RECIRCULATION OPPORTUNITY INFORMATION

2019 Recirculation Opportunity

Ravensource is currently recirculating units redeemed pursuant to the Annual Redemption Right. If you would like to participate in the Recirculation and take advantage of this opportunity to purchase more Ravensource units than are usually offered on the exchange, please find additional information below or contact Scott Reid at 416-250-2845. Orders to purchase units under the Recirculation must be placed no later than 2pm Eastern Time on September 24, 2019.

Annual Redemption Right

Ravensource Fund offers an annual redemption privilege that allows unitholders to redeem 100% of their units for cash at Net Asset Value - adjusted to reflect expenses incurred to effect the redemption - as calculated as of the Annual Redemption Date.

In parallel, Ravensource has the right to re-sell units tendered for redemption as opposed to cancelling the units by entering into a Recirculation Agreement with one or more investment dealers to use commercially reasonable efforts to find purchasers of the units surrendered for redemption.

For further details, please refer to the Declaration of Trust which can be found in the “Investor Resources - Key Documents" section of the Ravensource Website or on SEDAR.