NOTES AND ASSUMPTIONS: (1) Capital gains can be offset by unused capital losses, so for investors with sufficient unused capital losses, this is the final after-tax return. (2) On national offerings calculated with reference to an Ontario investor paying income tax at the highest marginal rate of 46.41%, and using the "money-at-risk/after-tax purchase cost" as the denominator and the dissolution value minus the "money-at-risk/after-tax purchase cost" as the numerator [in the case of the national offering memorandums the "money-at-risk/after-tax purchase cost" used was the arithmetic average of the lower and higher "money-at-risk/after-tax purchase cost" shown in Ontario Table 1 in the offering memorandum; in the case of Québec and B.C. offerings the "money-at-risk/after-tax purchase cost" used in the respective province-specific offering documents was used]; assumes the full purchase cost of the flow-through investment can be deducted by investors for income tax purposes. (3) Calculated with reference to an Ontario investor paying income tax at the highest marginal rate of 46.41%, and using the same process as in note (2), except that the numerator also has the capital gains tax amount deducted from the numerator; assumes one-half of capital gains are taxable, and the adjusted cost base of each limited partnership unit is nil. (4) Returns are calculated without factoring in the time value of money, and also are not annualized.
    The information contained herein is not an offer to sell nor a solicitation to buy any security. Qualified investors must receive a confidential Offering Memorandum from an authorized distributor prior to subscribing for units. Commissions, trailing commissions, management fees, performance fees and expenses all may be associated with an investment in the flow-through limited partnerships. Flow-through limited partnerships are not guaranteed, their values change frequently and past performance may not be repeated.