Event Disclosure

This presentation contains the current opinions of the presenter and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide legal, accounting, tax or specific investment advice. Please speak to your Nicola Wealth Advisor regarding your unique situation. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Nicola Wealth fund returns are quoted net of fund-level expenses. Past performance is not indicative of future results. All investments contain risk and may gain or lose value. Projected returns are estimates only. Returns are not guaranteed.

The Nicola Wealth inclusion policy is based on clients’ weights at calendar month end. The composite returns are asset-weighted based upon ending monthly market value. The Nicola Core mandate may change throughout time. Additional information regarding policies for calculating and reporting returns is available upon request. The composite returns presented represent past performance and is not a reliable indicator of future results, which may vary.

Morningstar Canadian Neutral Balanced is a proprietary index developed by Morningstar Canada based on the CIFSC Fund categories (cifsc.org).

The S&P/TSX Capped REIT ETF seeks to provide long-term capital growth by replicating the performance of the S&P/TSX Capped REIT Index, net of expenses. The Index comprises securities of Canadian real estate investment trusts (“REITs”) listed on the TSX, selected by S&P using its industrial classifications and guidelines for evaluating issuer capitalization, liquidity and fundamentals. iShares® ETFs are managed by BlackRock Asset Management Canada Limited (“BlackRock Canada”). Commissions, trailing commissions, management fees and expenses all my be associated with investing in iShares Funds. The indicated rates of return for the S&P/TSX Capped REIT ETF are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or operational charges or income taxes payable by any securityholder that would have reduced returns.

Comparisons of the historical performance of Nicola Wealth funds or models to the historical performance of indexes, mutual funds or other investment vehicles should only be undertaken with consideration of the differences that exist between the underlying investments that comprise the compared investment vehicles. Indexes may be primarily composed of a single asset type/asset class (i.e. 100% equities or 100% bonds) whereas Nicola Wealth funds may or may not contain a combination of exchange-traded equities, marketable bonds, private investments, other alternative investment classes and exempt products. When making any comparison of historical performance, these differences and their impact on the performance of each comparable should be taken into account.

Hypothetical performance results have many inherent limitations, only some of which are described below. No representation is being made that any account will or is likely to produce profits or losses similar to those shown. In fact, there are frequent sharp differences between hypothetical performance results and the actual results subsequently produced by any particular trading approach.

1. Hypothetical performance results are limited in that they are generally prepared with the benefit of hindsight.
2. Hypothetical trading does not involve financial risk and no hypothetical trading record can completely account for the impact of financial risk in actual trading. The ability to withstand losses or adhere to a particular trading program in spite of trading losses are material points which can adversely affect actual trading results.
3. Numerous other limiting factors related to the behavior and performance of markets in general and/or to the implementation of any specific trading approach cannot be fully accounted for in the preparation of hypothetical performance results all of which can adversely affect actual trading results when compared to the hypothetical model.

Effective January 1, 2019 Nicola U.S. Real Estate LP adopted a new mandate and changed its name from SPIRE US LP. Distributions are not guaranteed and may vary in amount and frequency over time. Returns for Nicola U.S. Real Estate LP are calculated on a monthly basis and may differ from client returns which are updated with a 1-month lag. Nicola U.S. Real Estate LP was set up in July 2007 but opened to investors in June 2010 and all returns are calculated from June 2010. For a complete listing of Nicola Wealth Real Estate portfolios, please visit realestate.nicolawealth.com. Effective Jan. 1, 2019 the Nicola Canadian Real Estate LP adopted a new mandate and changed its name from SPIRE Real Estate LP, and the Nicola Value Add Real Estate LP adopted a new mandate and changed its name from SPIRE Value Add LP. This investment is only available for sale to residents of Canada who are accredited investors. Please speak with a Nicola Wealth advisor to discuss if this investment is right for you.

Nicola Wealth is registered as a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager with the required securities commissions. This is not a sales solicitation.