General

Inflection Management Inc. (IM) owns and operates this Web Site, located at http//www.inflectionmanagement.com (the Web Site). This Terms of Use Agreement (this Agreement) states the terms and conditions under which you may access and use the Web Site. By accessing and using the Web Site you are indicating your acceptance to be bound by the terms and conditions of this Agreement. If you do not accept these terms and conditions, you must not access or use the Web Site. IF YOU ARE DISSATISFIED WITH THE TERMS, CONDITIONS, RULES, POLICIES, GUIDELINES OR PRACTICES OF INFLECTION MANAGEMENT INC. OPERATING THIS WEB SITE, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING IT. IM may revise this Agreement at any time by updating this posting. Use of the Web Site after such changes are posted will signify your agreement to these revised terms. You should visit this page periodically to review this Agreement.

Ownership

All materials displayed or otherwise accessible through the Web Site, including, without limitation, text, photographs, images, illustrations, (collectively, the Content) are protected under Canadian and foreign copyright or other laws, and are owned by IM, its licensors or the party accredited as the provider of the Content. In addition, the Web Site is protected under copyright law as a collective work and/or compilation pursuant to Canadian and foreign laws. You shall abide by all additional copyright notices, information and restrictions on or contained in any of the Content accessed through the Web Site. IM owns and licenses a number of trademarks, tradenames, logos, products, processes, and other intellectual property described in the Web Site. Certain intellectual property of companies other than IM may be used with permission of its owners.

ANY USE, REPRODUCTION, ALTERATION, MODIFICATION, PUBLIC PERFORMANCE OR DISPLAY, UPLOADING OR POSTING ONTO THE INTERNET, TRANSMISSION, REDISTRIBUTION OR OTHER EXPLOITATION OF THE WEB SITE OR OF ANY CONTENT, WHETHER IN WHOLE OR IN PART, OTHER THAN EXPRESSLY SET OUT HEREIN, IS PROHIBITED WITHOUT THE EXPRESS WRITTEN PERMISSION OF IM.

Non Solicitation

This material is provided for informational purposes only and does not constitute advice or a solicitation to buy, hold or sell an interest in any Inflection Fund. An offer or solicitation of any such interest will only be made pursuant to a Confidential Information Memorandum. An investment in any Inflection Fund is speculative and involves substantial risk. The Confidential Information Memorandum and other documents associated with any investment, including the risk factor discussion contained therein, should be carefully reviewed. There can be no guarantee that any Inflection Fund will achieve its investment objective. Portfolio characteristics and other information are provided as of the dates set forth herein. Current or future characteristics and other information may vary significantly from those provided herein and Inflection undertakes no obligation to notify the recipient of any such variances. The Manager is registered in British Columbia as a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager; and in Alberta, Ontario and Quebec as an Exempt Market Dealer.

Forward Looking Statements

This document may include forward‐looking statements with respect to the Fund and its assets, including, among other things, its business model, its business operations, and its investment strategy”. These statements generally can be identified by the use of forward‐looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or “continue”, or the negative or similar variations thereof. Although the Investment Manager of the Fund believes that the expectations reflected in such forward‐looking statements are reasonable and represent the Fund and expectations and belief at this time, such statements involve known and unknown risks and uncertainties which may cause the Fund’s actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward‐looking statements. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, fluctuations in interest rates, increased business competition, changes in government (both in Canada and abroad) regulations and/or tax laws, volatility of commodity prices, labour strife nationally and abroad, foreign currency exposure and civil disobedience movements. For a more complete summary of other factors that could cause actual results to differ from estimates of future performances. Please refer to the Confidential Information Memorandum for more information. This confidential presentation is only intended for the presentation audience and may not be redistributed without the prior written consent of Inflection Management Inc. (“Inflection”).

Data Sources for Fund Specific Performance Presentations

Data Source for Index/Fund Performance: Kaufman Rossin Fund Services. ISOF performance numbers presented are blended net returns after investment management and performance fees which vary by class of unit. Please refer to the Confidential Information Memorandum for more details. Index returns shown above are for general information purposes only and do not necessarily reflect the investment objectives and risk tolerance of the Fund. The returns stated reflect the most current data at the time of issuing this communication. Returns may be amended after we have reported these monthly numbers. These amendments may be due to re‐pricing adjustments or receipt of more accurate data, among other things, and are reflected in the next period’s document. Past performance is not necessarily indicative of future performance. Please contact your Inflection representative or the Fund Administrator if you require further details regarding the calculated rates of return. The S&P 500, iShares Dex Bond, and S&P TSX are general market indices and are provided for informational purposes only. The HFN Fund of Funds ‐ Multi‐Strategy Index contains a wide variation of hedge funds that may limit its comparability to ISOF.

DISCLAIMER OF WARRANTIES

THE WEB SITE AND ALL CONTENT IS PROVIDED AS IS. BY ACCESSING AND USING THE WEB SITE YOU ACKNOWLEDGE AND AGREE THAT USE OF THE WEB SITE AND THE CONTENT IS ENTIRELY AT YOUR OWN RISK. IM MAKES NO REPRESENTATIONS OR WARRANTIES REGARDING THE WEB SITE AND THE CONTENT, INCLUDING, WITHOUT LIMITATION, NO REPRESENTATION OR WARRANTY (I) THAT THE WEB SITE AND/OR CONTENT WILL BE ACCURATE, COMPLETE, RELIABLE, SUITABLE OR TIMELY; (II) THAT ANY CONTENT, INCLUDING, WITHOUT LIMITATION, ANY INFORMATION, DATA, SOFTWARE, PRODUCT OR SERVICE CONTAINED IN OR MADE AVAILABLE THROUGH THE WEB SITE WILL BE OF MERCHANTABLE QUALITY OR FIT FOR A PARTICULAR PURPOSE; III) THAT THE OPERATION OF THE WEB SITE WILL BE UNINTERRUPTED OR ERROR FREE; (IV) THAT DEFECTS OR ERRORS IN THE WEB SITE WILL BE CORRECTED; (V) THAT THE WEB SITE WILL BE FREE FROM VIRUSES OR HARMFUL COMPONENTS; AND (VI) THAT COMMUNICATIONS TO OR FROM THE WEB SITE WILL BE SECURE OR NOT INTERCEPTED.