Kingwest U.S. Equity fact sheet for the month ended March 31, 2016.

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Strategy Overview

The investment objective of the Kingwest U.S. Equity strategy is to provide investors with superior returns through investing in undervalued companies of all market capitalizations that are publicly traded on major U.S.markets.

Kingwest U.S. Equity - Investment Manager Profile

Kingwest has been investing capital in Canadian and US securities markets through 7 market cycles with one consistent investment process and we have been earning returns well above what the market indices have delivered over a comparable time frame.

We manage approximately $1.2 billion on behalf of institutional and high net worth clients around the world, investing in equities and fixed income. Kingwest has developed under stable employee ownership since 1982. Long-term thinking drives our approach to investing, building client relationships and growing our business.

Investment Process

We invest in businesses we understand that have a high probability of increasing in price for reasons not related to the movement of share prices in general, but related to company specific developments.

We take positions contrary to conventional wisdom. We seek out the evidence needed to give us the comfort that our point of view is correct.

We always do our homework. Excellent performance can only be achieved through deep knowledge of the companies in which we invest.

Investing is about the long-term. According to McKinsey & Company, the average holding period for an investment manager today is 10 months. Kingwest’s average holding period is 4 years. This patient approach allows us to take advantage of opportunities that short-term focused investors overlook.

Above all, we avert risk with informed common sense and have been investing for over 30 years with one strategy.

Kingwest U.S. Equity

Kingwest U.S. Equity

All dollar references herein are in U.S. dollars. Performance data set fourth herein is gross of all management fees, unless otherwise stated. The performance data provided assumes reinvestment of distributions only and does not take into account sales, redemptions, distributions, optional charges or income taxes payable by any security holder that would have reduced returns. Management fees, commissions and expenses may all be associated with pooled fund investments such as an investment in units of the Kingwest U.S. Equity strategy.

Past performance is not necessarily a guide to future performance. Unit values change frequently and past performance may not be repeated. The payment of distributions is not guaranteed and may fluctuate. The value of investments and income from them can fall and rise. Investments denominated in foreign currencies are subject to fluctuations in exchange rates, which may have an adverse affect on the value of the investments, sale proceeds and on income.

The Portfolios* are compliant with Swiss law for distribution to qualified investors in Switzerland. The Swiss representative is Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204 Geneva. The Swiss paying agent is Banque Cantonale de Genève, 17, quai de I’île, 1204 Geneva, Switzerland. Investors in Switzerland can obtain the documents of the Portfolios, such as the Offering Memorandum, the Trust Agreement and the financial reports free of charge from the Swiss representative. This document may only be issued, circulated or distributed so as not to constitute an offering to the general public in Switzerland. Recipients of the document in Switzerland should not pass it on to anyone without first consulting their legal or other appropriate professional adviser, or the Swiss representative.

*Only Kingwest Canadian Equity Portfolio and Kingwest U.S. Equity Portfolio of the The Kingwest Managed Portfolios are compliant with Swiss law for distribution to qualified investors in Switzerland.