Picton Mahoney Fortified Long Short Alternative Fund

The proposed investment objective of the Fund is to provide consistent long-term capital appreciation and to provide unitholders with an attractive risk-adjusted rate of return by actively investing in a portfolio comprised of long and short equity securities. To achieve the investment objective, the Fund invests in an actively managed long portfolio comprised primarily of equity securities identified as attractive investment candidates by the Portfolio Advisors investment process. Consistent with the investment objectives of the Fund, up to 100% of the aggregate market value of the Fund may be sold short, as permitted by securities regulations. The Fund will short sell securities identified as unattractive investments by the Portfolio Advisors investment process and/or to hedge the market exposure of the Funds long positions.