Canso
Credit Income Fund
Class F

Lysander Funds Limited is the investment fund manager of Canso Credit Income Fund (the “Fund”). Refer to the Fund’s Prospectus and disclosure documents available on sedar.com or Lysander’s website below for more details on the Fund before making an investment decision. This document is not an invitation to invest in the Fund and does not constitute a public offering of sale. Applications for purchases in the Fund will only be considered on the terms of the Prospectus and public disclosure documents which may also be obtained from your Investment Professional. Each purchaser of units in the Fund may have statutory or contractual rights of action. The information in this document is subject to change without notice. You will usually pay brokerage fees to your dealer if you purchase or sell units of the Fund on the Toronto Stock Exchange (TSX). Only Class A units of the Fund are listed on the TSX. If the units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying units of the Fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units of the Fund. The 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 rates of return are based on calculated net asset values per unit, which are net of management fees, operating expenses, any applicable performance fees and applicable taxes. These returns include changes in unit value and reinvestment of all distributions and 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.

Performance returns for Class A and Class F units are based on the net asset values of the relevant class. Prior to June 25, 2015, the Fund used a fund-on-fund investment strategy whereby the Fund gained exposure to Canso Credit Trust through a forward agreement. On June 25, 2015, as a result of changes to the Income Tax Act (Canada), the Fund changed its investment objectives, ceased to use a fund-on-fund strategy and began investing in securities directly. In addition, prior to July 1, 2020, the Fund paid servicing fees at 0.40% per annum on Class A units. On July 1, 2020, the Fund discontinued the payment of servicing fees. These changes could have affected the performance of the Fund had these changes been in effect throughout the performance measurement period.

The Class A performance numbers shown may be different from the performance provided by sources that obtain performance information from the TSX under the symbol PBY.UN, which performance is based on the trading price of the units.

¹Fixed income securities unrated by external agencies are assigned an internal Canso rating for Average Credit Quality.

®Lysander Funds is a registered trademark of Lysander Funds Limited.