The objective of Waratah One is to achieve an annual compounded net return of 8% to 12% over five and ten year investment periods. The Fund is highly diversified with long and short positions in US and Canadian equities. A disciplined approach to
risk control is used to measure and manage portfolio exposures. To maximize opportunities and to reduce risks in response to market conditions, the Manager
actively adjusts the gross and net position of the Fund. The Fund targets low volatility of daily returns and seeks to minimize capital drawdowns by employing rolling stop-loss limits on all individual long positions.