Value Investing

Donville Kent Asset Management 4Q15 Update

Donville Kent Asset Management update for the fourth quarter ended December 31, 2015.

Dear Partners and Friends,

For the fourth quarter of 2015, the Capital Ideas Fund LP was up 1.01%* and the Capital Ideas Trust was also up 1.01%*. The S&P/TSX Composite Total Return Index was down 1.40%** for the quarter.

For the full year ended December 31, 2015, the Capital Ideas Fund LP was up 4.06%* and the Capital Ideas Trust gained 4.02%*. During 2015, both funds significantly outperformed the S&P/TSX Composite Total Return Index, which was down 8.32%** as of year end.

*All Figures are time weighted weights of return, net of all fees and expenses. Based on Class A Series 1

**Source: S&P/Capital IQ

Donville Kent

Donville Kent Capital Ideas Fund LP – Investment Strategy

The Fund invests long and short in a concentrated group of publicly listed securities. Through the application of our focused investment strategy, we search for companies that possess high levels of return on equity, reasonable valuations and positive share price momentum. Portfolio companies typically have a track record of achieving high returns on equity, and are capable of generating high returns on equity for many years without the addition of significant amounts of equity capital other than that which is being generated internally. These companies are run by strong management teams that have a significant ownership stake in the business.

Donville Kent

Donville Kent

Firm Profile

Donville Kent is a highly specialized asset management firm that manages investments on behalf of individual investors as well as select institutions. Collectively, our principals have extensive experience in portfolio management, equity research and trading. Unlike many traditional investment firms, our principals are the largest investors in our funds. This commitment results in the highest possible alignment of interest with our clients and is a key component of our success.

Donville Kent