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Independent Review Committee Report to Securityholders • IRC • 24-101 Trade Matching Statement

Please read the prospectus before investing. Important information about each First Asset Fund is contained in its respective prospectus. Individuals should seek the advice of professionals, as appropriate, prior to investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses all may be associated with an investment in any type of investment fund, including ETFs and mutual funds. The Funds are managed by First Asset Investment Management Inc.

You will usually pay brokerage fees to your dealer if you purchase or sell units/shares of the investment fund on the Toronto Stock Exchange ("TSX"). If the units/shares are purchased or sold on the TSX, investors may pay more than the current net asset value when buying units/shares of the investment fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units/shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents. The indicated rate(s) of return is/are the historical annual compounded total return(s) including changes in share/unit value and reinvestment of all dividends/distributions and does/do not take into account certain fees (such as redemption fees or optional charges) or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Morningstar® is a trademark of Morningstar, Inc. The Funds are not sponsored, endorsed, sold or promoted by Morningstar or any of its affiliates (collectively, "Morningstar"), and Morningstar makes no representation regarding the advisability of investing in these Funds. "DEX" is a trademark of TSX Inc., a subsidiary of TMX Group Inc. This mark has been sublicensed for use for certain purposes to First Asset by FTSE TMX Global Debt Capital Markets Inc. (formerly "PC-Bond" a business unit of TSX Inc). The First Asset ETF is not sponsored, endorsed, sold or promoted by FTSE TMX Global Debt Capital Markets Inc., FTSE International Limited, TMX Group Inc. or their affiliates, third party data suppliers or licensors and they make no representation, warranty, or condition regarding the advisability of investing in the First Asset ETF. MSCI is a trademark of MSCI Inc. The MSCI indexes have been licensed for use for certain purposes by First Asset. The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus of the funds contains a more detailed description of the limited relationship MSCI has with First Asset and any related funds.