Norrep Funds by Hesperian Capital Management Ltd.

FUNDS Hesperian Capital Management Ltd.

Monthly Fund Summaries AUGUST 31, 2013 Norrep Fund Norrep II Class Norrep All Cap Quant Class Norrep Income Growth Class Norrep Global Class Norrep Energy Class Norrep Entrepreneurs Class Norrep Market Neutral Income Fund Norrep Global Income Growth Class Norrep Tactical Opportunities Class Norrep High Yield Class Norrep Short Term Income Fund Norrep US Dividend Plus Class

www.norrep.com | 877.431.1407

Norrep Fund

Monthly Fund Summary as at August 31, 2013 The fund invests primarily in small and mid cap Canadian equities using a proven and repeatable value methodology. The portfolio management team selects equities generating earnings growth, cash flow growth, and high returns on equity that are reasonably valued in regards to the historical norms for the equity, the sector, and the broad market. With respect to the fundamentals, companies in the portfolio tend to exhibit high quality management teams, clean balance sheets, and strengthening competitive positions in their industry. The fund is most suited to investors with an above average tolerance for volatility and a desire for long-term capital appreciation as an important component of their portfolio.

Performance

Risk is managed by building and maintaining specialist in-house small/mid cap equity expertise

1 month

3 month

YTD

1 year

3 year*

5 year*

10 year*

15 year*

Inception*

1.1%

4.5%

14.2%

22.7%

16.0%

7.1%

13.7%

19.0%

15.5%

1997^

1998

1999

2000

2001

2002

2003

2004

2005

3.4%

-21.3%

31.7%

44.7%

23.5%

20.7%

43.9%

25.0%

32.4%

2006

2007

2008

2009

2010

2011

2012

25.7%

19.9%

-51.1%

62.8%

30.8%

-4.3%

10.0%

*Annualized

Profit from Hesperianâ&#x20AC;&#x2122;s proven and repeatable value methodology to make active management count

NAV/Unit: $34.00

A well-managed small/mid cap equity fund has historically added tremendous long-term value

Five-Year Metrics^

^ See glossary below

^ 1997 return begins with May 31 inception

Beta

Correlation

R-Squared

Standard Deviation

0.85

0.91

22.9%

Up Months

127

4.8% average return in up months

68 -5.0% average return in down months

Down Months

Value of $10,000 Invested in the Norrep Fund at Inception

$125,000

$100,000

$75,000

$50,000

$25,000

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

$0 1998

Beta represents the tendency of the fundâ&#x20AC;&#x2122;s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive correlation. R-Squared is a number 0 to 100 representing the percentage of a fundâ&#x20AC;&#x2122;s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average).

1.877.431.1407 www.norrep.com

Top Ten Holdings Listed Alphabetically as at July 31, 2013*

Fund Code

NRP 101

Net Assets

$103.5 million

Baytex Energy Corp.

Linamar Corporation

Inception

May 31,1997

Black Diamond Group Limited

MEGA Brands Inc.

CIFSC Category

Canadian small/mid cap equity

Computer Modelling Group Ltd.

Peyto Exploration & Development Corp.

Corus Entertainment Inc.

Stella-Jones Inc.

Management Fee

2.00%

Descartes Systems Group Inc.

TransForce Inc.

Benchmark Index

BMO Small Cap Equity Only Weighted Total Return Index

* The portfolio manager believes that more than 30-40 securities will dilute performance. The fundâ&#x20AC;&#x2122;s ten largest positions generally comprise 40-50% of the portfolio and are reported on a one-month lag to preserve the portfolio managerâ&#x20AC;&#x2122;s ability to invest for the benefit of fund investors and their advisors rather than for the public distribution.

Sector Weightings

Portfolio Manager

Hesperian Capital Management Ltd.

Auditor

KPMG LLP

Custodian

CIBC Mellon Trust Company

Transfer Agent and Registrar

CIBC Mellon Global Securities Services Company

Energy (16.4%) Basic Materials (12.4%)

Industrials (16.9%)

Consumer Discretionary (15.3%) Healthcare (3.1%) Financials (6.3%)

Information Technology (12.1%) Net Cash (17.5%)

Equity Portfolio Attributes Trailing P/E

Trailing ROE

Cash Flow/Debt

Trailing P/CF

17.9x

15.1%

0.46

8.9x

30.6x

7.8%

0.32

8.9x

Advantage

12.7x

7.3%

0.14

0.0x

Norrep Fund

Index1

Source: CPMS (of covered securities) 1BMO Small Cap Equity Only Weighted Total Return Index

Distribution of Monthly SinceSince Inception DistributionReturns of Monthly Returns Inception 80

70 60

Norrep Fund

41 40 30

20 10 0

Worse than -5%

-5% to Zero

Zero to 5%

Better than 5%

1.877.431.1407 www.norrep.com The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the Norrep Mutual Funds are offered for sale by way of prospectus in all provinces of Canada except Quebec. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Norrep Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. We have made reasonable commercial efforts, to ensure that the information contained in this document is accurate, complete and timely but provide no guarantees of same either express or implied. All opinions expressed and data provided herein are subject to change without notice.

Norrep II Class

Performance A well-managed small/mid cap equity fund has historically added tremendous long-term value

Profit from Hesperianâ&#x20AC;&#x2122;s proven and repeatable value methodology to make active management count

NAV/Share: MF Series $35.63 F Series $39.00 1 month

3 month

6 month

YTD

1 year

3 year*

5 year*

10 year*

Inception*

1.5%

4.1%

7.9%

11.3%

19.1%

13.1%

4.8%

11.2%

15.2%

1.5%

4.4%

8.4%

12.0%

20.3%

14.2%

6.0%

*Annualized, ^ F Series inception Jan 31/05

Risk is managed by building and maintaining specialist in-house small/mid cap equity expertise

9.9%^

2001^

2002

2003

2004

2005

2006

2007

2008

14.3%

27.2%

45.8%

23.5%

33.9%

18.6%

16.4%

-52.1%

2009

2010

2011

2012

60.5%

31.4%

-7.9%

8.2%

Five-Year Metrics^ ^ See glossary below

Beta

Correlation

R-Squared

Standard Deviation

0.88

0.93

23.3%

Up Months 48

Down Months

^ 2001 return begins with September 30 inception

4.3% average return in up months

-4.5% average return in down months

Value of $10,000 Invested in the Norrep II Class at Inception $70,000

$60,000

$50,000

$40,000

$30,000

$20,000

$10,000

$0 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

1.877.431.1407 www.norrep.com

Fund Codes

NRP 200 (F) NRP 201 (FE) NRP 202 (LSC)

Net Assets

$165.0 million

Inception

September 30, 2001

CIFSC Category

Canadian small/mid cap equity

Management Fee (MF Series)

2.00%*

Benchmark Index

BMO Small Cap Equity Only Weighted Total Return Index

Portfolio Manager

Hesperian Capital Management Ltd.

Auditor

KPMG LLP

Custodian

CIBC Mellon Trust Company

Transfer Agent and Registrar

CIBC Mellon Global Securities Services Company

*Does not include performance bonus.

Top Ten Holdings Listed Alphabetically as at July 31, 2013* Baytex Energy Corp.

Descartes Systems Group Inc.

Black Diamond Group Limited

Linamar Corporation

COM DEV International Ltd.

Peyto Exploration & Development Corp.

Computer Modelling Group Ltd.

Stella-Jones Inc.

Corus Entertainment Inc.

TransForce Inc.

Sector Weightings Energy (17.7%) Basic Materials (13.6%) Industrials (17.4%) Consumer Discretionary (15.8%) Healthcare (3.3%) Financials (6.6%) Information Technology (14.7%) Net Cash (10.9%)

Equity Portfolio Attributes Trailing P/E

Trailing ROE

Cash Flow/Debt

Trailing P/CF

Norrep II

17.7x

15.2%

0.47

9.1x

Index

30.6x

7.8%

0.32

8.9x

Advantage

12.9x

7.4%

0.15

-0.2x

Source: CPMS (of covered securities) BMO Small Cap Equity Only Weighted Total Return Index 1

Distribution of Monthly Inception DistributionReturns of Monthly Since Returns Since Inception 70

Norrep II - MF

32 30

Worse than -5%

-5% to Zero

Zero to 5%

Better than 5%

Norrep All Cap Quant Class

Monthly Fund Summary as at August 31, 2013 The fund invests in Canadian equities using a proprietary quantitative methodology driven by value and momentum metrics. After extensive quantitative screening, the portfolio management team selects a logical and disciplined portfolio of equities exhibiting earnings momentum, price momentum, low debt, and high returns on equity with a reasonable valuation in regards to the historical norms for the equity, the sector, and the broad market. In applying the quantitative methodology, the fund is nimble in adjusting positions as the metrics change. The fund is most suited to investors with an average tolerance for volatility and a desire for long-term capital appreciation as an important component of a diversified portfolio. Canadian equity fund applying a quantitative methodology to invest in companies with strong value and momentum metrics

Offers investors valuable diversification for their Canadian equity allocation as the fundâ&#x20AC;&#x2122;s active share vs. index is high

Performance NAV/Share: MF Series $13.21 F Series $14.56 1 month

3 month

6 month

YTD

1 year

3 year*

5 year*

Inception*

MF Series

1.6%

3.2%

6.4%

8.8%

14.3%

4.7%

-1.5%

4.3%

F Series^

1.7%

3.5%

6.9%

9.5%

15.4%

5.8%

-0.3%

3.9%

*Annualized ^F Series inception March 23, 2005

MF Series

Investors gain exposure to a portfolio of low multiple stocks with high growth, low debt, and strong momentum

20041

2005

2006

2007

2008

2009

2010

9.4%

33.4%

16.9%

6.1%

-44.0%

30.8%

15.3%

2011

2012

-13.0%

3.2%

2004 return begins with March 31 inception

MF Series

Five-Year Metrics^ ^ See glossary below

Beta

Correlation

R-Squared

Standard Deviation

0.96

0.95

106

16.7%

Up Months 44

Down Months

3.3% average return in up months

-4.1% average return in down months

Value of $10,000 Invested in the Norrep All Cap Quant Class at Inception $25,000

$20,000

$15,000

$10,000

$5,000 2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

1.877.431.1407 www.norrep.com

Fund Codes

NRP300 (F) NRP301 (FE) NRP302 (LSC)

Net Assets

$16.8 million

Inception

March 31, 2004

CIFSC Category

Canadian Equity

Management Fee (MF Series)

2.00%*

Benchmark Index

S&P/TSX Total Return Index

Portfolio Manager

Hesperian Capital Management Ltd.

Auditor

KPMG LLP

Custodian

CIBC Mellon Trust Company

Transfer Agent and Registrar

CIBC Mellon Global Securities Services Company

Top Ten Holdings Listed Alphabetically as at July 31, 2013* Canadian Imperial Bank of Commerce

Royal Bank of Canada

First National Financial Corp.

Sun Life Financial Inc.

National Bank of Canada

Suncor Energy Inc.

Nevsun Resources Ltd.

Toronto-Dominion Bank

Power Financial Corporation

Whitecap Resources Inc.

* The portfolio manager believes that more than 30-40 securities will dilute performance. The fundâ&#x20AC;&#x2122;s ten largest positions are reported on a one-month lag to preserve the portfolio managerâ&#x20AC;&#x2122;s ability to invest for the benefit of fund investors and their advisors rather than for the public distribution.

Sector Weightings Energy (20.9%) Basic Materials (13.1%) Industrials (8.2%) Consumer Discretionary (10.0%) Healthcare (2.1%) Financials (35.0%) Information Technology (3.0%) Telecommunications (2.6%) Net Cash (5.1%)

*Does not include performance bonus.

Equity Portfolio Attributes Trailing P/E

Trailing ROE

QEM

Yield

Cash Flow/Debt

Norrep All Cap Quant

13.1x

19.6%

7.4%

4.2%

0.72

Index1

15.5x

14.5%

2.1%

3.2%

0.44

2.4x

5.1%

5.3%

1.0%

0.28

Advantage

Source: CPMS (of covered securities) 1S&P/TSX Total Return Index

Distribution of Distribution Monthly Returns Since Inception of Monthly Returns Since Inception 60

57 50

40 Norrep All Cap Quant - MF

32 30

Worse than -5%

-5% to Zero

Zero to 5%

Better than 5%

Norrep Income Growth Class

Monthly Fund Summary as at August 31, 2013 The fund invests primarily in dividend-paying small and mid cap Canadian equities with a minimum 10% weight in high yield fixed income. The portfolio manager selects equities generating earnings growth, cash flow growth, and high returns on equity that are reasonably valued and offer a high dividend yield. By targeting companies that pay out a low percentage of their earnings, yield stability is increased. With respect to the fundamentals, companies in the portfolio tend to exhibit high quality management teams, clean balance sheets, and strengthening competitive positions in their industry. The fund is most suited to investors requiring a high, stable tax-advantaged yield paid monthly with long-term growth upside from participation in the Canadian equity market. Canadian equity balanced fund investing primarily in small and mid cap dividend-paying equities with minimum 10% in fixed income

To strengthen after-tax returns, investors receive a stable $0.06/ share monthly tax-advantaged distribution ($0.72 annualized)

Over and above the yield, investors retain upside participation in the long-term growth of Canada’s equity market

Performance NAV/Share: B Series $12.69 MF Series $12.83 F Series $13.68 1 month

3 month

6 month

YTD

1 year

3 year*

5 year*

Inception*

B Series

0.4%

1.3%

3.3%

6.3%

8.6%

MF Series �

0.4%

1.4%

3.5%

6.6%

9.0%

13.2%

9.1%

10.1%

F Series

0.5%

1.5%

3.6%

6.8%

9.4%

13.8%

9.7%

10.8%

6.7%

*Annualized

MF Series

2006

2007

2008

2009

2010

2011

2012

13.8%

19.6%

-33.6%

42.3%

32.6%

2.2%

12.6%

Five-Year Metrics (MF Series)^ ^ See glossary below

Beta

Correlation

R-Squared

Standard Deviation

0.93

0.89

16.9%

Up Months Down Months

3.4% average return in up months

-3.6% average return in down months

Value of $10,000 Invested in Norrep Income Growth (MF Series) at Inception 2 $25,000

� MF Series performance is for fund codes NRP 501 (Front End) and NRP 502 (Low Load). These codes closed to new investors in July 2011. B Series NRP 503 (Front End) and NRP 504 (Low Load) is open for purchase. Beta represents the tendency of the fund’s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive correlation. R-Squared is a number 0 to 100 representing the percentage of a fund’s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average).

$20,000

$15,000

$10,000

$5,000

$0 2006

2007

2008

2009

2010

2011

2012

2013

The MF Series is closed to new investors (the B Series is available for purchase). MF Series performance is shown as it has a longer term track record utilizing the same fund mandate and proven and repeatable investment methodology. 2

1.877.431.1407 www.norrep.com

Net Assets

$127.3 million

Inception

December 31, 2005^

CIFSC Category

Canadian Equity Balanced

Management Fee (B Series)

2.00%*

Benchmark Index

75% S&P/TSX Total Return Index 25% DEX Universe Bond Index

Portfolio Manager

Hesperian Capital Management Ltd.

Auditor

KPMG LLP

Custodian

CIBC Mellon Trust Company

Transfer Agent and Registrar

CIBC Mellon Global Securities Services Company

MF Series – B Series inception as at June 30, 2011 *Does not include performance bonus.

Top Ten Holdings Listed Alphabetically as at July 31, 2013* Badger Daylighting Ltd.

Gamehost Inc.

Baytex Energy Corp.

K-Bro Linen Inc.

Black Diamond Group Ltd.

Peyto Exploration & Development Corp.

Boyd Group Income Fund

SIR Royalty Income Fund

Canaccord Financial Inc.

Whitecap Resources Inc.

* The portfolio manager believes that more than 30-40 securities will dilute performance. The fund’s ten largest positions generally comprise 40-50% of the portfolio and are reported on a one-month lag to preserve the portfolio manager’s ability to invest for the benefit of fund investors and their advisors rather than for the public distribution.

Portfolio Weightings Industry Sectors

NRP500 (F) NRP503 (FE) NRP504 (LSC)

Composition

Fund Codes

Common Stock (82.4%)

Energy (15.3%) Basic Materials (6.7%) Industrials (22.8%) Consumer Discretionary (21.3%) Financials (16.3%) Fixed Income (15.2%) Net Cash (2.4%)

Bonds (15.2%) Cash (2.4%)

Equity Portfolio Attributes Trailing P/E

Trailing ROE

Cash Flow/Debt

Expected Yield

Norrep Income Growth

16.4x

16.3%

0.58

4.2%

S&P/TSX

15.5x

14.5%

0.44

3.2%

Advantage

-0.9x

1.8%

0.14

1.0%

Source: CPMS (of covered securities)

of Monthly Returns Since InceptionSince Inception Distribution ofDistribution MF Series Monthly Returns 50 45

40 35

Income Growth - MF

30 24

25 20 15

13 9

10 5 0

Worse than -5%

-5% to Zero

Zero to 5%

Better than 5%

Norrep Global Class

Monthly Fund Summary as at August 31, 2013 The fund invests primarily in small and mid cap global equities using a proven and repeatable value methodology. The portfolio management team selects equities generating earnings growth, cash flow growth, and high returns on equity that are reasonably valued in regards to the historical norms for the equity, the sector, and the broad market. With respect to the fundamentals, companies in the portfolio tend to exhibit high quality management teams, clean balance sheets, and strengthening competitive positions in their industry. The fund is most suited to investors with an above average tolerance for volatility and a desire for long-term capital appreciation as an important component of a diversified portfolio. Global small/mid cap equity fund accessing attractive global growth companies with reasonable valuations

Small/mid cap inefficiency is not limited to Canada and investors gain diversification into the other 95% of the world’s markets

Performance NAV/Share: MF Series $10.19 F Series $11.08 1 month

3 month

6 month

YTD

1 year

3 year*

5 year*

Inception*

MF Series

-1.6%

0.9%

5.7%

15.1%

20.9%

10.4%

1.3%

0.3%

F Series

-1.6%

1.0%

6.0%

15.7%

22.0%

11.4%

2.5%

1.4%

*Annualized

MF Series

Investors benefit from the fund’s focus on the “price of growth” to ensure that global growth is obtained at a reasonable price

2006^

2007

2008

2009

2010

2011

2012

13.1%

-9.4%

-34.9%

12.4%

24.1%

-16.7%

14.3%

^ 2006 return begins with May 31 inception

Five-Year Metrics^ ^ See glossary below

Beta

Correlation

R-Squared

Standard Deviation

1.00

0.94

19.8%

Up Months

3.6% average return in up months

38 -4.3% average return in down months

Down Months

Value of $10,000 Invested in the Norrep Global Class at Inception $14,000

$12,000

$10,000

Beta represents the tendency of the fund’s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive correlation. R-Squared is a number 0 to 100 representing the percentage of a fund’s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average).

$8,000

$6,000

$4,000

$2,000

$0 2007

2008

2009

2010

2011

2012

2013

1.877.431.1407 www.norrep.com

Net Assets

$31.8 million

Inception

May 31, 2006

CIFSC Category

Global small/mid cap equity

Management Fee (MF Series)

2.00%*

Benchmark Index

S&P Developed Small Cap Total Return Index

Portfolio Manager

Hesperian Capital Management Ltd.

Auditor

KPMG LLP

Custodian

CIBC Mellon Trust Company

Transfer Agent and Registrar

CIBC Mellon Global Securities Services Company

Top Ten Holdings Listed Alphabetically as at July 31, 2013* Bank of Central Asia

Ingenico Ltd.

Brinker International Inc.

Nokian Renkaat Oyj

First Pacific Company Limited

PHI Inc.

General Mills Inc.

TIBCO Software Inc.

GERRY WEBER International AG

The Timken Company

Portfolio Weightings Geographic

NRP400 (F) NRP401 (FE) NRP402 (LSC)

Sector

Fund Codes

Energy (10.9%) Industrials (19.6%) Consumer Staples (3.7%) Information Technology (10.8%) Net Cash (3.2%)

*Does not include performance bonus.

Europe (38.6%) North America (51.1%) Asia Pacific (ex. Japan) (10.3%) Japan (0.0%)

Basic Materials (10.0%) Consumer Discretionary (20.4%) Financials (15.3%) Telecommunications (6.1%)

Equity Portfolio Attributes Current Year P/E

Current Year ROE

Current Year EV/EBITDA

Current Year D/E

Norrep Global

16.4x

14.3%

9.1x

0.90

Index

19.3x

13.8%

11.1x

0.77

2.9x

0.5%

2.0x

-0.13

Advantage

Source: Capital IQ 1S&P Developed Small Cap Total Return Index

of Monthly Returns Since Inception Distribution ofDistribution Monthly Returns Since Inception 35

Norrep Global - MF

Worse than -5%

-5% to Zero

Zero to 5%

Better than 5%

Norrep Energy Class

Monthly Fund Summary as at August 31, 2013 The fund invests primarily in equities of all market capitalizations in Canada’s energy sector using a value methodology commonly referred to as “growth at a reasonable price.” The portfolio management team selects equities with a high potential for share price appreciation that can be realized from a revaluation of the company, growth from developing a resource prospect, and/or exposure to rising commodity prices. Companies in the portfolio tend to have high quality management teams, trade below intrinsic value or at a discount to peers, and have above average growth prospects. The fund is most suited to investors with an above average tolerance for volatility and a desire for long-term capital appreciation as an important component of a diversified portfolio. Natural resources equity fund investing primarily in Canadian energy equities of all capitalizations

Investors gain a specialist Calgarybased portfolio management team with strong relationships in the core of Canada’s energy industry

Performance NAV/Share: MF Series $17.99 F Series $18.83 1 month

3 month

6 month

YTD

1 year

2 year*

3 year*

Inception*

MF Series

1.5%

3.3%

11.9%

11.4%

18.5%

4.4%

11.4%

14.8%

F Series

1.5%

3.6%

12.4%

12.1%

19.7%

5.5%

12.4%

16.0%

2009^

2010

2011

2012

35.1%

27.7%

-5.6%

-0.9%

*Annualized

MF Series

Investors obtain exposure to Canada’s energy -- large reserves, low geopolitical risk, and a fastgrowing production profile

Since Inception Metrics^ ^ See glossary below

^ 2009 return begins with May 31 inception

Beta

Correlation

R-Squared

Standard Deviation

0.92

0.85

19.0%

30 5.0% average return in up months

Up Months 21

Down Months

-4.0% average return in down months

Value of $10,000 Invested in Norrep Energy Class at Inception $22,000 $20,000 $18,000 $16,000

Beta represents the tendency of the fund’s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive correlation. R-Squared is a number 0 to 100 representing the percentage of a fund’s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower standard deviation the closer the data points are to the mean.

$14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 2009

2010

2011

2012

2013

1.877.431.1407 www.norrep.com

Fund Codes

NRP 700 (F) NRP 701 (FE) NRP 702 (LSC)

Top Ten Holdings Listed Alphabetically as at July 31, 2013* Cenovus Energy Inc

Secure Energy Services Inc.

DeeThree Exploration Ltd.

Surge Energy Inc.

Manitok Energy Inc.

Vermilion Energy Inc.

Raging River Exploration Inc.

Whitecap Resources Inc.

RMP Energy Inc.

Yoho Resources Inc.

Net Assets

$50.4 million

Inception

May 31, 2009

CIFSC Category

Natural resources equity

Management Fee (MF Series)

2.00%*

Benchmark Index

S&P/TSX Capped Energy Total Return Index

Portfolio Manager

Hesperian Capital Management Ltd.

Large Cap (6.2%)

Auditor

KPMG LLP

Mid Cap (48.3%)

Custodian

CIBC Mellon Trust Company

Small Cap (21.9%)

Transfer Agent and Registrar

CIBC Mellon Global Securities Services Company

*Does not include performance bonus.

Sector Weightings

Net Cash (23.6%)

Equity Portfolio Attributes Fund

Index1

Market Cap - Median ($Mm)

$694

$2,681

EV/EBITDA

7.1x

7.0x

Producers’ Production - Median (Boe/d)

6,853

52,093

Producers’ Gas Weighting (%)

39%

31%

Source: Bloomberg, CanOils 1S&P/TSX Capped Energy Total Return Index

of Monthly Returns SinceInception Inception Distribution ofDistribution Monthly Returns Since 25

Norrep Energy - MF 15

Worse than -5%

-5% to Zero

Zero to 5%

Better than 5%

Norrep Entrepreneurs Class

Monthly Fund Summary as at August 31, 2013 The fund applies the same proven and repeatable methodology as Norrep Fund (1997 inception) and Norrep II (2001 inception) to invest primarily in Canadian and global micro capitalization equities. The portfolio management team selects equities generating earnings growth, cash flow growth, and high returns on equity. The equities must be reasonably valued in regards to the historical norms for the equity, the sector, and the broad market. With respect to the fundamentals, companies in the portfolio tend to exhibit high quality management teams and strengthening competitive positions in their industry. The fund is most suited to investors with an above average tolerance for volatility and a desire for long-term capital appreciation as an important component of a diversified portfolio. Specialist fund investing primarily in Canadian and global micro capitalization equities (<$250 million market capitalization)

Investors gain professionallymanaged access to the 70% of the Canadian equity market largely ignored by investment funds

Performance NAV/Share: MF Series $17.52 F Series $18.19 1 month

3 month

6 month

YTD

1 year

2 year*

3 year*

Inception*

MF Series

2.8%

6.0%

11.3%

16.2%

27.1%

17.0%

20.8%

18.8%

F Series

2.9%

6.3%

11.8%

17.0%

28.5%

17.9%

22.3%

20.2%

*Annualized

MF Series

Risk is managed with specialist inhouse expertise and the deep due diligence required to excel in the inefficient micro cap equity space

2010^

2011

2012

25.5%

-2.0%

22.5%

Since Inception Metrics^ ^ See glossary below

Up Months

^ 2010 return begins with May 31 inception

Beta

Correlation

R-Squared

Standard Deviation

0.83

0.91

14.3%

25 3.9% average return in up months 14

Down Months

-2.8% average return in down months

Value of $10,000 Invested in Norrep Entrepreneurs Class at Inception $19,000

$17,000

$15,000

$13,000

$11,000

$9,000

$7,000 2010

2011

2012

2013

1.877.431.1407 www.norrep.com

Fund Codes

NRP 900 (F) NRP 901 (FE) NRP 902 (LSC)

Net Assets

$11.9 million

Inception

May 31, 2010

CIFSC Category

Canadian small/mid cap equity

Management Fee (MF Series)

2.00%*

Benchmark Index

70% BMO Small Cap Equity Only Weighted Total Return Index, 30% S&P Developed Small Cap Total Return Index

Portfolio Manager

Hesperian Capital Management Ltd.

Auditor

KPMG LLP

Custodian

CIBC Mellon Trust Company

Transfer Agent and Registrar

CIBC Mellon Global Securities Services Company

Top Ten Holdings Listed Alphabetically as at July 31, 2013* AKITA Drilling Ltd.

Pollard Banknote Limited

Boyd Group Income Fund

Trimac Transportation Ltd.

EXCO Technologies Limited

Wenzel Downhole Tools Ltd.

Hardwoods Distribution Inc.

Western Forest Products Inc.

Petrowest Corporation

Winalta Inc.

Sector Weightings Energy (17.8%) Basic Materials (8.5%) Industrials (23.6%) Consumer Discretionary (25.3%) Consumer Staples (1.2%) Healthcare (1.2%) Financials (7.3%) Information Technology (7.9%) Net Cash (7.2%)

Equity Portfolio Attributes

*Does not include performance bonus.

Trailing P/E

Trailing ROE

Debt/Equity

Trailing P/CF

Norrep Entrepreneurs

16.6x

15.8%

0.12

11.9x

Index

28.0x

8.5%

0.55

10.4x

Advantage

11.4x

7.3%

0.43

-1.5x

Source: CPMS (of covered securities) 1 70% BMO Small Cap Equity Only Weighted Total Return Index, 30% S&P Developed Small Cap Total Return Index

Distribution of Monthly Returns Since Inception 20

18 16 14 12

Norrep Entrepreneurs Class - MF

10 8

6 4

2 0

Worse than -5%

-5% to Zero

Zero to 5%

Better than 5%

Norrep Market Neutral Income Fund Monthly Fund Summary as at August 31, 2013

What is the Norrep Market Neutral Income Fund? The fundâ&#x20AC;&#x2122;s objective is to eliminate the risk associated with directional moves in the stock market through a balance of long and short security positions. This investment style tends to outperform the equity markets when they are down or flat and tends to underperform in strong bull equity markets (although still providing a positive return). Returns of a market neutral fund reflect the difference between the long positions and the short positions regardless of market direction. Norrep has added an additional element to the traditional market neutral fund by introducing a distribution greater than the yield of the current five year Government of Canada note. For each dollar invested in the Norrep Market Neutral Income Fund, the investor will own approximately $1 in a passively managed investment-grade corporate bond portfolio, $1 of a short portfolio of Canadian-listed securities and $1 of a long portfolio of Canadianlisted securities.

Performance Opportunity to attain positive returns regardless of market direction

Low volatility fund with returns uncorrelated to the market

Earn a 4.0%* yield with downside protection

NAV/Share: Class A $11.29 Class F $11.60 1 month

3 month

6 month

YTD

1 year

2 year

Inception*

Class A

-1.4%

-1.0%

3.0%

4.1%

1.0%

7.1%

8.5%

Class F

-1.3%

-0.8%

3.4%

4.8%

2.0%

8.1%

9.6%

*Annualized

The S&P/TSX experienced significant daily losses of more than -2.5% eight times since the Norrep Market Neutral Income Fundâ&#x20AC;&#x2122;s inception. The fund achieved positive returns on each of these days.

August 8, 2011 August 4, 2011 September 22, 2011

*Based on December 31, 2012 unit value

October 3, 2011 August 18, 2011 June 21, 2012 November 9, 2011 April 15, 2013

S&P/TSX Return

Norrep Market Neutral Income Return

-4.0% -3.4% -3.3% -3.2% -3.1% -3.0% -2.7% -2.7%

+1.4% +0.4% +0.3% +0.1% +0.6% +0.5% +0.9% +0.6%

Value of $10,000 Invested in the Norrep Market Neutral Income at Inception $14,000.00 $13,000.00 $12,000.00 $11,000.00 $10,000.00 $9,000.00 $8,000.00 2011

2012

2013

1.877.431.1407 www.norrep.com

Fund Codes

NRP3100 (F) NRP3101 (A)

Net Assets

$35.6 million

Inception

Dec 31, 2010

Classification

Canadian Market Neutral

Management Fee

0.9% (F) 1.9% (A)

Capped MER

2.25% excluding performance bonus and taxes

Monthly Performance - Class A Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2011

-0.8%

2.5%

1.7%

-2.0%

1.8%

-0.2%

0.7%

4.8%

1.6%

-1.3%

2.5%

-0.1%

11.3%

2012

-1.8%

1.1%

2.2%

3.2%

1.6%

1.8%

3.2%

-0.9%

-2.0%

1.8%

-0.9%

-2.0%

7.4%

2013

0.2%

0.9%

2.5%

-0.1%

1.6%

-0.5%

1.0%

-1.4%

Portfolio Attributes

Total

4.1%

Average monthly return since inception

0.1%

Norrep Market Neutral Income 0.7%

S&P/TSX

Yield*

4.0%

Average return in up months

2.2%

0.3%

2013 Paid Distributions

$0.22

Average return in down months

-2.3%

1.1%

Maximum Drawdown*

18.4%

5.7%

2012 Paid Distributions

$0.40

Standard Deviation^

10.5%

6.1%

2011 Paid Distributions

$0.45

*Based on weekly performance ^Since Inception

Portfolio Manager

Hesperian Capital Management Ltd.

Auditor

KPMG LLP

Transfer Agent and Registrar

CIBC Mellon Global Securities Services Company

Prime Broker

Scotia Capital Inc.

*Paid quarterly, based on December 31, 2012 unit value

Sold under the Accredited Investor Offering Memorandum and minimum purchase ($150,000) exemptions.*

Number of Longs

Percent Long

102%

Number of Shorts

Percent Short

102%

Number of Pairs

Percent Bond

100%

Number of Bonds

Modified Duration

2.9 years

Trailing P/E

Trailing ROE

Earnings Surprise

QEM

Yield

Longs

13.3x

17.0%

2.4%

6.0%

3.6%

Shorts

38.2x

6.3%

-3.8%

-3.2%

3.1%

Sector Exposures (Gross and Net %) Net Energy

-19.0%

0.0%

19.0%

Basic Materials

-20.7%

0.0%

20.7%

Industrials

-10.5%

Con. Disc.

-16.3%

Cons. Staples

-2.2%

0.0%

2.2%

Health Care

0.0%

Financials

-20.6%

0.0%

20.6%

Info Tech

-7.0%

0.0%

7.0%

Telecom.

-1.5%

0.0%

1.5%

Utilities

-3.8%

0.0%

3.8%

-40.0% -30.0% -20.0% -10.0%

10.6%

0.1%

16.2%

-0.1%

0.0%

10.0%

20.0%

30.0%

40.0%

1.877.431.1407 www.norrep.com The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Norrep Market Neutral Income Fund offering documents before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. We have made reasonable commercial efforts, to ensure that the information contained in this document is accurate, complete and timely but provide no guarantees of same either express or implied. All opinions expressed and data provided herein are subject to change without notice. * See Offering Memorandum for complete list of exemptions.

Norrep Global Income Growth Class Monthly Fund Summary as at August 31, 2013

The fund invests primarily in dividend-paying global equities of all market capitalizations with a minimum 10% weight in fixed income. The portfolio manager mainly selects equities generating earnings growth, cash flow growth, and high returns on equity that are reasonably valued and offer a high dividend yield. By targeting companies that pay out a low percentage of their earnings, yield stability is increased. With respect to the fundamentals, companies in the portfolio tend to exhibit high quality management teams, clean balance sheets, and strengthening competitive positions in their industry. The fund is most suited to investors requiring a high, stable yield paid monthly with long-term growth upside and diversification from participation in the global equity market. Global equity balanced fund investing primarily in dividendpaying equities with a minimum 10% weight in fixed income

Canadian investors gain currencyhedged geographic and sector diversification into the other 95% of the worldâ&#x20AC;&#x2122;s markets

Performance NAV/Share: MF Series $10.12 F Series $10.37 1 month

3 month

6 month

YTD

1 year

2 year*

Inception*

MF Series

-1.8%

1.3%

6.3%

12.6%

17.6%

12.8%

5.9%

F Series

-1.7%

1.6%

6.8%

13.3%

18.7%

14.0%

6.9%

*Annualized

MF Series

Over and above the stable $0.04 per share monthly yield, investors retain long-term growth upside in the global equity market

2011^

2012

2013 Paid Distributions

$0.32

-9.7%

11.8%

2012 Paid Distributions

$0.48

^ 2011 return begins with May 31 inception

Since Inception Metrics^ ^ See glossary below

Up Months

Beta

Correlation

R-Squared

Standard Deviation

1.11

0.94

10.7%

Down Months

2.2% average return in up months

9 -2.8% average return in down months

Value of $10,000 Invested in Norrep Global Income Growth at Inception $12,000

$11,000

$10,000

$9,000

$8,000

$7,000

$6,000 2012

2013

1.877.431.1407 www.norrep.com

$35.3 million

Inception

May 31, 2011

CIFSC Category

Global equity balanced

Management Fee (MF Series)

2.00%*

Benchmark Index

75% MSCI World Index and 25% DEX Universe Bond Index

Portfolio Manager

Hesperian Capital Management Ltd.

Auditor

KPMG LLP

Custodian

CIBC Mellon Trust Company

Transfer Agent and Registrar

Anheuser-Busch InBev N.V.

Manulife Financial Corporation

Brinker International Inc.

RTL-Westcan Limited Partnership

Eaton Corp.

St. Jude Medical, Inc.

JPMorgan Chase & Co.

United Technologies Corporation

L Brands Inc.

Wells Fargo & Company

Portfolio Weightings

CIBC Mellon Global Securities Services Company

Geographic

Net Assets

Top Ten Holdings Listed Alphabetically as at July 31, 2013*

Sectors

NRP1000 (F) NRP1001 (FE) NRP1002 (LSC)

Composition

Fund Codes

Energy (2.5%) Basic Materials (2.2%) Industrials (17.4%) Consumer Discretionary (12.9%) Consumer Staples (8.5%) Healthcare (9.1%) Financials (26.0%) Information Technology (4.1%) Fixed Income (16.5%) Net Cash (0.8%)

Common Stock (82.7%) Bonds (16.5%) Cash (0.8%)

*Does not include performance bonus.

North America (62.1%) Europe (33.0%) Asia Pacific (ex. Japan) (4.9%) Japan (0.0%)

Equity Portfolio Attributes Current Year P/E

Current Year ROE

Current Year EV/EBITDA

Current Year D/E

Yield

15.2x

15.3%

9.2x

0.97

4.7%

Source: Capital IQ

Distribution of Monthly Returns Since Inception 16

14 12

Norrep Global IG MF

10 8

6 4

2 0

Worse than -5%

-5% to Zero

Zero to 5%

Better than 5%

Norrep Tactical Opportunities Class Monthly Fund Summary as at August 31, 2013

The fund invests ~75% of its portfolio in income-producing securities to generate a 4% targeted annualized distribution paid to investors quarterly. The distribution is made in a tax-advantaged form to increase after tax return. The remaining ~25% focuses on high value, economically-sensitive equities with solid balance sheets and competitive metrics. Return potential is strengthened by a broad investment mandate allowing the fund to access securities offering the best value in Canada and abroad. The fund is best suited to investors with a high tolerance for volatility who are interested in an active investment approach that capitalizes on the changing macroeconomic environment. Categorized as a tactical balanced fund with a broad mandate to invest in the best risk/reward opportunities in Canada and abroad

Investors receive a shock absorber from the targeted 4% annualized tax-advantaged yield

Performance NAV/Share: MF Series $12.14 F Series $12.37 1 month

3 month

6 month

YTD

1 year

Inception*

MF Series

2.5%

5.2%

10.0%

15.1%

26.2%

14.6%

F Series

2.6%

5.0%

10.4%

15.8%

27.3%

15.7%

2011^

2012

2013 Paid Distributions

$0.331

3.3%

9.8%

2012 Paid Distributions

$0.42

*Annualized.

MF Series

Investors benefit from a portfolio component of up to ten, heavily researched, contrarian ideas

^ 2011 return begins with September 16 inception. 1 Distribution of 1.0% per quarter.

Since Inception Metrics^ ^ See glossary below

Beta

Correlation

R-Squared

Standard Deviation

1.60

0.72

14.2%

Up Months

13 10

Down Months

4.2% average return in up months -2.0% average return in down months

Value of $10,000 Invested in Norrep Tactical Opportunities at Inception $15,000 $14,000 $13,000

$12,000 $11,000 $10,000 $9,000 $8,000 $7,000 2012

2013

1.877.431.1407 www.norrep.com

Net Assets

$78.7 million

Inception

September 16, 2011

CIFSC Category

Tactical Balanced

Management Fee (MF Series)

2.00%*

Benchmark Index

60% S&P/TSX Total Return Index, 20% Russell 3000 Index, 20% DEX Universe Bond Index

Portfolio Manager

Hesperian Capital Management Ltd.

Auditor

KPMG LLP

Custodian

CIBC Mellon Trust Company

Transfer Agent and Registrar

CIBC Mellon Global Securities Services Company

Top Ten Holdings Listed Alphabetically as at July 31, 2013* Absolute Software Corporation

Laurentian Bank of Canada

Canadian Imperial Bank of Commerce

iShares U.S. Preferred Stock Index

CIT Group Inc.

Norrep High Yield Class Series O

Crescent Point Energy Corp.

Suncor Energy Inc.

InnVest REIT

Teck Resources Limited

Portfolio Weightings Equity Sectors

NRP1200 (F) NRP1201 (FE) NRP1202 (LSC)

Composition

Fund Codes

Energy (18.5%) Industrials (9.8%) Consumer Discretionary (-3.7%) Financials (47.2%) Information Technology (8.7%) Fixed Income (13.6%) Net Cash (5.9%)

Equities (80.5%) Fixed Income (13.6%) Cash (5.9%)

*Does not include performance bonus.

Equity Portfolio Attributes Trailing P/E

Trailing ROE

Trailing P/CF

Cash Flow/Debt

17.7x

10.4%

7.1x

0.23

Source: CPMS (of covered securities)

Distribution of Monthly Returns Since Inception 9

8 7

Norrep Tactical MF

6 5

4 3 2

1 0

Worse than -5%

-5% to Zero

Zero to 5%

Better than 5%

Norrep High Yield Class

Monthly Fund Summary as at August 31, 2013 The fund invests primarily in high yield corporate bonds and floating-rate senior secured loans to provide investors with a stable stream of monthly cash distributions. Distributions are paid in a tax-advantaged form to increase investors’ after tax return compared to heavily-taxed interest income distributions from traditional options. The fund may also invest in government bonds, investment grade corporate bonds, convertible bonds, and similar yield-paying securities. The portfolio manager selects securities based on top-down macroeconomic analysis blended with in-depth analysis of the issuer’s entire capital structure. The fund is most suited to investors requiring a high, stable yield paid monthly without sacrificing long-term capital gains potential. Fixed income fund with a unique strategy of investing in both floating rate senior secured loans and high yield corporate bonds

Capital gains potential over and above the stable stream of $0.06 per share monthly tax-advantaged distributions ($0.72 annualized)

Performance NAV/Unit: MF Series $9.28 F Series $9.52 1 month

3 month

6 month

YTD

1 year

2 year*

Inception*

MF Series

0.2%

0.4%

2.1%

3.9%

7.6%

6.1%

4.4%

F Series

0.3%

0.7%

2.7%

4.6%

8.7%

7.2%

5.4%

2011^

2012

2013 Paid Distributions

$0.48

-1.5%

7.6%

2012 Paid Distributions

$0.72

*Annualized

MF Series

Take advantage of an appealing risk reward environment where corporate default rates are at historical lows

^ 2011 return begins with May 31 inception

Since Inception Metrics^ ^ See glossary below

Correlation

R-Squared

Standard Deviation

0.43

0.69

2.6%

Up Months Down Months

Beta

0.7% average return in up months

-0.8% average return in down months

Value of $10,000 Invested in the Norrep High Yield Class at Inception $12,000

$11,000

$10,000

$9,000

$8,000 2012

2013

1.877.431.1407 www.norrep.com

Fund Codes

NRP800 (F) NRP801 (FE) NRP802 (LSC)

Net Assets

$111.8 million

Inception

May 31, 2011

CIFSC Category

High yield fixed income

Management Fee (MF Series) Benchmark Index

Portfolio Composition Government bonds

0.0%

Investment grade bonds

0.0%

High yield bonds

43.8%

Senior loans

50.3%

Asset backed securities

0.0%

2.00%*

Net cash

5.9%

Short Positions

0.0%

Merrill Lynch Canada High Yield Canadian Issuers Index

Total

Portfolio Manager

Hesperian Capital Management Ltd.

Auditor

KPMG LLP

Custodian

CIBC Mellon Trust Company

Transfer Agent and Registrar

CIBC Mellon Global Securities Services Company

*Does not include performance bonus.

100.0%

Portfolio Ratings BB (17.2%) B (49.3%) CCC (21.2%) Not Rated (6.4%) Net Cash (5.9%)

Portfolio Attributes Current Yield

7.7%

Modified Duration

1.9 years

Yield to Maturity

7.4%

Holdings

Spread

618 bps

Distribution of Monthly Returns Since Inception 25

Norrep High Yield - MF

6 5

0 0

Worse than -5%

-5% to Zero

Zero to 5%

Better than 5%

Norrep Short Term Income Fund

Monthly Fund Summary as at August 31, 2013 The fund is designed to provide unitholders with a portfolio of debt securities targeting a net 3% to 4% annualized yield and a duration below 3 years. The fundâ&#x20AC;&#x2122;s main objective is to achieve the target return while maintaining a high level of capital preservation and providing minimal unit price volatility. The portfolio will be invested across a wide variety of debt securities including government bonds, corporate bonds and floating rate senior secured loans. The portfolio manager selects securities by looking across the North American debt spectrum and investing in those that provide the best risk adjusted returns. This fund offers investors an alternative to other short-term income products such as government bonds which are currently generating yields near historical lows. Fixed income fund investing in a wide range of debt securities that target a net 3% to 4% annualized return

Fund pays a stable monthly distribution of $0.03 per unit

Performance NAV/Unit: MF Series $10.02 F Series $10.13 1 month

3 month

6 month

YTD

1 year

Inception*

MF Series

0.0%

-0.5%

0.7%

1.9%

4.1%

3.7%

F Series

0.1%

-0.4%

1.0%

2.2%

4.6%

4.2%

2011^

2012

2013 Paid Distributions

$0.24

0.7%

4.6%

2012 Paid Distributions

$0.36

*Annualized

MF Series

Provides investors with a higher return than traditional short term income alternatives

^ 2011 return begins with September 16 inception

Since Inception Metrics^ ^ See glossary below

Beta

Correlation

R-Squared

Standard Deviation

0.56

0.71

1.0%

22 0.4% average return in up months

Up Months Down Months

-0.8% average return in down months

Value of $10,000 Invested in Norrep Short Term Income Fund at Inception $11,000

$10,500

$10,000

$9,500

Standard deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average).

Norrep Short Term Income

$9,000 2012

2013

1.877.431.1407 www.norrep.com

Portfolio Composition

Fund Codes

NRP1100 (F) NRP1101 (FE)

Net Assets

$72.8 million

Inception

September 16, 2011

CIFSC Category

Miscellaneous Income and Real Property

Management Fee (MF Series)

1.25%

Portfolio Manager

Hesperian Capital Management Ltd.

Auditor

KPMG LLP

Custodian

CIBC Mellon Trust Company

AAA (0.2%)

CIBC Mellon Global Securities Services Company

A (2.2%)

Transfer Agent and Registrar

Government bonds

1.9%

Investment grade bonds

13.6%

High yield bonds

34.6%

Senior loans

45.4%

Asset backed securities

1.6%

Net cash

2.9%

Total

100.0%

Portfolio Ratings AA (1.7%) BBB (12.2%) BB (37.8%) B (37.9%) Not Rated (5.1%) Net Cash (2.9%)

Portfolio Attributes Current Yield

5.8%

Modified Duration

2.3 years

Yield to Maturity

5.4%

Holdings

Spread

374 bps

Distribution of Monthly Returns Since Inception 25 22

Norrep ST Income - MF

5 0

Norrep Short Term Income

Worse than -5%

-5% to Zero

Zero to 5%

Better than 5%

1.877.431.1407 www.norrep.com

The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the Norrep Mutual Funds are offered for sale by way of prospectus in all provinces of Canada except Quebec. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Norrep Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. We have made reasonable commercial efforts, to ensure that the information contained in this document is accurate, complete and timely but provide no guarantees of same either express or implied. All opinions expressed and data provided herein are subject to change without notice.

Norrep US Dividend Plus Class

Monthly Fund Summary as at August 31, 2013 The Fund seeks a balance of current income and long-term capital appreciation by investing in a diversified portfolio of primarily dividend-paying U.S. equities of all market capitalizations. Security selection follows a bottom-up approach combining aspects of both fundamental and quantitative analysis. Quantitative techniques help identify potentially attractive securities from a large investable universe based on a combination of attributes in areas such as valuation, growth, profitability, momentum and risk. Fundamental analysis incorporates careful company specific research - evaluating the financial condition, management and prospects of each company and its industry, in relation to the overall economy. The Fund is most suited to investors requiring stable monthly income with long-term growth upside from participation in the U.S. equity markets.

Performance1 A core U.S. equity fund focusing primarily on dividend payers through a unique all-cap approach

Offering investors valuable diversification away from Resources into sectors not well represented in Canada

NAV/Share: MF Series $12.29 F Series $13.32 1 month

3 month

6 month

YTD

1 year

3 year*

5 year*

Inception*

MF Series

-1.1%

2.8%

12.8%

21.2%

28.9%

16.8%

6.9%

3.0%

F Series

-1.2%

2.8%

13.0%

21.7%

29.8%

17.9%

8.0%

4.1%

*Annualized MF Series

Providing investors a stable $0.035/share monthly distribution with upside participation as the U.S. market continues to recover On January 31, 2013, the investment objective of the Norrep US Class was changed from a focus on small and micro-capitalization U.S. equities to a broader mandate focused on dividend-paying U.S. equity securities of all capitalization. If the change had been in effect prior to January 31, 2013, the Fundâ&#x20AC;&#x2122;s performance could have been materially different. Also on this date, the Norrep US Class was renamed the Norrep US Dividend Plus Class and its benchmark was changed to the S&P 1500 Total Return Index in Local Currency.

2006

2007

2008

2009

2010

2011

2012

12.4%

-15.6%

-19.0%

6.3%

22.5%

-12.3%

17.8%

2013 Paid Distributions Five-Year Metrics^ ^ See glossary below

$0.245 Beta

Correlation

R-Squared

Standard Deviation

0.83

0.94

19.5%

Up Months 40

Down Months

4.2% average return in up months

-4.6% average return in down months

Value of $10,000 Invested in the Norrep US Dividend Plus Class at Inception $16,000 $14,000 $12,000

$10,000 $8,000 $6,000 $4,000 $2,000 $0 2006

2007

2008

2009

2010

2011

2012

2013

1.877.431.1407 www.norrep.com

Fund Codes

NRP600 (F) NRP601 (FE) NRP602 (LSC)

Net Assets

$7.9 million

Inception

December 31, 2005^

CIFSC Category

US equity

Management Fee (MF Series)

2.00%*

Benchmark Index

S&P Composite 1500 Total Return Index

Portfolio Manager

Hesperian Capital Management Ltd.

Auditor

KPMG LLP

Custodian

CIBC Mellon Trust Company

Transfer Agent and Registrar

CIBC Mellon Global Securities Services Company

^ The Norrep US Class mandate changed and the fund was renamed the Norrep US Dividend Plus Class on January 31, 2013. *Does not include performance bonus.

Top Ten Holdings as at July 31, 2013* Cal-Maine Foods Inc.

Occidental Petroleum Corporation

Cinemark Holdings, Inc.

St. Jude Medical Inc.

FMC Corporation

State Street Corporation

International Business Machines Corp

Steris Corporation

Microsoft Corporation

Texas Instruments Incorporated

Sector Weightings

Energy (4.9%) Basic Materials (4.3%) Industrials (4.8%) Consumer Discretionary (9.8%) Consumer Staples (10.0%) Healthcare (14.5%) Financials (20.1%) Information Technology (15.9%) Telecommunications (2.4%) Utilities (2.0%) Net Cash (11.3%)

Equity Portfolio Attributes

Norrep US Dividend Plus Class

Trailing P/E

Current Year P/E

Trailing ROE

Trailing P/CF

18.1x

15.6x

16.3%

11.3x Source: Capital IQ

Distribution ofDistribution Monthly Returns Since of Monthly Returns Since Inception Inception 40 36

35 30 25

US Dividend Plus MF

20 16

15 10 5 0

Worse than -5%

-5% to Zero

Zero to 5%

Better than 5%

Benefits of Norrep Opportunities Corp. Norrep Opportunities Corp. is a multi-class corporation offering the benefit of tax-deferred switches between all open investment products under the Norrep Opportunities umbrella. All of the funds are RSP eligible and TFSA eligible.

The Norrep Market Neutral Income Fund resides outside of this corporate class structure and is available to accredited investors with a minimum investment of $5,000 or non-accredited investors with a $150,000 minimum investment by offering memorandum. The Norrep Short Term Income Fund also resides outside the corporate class structure but is available to all investors for purchase with an initial minimum investment of $5,000 and subsequent purchases of $100. The same minimums apply to funds within the Corporate Class structure.

CONTACT US Hesperian Capital Management Ltd. The Norrep Group of Funds CALGARY OFFICE 175, 601 â&#x20AC;&#x201C; 10 Avenue SW Calgary, Alberta T2R 0B2 TORONTO OFFICE 3730, 77 King Street West Toronto, ON M5K 2A1 Toll-free 877.431.1407 info@hesperiancapital.com