Lysander Funds Limited is the investment fund manager of Lysander-Triasima All Country Equity Fund (the “Fund”). This document is not an
invitation to invest in the Fund and does not constitute a public offering of sale. Purchases in the Fund can only be made through an
Investment Professional on the terms in the Fund’s offering document by eligible investors. Each purchaser of units in a fund may have
statutory or contractual right of action. Commissions, trailing commissions, management fees and expenses all may be associated with
mutual fund investments. Please read the prospectus before investing. The indicated rates of return are 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
optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed or
insured, their values change frequently and past performance may not be repeated. ¹Copyright © 2021 MSCI Inc. All rights reserved.
²Distributions are based on the actual number of units outstanding at the relevant time. Distributions are paid in cash or reinvested in
additional units. If the series’ net income/capital gains is less than the amounts distributed in the year, the distribution will include a
return of capital. In these circumstances, if an investor elects to receive their distributions in cash and not reinvest distributions, it is
expected that the value of their investment will decline over time. Distributions are not an indication of performance, rate of return or
yield. ³Effective January 1, 2020, the managment fee for Series F changed from 1.00% to 0.80% ®Lysander Funds is a registered trademark
of Lysander Funds Limited.