Picton Mahoney Fortified Multi-Strategy Alternative Fund

The investment objective of the Picton Mahoney Fortified MultiStrategy Alternative Fund isto provide consistent longterm capital appreciation and to provide unitholders with an attractive risk adjusted rate of return The ETFS aggregate gross exposure is calculated as the sum of the following, and must not exceed three times its net asset value: the aggregate market value of the ETFs long positions; the aggregate market value of physical short sales on equities, fixed-income securities or other portfolio assets; and the aggregate notional value of the ETFs specified derivatives positions excluding any specified derivatives used for hedging purpose