exchange, options exchange or futures exchange within or
outside Canada on which securities or derivatives owned by the Fund (or any successor thereto) are traded
which, in the aggregate, represent directly or indirectly more than 50% by value or underlying market
exposure of the total assets of the Fund without allowance for liabilities; or (ii) for any period not
exceeding 120 days during which the Manager determines that conditions exist which render impractical
the sale of assets of the Fund or which impair the ability of the Fund to determine the value of the assets
of the Fund.
A suspension may apply to all Redemption Notices received prior to the suspension, but as for which
payment has not been made, as well as to all Redemption Notices received while the suspension is in
effect. In such circumstances, all Unitholders shall have, and shall be advised that they have, the right to
withdraw their Redemption Notice or receive payment based on the Net Asset Value of the particular
class of Units determined on the first Valuation Date following the date on which the suspension is
terminated. During any period during which redemptions are suspended the Manager will not accept any
subscriptions for the purchase of Units.
A suspension will terminate in any event on the first day on which the condition giving rise to the
suspension has ceased to exist, provided that no other condition under which a suspension is authorized
then exists. Subject to applicable laws, any declaration of suspension made by the Manager shall be
conclusive.
The Manager may, in its sole discretion, impose an early redemption fee equal to 2% of the aggregate Net
Asset Value of Units redeemed if such Units are redeemed within 12 months of their date of purchase.
This early redemption fee will be deducted from the Redemption Amount otherwise payable to a
Unitholder and will be paid to the Fund. No early redemption fee will be charged in respect of the
redemption of Units which were acquired by a Unitholder through the automatic reinvestment of all
distributions of net income or capital gains by the Fund or where the Manager requires a Unitholder to
redeem some or all of the Units owned by such Unitholder. This early redemption fee is in addition to any
RESALE RESTRICTIONS
- 26 -
As the Units offered by this Offering Memorandum are being distributed pursuant to exemptions from the
prospectus requirements under applicable securities legislation, the resale of these Units by subscribers is
subject to restrictions. Subscribers are advised to consult with their legal advisors concerning restrictions
on resale and are further advised against reselling their Units until they have determined that any such
resale is in compliance with the requirements of applicable securities legislation. There is no market for
these Units and no market is expected to develop, therefore, it may be difficult or even impossible for a
purchaser to sell their Units other than by way of a redemption of their Units on a Valuation Date.
No transfers of Units may be effected unless the Manager, in its sole discretion, approves the transfer and
the proposed transferee. Subject to applicable securities legislation a Unitholder shall be entitled, if
permitted by the Manager, to transfer all or, subject to any minimum investment requirements prescribed
by the Manager, any part of the Units registered in the Unitholder’s name at any time by giving written
notice to the Manager. The proposed transferee will be required to make representations and warranties to
the Fund and the Manager in form and substance satisfactory to the Manager. The Manager may prescribe
the minimum dollar value of Units which may be transferred but has not currently done so.
COMPUTATION OF NET ASSET VALUE OF THE FUND
The Net Asset Value of the Fund will be determined by the Manager, who may consult with the Trustee,
any investment manager, custodian, prime broker and/or the auditors of the Fund. The Net Asset Value
of the Fund will be determined for the purposes of subscriptions and redemptions as at 4:00 p.m. (Toronto
time) on each Valuation Date, and on December 31 of each year if that day is not otherwise a Valuation
Date for the purpose of the distribution of Net Income and Net Realized Capital Gains of the Fund to
Unitholders. The Net Asset Value of the Fund on any Valuation Date shall be equal to the aggregate fair
market value of the assets of the Fund as of such Valuation Date, less an amount equal to the total
liabilities of the Fund (excluding all liabilities represented by outstanding Units) as of such Valuation
Date. The Net Asset Value per Unit will be determined by dividing the Net Asset Value of the Fund on a
Valuation Date by the total number of Units then outstanding on such Valuation Date.
The Net Asset Value of the Fund on a Valuation Date shall be determined in accordance with the
following:
(a) The assets of the Fund shall be deemed to include the following property:
(i) all cash on hand or on deposit, including any interest accrued thereon
adjusted for accruals deriving from trades executed but not yet settled;
(ii) all bills, notes and accounts receivable, including loans comprising the
Portfolio;
(iii) all bonds, debentures, shares, subscription rights and other securities
owned by or contracted for the Fund including, without limitation, any
units;
(iv) all shares, rights and cash dividends and cash distributions to be received
by the Fund and not yet received by it when the Net Asset Value of the
Fund is being determined so long as, in the case of cash dividends and cash
distributions to be received by the Fund and not yet received by it when the
Net Asset Value of the Fund is being determined, the shares are trading ex-
dividend;
- 27 -
(v) all interest accrued on any interest-bearing securities owned by the Fund
other than interest, the payment of which is in default; and
(vi) prepaid expenses.
(b) The market value of the assets of the Fund shall be determined as follows:
(i) the value of any cash on hand or on deposit, bills, demand notes, loans
receivable (including loans and ABL investments comprising the
Portfolio), accounts receivable, prepaid expenses, cash dividends received
(or to be received and declared to securityholders of record on a date
before the date as of which the Net Asset Value of the Fund is being
determined), and interest accrued and not yet received, shall be deemed to
be the full amount thereof unless the Manager shall have determined that
any such deposit, bill, demand note, account receivable, prepaid expense,
cash dividend received or interest is not worth the full amount thereof, in
which event the value thereof shall be deemed to be such value as the
Manager shall determine to be the reasonable value thereof;
(ii) the value of any bonds, debentures, and other debt obligations shall be
valued by taking the average of the bid and ask prices on a Valuation Date
at such times as the Manager, in its discretion, deems appropriate. Short-
term investments including notes and money market instruments shall be
valued at cost plus accrued interest;
(iii) the value of any security which is listed or dealt in upon a stock exchange
shall be determined by (1) in the case of a security which was traded on the
day as of which the Net Asset Value of the Fund is being determined, the
closing sale price; (2) in the case of a security which was not traded on the
day as of which the Net Asset Value of the Fund is being determined, a
price which is the average of the closing recorded bid and ask prices; or (3)
if no bid or ask quotation is available, the price last determined for such
security for the purpose of calculating the Net Asset Value of the Fund.
The value of inter-listed securities shall be computed in accordance with
directions laid down from time to time by the Manager; provided, however,
that if, in the opinion of the Manager, stock exchange or over-the-counter
quotations do not properly reflect the prices which would be received by
the Fund upon the disposal of securities necessary to effect any
redemptions of Units, the Manager may place such value upon such
securities as appears to the Manager to most closely reflect the fair value of
such securities;
(iv) the value of any security, the resale of which is restricted or limited by
reason of a representation, undertaking, or agreement by the Fund shall be
restricted to the lesser of (1) the value based on reported quotations of that
restricted security in common use; and (2) that percentage of the market
value of securities of the same class or series of a class of which the
restricted security forms part that are not restricted securities, equal to the
percentage that the Fund’s acquisition cost was of the market value of the
securities at the time of acquisition, but taking into account, if appropriate,
- 28 -
the amount of time remaining until the restricted securities will cease to be
restricted securities;
(v) a long position in an option or a debt-like security shall be valued at the

current market value of the position;
(vi) for options written by the Fund (1) the premium received by the Fund for
those options shall be reflected as a deferred credit and the option shall be
valued at an amount equal to the current market value of the option that
would have the effect of closing the position; (2) any difference resulting
from revaluation shall be treated as an unrealized gain or loss on
investment; (3) the deferred credit shall be deducted in calculating the Net
Asset Value of the Fund; and (4) any securities that are the subject of a
written option shall be valued at their current market value;
(vii) the value of a forward contract or swap shall be the gain or loss on the
contract that would be realized if, on the date that valuation is made, the
position in the forward contract or swap were to be closed out;
(viii) the value of any security or other property for which no price quotations
are available or, in the opinion of the Manager, to which the above
valuation principles cannot or should not be applied, shall be the fair value
thereof determined from time to time in such manner as the Manager shall
from time to time provide; and
(ix) the value of all assets and liabilities of the Fund valued in terms of a
currency other than the currency used to calculate the Net Asset Value of
the Fund shall be converted to the currency used to calculate the Net Asset
Value of the Fund by applying the rate of exchange obtained from the best
available sources to the Manager including, but not limited to, the Trustee
or any of its affiliates.
(c) The liabilities of the Fund shall be calculated on an accrued basis and shall be deemed to
include the following:
(i) all bills, notes and accounts payable;
(ii) all fees (including management fees and performance fees, if any) and
administrative and operating expenses payable and/or accrued by the Fund;
(iii) all contractual obligations for the payment of money or property, including
distributions of Net Income and Net Realized Capital Gains, if any,
declared, accrued or credited to the Unitholders but not yet paid on the day
before the day as of which the Net Asset Value of the Fund is being
determined;
(iv) all allowances authorized or approved by the Manager or the Trustee for
taxes or contingencies; and
(v) all other liabilities of the Fund of whatever kind and nature, except
liabilities represented by outstanding Units.
- 29 -
(d) Portfolio transactions (investment purchases and sales) will be reflected in the first
computation of the Net Asset Value of the Fund made after the date on which the
transaction becomes binding.
(e) The Net Asset Value of the Fund and Net Asset Value per Unit on the first business day
following a Valuation Date shall be deemed to be equal to the Net Asset Value of the
Fund (or per Unit, as the case may be) on such Valuation Date after payment of all fees,
including administrative fees, management fees and performance fees, if any, and after
processing of all subscriptions and redemptions of Units in respect of such Valuation
Date.
(f) The Net Asset Value of the Fund and the Net Asset Value per Unit established by the
Manager in accordance with the provisions of this section shall be conclusive and binding
on all Unitholders.
(g) The Manager may determine such other rules as it deems necessary from time to time,
which rules may deviate from International Financial Reporting Standards (“IFRS”).
The Net Asset Value of the Fund (or per Unit, as the case may be) calculated in this manner will be used
for the purpose of calculating the Manager’s and other service providers’ fees and will be published net of
all paid and payable fees. Such Net Asset Value of the Fund (or per Unit, as the case may be) will be
used to determine the subscription price and redemption value of Units. To the extent that such
calculations are not in accordance with IFRS, the financial statements of the Fund will include a
reconciliation note explaining any difference between such published Net Asset Value of the Fund and
Net Asset Value per Unit for financial statement reporting purposes (which must be calculated in
accordance with IFRS).
The Net Asset Value for a particular class of Units (“Class Net Asset Value”) as at 4:00 p.m. (Toronto
time) on a Valuation Date shall be determined for the purposes of subscriptions and redemptions in
accordance with the following calculation:
(a) the Class Net Asset Value last calculated for that class of Units; plus
(b) the increase in the assets attributable to that class as a result of the issue of Units of that
class or the redesignation of Units into that class since the last calculation; minus
(c) the decrease in the assets attributable to that class as a result of the redemption of Units of
that class or the redesignation of Units out of that class since the last calculation; plus or
minus
(d) the proportionate share of the Net Change in Non-Portfolio Assets (as defined below)
attributable to that class since the last calculation; plus or minus
(e) the proportionate share of the impact of portfolio transactions and the adjustments to the
assets as a result of a stock dividend, stock split or other corporate action recorded on that
Valuation Date attributable to that class since the last calculation; plus or minus
(f) the proportionate share of market appreciation or depreciation of the portfolio assets
attributable to that class since the last calculation; minus
- 30 -
(g) the proportionate share of the Fund expenses (other than class specific expenses)
(“Common Expenses”) allocated to that class since the last calculation; minus
(h) any expenses specific to that class since the last calculation.
“Net Change in Non-Portfolio Assets” on a Valuation Date means
(a) the aggregate of all income accrued by the Fund as of that Valuation Date, including cash
dividends and distributions, interest and compensation; minus
(b) the Common Expenses to be accrued by the Fund as of that Valuation Date which have
not otherwise been accrued in the calculation of the Net Asset Value of the Fund as of
that Valuation Date; plus or minus
(c) any change in the value of any non-portfolio assets or liabilities stated in any foreign
currency accrued on that Valuation Date including, without limitation, cash, accrued
dividends or interest and any receivables or payables; plus or minus
(d) any other item accrued on that Valuation Date determined by the Manager to be relevant
in determining the Net Change in Non-Portfolio Assets.
A Unit of a class of the Fund being issued or a Unit that has been redesignated as a part of that class shall
be deemed to become outstanding as of the next calculation of the applicable Class Net Asset Value
immediately following the Valuation Date at which the applicable Class Net Asset Value per Unit that is
the issue price or redesignation basis of such Unit is determined and the issue price received or receivable
for the issuance of the Unit shall then be deemed to be an asset of the Fund attributable to the applicable
class.
A Unit of a class of the Fund being redeemed or a Unit that has been redesignated as no longer being a
part of that class shall be deemed to remain outstanding as part of that class until immediately following
the Valuation Date at which the applicable Class Net Asset Value per Unit that is the redemption price or
redesignation basis of such Unit is determined; thereafter, the redemption price of the Unit being
redeemed, until paid, shall be deemed to be a liability of the Fund attributable to the applicable class and
the Unit which has been redesignated will be deemed to be outstanding as a part of the class into which it
has been redesignated.
On any Valuation Date that a distribution is paid to Unitholders of a class of Units, a second Class Net
Asset Value shall be calculated for that class, which shall be equal to the first Class Net Asset Value
calculated on that Valuation Date minus the amount of the distribution. For greater certainty, the second
Class Net Asset Value shall be used for determining the Class Net Asset Value per Unit on such
Valuation Date for purposes of determining the issue price and redemption price for Units on such
Valuation Date, as well as the redesignation basis for Units being redesignated into or out of such class,
and Units redeemed or redesignated out of that class as at such Valuation Date shall participate in such
distribution while Units subscribed for or redesignated into such class as at such Valuation Date shall not.
The Class Net Asset Value per Unit for a particular class of Units as at any Valuation Date is the quotient
obtained by dividing the applicable Class Net Asset Value as at such Valuation Date by the total number
of Units of that class outstanding at such Valuation Date. This calculation shall be made without taking
into account any issuance, redesignation or redemption of Units of that class to be processed by the Fund
immediately after the time of such calculation on that Valuation Date. The Class Net Asset Value per
Unit for each class for the purpose of the issue of Units or the redemption of Units shall be calculated on
- 31 -
each Valuation Date by or under the authority of the Manager as at such time on every Valuation Date as
shall be fixed from time to time by the Manager and the Class Net Asset Value per Unit so determined for
each class shall remain in effect until the time as of which the Class Net Asset Value per Unit for that
class is next determined.
Units will be offered at a price equal to the Net Asset Value per Unit for the applicable class on each
Valuation Date (determined in accordance with the Trust Agreement). The Net Asset Value per Unit of
any one class of Units need not be equal to the Net Asset Value per Unit of any other class.
The Manager shall be entitled to delegate any of its powers and obligations to a valuation service
provider, including, but not limited to, the Trustee or any of its affiliates, by entering into a valuation
services agreement relating to the calculation of the Net Asset Value of the Fund and the Class Net Asset
Value for each class of Units on each Valuation Date. As of the date hereof, the Manager has retained
CIBC Mellon Trust Company pursuant to a valuation services agreement to, among other things, provide
valuation and financial reporting services to the Fund and to calculate the Net Asset Value of the Fund
and the Class Net Asset Value for each class of Units on each Valuation Date. See “Record-keeper and
Fund Reporting”. For greater certainty, the calculation of the Net Asset Value of the Fund and the Class
Net Asset Value for each class of Units on each Valuation Date pursuant to this section is for the purposes
of determining subscription prices and redemption values of Units and not for the purposes of accounting
in accordance with IFRS.
See the Trust Agreement for a full and complete description of the determination of the Net Asset Value
of the Fund and the Class Net Asset Value for each class of Units on each Valuation Date.
DISTRIBUTIONS
Unitholders of Class A1, Class D, Class E, Class F1, Class FD and Class I Units will be entitled to
receive a monthly distribution equal to 100% of the Net Income of the Fund attributable to such classes,
as applicable, from the preceding month. Monthly distributions to Unitholders of Class A1, Class E, Class
F1 and Class I Units will be automatically reinvested in additional Units of the Class at the Net Asset
Value of such Class of Units on the date of distribution, unless a Unitholder elects, by written notice to
the Manager, to receive such distributions in cash. Monthly distributions to Unitholders of Class D and
Class FD Units will be made in cash.
The Fund reserves the right to adjust the distribution amount for Class A1, Class D, Class E, Class F1,
Class FD and Class I Units if deemed appropriate. Additional distributions of income, if any, and
distributions of realized capital gains if any, will be made annually in December.
The Fund will distribute in each year such portion of its annual Net Income and Net Realized Capital
Gains (as such term is defined in the Trust Agreement) as will result in the Fund paying no tax under the
Tax Act. The Net Income and Net Realized Capital Gains of the Fund for the period since the
immediately preceding date on which Net Income and Net Realized Capital Gains were calculated will be
calculated as of the close of business on the last Valuation Date in each fiscal year and as of such other
dates during the year as the Manager in its discretion may decide. Allocations and distributions of capital
gains will generally be made by reference to the number of Units held as of the close of business on the
last Valuation Date in each fiscal year (or such other distribution date as may be determined by the
Manager); however, the Manager may make allocations in a manner to fairly reflect, as best as possible,
subscriptions and redemptions made during the year.
Any distributions to Unitholders shall be accompanied by a statement advising the Unitholders of the
source of the funds so distributed so that distributions of ordinary income, dividends, return of capital and
- 32 -
capital gains will be clearly distinguished, or, if the source of funds so distributed has not been
determined, the communication shall so state, in which event the statement of the source of funds shall be
forwarded to Unitholders promptly after the close of the fiscal year in which the distribution was made.
The Manager on behalf of the Fund may cause to be paid such additional distributions of monies or
properties of the Fund and make such designations, determinations and allocations for tax purposes of
amounts or portions of amounts which the Fund has received, paid, declared payable or allocated to
Unitholders and of expenses incurred by the Fund and of tax deductions of which the Fund may be
entitled as the Manager may, in its sole discretion, determine. The Manager, in its sole discretion, may
allocate and, where applicable, designate to a Unitholder who has redeemed Units during a year an
amount equal to any Net Realized Capital Gains realized by the Fund for the year as a result of the
disposition of any of the Fund Property to satisfy the Redemption Notice given by such Unitholder or
such other amount that is determined by the Manager to be reasonable.
UNITHOLDER MEETINGS
Meetings of Unitholders will be held by the Manager or the Trustee at such time and on such day as the
Manager or the Trustee may from time to time determine for the purpose of considering the matters
required to be placed before such meetings and for the transaction of such other matters as the Manager or
the Trustee determines. Unitholders holding not less than 50% of the outstanding Units may requisition a
meeting of Unitholders by giving a written notice to the Manager or the Trustee setting out in detail the
reason(s) for calling and holding such a meeting.
Notice of the time and place of each meeting of Unitholders will be given not less than 21 days before the
day on which the meeting is to be held to each Unitholder of record at the close of business on the day on
which the notice is given. Notice of a meeting of Unitholders will state the general nature of the matters
to be considered by the meeting. A meeting of Unitholders may be held at any time and place without
notice if all the Unitholders entitled to vote thereat are present in person or represented by proxy or, if
those not present or represented by proxy waive notice of, or otherwise consent to, such meeting being
held.
A quorum for the transaction of business at any meeting of Unitholders shall be at least two Unitholders
holding not less than 5% of the outstanding Units on such date present in person or represented by proxy
and entitled to vote thereat. If a quorum is not present at a meeting within 30 minutes after the time fixed
for the meeting, the meeting shall be adjourned to a date fixed by the chairman of the meeting not later
than 14 days thereafter at which adjourned meeting the Unitholders present in person or represented by
proxy shall constitute a quorum. The chairman at a meeting of Unitholders may, with the consent of the
meeting and subject to such conditions as the meeting may decide, adjourn the meeting from time to time
and from place to place.
At any meeting of Unitholders every person shall be entitled to vote who, as at the end of the business day
immediately preceding the date of the meeting, is entered in the register of Unitholders, unless in the
notice of meeting and accompanying materials sent to Unitholders in respect of the meeting a record date
is established for persons entitled to vote thereat.
At any meeting of Unitholders a proxy duly and sufficiently appointed by a Unitholder shall be entitled to
exercise, subject to any restrictions expressed in the instrument appointing him, the same voting rights
that the Unitholder appointing him would be entitled to exercise if present at the meeting. A proxy need
not be a Unitholder. An instrument appointing a proxy shall be in writing and shall be acted on only if,
- 33 -
prior to the time of voting, it is deposited with the chairman of the meeting or as may be directed in the
notice calling the meeting.
At any meeting of Unitholders every question shall, unless otherwise required by the Trust Agreement or
applicable laws, be determined by the majority of the votes duly cast on the question. Subject to the
provisions of the Trust Agreement or applicable laws, any question at a meeting of Unitholders shall be
decided by a show of hands unless a poll thereon is required or demanded. Upon a show of hands every
person who is present and entitled to vote shall have one vote. If demanded by any Unitholder at a
meeting of Unitholders or required by applicable laws, any question at such meeting shall be decided by a
poll. Upon a poll each person present shall be entitled, in respect of the Units which he is entitled to vote
at the meeting upon the question, to one vote for each whole Unit held and the result of the poll so taken
shall be the decision of the Unitholders upon the said question.
Any resolution consented to in writing by Unitholders holding 66 ⅔% of the Units then outstanding is as
valid as if it had been passed at a meeting of Unitholders.
AMENDMENTS TO THE TRUST AGREEMENT
Any provision of the Trust Agreement may be amended, deleted, expanded or varied by the Manager,
with the approval of the Trustee, upon notice to Unitholders, if the amendment, in the opinion of counsel
for either the Trustee or the Manager, does not constitute a material change and does not relate to any of
the matters specified below. Notwithstanding the foregoing, no amendment shall be made which
adversely affects the pecuniary value of the interest of any Unitholder or restricts any protection provided
to the Trustee or increases the responsibilities of the Trustee under the Trust Agreement.
Any provision of the Trust Agreement may be amended, deleted, expanded or varied with the consent of
the Unitholders, for any of the following purposes:
(a) the basis of the calculation of a fee or expense that is charged to the Fund is changed in a
way that could result in an increase in charges to the Fund;
(b) the Manager is changed, unless the new manager is an affiliate of the current manager or
the new manager occurs primarily as a result of restructuring corporations, limited
partnerships or other entities under similar control and ownership and which results in no
material change to the day-today management, administration or operation of the Fund;
(c) the Fund undertakes a reorganization with, or transfers its assets to, another investment
fund, if (i) the Fund ceases to continue after the reorganization or transfer of assets, and
(ii) the transaction results in the Unitholders becoming unitholders in the other
investment fund; or
(d) the Fund undertakes a reorganization with, or acquires assets from, another investment
fund, if (i) the Fund continues after the reorganization or acquisition of assets, (ii) the
transaction results in the unitholders of the other investment fund becoming Unitholders
in the Fund, and (iii) the transaction would be a material change to the Fund.
Notice of any amendment to the Trust Agreement shall be given in writing to Unitholders and any such
amendment shall take effect on a date to be specified therein, which date shall be not less than 60 days
after notice of the amendment is given to Unitholders, except that the Manager and the Trustee may agree
that any amendment shall become effective at an earlier time if that seems desirable and the amendment is
not detrimental to the interest of any Unitholder. See “Unitholder Meetings”.
- 34 -
TERMINATION OF THE FUND
The Fund does not have a fixed termination date. The Fund may be terminated and dissolved in the event
of any of the following: (i) there are no outstanding Units; (ii) the Trustee or the Manager resigns and no
successor is appointed within the time limits prescribed in the Trust Agreement; (iii) the Manager is, in
the opinion of the Trustee, in material default of its obligations under the Trust Agreement and such
default continues for 180 days from the date that the Manager receives notice of such material default
from the Trustee; (iv) the Manager has been declared bankrupt or insolvent or has entered into liquidation
or winding-up, whether compulsory or voluntary (and not merely a voluntary liquidation for the purposes
of amalgamation or reconstruction); (v) the Manager makes a general assignment for the benefit of its
creditors or otherwise acknowledges its insolvency; or (vi) the assets of the Manager have become subject
to seizure or confiscation by any public or governmental authority.
Prior to the Termination of the Fund, the Manager will satisfy or make appropriate provision for all
liabilities of the Fund.
The Manager may at any time terminate and dissolve the Fund by giving to the Trustee and each
Unitholder written notice of its intention to terminate at least 90 days before the date on which the Fund is
to be terminated.
In the event of the winding-up of the Fund, the rights of Unitholders to require redemption of any or all of
their Units shall be suspended, the Manager shall make appropriate arrangements for converting the
investments of the Fund into cash and the Trustee shall proceed to wind-up the affairs of the Fund in such
manner as seems to it to be appropriate. The assets of the Fund remaining after paying or providing for all
obligations and liabilities of the Fund shall be distributed among the Unitholders registered as at the close
of business on the termination date in accordance with the Trust Agreement. Distributions of Net Income
and Net Realized Capital Gains shall, to the extent not inconsistent with the orderly realization of the
assets of the Fund, continue to be made in accordance with the Trust Agreement until the Fund has been
wound up.
Notwithstanding the foregoing, if authorized by the holders of more than 50% of the outstanding Units,
the assets of the Fund may be, in the event of the winding-up of the Fund, distributed to the Unitholders
on the termination of the Fund in specie in whole or in part, and the Trustee shall have complete
discretion to determine the assets to be distributed to any Unitholder and their values for distribution
purposes.
CANADIAN FEDERAL INCOME TAX CONSIDERATIONS
The following is a general summary of the principal Canadian federal income tax considerations with
respect to the tax status of the Fund and to Unitholders who are individuals (other than a trust) and who,
for the purposes of the Tax Act, are resident in Canada, deal at arm’s length, and are not affiliated, with
the Fund and hold their Units as capital property. Units will generally be considered capital property to a
Unitholder unless the Unitholder holds the Units in the course of carrying on a business of trading or
dealing in securities or has acquired the Units in a transaction or transactions considered to be an
adventure in the nature of trade. A Unit is not a “Canadian security” for the purposes of the election
under subsection 39(4) of the Tax Act. Accordingly, Unitholders would not be able to make the election
under subsection 39(4) of the Tax Act to have their Units treated as capital property.
This summary is based on the current provisions of the Tax Act and the Income Tax Regulations, all
specific proposals to amend the Tax Act and the Income Tax Regulations publicly announced by the
- 35 -
Minister of Finance (Canada) prior to the date hereof (the “Tax Proposals”) and Baker & McKenzie
LLP’s understanding of the current administrative and assessing policies of the Canada Revenue Agency
(“CRA”). There can be no assurance that the Tax Proposals will be implemented in their current form or
at all, nor can there be any assurance that CRA will not change its administrative or assessing practices.
This summary further assumes that the Fund will comply with the Trust Agreement and certificates issued
to counsel regarding certain factual matters. Except for the Tax Proposals, this summary does not
otherwise take into account or anticipate any change in the law, whether by legislative, governmental or
judicial decision or action, which may affect adversely any income tax consequences described herein,
and does not take into account provincial, territorial or foreign tax considerations, which may differ
significantly from those described herein.
This summary is not applicable to a Unitholder that is a “financial institution” (as defined in the Tax Act
for purposes of the “mark-to-market” rules), that is a “specified financial institution” (as defined in the
Tax Act), to whom the functional currency reporting rules contained in section 261 of the Tax Act apply,
an interest in which is a “tax shelter investment” (as defined in the Tax Act) or that has entered into or
enters into, with respect to the Units, a “synthetic disposition arrangement” or a “derivative forward
agreement” as those terms are defined in the Tax Act. Any such Unitholder should consult its own tax
advisor with regard to its income tax consequences.
This summary assumes that the Fund will not be a “SIFT trust” (as defined in subsection 122.1 of the Tax
Act) at any relevant time based on the assumption that the Units will at no time be listed or traded on a
stock exchange or other “public market” (as defined in the Tax Act).
This summary is not exhaustive of all possible Canadian federal tax considerations applicable to an
investment in Units and is not intended to constitute legal or tax advice. The income and other tax
consequences will vary depending on a taxpayer’s particular circumstances. Accordingly,
prospective purchasers should consult their own tax advisors about their individual circumstances.
Status of the Fund
The Fund will be liable for AMT for a taxation year if the Fund’s tax payable, as determined under
Division E of the Tax Act, is less than the Fund’s “individual minimum amount” (as defined in the Tax
Act) payable for the year. Generally, the “individual’s minimum amount” payable is based upon an
individual’s “adjusted taxable income” (as defined in the Tax Act) for a taxation year, which is calculated
by adding back certain deductions into income that are otherwise deductible under the Tax Act. Provided
the Fund does not rely on these deductions to reduce its income in a taxation year, the Fund should not be
liable for AMT in that taxation year if it distributes all of its net realized taxable capital gains to
Unitholders in that taxation year. The Fund may be liable for AMT in a taxation year where it uses capital
loss carryovers from other taxation years to offset capital gains in that taxation year.
The Fund will be subject to the mark-to-market rules if at any time in a taxation year, more than 50% of
the fair market value of all interests in the Fund are held by one or more “financial institutions” (as
defined in the Tax Act). The Trust Agreement restricts the percentage of Units that can be owned by
financial institutions and requires the Manager to monitor the ownership of Units to ensure this threshold
is not met.
The Fund will be liable for tax under Part XII.2 in a taxation year on its “designated income” (as defined
in the Tax Act) if it has a “designated beneficiary” (as defined in the Tax Act) in that year. A “designated
beneficiary” generally includes a non-resident person and a person exempt from tax under Part I of the
Tax Act that has acquired an interest in the Fund, directly or indirectly, from a beneficiary of the Fund.
“Designated income” is generally taxable capital gains from dispositions of “taxable Canadian property”
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(as defined in the Tax Act) and income from real properties in Canada, timber resource property (as
defined in the Tax Act), Canadian resource properties (as defined in the Tax Act) and businesses carried
on in Canada. The Trust Agreement prohibits a non-resident of Canada from acquiring Units and
prohibits a transfer of Units to a person exempt from tax under Part I of the Tax Act. Accordingly, based
on the restrictions in the Trust Agreement, the Fund should not be liable for tax under Part XII.2 of the
Tax Act.
Qualification as a Mutual Fund Trust
This summary is based on the assumption that the Fund will qualify at all times as a “mutual fund trust”
within the meaning of the Tax Act. One of the conditions to qualify as a mutual fund trust for purposes of
the Tax Act is that the Fund was not established or is not maintained primarily for the benefit of non-
residents and that not more than 50% (based on fair market value) of the Units will be held by non-
residents of Canada, non-Canadian partnerships, or any combination thereof. The Fund has adopted
mechanisms to ensure that the latter requirement with respect to restrictions on holdings by non-residents
will be met.
If the Fund were not to qualify as a mutual fund trust at all times, the income tax considerations
described below and under “Eligibility for Investment” would, in some respects, be materially and
adversely different.
Taxation of the Fund
In each year, income of the Fund, including the taxable portion of capital gains, if any, that is not paid or
made payable to Unitholders in that year will be taxed in the Fund under Part I of the Tax Act. Provided
the Fund distributes all of its net taxable income and net taxable capital gains to the Unitholders on an
annual basis, it will not be liable for any income tax under Part I of the Tax Act (subject to the discussion
above regarding AMT). The Trust Agreement requires that sufficient amounts be paid or made payable
each year so that the Fund will not be liable for any income tax under Part I of the Tax Act. Income of the
Fund which is derived from foreign sources may be subject to foreign taxes which may, within certain
limits, be either deducted from taxable income in the Fund or allocated to Unitholders to potentially offset
taxes payable on foreign source income.
The Fund is entitled to deduct in computing income reasonable administrative and other operating
expenses (other than expenses on account of capital) incurred by it for the purposes of earning its income.
Losses incurred by the Fund in a taxation year cannot be allocated to Unitholders, but may be deducted by
the Fund in future years in accordance with the Tax Act. As discussed under the sub-heading “Status of
the Fund”, the Fund may be liable for AMT in a taxation year where it uses a capital loss carryover to
offset capital gains realized in that year.
Taxation of Unitholders
Unitholders will be required to include in their income for tax purposes for a particular year the amount of
net income and net taxable capital gains, if any, paid or payable to them. Certain provisions of the Tax
Act permit the Fund to make designations that have the effect of flowing through to the Unitholders the
income and taxable capital gains realized by the Fund. To the extent that appropriate designations are
made by the Fund, taxable dividends on shares of taxable Canadian corporations and net taxable capital
gains paid or payable to Unitholders will be taxable as if such income had been received by them directly.
Income of the Fund derived from foreign sources may be subject to foreign withholding taxes which, to
the extent permitted by the Tax Act, may be claimed as a deduction or credit by Unitholders. To the
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extent that amounts are designated as taxable dividends from taxable Canadian corporations, the normal
gross-up and dividend tax credit rules will apply including, for taxable dividends which are designated as
“eligible dividends”, the enhanced gross-up and dividend tax credit. To the extent that distributions to
Unitholders exceed the Net Income and Net Realized Capital Gains of the Fund for the year, such excess
distributions will be a return of capital and will not be taxable in the hands of the Unitholder but will
reduce the ACB to the Unitholder of such Unitholder’s Units, except to the extent such amount is the non-
taxable portion of a capital gain of the Fund the taxable portion of which was designated to the
Unitholder. To the extent that the ACB of a Unit would be less than zero, the negative amount will be
deemed to be a capital gain realized by the Unitholder from the disposition of the Unit and the
Unitholder’s ACB of the Units will be increased by the amount of such deemed capital gain. If any
transactions of the Fund are reported by it on capital account but are subsequently determined by the
Minister of National Revenue (Canada) to be on income account, there may be an increase in the Net
Income of the Fund for tax purposes and the taxable component of amounts distributed to Unitholders,
with the result that resident Unitholders could be reassessed by the Minister of National Revenue
(Canada) to increase their taxable income by the amount of such increase.
Upon the actual or deemed disposition of a Unit, including the redemption of a Unit by the Fund, a capital
gain (or a capital loss) will generally be realized to the extent that the proceeds of disposition of the Unit
exceed (or are exceeded by) the aggregate of the ACB of the Unit to the Unitholder and any costs of
disposition. Under the Tax Act, one-half of capital gains are included in an individual’s income and one-
half of capital losses are generally deductible only against taxable capital gains. Any unused allowable
capital losses may be carried back up to three years and forward indefinitely and deducted against net
taxable capital gains realized in any such other year to the extent and under the circumstances described
in the Tax Act.
Any front-end sales charges payable by Unitholders to registered dealers on the acquisition of Units are
not deductible by Unitholders but are added to the ACB of the Units purchased. The cost of Units must be
averaged with the ACB of all other Units held by the Unitholder at such time as capital property.
The reclassification of Units as Units of another class of the Fund should not be considered to be a
disposition for tax purposes and, accordingly, the Unitholder should not realize a gain or a loss as a result
of a reclassification. The Unitholder’s ACB of the Units received for the Units of another class will equal
the ACB of the former Units.
Unitholders will be advised each year of the amount of net income, net taxable capital gains and return of
capital paid or payable to them, the amount of net income considered to have been received as a taxable
dividend and the amount of any foreign taxes considered to have been paid by them. Individuals may be
liable for AMT in respect of dividends received from taxable Canadian corporations and realized net
taxable capital gains.
A Unitholder’s share of distributions paid by the Fund will be based on the number of Units held by the
Unitholder on the record date of the distribution regardless of how long the Unitholder has owned his, her
or its Units. Where a Unitholder buys Units, the Net Asset Value of the Units, and therefore the price
paid for the Unit, may reflect income and gains that have accrued in the Fund which have not yet been
realized or distributed. When such income and gains are distributed by the Fund, the Unitholder will be
required to include the Unitholder’s share of the distribution in the Unitholder’s income even though
some of the distribution the Unitholder received may reflect the purchase price paid by the Unitholder for
the Units. This effect could be particularly significant if the Unitholder purchases Units just before a
record date for distribution by the Fund.
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Eligibility for Investment
Provided the Fund qualifies at all relevant times as a “mutual fund trust” for the purposes of the Tax Act,
Units will be “qualified investments” under the Tax Act for Tax Deferred Plans. A fee of up to $125 may
be charged for each transfer or deregistration of Units held directly with the Manager in a Tax Deferred
Plan.
Notwithstanding that Units will be qualified investments for a registered retirement savings plan
(“RRSP”), a registered retirement income fund (“RRIF”) or a tax-free savings account (“TFSA”), the
annuitant of an RRSP or RRIF or the holder of a TFSA, as the case may be, will be subject to penalty
taxes in respect of the Units if such properties are a “prohibited investment” (as defined in the Tax Act)
for the RRSP, the RRIF or the TFSA, as applicable. The Units will not be a “prohibited investment”
provided that the holder or annuitant, as the case may be: (i) deals at arm’s length with the Fund, and (ii)
does not have a “significant interest” in the Fund (within the meaning of the Tax Act). Generally, a
holder or annuitant, as the case may be, will not have a significant interest in the Fund unless the holder or
annuitant, as the case may be, owns interests as a beneficiary under the Fund that have a fair market value
of 10% or more of the fair market value of the interests of all beneficiaries under the Fund, either alone or
together with persons and partnerships with whom the holder or annuitant, as the case may be, does not
deal at arm’s length. In addition, the Units will generally not be a “prohibited investment” if the Units are
“excluded property” as defined in the Tax Act for TFSAs, RRSPs, or RRIFs. See “Canadian Federal
Income Tax Considerations – Eligibility for Investment”.
RISK FACTORS
An investment in Units involves certain risks, including risks associated with the investment
objective and strategy of the Fund. The following risk factors do not purport to be a complete
explanation of all risks involved in purchasing Units. Prospective investors should read this entire
Offering Memorandum and consult with their legal and other professional advisors before
determining whether to invest in Units.
Risks Associated with an Investment in the Fund
AN INVESTMENT IN THE FUND IS NOT GUARANTEED AND IS NOT INTENDED AS A

COMPLETE INVESTMENT PROGRAM. A SUBSCRIPTION FOR UNITS SHOULD BE
CONSIDERED ONLY BY PERSONS FINANCIALLY ABLE TO MAINTAIN THEIR INVESTMENT
AND WHO CAN BEAR THE RISK OF LOSS ASSOCIATED WITH AN INVESTMENT IN THE
FUND. INVESTORS SHOULD REVIEW CLOSELY THE INVESTMENT OBJECTIVE, STRATEGY
AND RESTRICTIONS TO BE UTILIZED BY THE FUND AS OUTLINED HEREIN TO
FAMILIARIZE THEMSELVES WITH THE RISKS ASSOCIATED WITH AN INVESTMENT IN THE
FUND.
General Investment Risk
The Net Asset Value of the Fund will vary directly with the market value and return of the investment
portfolio of the Fund.
Limited Operating History
Although all persons involved in the management and administration of the Fund, including the service
providers to the Fund, have significant experience in their respective fields of specialization, the Fund has
a limited operating or performance history upon which prospective investors can evaluate the Fund’s
- 39 -
likely performance. Notwithstanding the foregoing, prospective investors may wish to consider the
Fund’s operating and performance history.
Class Risk
Each class of Units has its own fees and expenses which are tracked separately. If for any reason, the
Fund is unable to pay the expenses of one class of Units using that class’ proportionate share of the
Fund’s assets, the Fund will be required to pay those expenses out of the other classes’ proportionate
share of the Fund’s assets. This could effectively lower the investment returns of the other class or classes
of Units even though the value of the investments of the Fund might have increased.
Changes in Investment Strategy
The Manager may alter the Fund’s investment objective, strategies and restrictions without prior approval
by Unitholders to adapt to changing circumstances.
Limited Ability to Liquidate Investment
There is no formal market for the Units and one is not expected to develop. This offering of Units is not
qualified by way of prospectus and, consequently, the resale of Units is subject to restrictions under
applicable securities legislation. In addition, Unit transfers are subject to approval by the Manager.
Accordingly, it is possible that Unitholders may not be able to resell their Units other than by way of a
redemption of their Units on a Valuation Date, which redemption will be subject to the limitations
described under “Redemption of Units”. As noted below, Unitholders may not be able to liquidate their
investments in a timely manner.
Capital Depletion Risk
Certain classes of Units are designed to provide cash flow to investors. Where this cash flow exceeds the
Net Income and Net Realized Capital Gains attributable to that class of Units, it will include a return of
capital. A return of capital means a portion of the cash flow given back to a Unitholder is generally
money that was invested in a Fund as opposed to the returns generated by such investment. Such
distributions should not be confused with “yield” or “income”. Returns of capital that are not reinvested
will reduce the total net asset value of the particular class of Units. Additionally, returns of capital will
reduce the total assets of the Fund available for investment, which may reduce the ability of the Fund to
generate future income. No conclusions should be drawn about the Fund’s performance from the amount
of such distributions.
Redemptions
Redemptions are permitted only on a Valuation Date. There are circumstances in which the Fund may
suspend redemptions. See “Redemption of Units”. Accordingly, Units may not be an appropriate
investment for investors seeking liquidity. Substantial redemptions of Units could require the Fund to
liquidate positions more rapidly than otherwise desirable to raise the necessary cash to fund redemptions
and achieve a market position appropriately reflecting a smaller asset base. Such factors could adversely
affect the value of the Units redeemed and of the Units that remain outstanding. See “Risks Associated
with the Fund’s Underlying Investments – Liquidity of Underlying Investments”.
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Number of Units Redeemed May Vary
In the event the Manager receives from one or more Unitholders an acceptable Redemption Notice to
redeem in aggregate 10% or more of the outstanding Units, and elects, in its discretion, to redeem such
Units in equal Unit amounts over a period of up to 12 months beginning on the first Valuation Date which
is at least 120 calendar days following receipt of such Redemption Notice, the Redemption Amount
payable to such Unitholders during this period will be adjusted on each Valuation Date by changes in the
Net Asset Value of the Fund. Accordingly, the total Redemption Amount received by a redeeming
Unitholder during this period may be different than the total Redemption Amount payable calculated
based on the Net Asset Value of the Fund on the first Valuation Date at the beginning of such 12 month
period.
Unitholders not Entitled to Participate in Management
Unitholders are not entitled to participate in the management or control of the Fund or its operations.
Unitholders do not have any input into the Fund’s trading activities. The success or failure of the Fund
will ultimately depend on the indirect investment of the assets of the Fund by the Manager and Sub-
Advisor with whom the Unitholders will not have any direct dealings.
Reliance on the Manager
The Fund will be relying on the ability of the Manager to actively manage the assets of the Fund. There
can be no assurance that satisfactory replacements for the Manager will be available, if the Manager
ceases to act as such. Termination of the Manager will not terminate the Fund, but will expose investors
to the risks involved in whatever new investment management arrangements will be negotiated with a
replacement manager for the Fund.
Dependence of the Manager on Key Personnel
The Manager will depend, to a great extent, on the services of a limited number of individuals in the
administration of the Fund’s activities. The loss of one or more of such individuals for any reason could
impair the ability of the Manager to perform its investment management activities on behalf of the Fund.
Reliance on the Sub-Advisor
The Fund relies on the ability of the Sub-Advisor to actively manage the portfolio of asset-based loans
held directly by the Fund. The Sub-Advisor will make the actual trading decisions upon which the success
of the Fund will depend significantly. No assurance can be given that the trading approaches utilized by
the Sub-Advisor will prove successful. There can be no assurance that satisfactory replacements for the
Sub-Advisor will be available, if needed. Termination of the Sub-Advisory Agreement will not terminate
the Fund, but will expose investors to the risks involved in whatever new investment management
arrangements the Manager is able to negotiate for and on behalf of the Fund. In addition, the liquidation
of securities positions held by the Fund as a result of the termination of the Sub-Advisory Agreement may
cause substantial losses to the Fund.
Dependence of Sub-Advisor on Key Personnel
The Sub-Advisor depends, to a great extent, on the services of a limited number of individuals in the
administration of the Fund’s trading activities. The loss of such services for any reason could impair the
ability of the Sub-Advisor to perform its investment management activities on behalf of the Fund.
- 41 -
The Sub-Advisor and Manager Receive Management Fees and Performance Fees on the Net Asset Value
of the Fund, which includes Payment-in-Kind payments that may never be recovered.
The Sub-Advisor and Manager are entitled to the Management Fee paid monthly and the Performance
Fee paid quarterly. This Performance Fee is based on the difference by which the return in the Net Asset
Value per Unit of the particular class of Units (before calculation and accrual for the Performance Fee)
from the beginning of the quarter (or inception date of the class of Units) to the end of the quarter exceeds
the Hurdle Rate for the previous period (or prorated for partial quarters of less than 3 months), plus
applicable HST. The Net Asset Value of the Fund may include accruals for payment-in-kind payments
received from the borrowers and therefore the Sub-Advisor and Manager receive fees on payments that
may never actually be received from a borrower.
No Ownership Interest in the Portfolio
An investment in Units does not constitute an investment by Unitholders in the securities included in the
Portfolio. Unitholders will not own any securities held by the Fund or held in the Portfolio.
Distributions
The Fund is not required to distribute its profits. If the Fund has taxable income for Canadian federal
income tax purposes for a fiscal year, such income will be distributed to Unitholders in accordance with
the provisions of the Trust Agreement as described under “Distributions” and will be required to be
included in computing the Unitholder’s income for tax purposes, irrespective of the fact that cash may not
have been distributed to such Unitholders. Since Units may be acquired or redeemed on a monthly basis
and distributions of income and losses of the Fund to Unitholders are anticipated to be made on a monthly
basis, such distributions to a particular Unitholder may not correspond to the economic gains and losses
which such Unitholder may experience.
Potential Indemnification Obligations
Under certain circumstances, the Fund might be subject to significant indemnification obligations in
favour of the Trustee, the Manager or certain parties related to them. The Fund will not carry any
insurance to cover such potential obligations and, to the Manager’s knowledge, none of the foregoing
parties will be insured for losses for which the Fund has agreed to indemnify them. Any indemnification
paid by the Fund would reduce the Net Asset Value of the Fund and, by extension, the Net Asset Value
per Unit.
Liability of Unitholders
The Trust Agreement provides that no Unitholder will be subject to any liability whatsoever, in tort,
contract or otherwise, to any person in connection with the investment obligations, affairs or assets of the
Fund and all such persons shall look solely to the Fund’s assets for satisfaction of claims of any nature
arising out of or in connection therewith. There is a risk, which is considered by the Manager to be remote
in the circumstances, that a Unitholder could be held personally liable, notwithstanding the foregoing
statement in the Trust Agreement, for obligations of the Fund to the extent that claims are not satisfied out
of the assets of the Fund. It is intended that the operations of the Fund will be conducted in such manner
so as to minimize such risk. In the event that a Unitholder should be required to satisfy any obligation of
the Fund, such Unitholder will be entitled to reimbursement from any available assets of the Fund.
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Lack of Independent Experts Representing Unitholders
The Fund and the Manager have consulted with a single legal counsel regarding the formation and terms
of the Fund and the offering of the Units. Unitholders have not, however, been independently represented.
Therefore, to the extent that the Fund, Unitholders or this offering could benefit by further independent
review, such benefit will not be available. Each prospective investor should consult his or her own legal,
tax and financial advisors regarding the desirability of purchasing the Units and the suitability of
investing in the Fund.
No Involvement of Unaffiliated Selling Agent
No outside selling agent unaffiliated with the Manager has made any review or investigation of the terms
of this offering, the structure of the Fund or the background of the Manager.
Not a Public Mutual Fund
The Fund is not subject to the restrictions placed on public mutual funds to ensure diversification and
liquidity of the Fund’s investment portfolio.
Charges to the Fund
Although the Fund is not currently obligated to pay any management fees and/or performance fees to the
Manager or to any investment manager appointed by the Manager, the Fund is obligated to pay brokerage
commissions and Trustee, custodian, prime broker, record-keeper, legal, accounting, filing and other
expenses regardless of whether the Fund realizes profits. See “Fees and Expenses – Operating Expenses
Payable by the Fund”.
Risks Associated with the Fund’s Underlying Investments
The following risk factors, associated with the Fund’s underlying investments, will indirectly impact
Unitholders in the Fund.
General Economic and Market Conditions
The success of the Fund’s activities may be affected by general economic and market conditions, such as
interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and national
and international political circumstances. These factors may affect the level and volatility of securities
prices and the liquidity of the Fund’s investments. Unexpected volatility or illiquidity could impair the
Fund’s profitability or result in losses.
- 43 -
Credit Risk and Default in Repayment Obligations by Borrowers
Credit risk is the risk that a borrower will not honour its commitments and a loss to the Fund may result.
In the event of a default by a borrower, there can be no assurance that the Fund will be able to secure
repayment of the principal amount or interest accruing under the loan. If the Fund cannot realize on
outstanding loans due to a default by its borrowers, its financial condition and operating results will be
adversely impacted.
Liquidity of Underlying Investments
The securities in which the Fund intends to invest may be thinly traded. There are no restrictions on the
investment of the Fund’s assets in illiquid securities. It is possible that the Fund may not be able to sell or
repurchase significant portions of such positions without facing substantial adverse prices. If the Fund is
required to transact in such securities before its intended investment horizon, the performance of the Fund
could suffer. See “Risks Associated with Special Techniques of the Sub-Advisor – Liquidity”.
Fixed Income Securities
To the extent that the Fund holds fixed income investments in its portfolio, it will be influenced by
financial market conditions and the general level of interest rates in Canada. In particular, if fixed income
investments are not held to maturity, the Fund may suffer a loss at the time of sale of such securities.
Equity Securities
To the extent that the Fund holds equity investments in its portfolio, it will be influenced by stock market
conditions in those jurisdictions where the securities held by the Fund are listed for trading and by
changes in the circumstances of the issuers whose securities are held by the Fund. Additionally, to the
extent that the Fund holds any foreign investments in its portfolio, it will be influenced by world political
and economic factors and by the value of the Canadian dollar as measured against foreign currencies
which will be used in valuing the foreign investment positions held by the Fund.
Decline in the Industries in which the Fund Invests
The Fund is exposed to adverse changes in conditions which affect the values for various products and
services that its borrowers provide. These market changes may be regional, national or international in
nature and scope or may revolve around a specific asset. Generally risk is increased if the values of the
underlying assets securing the loans fall to levels approaching or below the loan amounts. Any decrease
in such values may delay the development of the underlying security or business plans of the borrower
and may adversely affect the value of the Fund’s investment. If the underlying asset against which the
loan is secured declines in value, it may not be possible to recover the amount of all of the outstanding
loan plus expenses in the event of a default by a borrower. If the Fund is unable to realize on its
investment to recover the principal amounts plus amounts on account of accrued interest and expenses in
the event of a loan default or defaults, then its financial condition and operating results will be adversely
impacted.
Inability to Realize on or Dispose of Security Granted by Borrowers on a Defaulted Loan
The security in respect of loans within the Portfolio may be in a variety of forms including, but not
limited to, direct charges on an asset, mortgages, general security agreements, assignments of interests in
property, pledges of shares and corporate guarantees. If enforcement of the security is required there may
be significant expenses of sale, including legal and other expenses incurred. There can also be no
- 44 -
assurance that the net proceeds obtained from the enforcement of any security will be sufficient to recover
the outstanding principal and accrued interest due under the relevant loan. In such circumstances, if there
is a shortfall, then the financial condition and operating results will be adversely impacted.
Currency Risk
Investment in securities denominated in a currency other than Canadian dollars will be affected by
changes in the value of the Canadian dollar in relation to the value of the currency in which the security is
denominated. Thus, the value of securities within the Fund’s portfolio may be worth more or less
depending on their susceptibility to foreign exchange rates.
Foreign Investment Risk
To the extent that the Fund invests in securities of foreign issuers, it will be affected by world economic
factors and, in many cases, by the value of the Canadian dollar as measured against foreign currencies.
Obtaining complete information about potential investments from foreign markets may also be of greater
difficulty. Foreign issuers may not follow certain standards that are applicable in North America, such as
accounting, auditing, financial reporting and other disclosure requirements. Political climates may differ,
affecting stability and volatility in foreign markets. As a result, the Net Asset Value of the Fund may
fluctuate to a greater degree by investing in foreign equities than if the Fund limited its investments to
Canadian securities.
Options
Selling call and put options is a highly specialized activity and entails greater than ordinary investment
risk. The risk of loss when purchasing an option is limited to the amount of the purchase price of the
option, however, investment in an option may be subject to greater fluctuation than an investment in the
underlying security. In the case of the sale of an uncovered option there can be potential for an unlimited
loss. To some extent this risk may be hedged by the purchase or sale of the underlying security.
Risks Associated with Special Techniques of the Sub-Advisor
The special investment techniques that the Sub-Advisor may use are subject to risks including those
summarized below.
Short Sales
The possible losses to the Fund from a short sale of a security differ from losses that could be incurred
from a long position in the same security. Losses from a short sale of a security may be unlimited. Losses
from a long position in a security will be limited to the total amount of the investment. Short positions
require the borrowing of stock from another party. A recall of borrowed stock could cause the Fund to
close out a short position at a disadvantageous price.
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Market Call
The Sub-Advisor intends to invest in opportunities that provide what the Sub-Advisor, at the time of
investment, believes to be the best reward per unit of risk. The Sub-Advisor also intends to optimize the
reward per unit of risk of the Fund’s investment portfolio by varying the allocation of long and short
positions depending on the Sub-Advisor’s view of the domestic and international economy, market trends
and other considerations. The Fund’s portfolio will be positioned in accordance with the Sub-Advisor’s
market view. There is no assurance that the Sub-Advisor’s assessment of the market will be correct and
result in positive returns. Losses may occur as a result of any incorrect assessment.
Leverage
The Fund may use financial leverage by borrowing funds against the assets of the Fund. The use of
leverage increases the risk to the Fund and subjects the Fund to higher current expenses. Also, if the
Fund’s portfolio value drops to the loan value or less, unitholders of the Fund could sustain a total loss of
their investment.
Concentration
The Sub-Advisor may take more concentrated securities positions than a typical mutual fund or
concentrate investment holdings in specialized industries, market sectors or in a limited number of
issuers. Investment in the Fund involves greater risk and volatility since the performance of one
particular sector, market or issuer could significantly and adversely affect the overall performance of the
entire Fund.
Liquidity
Some of the securities in which the Fund intends to invest are traded only in negotiated transactions with
investment dealers or brokers. It is possible that the Fund may not be able to sell significant portions of
its positions without facing substantially adverse prices. If the Fund is required to sell securities before
their intended investment horizon, for example as a result of redemptions, the performance of the Fund
could suffer. The Fund will be affected by those securities that are difficult to sell because they may be
small companies with limited outstanding securities or they may be unknown to investors and are not
traded regularly. Difficulty in selling securities may result in a loss or a costly delay to the Fund.
Hedging
Although a hedge is intended to reduce risk, it does not eliminate risk entirely. A hedging strategy may
not be effective. A hedge can result in a loss in the case of an extraordinary event. There are several such
possible cases including, but not limited to: (i) a cease trade order being issued in respect of the
underlying security; (ii) the inability to maintain a short position due to the repurchase or redemption of
securities by the issuing company; (iii) disappearance of any conversion premium due to premature
redemptions, changes in conversion terms or changes in an issuer’s dividend policy; (iv) credit quality
considerations, such as bond defaults; and (v) lack of liquidity during market panics. To protect the
Fund’s capital against the occurrence of such events, the Sub-Advisor will attempt to maintain a
diversified portfolio of securities.
Indebtedness
The Fund may incur indebtedness secured by the assets of the Fund. There can be no assurance that such
a strategy will enhance returns, and such strategy may in fact reduce returns. The ability of the Fund to
- 46 -
incur indebtedness may increase losses in the event that securities purchased with the borrowed funds
decline in value, or in the event that securities in respect of which uncovered short sales are made to
increase in value.
Suspension of Trading
Securities exchanges typically have the right to suspend or limit trading in any instrument traded on the
exchange. A suspension would render it impossible to liquidate positions and could thereby expose the
Fund to losses.
In light of the foregoing there can be no assurance that the Fund’s investment objective will be
achieved or that the Net Asset Value per Unit at redemption will be equal to or more than a
purchaser’s original cost.
CONFLICTS OF INTEREST
The Manager has established one independent review committee (“IRC”) for all of the investment funds
that it manages. The Manager must refer certain conflict of interest matters for the Fund to the IRC for its
review or approval, if necessary. The conflict of interest matters to be referred to the IRC for the Fund
are set out in three applicable exemptive relief orders for the Manager on July 27, 2010, August 27, 2010
and September 30, 2010 and are available at www.osc.gov.on.ca (collectively, the “Exemptive Relief”).
The Manager has established written policies and procedures for dealing with conflict of interest matters
set out in the Exemptive Relief, maintaining records in respect of these matters and providing assistance
to the IRC in carrying out its functions. The IRC is comprised of a minimum of three independent
members and is required to conduct regular assessments and provide reports to the Manager in respect of
its functions. The fees and expenses of the IRC are borne and shared by all of the investment funds in the
Manager’s family of funds, including expenses associated with insuring and indemnifying each IRC
member.
Various potential conflicts of interest exist between the Fund and the Manager and Ninepoint GP. These
potential conflicts of interest may arise as a result of common ownership and certain common directors,
partners, officers and personnel and, accordingly, will not be resolved through arm’s length negotiations
but through the exercise of judgment consistent with fiduciary responsibilities to the Fund and its
Unitholders generally.
The Manager manages, and may in the future manage, the trading for other limited partnerships, trusts,
corporations, investment funds or managed accounts in addition to the Fund. In the event that the
Manager elects to undertake such activities and other business activities in the future, the Manager and its
principals may be subject to conflicting demands in respect of allocating management time, services and
other functions. The 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 Manager’s fair allocation policy.
In executing its duties on behalf of the Fund, the Manager will be subject to the provisions of the Trust
Agreement and the Manager’s Code of Ethics (a copy of which is available for review by Unitholders
upon request at the offices of the Manager), which provide that the Manager will exercise its duties in
good faith and with a view to the best interests of the Fund and its Unitholders.
The Fund may execute a portion of its portfolio transactions through Sightline Wealth Management LP
which is a registered investment dealer. The Manager believes Sightline Wealth Management LP will
offer competitive rates and will only execute trades as an investment dealer for the Fund when the
- 47 -
executions obtained would be on terms and conditions no less favourable to the Fund than would
otherwise be obtainable if the orders were placed through independent brokers or dealers and at
commission rates equal or comparable to rates that would have been charged by independent brokers or
dealers.
In addition, Sightline Wealth Management LP is a registered dealer participating in the offering of the
Units to its clients for which it will receive a service commission with respect to Class A Units and Class
D Units. The Fund is considered to be “connected issuers” and “related issuers” of Sightline Wealth
Management LP and the Manager under applicable securities legislation. Sightline Wealth Management
LP, 2573323 Ontario Inc. (the general partner of Sightline Wealth Management LP), the Manager and
Ninepoint GP are controlled, directly or indirectly, by the same group of individuals. See “Interest of
Management and Others in Material Transactions”.
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS
Ninepoint GP is a directly wholly-owned subsidiary of Ninepoint Financial Group Inc., the parent
company of the Manager. John Wilson and James Fox are the principal shareholders of Ninepoint
Financial Group Inc. Certain senior officers and directors of Ninepoint Financial Group Inc. are also
senior officers, directors and/or partners of the Manager, Ninepoint GP, Sightline Wealth Management LP
and 2573323 Ontario Inc. (the general partner of Sightline Wealth Management LP). See “Conflicts of
Interest”.
Certain directors, officers and employees of the Manager and the Sub-Advisor and their respective
affiliates and associates may purchase and hold Class E Units from time to time.
The Manager may receive compensation and/or reimbursement of expenses from the Fund as described
under “Fees and Expenses – Management Fees Payable by the Fund” and “Performance Fees Payable by
the Fund”. Sightline Wealth Management LP is a registered dealer affiliate of the Manager participating
in the offering of the Units to its clients for which it will receive a service commission with respect to
Class A Units and Class D Units as described under “Dealer Compensation”. In addition, the Fund may
execute a portion of its portfolio transactions through Sightline Wealth Management LP. See “Conflicts
of Interest”.
TRUSTEE
Pursuant to the Trust Agreement, CIBC Mellon Trust Company is the Trustee of the Fund. The Trustee is
a trust company continued under the federal laws of Canada. The principal office of the Trustee is
located at 1 York Street, Suite 900, Toronto, Ontario M5J 0B6.
As compensation for its services as trustee, the Trustee shall receive an annual fee (as well as recovery of
its out-of-pocket expenses), the amount of which shall be settled in writing by the Trustee and the
Manager. The Trustee also acts as the custodian and the record-keeper of the Fund. See “Custodian” and
“Record-Keeper and Fund Reporting”.
CUSTODIAN
Pursuant to the Trust Agreement, CIBC Mellon Trust Company (in such capacity, the “Custodian”) was
appointed as the custodian of the portfolio securities and other assets of the Fund. As compensation for
the custodial services rendered to the Fund, the Custodian will receive such fees from the Fund as the
Manager may approve from time to time. The Custodian will be responsible for the safekeeping of all of
the investments and other assets of the Fund delivered to it and will act as the custodian of such assets,
- 48 -
other than those assets transferred to the Custodian or another entity, as the case may be, as collateral or
margin. The Custodian may also provide the Fund with financing lines and short-selling facilities. The
Manager, with the consent of the Trustee, will have the authority to change the custodial arrangement
described above including, but not limited to, the appointment of a replacement custodian and/or
additional custodians.
The Manager shall not be responsible for any losses or damages to the Fund arising out of any action or
inaction by the Custodian or any sub-custodian holding the portfolio securities and other assets of the
Fund.
RECORD-KEEPER AND FUND REPORTING
Pursuant to the Trust Agreement, the Manager appointed CIBC Mellon Trust Company as the record-
keeper to the Fund to maintain a record of Unitholders. Pursuant to the Trust Agreement, any fees
required to be paid to the record-keeper for services rendered, other than in respect of a transfer of Units,
shall be the responsibility of the Fund.
Pursuant to a valuation services agreement, CIBC Mellon Trust Company also agreed to provide, among
other things, valuation and financial reporting services to the Fund and to calculate the Net Asset Value of
the Fund and the Class Net Asset Value for each class of Units on each Valuation Date. See
“Computation of Net Asset Value of the Fund”.
AUDITORS
The auditors of the Fund are KPMG LLP with its principal offices located at 333 Bay Street, Suite 4600,
Bay Adelaide Centre, Toronto, Ontario, M5H 2S5. The auditors of the Fund may only be changed with
the approval of the Unitholders in accordance with the provisions of the Trust Agreement.
UNITHOLDER REPORTING
The Manager shall forward to Unitholders a copy of the audited annual financial statements of the Fund
within 90 days of each fiscal year-end as well as unaudited interim financial statements of the Fund
within 60 days of the end of the first six month period in each fiscal year. Within 60 days of the end of
each fiscal quarter, the Manager will make available to Unitholders an unaudited schedule of Net Asset
Value per Unit for each class of Units and may provide a short written commentary outlining highlights
of the Fund’s activities.
The Fund has received exemptive relief from securities regulatory authorities from the requirement in
paragraph 3.5(1)1 of National Instrument 81-106 Investment Fund Continuous Disclosure to include in its
statement of investment portfolio the name of any issuer of securities sold short by the Fund. The
statement of investment portfolio will disclose short positions by industry, the average cost and market
value of each industry category, and the percentage of net assets represented by short positions for each
industry category. If the Fund holds any short position in an issuer’s securities that exceeds 5% of the
Fund’s net assets, the name of such issuer will be disclosed in the statement of investment portfolio.
Confirmations will also be sent to Unitholders following each purchase or redemption of Units by them.
On or before March 31 of each year, or in the case of a leap year on or before March 30 in such year, if
applicable, Unitholders will also receive all information pertaining to the Fund, including all distributions,
required to report their income under the Tax Act or similar legislation of any province or territory of
Canada with respect to the immediately preceding year.
- 49 -
MATERIAL CONTRACTS
The material contracts of the Fund are:
(a) the Trust Agreement referred to under “The Fund”; and
(b) the Sub-Advisory Agreement referred to under “The Sub-Advisor”.
PROCEEDS OF CRIME (MONEY LAUNDERING) LEGISLATION
In order to comply with federal legislation aimed at the prevention of money laundering, the Manager
may require additional information concerning Unitholders.
If, as a result of any information or other matter which comes to the Manager’s or the Trustee’s attention,
any director, partner, officer or employee of the Manager and the Trustee, or their respective professional
advisors, knows or suspects that an investor is engaged in money laundering, such person is required to
report such information or other matter to the Financial Transactions and Reports Analysis Centre of
Canada and such report shall not be treated as a breach of any restriction upon the disclosure of
information imposed by law or otherwise.
PRIVACY POLICY
In connection with the offering and sale of Units, personal information (such as address, telephone
number, social insurance number, birth date, asset and/or income information, employment history and
credit history, if applicable) about Unitholders is collected and maintained. Such personal information is
collected to enable the Manger to provide Unitholders with services in connection with their investment
in the Fund, to meet legal and regulatory requirements and for any other purpose to which Unitholders
may consent in the future. Attached hereto as Schedule “A” is the Fund’s Privacy Policy. By completing
a subscription form for Units, subscribers consent to the collection, use and disclosure of his or her
personal information in accordance with such policy.
PURCHASERS’ RIGHTS OF ACTION FOR DAMAGES OR RESCISSION
Securities laws in certain jurisdictions of Canada provide purchasers, in addition to any other rights they
may have at law, with rights of action for damages or rescission if an offering memorandum, such as this
Offering Memorandum, or any amendment to it and, in certain cases, advertising and sales literature used
in connection therewith, contains a misrepresentation. However, these rights must be exercised by the
purchaser within the time limits prescribed by the applicable securities laws. Each purchaser should
refer to the provisions of the applicable securities laws for a complete text of these rights and/or
consult with a legal advisor.
The following is a summary of the statutory rights of action for damages or rescission available to
purchasers resident in certain provinces and territories. These summaries are subject to the express
provisions of the applicable securities laws of such jurisdictions and the regulations, rules and policy
statements thereunder, and reference is made thereto for the complete texts of such provisions. The rights
of action described below are in addition to, and without derogation from, any other right or remedy that a
purchaser may have under applicable laws.
- 50 -
Statutory Rights of Action
Purchasers Resident in Alberta in Reliance on the Minimum Amount Investment Exemption
Alberta Securities Commission Rule 45-511 Local Prospectus Exemptions and Related Requirements
provides that the following statutory rights of action apply to information contained in an offering
memorandum, such as this Offering Memorandum, that is provided to a purchaser of securities in respect
of a distribution made in reliance only on the “minimum amount investment” exemption in section 2.10
of NI 45-106.
The rights of action for damages or rescission described herein is conferred by section 204 of the
Securities Act (Alberta) (the “ASA”) and the time limits specified by section 211 of the ASA in which an
action to enforce a right under section 204 must be commenced. If this Offering Memorandum, or any
amendment to it, provided in connection with a distribution made in reliance on the “minimum amount
investment” exemption contains a misrepresentation, a purchaser resident in Alberta who purchases under
such exemption a security offered by this Offering Memorandum: (a) is deemed to have relied on the
misrepresentation if it was a misrepresentation at the time of purchase and, in addition to any other rights
the purchaser may have at law, (b) has a right of action for damages against (i) the Fund, and (ii) each
person who signed this Offering Memorandum (each a “Signatory” and collectively, the “Signatories”).
If a purchaser elects to exercise a right of rescission against the Fund, the purchaser will have no right of
action for damages against the Fund or the Signatories.
If a misrepresentation is contained in a record incorporated by reference in, or is deemed to be
incorporated into the Offering Memorandum, the misrepresentation is deemed to be contained in the
Offering Memorandum.
No action may be commenced to enforce either right of action unless the right is exercised:
(a) in the case of an action for rescission, on notice given to the Fund not later than 180 days
from the date of the transaction that gave rise to the cause of action; or
(b) in the case of an action for damages, on notice given to the Fund not later than the earlier
of (i) 180 days from the date the purchaser first had knowledge of the facts giving rise to
the cause of action; or (ii) three years from the date of the transaction that gave rise to the
cause of action,
and also provided that:
(a) the Fund or a Signatory will not be held liable under this paragraph if the Signatory or the
Fund proves the defendant purchased the Units with knowledge of the misrepresentation;
(b) in an action for damages, the Fund or the Signatory will not be liable for all or any
portion of those damages that they prove do not represent the depreciation in value of the
Units as a result of the misrepresentation; and
(c) in no case will the amount recoverable under this paragraph exceed the price at which the
Units were sold to the purchaser.
Purchasers Resident in Manitoba
In the event that this Offering Memorandum, or any amendment hereto, contains a misrepresentation and
it is a misrepresentation at the time of purchase, the purchaser shall be deemed to have relied upon the
- 51 -
misrepresentation and shall have, in addition to any other rights the purchaser may have at law: (a) a right
of action for damages against (i) the Fund, (ii) every director of the Fund at the date of the Offering
Memorandum (each a “Director” and collectively, the “Directors”), and (iii) every Signatory; and (b) a
right of rescission against the Fund. If a purchaser elects to exercise a right of rescission against the
Fund, the purchaser will have no right of action for damages against the Fund, the Directors or the
Signatories.
If a misrepresentation is contained in a record incorporated by reference in, or is deemed to be

incorporated into the Offering Memorandum, the misrepresentation is deemed to be contained in the
Offering Memorandum.
The Fund, the Directors and the Signatories will not be liable if they prove that the purchaser purchased
the Units with knowledge of the misrepresentation.
All of the Fund, the Directors and the Signatories that are found to be liable or accept liability are jointly
and severally liable. A defendant who is found liable to pay a sum in damages may recover a
contribution, in whole or in part, from a person who is jointly and severally liable to make the same
payment in the same cause of action unless, in all the circumstances of the case, the court is satisfied that
it would not be just and equitable.
Directors or Signatories will not be liable:
(a) if they prove the Offering Memorandum was sent to the purchaser without their
knowledge or consent and, after becoming aware that it was sent, promptly gave
reasonable notice to the Fund that it was delivered without their knowledge and consent;
(b) if they prove that, after becoming aware of a misrepresentation in the Offering
Memorandum they withdrew their consent to the Offering Memorandum and gave
reasonable notice to the Fund of their withdrawal and the reasons therefor;
(c) if, with respect to any part of the Offering Memorandum purporting to be made on the
authority of an expert or to be a copy of, or an extract from, a report, opinion or statement
of an expert (“Expert Opinion”), if they prove they did not have any reasonable grounds
to believe and did not believe that there was a misrepresentation or that the relevant part
of the Offering Memorandum did not fairly represent the Expert Opinion or was not a fair
copy of, or an extract from, such Expert Opinion; or
(d) with respect to any part of the Offering Memorandum not purporting to be made on an
expert’s authority, or not purporting to be a copy of, or an extract from an Expert
Opinion, unless the Director or Signatory (i) did not conduct an investigation sufficient to
provide reasonable grounds for a belief that there had been no misrepresentation, or
(ii) believed there had been a misrepresentation.
A person or company is not liable in an action for a misrepresentation in forward-looking information if

the person or company proves that this Offering Memorandum contained, proximate to that information,
reasonable cautionary language identifying the forward-looking information as such, and identifying
material factors that could cause actual results to differ materially from a conclusion, forecast or
projection in the forward-looking information, and a statement of the material factors or assumptions that
were applied in drawing the conclusion or making the forecast or projection, and the person or company
had a reasonable basis for drawing the conclusions or making the forecasts or projections set out in the
forward-looking information.
- 52 -
In an action for damages, the Fund, the Directors and the Signatories will not be liable for all or any part
of the damages that they prove do not represent the depreciation in value of the Units as a result of the
misrepresentation. The amount recoverable under the right of action shall not exceed the price at which
the Units were offered under this Offering Memorandum.
A purchaser of Units to whom the Offering Memorandum was required to be sent in compliance with the
regulations respecting an offering memorandum but was not sent within the time prescribed for sending
the Offering Memorandum by those regulations, has a right of action for rescission or damages against
the Fund or any dealer who did not comply with the requirement.
A purchaser to whom the Offering Memorandum is required to be sent may rescind the contract to
purchase the Units by sending a written notice of rescission to the Fund not later than midnight on the
second day, excluding Saturdays and holidays, after the purchaser signs the agreement to purchase the
Units.
Unless otherwise provided under applicable securities laws, no action shall be commenced to enforce a
right of action unless the right is exercised:
(c) in the case of rescission, not later than 180 days from the day of the transaction that gave
rise to the cause of action; or
(d) in the case of an action, other than an action for rescission, the earlier of (i) 180 days
from the day the purchaser first had knowledge of the facts giving rise to the cause of
action; and (ii) two years from the day of the transaction that gave rise to the cause of
action.
Purchasers Resident in New Brunswick
New Brunswick Securities Commission Rule 45-802 provides that the statutory rights of action for
rescission or damages referred to in section 150 (“Section 150”) of the Securities Act (New Brunswick)
(the “NBSA”) apply to information relating to an offering memorandum, such as this Offering
Memorandum, that is provided to a purchaser of securities in connection with a distribution made in
reliance on the “accredited investor” prospectus exemption in section 2.3 of NI 45-106. Section 150
provides purchasers who purchase securities offered for sale in reliance on an exemption from the
prospectus requirements of the NBSA with a statutory right of action against the issuer of securities for
rescission or damages in the event that an offering memorandum provided to the purchaser contains a
“misrepresentation”. In New Brunswick, “misrepresentation” means an untrue statement of a material
fact or an omission to state a material fact that is required to be stated or that is necessary to make a
statement not misleading in the light of the circumstances in which it was made.
Where this Offering Memorandum is delivered to a prospective purchaser of Units in connection with a
trade made in reliance on section 2.3 of NI 45-106, and this Offering Memorandum contains a
misrepresentation, a purchaser who purchases Units will be deemed to have relied on the
misrepresentation and will have, subject to certain limitations and defences, a statutory right of action
against the Fund for damages or, while still the owner of Units, for rescission, in which case, if the
purchaser elects to exercise the right of rescission, the purchaser will have no right of action for damages,
provided that the right of action for rescission will be exercisable by the purchaser only if the purchaser
commences an action against the defendant, not more than 180 days after the date of the transaction that
gave rise to the cause of action, or, in the case of any action other than an action for rescission, the earlier
- 53 -
of: (i) one year after the plaintiff first had knowledge of the facts giving rise to the cause of action, or (ii)
six years after the date of the transaction that gave rise to the cause of action.
The Fund shall not be liable where it is not receiving any proceeds from the distribution of the Units
being distributed and the misrepresentation was not based on information provided by the Fund unless
the misrepresentation (i) was based on information that was previously publicly disclosed by the Fund,
(ii) was a misrepresentation at the time of its previous public disclosure, and (iii) was not subsequently
publicly corrected or superseded by the Fund before the completion of the distribution of the Units being
distributed.
In addition, if advertising or sales literature is relied upon by a purchaser in connection with a purchase of
Units and such advertising or sales literature contains a misrepresentation, the purchaser shall also have a
right of action for damages or rescission against every promoter or director of the Fund at the time the
advertising or sales literature was disseminated.
In addition, where an individual makes a verbal statement to a prospective purchaser that contains a
misrepresentation relating to the Units and the verbal statement is made either before or
contemporaneously with the purchase of the Units, the purchaser shall be deemed to have relied upon the
misrepresentation if it was a misrepresentation at the time of purchase, and has a right of action for
damages against the individual who made the verbal statement. No such individual will be liable if:
(a) that individual can establish that he or she cannot reasonably be expected to have known
that his or her statement contained a misrepresentation; or
(b) prior to the purchase of Units by the purchaser, that individual notified the purchaser that
the individual’s statement contained a misrepresentation.
Neither the Fund nor any other person referred to above will be liable, whether for misrepresentations in
this Offering Memorandum, any advertising or sales literature or in a verbal statement:
(a) if the Fund or such other person proves that the purchaser purchased the Units with
knowledge of the misrepresentation; or
(b) in an action for damages, for all or any portion of the damages that the Fund or such other
person proves do not represent the depreciation in value of the Units as a result of the
misrepresentation relied on.
No person, other than the Fund, is liable for misrepresentations in any advertising or sales literature if the
person proves:
(a) that the advertising or sales literature was disseminated without the person’s knowledge
or consent and that, on becoming aware of its dissemination, the person gave reasonable
general notice that it was so disseminated,
(b) that, after the dissemination of the advertising or sales literature and before the purchase
of the Units by the purchaser, on becoming aware of any misrepresentation in the
advertising or sales literature the person withdrew the person’s consent to it and gave
reasonable general notice of the withdrawal and the reason for the withdrawal, or
(c) that, with respect to a false statement purporting to be a statement made by an official
person or contained in what purports to be a copy of, or an extract from, a public official
- 54 -
document, it was a correct and fair representation of the statement or copy of, or extract
from, the document, and the person had reasonable grounds to believe and did believe
that the statement was true.
No person, other than the Fund, is liable with respect to any part of the advertising or sales literature not
purporting to be made on the authority of an expert and not purporting to be a copy of or, an extract from,
a report, opinion or statement of an expert unless the person:
(a) failed to conduct such reasonable investigation as to provide reasonable grounds for a
belief that there had been no misrepresentation, or
(b) believed there had been a misrepresentation.
Any person who, at the time the advertising or sales literature was disseminated, sells Units on behalf of
the Fund with respect to which the advertising or sales literature was disseminated is not liable if that
person can establish that the person cannot reasonably be expected to have had knowledge that the
advertising or sales literature was disseminated or contained a misrepresentation.
In no case will the amount recoverable for the misrepresentation exceed the price at which the Units were
offered.
This summary is subject to the express provisions of the NBSA and the regulations and rules made under
it, and prospective purchasers should refer to the complete text of those provisions.
Purchasers Resident in Newfoundland and Labrador
The right of action for damages or rescission described herein is conferred by section 130.1 of the
Securities Act (Newfoundland and Labrador) (the “NL Act”). The NL Act provides, in the relevant part,
that where an offering memorandum, such as this Offering Memorandum, contains a misrepresentation,
as defined in the NL Act, a purchaser who purchases securities offered by the offering memorandum
during the period of distribution has, without regard to whether the purchaser relied upon the
misrepresentation, (a) a statutory right of action for damages against (i) the Fund, (ii) every director of the
Fund at the date of the offering memorandum, and (iii) every person or the Fund who signed the offering
memorandum; and (b) for rescission against the Fund.
The NL Act provides a number of limitations and defences in respect of such rights. Where a
misrepresentation is contained in an offering memorandum, a person or company shall not be liable for
damages or rescission:
(a) where the person or company proves that the purchaser purchased the Units with
knowledge of the misrepresentation;
(b) where the person or company proves that the offering memorandum was sent to the
purchaser without the person’s or company’s knowledge or consent and that, on
becoming aware of its being sent, the person or company promptly gave reasonable
notice to the Fund that it was sent without the knowledge and consent of the person or
company;
(c) if the person or the Fund proves that the person or company, on becoming aware of the
misrepresentation in the offering memorandum, withdrew the person’s or company’s
consent to the offering memorandum and gave reasonable notice to the Fund of the
withdrawal and the reason for it;
- 55 -
(d) if, with respect to any part of the offering memorandum purporting to be made on the
authority of an expert or purporting to be a copy of, or an extract from, a report, opinion
or statement of an expert, the person or company proves that the person or company did
not have any reasonable grounds to believe and did not believe that:
(i) there had been a misrepresentation; or
(ii) the relevant part of the offering memorandum:
(A) did not fairly represent the report, opinion or statement of the expert; or
(B) was not a fair copy of, or an extract from, the report, opinion or
statement of the expert;
(e) with respect to any part of the offering memorandum not purporting to be made on the
authority of an expert and not purporting to be a copy of, or an extract from, a report,
opinion or statement of an expert, unless the person or company:
(i) did not conduct an investigation sufficient to provide reasonable grounds

for a belief that there had been no misrepresentation; or
(ii) believed there had been a misrepresentation;
(f) in the case of an action for damages, the defendant is not liable for all or any part of the
damages that the defendant proves do not represent the depreciation in value of the Units
as a result of the misrepresentation; and
(g) in no case will the amount recoverable in any action exceed the price at which the Units
were offered under the offering memorandum.
Section 138 of the NL Act provides that no action shall be commenced to enforce these rights more than:
(a) in the case of an action for rescission, 180 days after the date of the transaction that gave
(b) in the case of an action for damages, the earlier of:
(i) 180 days after the date that the purchaser first had knowledge of the facts giving
(ii) three years after the date of the transaction that gave rise to the cause of action.
This summary is subject to the express provisions of the NL Act and the regulations and rules made under
Purchasers Resident in Nova Scotia
The right of action for rescission or damages described herein is conferred by section 138 of the
Securities Act (Nova Scotia) (the “NSSA”). Section 138 provides, in the relevant part, that in the event
that an offering memorandum, such as this Offering Memorandum, together with any amendments hereto,
- 56 -
or any advertising or sales literature (as defined in the NSSA) contains an untrue statement of material
fact or omits to state a material fact that is required to be stated or that is necessary in order to make any
statements contained herein or therein not misleading in light of the circumstances in which it was made
(in Nova Scotia, a “misrepresentation”), a purchaser of securities is deemed to have relied upon such
misrepresentation if it was a misrepresentation at the time of purchase and has, subject to certain
limitations and defences, a statutory right of action for damages against the seller of such securities, the
directors of the seller at the date of the offering memorandum and the persons who have signed the
offering memorandum or, alternatively, while still the owner of such securities, may elect instead to
exercise a statutory right of rescission against the seller, in which case the purchaser will have no right of
action for damages against the seller, the directors of the seller at the date of the offering memorandum or
the persons who have signed the offering memorandum, provided that, among other limitations:
(a) no action shall be commenced to enforce the right of action for rescission or damages by
a purchaser resident in Nova Scotia later than 120 days after the date payment was made
for the securities (or after the date on which initial payment was made for the securities
where payments subsequent to the initial payment are made pursuant to a contractual
commitment assumed prior to, or concurrently with, the initial payment);
(b) no person will be liable if it proves that the purchaser purchased the securities with
(c) in the case of an action for damages, no person will be liable for all or any portion of the
damages that it proves do not represent the depreciation in value of the securities; and
(d) in no case will the amount recoverable in any action exceed the price at which the
securities were offered to the purchaser.
In addition, no person or company (other than the issuer if it is the seller) will be liable if such person or
company proves that:
(a) the offering memorandum or the amendment to the offering memorandum was sent or
delivered to the purchaser without the person’s or company’s knowledge or consent and
that, on becoming aware of its delivery, the person or company gave reasonable general
notice that it was delivered without the person’s or company’s knowledge or consent;
(b) after delivery of the offering memorandum or the amendment to the offering
memorandum and before the purchase of the securities by the purchaser, on becoming
aware of any misrepresentation in the offering memorandum, or amendment to the
offering memorandum, the person or company withdrew the person’s or company’s
consent to the offering memorandum, or amendment to the offering memorandum, and
gave reasonable general notice of the withdrawal and the reason for it; or
(c) with respect to any part of the offering memorandum or amendment to the offering
memorandum purporting
(i) to be made on the authority of an expert, or
(ii) to be a copy of, or an extract from, a report, an opinion or a statement of an

expert, the person or company had no reasonable grounds to believe and did not
believe that
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(A) there had been a misrepresentation, or
(B) the relevant part of the offering memorandum or amendment to the

offering memorandum did not fairly represent the report, opinion or
statement of the expert, or was not a fair copy of, or an extract from, the
report, opinion or statement of the expert.
Furthermore, no person or company (other than the issuer if it is the seller) will be liable under section
138 of the NSSA with respect to any part of the offering memorandum or amendment to the offering
memorandum not purporting
(a) to be made on the authority of an expert; or
(b) to be a copy of, or an extract from, a report, opinion or statement of an expert, unless the
person or company;
(i) failed to conduct a reasonable investigation to provide reasonable grounds for a

belief that there had been no misrepresentation; or
(ii) believed that there had been a misrepresentation.
If a misrepresentation is contained in a record incorporated by reference in, or deemed incorporated into,

the offering memorandum or amendment to the offering memorandum, the misrepresentation is deemed
to be contained in the offering memorandum or amendment to the offering memorandum.
The liability of all persons or companies referred to above is joint and several with respect to the same
cause of action. A defendant who is found liable to pay a sum in damages may recover a contribution, in
whole or in part, from a person or company who is jointly and severally liable to make the same payment
in the same cause of action unless, in all the circumstances of the case, the court is satisfied that it would
not be just and equitable.
This summary is subject to the express provisions of the NSSA and the regulations and rules made under
Purchasers Resident in Ontario
Securities laws of Ontario provide that, subject to the following paragraph, a purchaser resident in Ontario
shall have, in addition to any other rights the purchaser may have at law, a right of action for damages or
rescission against the Fund and a selling security holder on whose behalf the distribution is made if an
offering memorandum, such as this Offering Memorandum, contains a “misrepresentation” (for the
purposes of this section, as defined in the Securities Act (Ontario)) (the “OSA”), without regard to
whether the purchaser relied on the misrepresentation. Purchasers should refer to the applicable
provisions of the Ontario securities laws for particulars of these rights or consult with a lawyer.
OSC Rule 45-501 Ontario Prospectus and Registration Exemptions provides that, when an offering
memorandum is delivered to a prospective purchaser in connection with a distribution made in reliance on
the “accredited investor” prospectus exemption in section 2.3 of National Instrument 45-106 Prospectus
and Registration Exemptions (“NI 45-106”), the rights of action referred to in section 130.1 of the OSA
(“Section 130.1”) will apply in respect of the offering memorandum unless the prospective purchaser is:
(a) a Canadian financial institution, meaning either:

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(i) an association governed by the Cooperative Credit Associations Act (Canada) or

a central cooperative credit society for which an order has been made under
section 473(1) of that Act; or
(ii) a bank, loan corporation, trust company, trust corporation, insurance company,
treasury branch, credit union, caisse populair, financial services corporation, or
league that, in each case, is authorized by an enactment of Canada or a
jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada;
(b) a Schedule III bank, meaning an authorized foreign bank named in Schedule III of the
Bank Act (Canada);
(c) the Business Development Bank of Canada incorporated under the Business Development
Bank of Canada Act (Canada); or
(d) a subsidiary of any person referred to in paragraphs (a), (b) and (c), if the person owns all
of the voting securities of the subsidiary, except the voting securities required by law to
be owned by the directors of that subsidiary.
Subject to the foregoing, Section 130.1 of the OSA provides a purchaser who purchases Units offered by
this Offering Memorandum during the period of distribution with a statutory right of action for damages
or rescission against the Fund and a selling security holder on whose behalf the distribution is made in the
event that the Offering Memorandum or any amendment to it contains a “misrepresentation”, without
regard to whether the purchaser relied on the misrepresentation. A “misrepresentation” is defined in the
OSA as an untrue statement of material fact or an omission to state a material fact that is required to be
stated or that is necessary to make a statement not misleading in light of the circumstances in which it is
made. A “material fact”, when used in relation to securities issued or proposed to be issued, is defined in
the OSA as a fact that would be reasonably expected to have a significant effect on the market price or
value of the securities. In the event that this Offering Memorandum, together with any amendment to it,
is delivered to a purchaser of Units and this Offering Memorandum contains a misrepresentation which
was a misrepresentation at the time of purchase of the Units, the purchaser will have statutory right of
action for damages against the Fund and a selling security holder on whose behalf the distribution is made
or, while still the owner of the Units, for rescission against the Fund and a selling security holder on
whose behalf the distribution is made, in which case, if the purchaser elects to exercise the right of
rescission, the purchaser will have no right of action for damages against the Fund and a selling security
holder on whose behalf the distribution is made, provided that:
(a) no action shall be commenced more than, in the case of an action for rescission, 180 days
after the date of the transaction that gave rise to the cause of action; or, in the case of any
action other than an action for rescission, the earlier of (i) 180 days after the purchaser
first had knowledge of the facts giving rise to the cause of action, or (ii) three years after
the date of the transaction that gave rise to the cause of action;
(b) no person or company will be liable if he, she or it proves that the purchaser purchased
the Units with knowledge of the misrepresentation;
(c) in an action for damages, the defendant will not be liable for all or any portion of the
damages that the defendant proves do not represent the depreciation in value of the Units
as a result of the misrepresentation relied upon;
(d) no person or company will be liable for a misrepresentation in “forward-looking

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information” (as defined in the OSA) if he, she or it proves that:
(i) the Offering Memorandum contains, proximate to the forward-looking

information, reasonable cautionary language identifying the forward-looking
information as such, and identifying material factors that could cause actual
results to differ materially from a conclusion, forecast or projection set out in the
forward-looking information, and a statement of material factors or assumptions
that were applied in drawing a conclusion or making a forecast or projection set
out in the forward-looking information; and
(ii) it had a reasonable basis for drawing the conclusions or making the forecasts and
projections set out in the forward-looking information;
(e) in no case will the amount recoverable exceed the price at which the Units were offered
to the purchaser; and
(f) the right of action for damages or rescission is in addition to, and does not derogate from,
any other right or remedy the purchaser may have at law.
Purchasers Resident in Prince Edward Island
The right of action for rescission or damages described herein is conferred by section 112 of the
Securities Act (Prince Edward Island) (the “PEI Act”). Section 112 provides, that in the event that an
offering memorandum, such as this Offering Memorandum, contains a “misrepresentation”, a purchaser
who purchased securities during the period of distribution, without regard to whether the purchaser relied
upon such misrepresentation, has a statutory right of action for damages against the Fund, the selling
security holder on whose behalf the distribution is made, every director of the Fund at the date of the
offering memorandum, and every person who signed the offering memorandum. Alternatively, the
purchaser while still the owner of Units may elect to exercise a statutory right of action for rescission
against the Fund or the selling security holder on whose behalf the distribution is made. Under the PEI
Act, “misrepresentation” means an untrue statement of material fact, or an omission to state a material
fact that is required to be stated by the PEI Act, or an omission to state a material fact that needs to be
stated so that a statement is not false or misleading in light of the circumstances in which it is made.
Statutory rights of action for rescission or damages by a purchaser are subject to the following limitations:
(a) no action shall be commenced to enforce the right of action for rescission by a purchaser
resident in Prince Edward Island, later than 180 days after the date of the transaction that
gave rise to the cause of action;
(b) in the case of any action other than an action for rescission;
(i) 180 days after the purchaser first had knowledge of the facts given rise to the
cause of action; or
(ii) three years after the date of the transaction giving rise to the cause of action or
whichever period expires first;
(c) no person will be liable if the person proves that the purchaser purchased the Units with
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(d) no person other than the Fund and selling security holder will be liable if the person
proves that
(i) the offering memorandum was sent to the purchaser without the person’s
knowledge or consent and that, on becoming aware of it being sent, the person
had promptly given reasonable notice to the Fund that it had been sent without
the knowledge and consent of the person;
(ii) the person, on becoming aware of the misrepresentation in the offering

memorandum, had withdrawn the person’s consent to the offering memorandum
and had given reasonable notice to the Fund of the withdrawal and the reason for
it; or
(iii) with respect to any part of the offering memorandum purporting to be made on
the authority of an expert or purporting to be a copy of, or an extract from, a
report, statement or opinion of an expert, the person had no reasonable grounds
to believe, and did not believe that;
(A) there had been a misrepresentation; or
(B) the relevant part of the offering memorandum:
(I) did not fairly represent the report, statement or opinion of the
expert, or
(II) was not a fair copy of, or an extract from, the report, statement,
or opinion of the expert.
If the purchaser elects to exercise a right of action for rescission, the purchaser will have no right of action
for damages.
In no case will the amount recoverable in any action exceed the price at which the Units were offered to
the purchaser.
In an action for damages, the defendant will not be liable for any damages that the defendant proves do
not represent the depreciation in value of the Units as a result of the misrepresentation.
This summary is subject to the express conditions of the PEI Act and the regulations and rules made
under it, and prospective purchasers should refer to the complete text of those provisions.
Purchasers Resident in Saskatchewan
Section 138 of The Securities Act, 1988 (Saskatchewan), as amended (the “SSA”), provides that where an
offering memorandum, such as this Offering Memorandum, or any amendment to it is sent or delivered to
a purchaser and it contains a misrepresentation (for the purposes of this section, as defined in the SSA), a
purchaser who purchases securities covered by the offering memorandum or any amendment to it has,
without regard to whether the purchaser relied on the misrepresentation, a right of action for rescission
against the Fund or a selling security holder on whose behalf the distribution is made or has a right of
action for damages against:
(a) the Fund or a selling security holder on whose behalf the distribution is made;
- 61 -
(b) every promoter and director of the Fund or the selling security holder, as the case may be,
at the time of the offering memorandum or any amendment to it was sent or delivered;
(c) every person or company whose consent has been filed respecting the offering, but only
with respect to reports, opinions or statements that have been made by them;
(d) every person who or company that, in addition to the persons or companies mentioned in
(a) to (c) above, signed the offering memorandum or the amendment to the offering
memorandum; and
(e) every person who or company that sells Units on behalf of the Fund or selling security
holder under the offering memorandum or amendment to the offering memorandum.
Such rights of rescission and damages are subject to certain limitations including the following:
(a) if the purchaser elects its right of rescission against the Fund or selling security holder, it
shall have no right of action for damages against that party;
(b) in an action for damages, a defendant will not be liable for all or any portion of the
damages that he, she or it proves do not represent the depreciation in value of the Units
resulting from the misrepresentation relied on;
(c) no person or company, other than the Fund or a selling security holder, will be liable for
any part of the offering memorandum or any amendment to it not purporting to be made
on the authority of an expert and not purporting to be a copy of, or an extract from, a
report, opinion or statement of an expert, unless the person or company failed to conduct
a reasonable investigation sufficient to provide reasonable grounds for a belief that there
had been no misrepresentation or believed there had been a misrepresentation;
(d) in no case shall the amount recoverable exceed the price at which the Units were offered;
and
(e) no person or company is liable in action for rescission or damages if that person or
company proves that the purchaser purchased the Units with knowledge of the
misrepresentation.
In addition, no person or company, other than the Fund or selling security holder, will be liable in an
action pursuant to section 138 of the SSA if the person or company proves that:
(a) the offering memorandum or any amendment to it was sent or delivered without the
person’s or company’s knowledge or consent and that, on becoming aware of it being
sent or delivered, that person or company immediately gave reasonable general notice
that it was so sent or delivered; or
(b) with respect to any part of the offering memorandum or any amendment to it purporting
to be made on the authority of an expert, or purporting to be a copy of, or an extract from,
a report, an opinion or a statement of an expert, that person or company had no
reasonable grounds to believe and did not believe that there had been a misrepresentation,
the part of the offering memorandum or any amendment to it did not fairly represent the
report, opinion or statement of the expert, or was not a fair copy of, or an extract from,
the report, opinion or statement of the expert.
- 62 -
In addition, no person or company will be liable in an action pursuant to section 138 of the SSA if that
person or company proves that in respect of a misrepresentation in forward looking information (as
defined in the SSA), such person or company proves that with respect to the document containing the
forward looking information, approximate to that information, there is contained reasonable cautionary
language identifying the forward looking information as such and identifying material factors that could
cause actual results to differ materially from a conclusion, forecast or projection in the forward looking
information; and a statement of material factors or assumptions that were applied in drawing a conclusion
or making a forecast or projection set out in the forward looking information; and the person or company
had a reasonable basis for drawing the conclusions or making the forecast and projections set out in the
forward looking information.
Similar rights of action for damages and rescission are provided in section 138.1 of the SSA in respect of
a misrepresentation in advertising and sales literature disseminated in connection with an offering of
securities.
Subsection 138.2(1) of the SSA also provides that where an individual makes a verbal statement to a
prospective purchaser that contains a misrepresentation relating to the security purchased and the verbal
statement is made either before or contemporaneously with the purchase of the security, the purchaser
has, without regard to whether the purchaser relied on the misrepresentation, a right of action for damages
against the individual who made the verbal statement.
Subsection 141(1) of the SSA provides a purchaser with the right to void the purchase agreement and to
recover all money and other consideration paid by the purchaser for the securities if the securities are sold
by a vendor who is trading in Saskatchewan in contravention of the SSA, the regulations to the SSA or a
decision of the Saskatchewan Financial Services Commission.
Subsection 141(2) of the SSA also provides a right of action for rescission or damages to a purchaser of
securities to whom an offering memorandum or any amendment to it was not sent or delivered prior to or
at the same time as the purchaser enters into an agreement to purchase the securities, as required by
section 80.1 of the SSA.
Not all defences upon which the Fund or others may rely are described herein. Please refer to the full text
of the SSA for a complete listing.
Section 147 of the SSA provides that no action shall be commenced to enforce any of the foregoing rights
more than:
(a) in the case of an action for rescission, 180 days after the date of the transaction that gave
(b) in the case of any other action, other than an action for rescission, the earlier of:
(i) one year after the plaintiff first had knowledge of the facts giving rise to the
cause of action; or
(ii) six years after the date of the transaction that gave rise to the cause of action.
Section 80.1 of the SSA also provides a purchaser who has received an amended offering memorandum
delivered in accordance with subsection 80.1(3) of the SSA with a right to withdraw from the agreement
to purchase Units by delivering a notice to the person who or company that is selling the Units, indicating
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the purchaser’s intention not to be bound by the purchase agreement, provided such notice is delivered by
the purchaser within two business days of receiving the amended offering memorandum.
Purchasers Resident in Northwest Territories, Nunavut or the Yukon
If this Offering Memorandum, or any amendments thereto, delivered to a purchaser of Units resident
in the Northwest Territories, Nunavut or the Yukon contains a misrepresentation, a purchaser in such
jurisdictions who purchases the Units during the period of distribution has, without regard to whether
the purchaser relied on the misrepresentation, a statutory right of action for damages against (i) the
Fund, (ii) the selling security holder on whose behalf the distribution was made, (iii) every director
of the Fund at the date of the Offering Memorandum, and (iv) every person who signed the Offering
Memorandum. Alternatively, the purchaser may elect to exercise a statutory right of action for
rescission against the Fund or the selling security holder on whose behalf the distribution was made, in
which case, the purchaser shall have no right of action for damages against the Fund, the selling
security holder, the directors and persons who signed the Offering Memorandum. If a
misrepresentation is contained in a record incorporated by reference in, or deemed to be incorporated
into, an Offering Memorandum, or any amendments thereto, the misrepresentation is deemed to be
contained in the Offering Memorandum, or any amendments thereto, as the case may be.
All or any one or more of the persons who are found to be liable, or who accept liability, for a
misrepresentation will be jointly and severally liable; provided, however, that the Fund, and every
director of the Fund at the date of the Offering Memorandum who is not a selling security holder, will
not be liable if the Fund does not receive any proceeds from the distribution of the Units and the
misrepresentation was not based on information provided by the Fund, unless the misrepresentation
was
(a) based on information that was previously publicly disclosed by the Fund;
(b) a misrepresentation at the time of its previous disclosure; and
(c) not subsequently publicly corrected or superseded by the Fund before completion of the
distribution of the Units.
Any person, including the Fund and the selling security holder, will not be liable for a
misrepresentation:
(a) if the person proves that the purchaser purchased the Units with knowledge of the
misrepresentation; or
(b) in an action for damages, the person will not be liable for all or any part of those
damages that the person proves do not represent the depreciation in value of the Units
as a result of the misrepresentation; and
(c) in no case will the amount recoverable in any action exceed the price at which the
Units were sold to the purchaser.
A person, other than the Fund and the selling security holder, will not be liable in an action for
damages for a misrepresentation:
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(a) if the person proves that the Offering Memorandum, or any amendments thereto, was
sent to the purchaser without the person’s knowledge or consent and that, on
becoming aware of its being sent, the person promptly gave reasonable notice to the
Fund that it was sent without the knowledge and consent of the person;
(b) if the person proves that the person, on becoming aware of the misrepresentation in
the Offering Memorandum, or any amendments thereto, withdrew the person’s
consent to the Offering Memorandum, or any amendments thereto, and gave
reasonable notice to the Fund of the withdrawal and the reason for it; or
(c) if, with respect to any part of the Offering Memorandum, or any amendments thereto,
purporting to be made on the authority of an expert or purporting to be a copy of, or
any extract from, a report, statement or opinion of an expert, the person had no
reasonable grounds to believe and did not believe that
(i) there had been a misrepresentation, or
(ii) the relevant part of the Offering Memorandum, or any amendments thereto, (A)
did not fairly represent the report, statement or opinion of the expert, or (B) was
not a fair copy of, or an extract from, the report, statement or opinion of the
expert.
In addition, a person, other than the Fund and the selling security holder, will not be liable in an action
for damages for a misrepresentation with respect to any part of an Offering Memorandum, or any
amendments thereto, not purporting to be made on the authority of an expert and not purporting to be
a copy of, or an extract from, a report, statement or opinion of an expert, unless the person:
(a) failed to conduct a reasonable investigation to provide reasonable grounds for a belief
that there had been no misrepresentation; or
(b) believed that there had been a misrepresentation.
Any person, including the Fund and the selling security holder, will not be liable for a misrepresentation
in forward-looking information (as defined in the Securities Act (Northwest Territories), the Securities Act
(Nunavut) or the Securities Act (Yukon)) if the person proves that:
(a) the Offering Memorandum, any amendments thereto, or other document contained,
proximate to the forward-looking information, (A) reasonable cautionary language
identifying the forward-looking information as such, and (B) identifying material factors
that could cause actual results to differ materially from a conclusion, forecast or
projection in the forward-looking information,
(b) a statement of the material factors or assumptions that were applied in drawing a
conclusion or making a forecast or projection set out in the forward-looking information,
and
(c) the person had a reasonable basis for drawing the conclusions or making the forecasts or
projections set out in the forward-looking information;
- 65 -
provided, however, that the foregoing does not relieve a person of liability with respect to forward-
looking information in a financial statement required to be filed under the securities laws of the Northwest
Territories, Nunavut or the Yukon.
No action shall be commenced to enforce a right of action more than,
(a) in the case of an action for rescission, 180 days after the date of the transaction that
gave rise to the cause of action; or
(b) in the case of any action, other than an action for rescission, the earlier of,
(i) 180 days after the plaintiff first had knowledge of the facts giving rise to the
cause of action, or
(ii) three years after the date of the transaction that gave rise to the cause of action.
Other Rescission Rights
In certain provinces a purchaser of Units may, where the amount of the purchase does not exceed the sum
of $50,000, rescind the purchase by written notice given to the registered dealer from whom the purchase
was made (i) within 48 hours after receipt of the confirmation for a lump sum purchase, or (ii) within 60
days after receipt of the confirmation for the initial payment under a contractual plan. Subject to the
registered dealer’s reimbursement of sales charges and fees to the purchaser as described below, the
amount a purchaser is entitled to recover on exercise of this right to rescind shall not exceed the Net Asset
Value of the Units purchased, at the time the right is exercised. The right to rescind a purchase made
under a contractual plan may be exercised only with respect to payments scheduled to be made within the
time specified above for rescinding a purchase made under a contractual plan. Every registered dealer
from whom the purchase was made must reimburse the purchaser who has exercised this right of
rescission for the amount of sales charges and fees relevant to the investment of the purchaser in the Fund
in respect of the Units for which the written notice of the exercise of the right of rescission was given.
Purchasers must exercise these rights within the prescribed time limits under applicable securities
legislation. Purchasers should refer to the applicable provisions of the securities legislation in their
province of residence to determine whether they have similar rescission rights or consult with their legal
advisor for more details.
Contractual Rights of Action
Purchasers Resident in British Columbia or Québec or Purchasers Resident in Alberta in

Reliance on the “Accredited Investor” Exemption
If this Offering Memorandum, or any amendments thereto, contains a misrepresentation, a purchaser

resident in British Columbia or Québec who purchased Units under this Offering Memorandum, or a
purchaser resident in Alberta who purchased Units under this Offering Memorandum in reliance on
the “accredited investor” exemption under NI 45-106, will not be entitled to the statutory rights of
action described above. However, in consideration of purchasing Units under this Offering
Memorandum and upon acceptance by the Manager of the purchaser’s subscription in respect thereof,
purchasers in those jurisdictions are hereby granted a contractual right of action for damages or
rescission that is the same as the statutory rights of action described above provided to purchasers
resident in Ontario under the OSA.
- 66 -
CERTIFICATE
To: Alberta residents purchasing Units of the Fund in reliance on the $150,000 minimum amount
exemption under NI 45-106.
This Offering Memorandum does not contain a misrepresentation.
DATED as of the 31st day of May, 2019
NINEPOINT-TEC PRIVATE CREDIT FUND,

by its Manager, Ninepoint Partners LP, by
its general partner, Ninepoint Partners GP Inc.
By: “James R. Fox”

James R. Fox
Director
By: “Kirstin H. McTaggart”

Kirstin H. McTaggart
Chief Compliance Officer
SCHEDULE A
NINEPOINT-TEC PRIVATE CREDIT FUND
PRIVACY POLICY
The privacy of our investors is very important to us. Ninepoint-TEC Private Credit Fund (the “Fund”) is
committed to protecting your privacy and maintaining confidentiality of your personal information. This
Privacy Policy may be updated from time to time without notice.
The Fund complies with the requirements of Part 1 and Schedule 1 of the Personal Information
Protection and Electronic Documents Act (Canada) (“PIPEDA”) and all applicable provincial personal
information laws. Below is an overview of the privacy principles set out in Schedule 1 of PIPEDA.
What is personal information?
The term “personal information” refers to any information that specifically identifies you, including
information such as your home address, telephone numbers, social insurance number, birth date, assets
and/or income information, employment history and credit history.
How do we collect your personal information?
We collect your personal information directly from you or through your financial advisor and/or dealer in
order to provide you with services in connection with your investment in the Fund, to meet legal and
regulatory requirements and for any other purposes to which you consent. Your personal information
may be collected from a variety of sources, including:
(a) subscription forms, applications, questionnaires or other forms that you submit to us or
agreements and contracts that you enter into with us;
(b) your transactions with us;
(c) meetings and telephone conversations with you;
(d) e-mail communications with us; and
(e) the website of Ninepoint Partners LP (the “Manager”), the manager of the Fund
(www.ninepoint.com).
How do we use your personal information?
We collect and maintain your personal information in order to give you the best possible service and to
allow us to establish your identity, protect us from error and fraud, comply with applicable law and assess
your eligibility to purchase securities of the Fund. In addition, we may use your personal information for:
(a) executing your transactions;
(b) verifying and correcting your personal information; and
(c) providing you and/or your financial advisor and/or dealer with confirmations, tax
receipts, proxy mailings, financial statements and other reports.
A-2
Who do we share your personal information with?
We may transfer your personal information, when necessary, to our third party service providers and to
our agents in connection with the services we provide relating to your investment in the Fund, however,
please note that these third party service providers and agents will not share this information with others.
Such information is only used for the purposes identified above. The Fund will use contractual or other
means to provide a comparable level of protection while the information is being handled by a third party
service provider or agent. The following is a list of such third party service providers and agents:
(a) your financial advisor/dealer;
(b) financial service providers such as investment dealers, custodians, prime brokers, banks
and others used to finance or facilitate transactions by, or operations of, the Fund;
(c) other service providers such as accounting, legal or tax preparation services; and
(d) registrar and transfer agents, portfolio managers, brokerage firms and similar service
providers.
We may also be required by law to disclose information to government regulatory authorities (for
example, we may be required to report your income to taxation authorities). We may also be required to
disclose your personal information to self-regulatory organizations (“SROs”), which collect, use and
disclose such personal information for regulatory purposes, including trading surveillance, audits,
investigations, maintenance of regulatory databases and enforcement proceedings. SROs may, in turn,
disclose such personal information when reporting to securities regulators or when sharing information
with other SROs and law enforcement agencies.
We do not sell, lease, barter or otherwise deal with your personal information with third parties.
The Fund may be involved in the sale, transfer or reorganization of some or all of its business at some
time in the future. As part of that sale, transfer or reorganization, the Fund may disclose your personal
information to the acquiring organization, however, the Fund will require the acquiring organization to
agree to protect the privacy of your personal information in a manner that is consistent with this Privacy
Policy.
How do we obtain your consent to the collection, use and disclosure of your personal information?
By signing a subscription form or an application form and/or continuing to do business with us, you are
consenting to the collection, use and disclosure of your personal information for the purposes identified in
this Privacy Policy. The Fund will not, as a condition of the supply of services, require you to consent to
the collection, use or disclosure of your personal information beyond that required to fulfill those
purposes.
Can you withdraw your consent?
You may withdraw all or part of your consent for us to collect, use or disclose your personal information
subject to legal restrictions and reasonable notice. The Fund will inform you of the implications of such
withdrawal of consent for the continued provision of services to you.
A-3
How do we safeguard your personal information?
We carefully safeguard your personal information and, to that end, restrict access to personal information
about you to those employees and other persons who need to know the information to enable the Fund to
provide services to you. Each employee of the Fund, the Manager and Ninepoint Partners GP Inc., the
general partner of the Manager, is responsible for ensuring the confidentiality of all personal information
they may access. Annually, each such employee is required to sign a code of conduct, which contains
policies on the protection of personal information.
Where is your personal information kept?
Your personal information is maintained on our networks or on the networks of our service providers
accessible at Suite 2700, South Tower, Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, M5J 2J1.
Your information may also be stored on a secure off-site storage facility.
How can you access your personal information?
You may request access to your personal information by writing to the Fund at Suite 2700, South Tower,
Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, M5J 2J1. We will respond to your written request
promptly. The Fund may be unable to provide you with full access to your personal information if we are
prohibited by law or regulatory reasons or it has been destroyed. The Fund will provide you with an
explanation if we are unable to fulfill your access request.
Who do you contact if you have any questions or concerns?
If you have any questions with respect to this Privacy Policy, please contact our Chief Privacy Officer by
telephone at (416) 943-6707 or toll free at 1-866-299-9906, by e-mail to [email protected] or
by mail to Ninepoint-TEC Private Credit Fund, Suite 2700, South Tower, Royal Bank Plaza, 200 Bay
Street, Toronto, Ontario, M5J 2J1 Attention: Chief Privacy Officer.
Summary of Privacy Principles set out in Schedule 1 of PIPEDA
1. Accountability: The Fund is responsible for personal information under its control and the Chief
Privacy Officer is accountable for the Fund’s compliance with the principles described in this
Privacy Policy.
2. Identifying Purpose: The purposes for which personal information is collected will be identified
by the Fund at or before the time the information is collected. The Fund will also document the
purposes for which personal information is collected at or before the time the information is
collected.
3. Consent: The knowledge and consent of the individual, express or implied, are required for the
collection, use or disclosure of personal information by the Fund, except where inappropriate.
4. Limiting Collection: The Fund will limit the amount and type of personal information collected
to that which is necessary for the purposes identified by the Fund. The personal information will
be collected by fair and lawful means.
5. Limiting Use, Disclosure and Retention: The Fund will not use or disclose personal information
for purposes other than those for which it was collected, except with the consent of the individual
or as required or permitted by applicable law. Personal information will be retained only as long
as necessary for the fulfillment of those purposes.
A-4
6. Accuracy: The Fund will keep personal information as accurate, complete and up-to-date as is
necessary for the purposes for which it is to be used. The Fund will minimize the possibility that
inappropriate information is used to make a decision about the individual.
7. Safeguards: The Fund will protect personal information with security safeguards appropriate to
the sensitivity of the information.
8. Openness: The Fund will be open about its policies and procedures with respect to the
management of personal information. The Fund will ensure that individuals are able to acquire
information about the Fund’s policies and procedures without unreasonable effort. The Fund will
make this information available in a form that is generally understandable.
9. Individual Access: Upon a request in writing, the Fund will inform the individual of the
existence, use and disclosure of his or her personal information and the individual will be given
access to that information, except where the law requires or permits the Fund to deny access.
10. Questions and Concerns: An individual will be able to direct a challenge concerning compliance
with the above principles to the Fund’s Chief Privacy Officer.
Your personal information may be delivered to the Ontario Securities Commission and is thereby being
collected indirectly by the Ontario Securities Commission under the authority granted to it under
applicable securities legislation for the purposes of the administration and enforcement of the securities
legislation of the Province of Ontario. The public official in Ontario who can answer questions about the
Ontario Securities Commission’s indirect collection of personal information is the Administrative Support
Clerk by mail to the Ontario Securities Commission at Suite 1903, Box 55, 20 Queen Street West,
Toronto, Ontario, M5H 2S8, by telephone at (416) 593-3684 or by e-mail to [email protected].
2805029-v6\TORDMS

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CONFIDENTIAL OFFERING MEMORANDUM

Continuous Offering May 31, 2019

NINEPOINT-TEC PRIVATE CREDIT FUND

SCHEDULE A......................................................................................................................................... A-1

The Fund: Ninepoint-TEC Private Credit Fund (the “Fund”) is an open-ended

reasonable period of time, usually within two years.

administrative expenses associated with each class. See “Description of Units”,

from a subscriber unless the Manager is satisfied that the subscription is in

of exemptions from the prospectus and registration requirements described under

As compensation for providing management and administrative services to the

Notwithstanding the foregoing, investors should consider this Offering

INVESTMENT OBJECTIVE AND STRATEGY OF THE FUND

INVESTMENT GUIDELINES OF THE FUND

INVESTMENT RESTRICTIONS OF THE FUND

Hedging, Derivatives, Short Sales, Securities Lending and Repurchase Transactions

Investment Through Intermediary Vehicles

Security Interests and Guarantees

MANAGEMENT OF THE FUND

Directors and Officers of the Manager and of Ninepoint GP

Kirstin H. McTaggart Chief Corporate Secretary Chief Compliance Officer of the

Powers and Duties of the Manager

In particular, the Manager is responsible for:

(d) conducting or causing to be conducted the day-to-day correspondence and administration

(j) if deemed advisable, appointing a record-keeper, valuation service provider, registrar,

Fees and Expenses of the Fund

Standard of Care and Indemnification of the Manager

Fees and Expenses

Directors and Officers of the Sub-Advisor

DESCRIPTION OF UNITS OF THE FUND

FEES AND EXPENSES

Management Fees Payable by the Fund

Performance Fees Payable by the Fund

Operating Expenses Payable by the Fund

Early Redemption Fee

DETAILS OF THE OFFERING

An investment in Units is intended to be a long-term investment. However, Units may be redeemed

COMPUTATION OF NET ASSET VALUE OF THE FUND

(vi) prepaid expenses.

(v) a long position in an option or a debt-like security shall be valued at the

(i) all bills, notes and accounts payable;

“Net Change in Non-Portfolio Assets” on a Valuation Date means

AMENDMENTS TO THE TRUST AGREEMENT

TERMINATION OF THE FUND

CANADIAN FEDERAL INCOME TAX CONSIDERATIONS

Status of the Fund

Qualification as a Mutual Fund Trust

Taxation of the Fund

Eligibility for Investment

Risks Associated with an Investment in the Fund

AN INVESTMENT IN THE FUND IS NOT GUARANTEED AND IS NOT INTENDED AS A

General Investment Risk

Limited Operating History

Changes in Investment Strategy

Limited Ability to Liquidate Investment

Capital Depletion Risk