The Update [04 17 2016]

CRESCENT SCHOOL INVESTMENT TEAM

The Update Executive Team: Jordan Abramsky, Chief Executive Officer • jordanabramsky@crescentschool.org Ryan Boyd, Chief Operating Officer • ryanboyd@crescentschool.org Ronald Chow, Chief Marketing and Strategy Officer • ronaldchow@crescentschool.org Jake Erdman, Portfolio Manager (Financial Sector) • jakeerdman@crescentschool.org Josh Limpert, Portfolio Manager (Energy Sector) • joshlimpert@crescentschool.org Ryley Mehta, Portfolio Manager (Industrial Sector) • ryleymehta@crescentschool.org Christian Metivier, Portfolio Manager (Diversified Sector) • christianmetivier@crescentschool.org Mr. Gavin Muranaka • gmuranaka@crescentschool.org Mr. Michael Stephens • mstephens@crescentschool.org Ms. Mita Bhattacharrya • mbhattacharyya@crescentschool.org

Holdings Stock Name

Purchase Price

# of Shares

Total Cost

Current Price

Total Market Value

$ Change

% Change

CURRENT HOLDINGS CASH BALANCE

$5,593.63

iShares Cndn Short Term Bond ETF Canadian National Railway Agrium TransCanada Corporation

$28.50 $78.58 $118.20 $49.10

Magna International (SOLD 01/20/16) Toronto-Dominion Bank (SOLD 03/08/16) Royal Bank of Canada (SOLD 03/10/16) Brookfield Asset Management (SOLD 03/11/16) Gildan Activewear (SOLD 03/11/16) Crescent Point Energy (SOLD 04/14/16)

$57.51 $52.00 $67.62 $41.40 $33.50 $17.00

473 19 12 20

$13,480.50 $1,493.02 $1,418.40 $982.00

$28.45 $81.18 $107.41 $50.25

$13,456.85 $1,542.42 $1,288.92 $1,005.00

-$23.65 +$49.40 -$129.48 +$23.00

-0.18% +3.31% -9.13% +2.34%

$49.15 $54.60 $73.72 $43.53 $38.15 $19.64

$1,474.50 $1,528.80 $1,621.84 $1,567.08 $1,678.60 $274.96

-$250.80 +$72.80 +$134.20 +$76.68 +$204.60 $36.96

-14.54% +5.00% +9.02% +5.14% +13.89% +13.44%

$22.866.82

+$153.91

+0.68%

PAST HOLDINGS 30 28 22 36 44 14

$1,725.30 $1,456.00 $1,487.64 $1,490.40 $1,474.00 $238.00

TOTAL

$22,732.91

Recent Activity Since our last reporting, we sold our positions of Toronto-Dominion, Royal Bank of Canada, Brookfield Asset Management, Gildan Activewear and Crescent Point Energy; we also received dividend/interest payments for Brookfield Asset Management, iShares Canadian Short Term Bond ETF and Gildan Activewear. Finally, we have managed to purchase shares of Canadian National Railway, Agrium and Transcanada Corporation.

- Ronald Chow, Chief Marketing and Strategy Officer

CRESCENT SCHOOL INVESTMENT TEAM

April 17, 2016

CRESCENT SCHOOL INVESTMENT TEAM

The Update Portfolio Performance % Change – Past Week % Change – Past Month % Change – Past Three Months % Change – Since Inception

CSIT Portfolio *Blue Line* -0.20% -0.23% +1.83% +0.68%

Crescent TSX 60 Benchmark *Red Line* +1.07% +2.03% +17.18% +10.14%

Crescent Alternative Benchmark *Orange Line* +0.25% +0.46% +3.13% +2.53%

Comments: The Investment Team’s portfolio has certainly been active since the last issue of The Update released on March 6, 2016. We are proud to have purchased a few more holdings, as well as exit positions to secure capital gains. Of all of our holdings this year, only Magna International and Agrium bleed red ink; numerous interest payouts for iShares Canadian Short Term Bond ETF has counteracted its capital depreciation. With that said, our portfolio currently underperforms both benchmark; the recent boom of the energy sector has served as a big driver for the benchmark rebound. With a few weeks left before we close out the portfolio, we hope to keep the portfolio in the green while continuing to indulge in the learning experience of purchasing and selling positions.

- Ronald Chow, Chief Marketing and Strategy Officer The Canadian economy appears to be showing signs of improvement: the Bank of Canada raised growth prospects for this year from 1.4% up to 1.7%, and GDP grew by an unexpected 0.6% in January. However, the Bank of Canada also cited global headwinds –commodities slump, China—that could increase the economy’s volatility and decrease growth. OPEC members are meeting in Doha, Qatar to decide whether to cut production; a production cut would be a much-needed boost to the Canadian energy sector and would certainly help our portfolio.

- Ryan Boyd, Chief Operating Officer

CRESCENT SCHOOL INVESTMENT TEAM

April 17, 2016