Ms. Leisha Roche reports

PICTON MAHONEY ASSET MANAGEMENT APPOINTS NEW SUB-ADVISOR FOR PICTON MARKET NEUTRAL EQUITY ALTERNATIVE FUND AND PICTON MULTI-STRATEGY ALPHA ALTERNATIVE FUND

SMA Capital LLC has been appointed as subadviser for the Picton Market Neutral Equity Alternative Fund and the Picton Multi-Strategy Alpha Alternative Fund, effective July 10, 2026.

SMA Capital is an alternative asset management firm that operates a platform of single-manager hedge fund strategies. Established in January, 2025, the firm manages a suite of specialized long/short equity strategies across a range of sectors and geographies, including industrials, consumer, asia technology, capital markets, health care and Latin American equities. SMA Capital manages investment strategies for institutional investors, family offices and other sophisticated investors, and its platform is designed to support independent portfolio managers operating distinct strategy-specific mandates while benefiting from centralized infrastructure, risk management, compliance and operational support.

The appointment of SMA Capital does not result in any change to the investment objectives or investment strategies of the funds. Picton Investments continues to act as manager and portfolio adviser of the funds.

About Picton Investments

Picton Investments is a Canadian investment firm with $18.6-billion in assets under management (as at May 31, 2026), recognized for pioneering alternative investment strategies that challenge traditional thinking. Since 2004, Picton Investments has been helping advisers and investors rethink portfolio construction -- moving away from traditional models toward more resilient, diversified solutions. Leveraging deep expertise in quantitative research, fundamental analysis and authentic hedging strategies, the company champions a modern approach designed to deliver more consistent, risk-adjusted returns. Its philosophy is to "build from the bear up," embracing a bear mind set of resiliency, adaptability and strength to provide Canadians with greater certainty.