3Iq DIGITAL ASSET MANAGEMENT F E B RUARY 2 0 2 0 FOR

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This presentation (the “Presentation”) has been prepared by 3iQ Corp. (the “Manager”) for information purposes only and is confidential and for the use of accredited investors and their advisors only. The contents are not to be communicated, reproduced or distributed to the public or press. Prospective investors must not rely on this Presentation as part of any assessment of any potential investment and should not treat the contents of this Presentation as advice relating to legal, taxation, financial or investment matters. Prospective investors are strongly advised to make their own inquiries and consult their own professional advisers as to the legal, tax, accounting and related matters concerning the acquisition, holding or disposal of an investment. The Manager makes no representation or warranty to any investor regarding the legality of any investment, the income or tax consequences, or the suitability of an investment for such investor.

The information contained herein, while obtained from sources believed to be reliable, is not guaranteed as to its accuracy or completeness and confers no right on purchasers. The presentation is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. Capitalized terms used herein but not defined have the meanings ascribed to them in the Offering Memorandum. Past performance of cryptoassets is not indicative of future performance and should not be used to forecast any return that an investor may realize on the Units of the Trust. Past performance of cryptoassets does not necessarily reflect the performance of the Trust if it had been in existence at the time of the cryptoassets’ debut as such performance does not take into consideration the costs and expenses associated with the operation of the Trust. The Funds are generally exposed to the following risks. See the Offering Memorandum dated December 2018 for a description of these risks: No Assurance in Achieving Investment Objectives, No Listing, Loss of Investment, Fluctuation in Value of Cryptoassets, Concentration Risk, Reliance on the Manager, Reliance on the Cryptoasset Consultant, No Ownership Interest in the Cryptoasset Portfolio, Changes in Legislation, Conflicts of Interest, Valuation of the Fund, Significant Redemptions, Limited Liquidity in the Units, Limited Operating History, Not a Fund Company, Exchange Rate Risk, Liquidity Constraints on Cryptoasset Markets may Impact the Fund’s Holdings, Tax Risk.

Forward Looking Statements

Certain statements in this prospectus are forward-looking statements, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “target”, “seek”, “will” and similar expressions to the extent they relate to the Fund, the Manager and the Bitcoin Advisor. Forward-looking statements are not historical facts but reflect the current expectations of the Fund, the Manager or the Bitcoin Advisor regarding future results or events. Such forward-looking statements reflect the Fund’s, the Manager’s or the Bitcoin Advisor’s current beliefs and are based on information currently available to them. Forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results or events to differ materially from current expectations including global economic conditions. Some of these risks, uncertainties and other factors are described in this prospectus under the heading “Risk Factors”. Although the forward-looking statements contained in this prospectus are based upon assumptions that the Fund, the Manager and the Bitcoin Advisor believe to be reasonable, none of the Fund, the Manager or the Bitcoin Advisor can assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein were prepared for the purpose of providing prospective investors with information about the Fund and may not be appropriate for other purposes. None of the Fund, the Manager or the Bitcoin Advisor assumes any obligation to update or revise them to reflect new events or circumstances, except as required by law.

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Frederick T. Pye President & CEO

While at Guardian Trust from 1983 to 1986, Fred was instrumental in getting gold, silver, and platinum certificates listed on the Montreal Exchange.

This enabled investment advisors to get access to precious metals in client portfolios.

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Howard J. Atkinson Executive Chairman

In 2000, Howard became the leading ETF advocate when there was 1 ETF in Canada with $3.5B in AUM. During his 15 years in the ETF industry he was part of many firsts:

• Author of ETF personal finance book • Bond ETFs • Sector ETFs • Derivative based ETFs • Leveraged and Inverse ETFs • Active ETFs • Founding Chair CETFA

As of November 30, 2019 this disruptive innovation has grown to $200B in AUM across 35 ETF providers.

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2016 2017 2018 2019

November 2016 – approached March 2017 – Confidential filing of April 2018 – 3iQ re-launches March 2019 - Formal Rejection of OSC with concept for bitcoin bitcoin fund prospectus Global Cryptoasset Fund Preliminary Prospectus and request for Hearing fund June 2017 – First Launch of Global November 2018 – Filing of Cryptoasset fund (Exempt Market Fund) public Non-offering Preliminary June 2019 – 3iQ acquires the FirstBlock Prospectus Bitcoin Trust July 2017 – Withdrawal of QGCF Exempt Market Fund June/July 2019 – Hearing with OSC where OSC Staff have the burden of proof that a December 2017 – Receives Terms and bitcoin fund is not in the public interest. Conditions to manage digital assets October 2019 – OSC Commissioner directs Investment Funds Branch to issue final receipt for 3iQ bitcoin fund as a closed-end fund December 2019 – Filed Preliminary Prospectus 5

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The Bitcoin blockchain is the most secure computer network in the world, powered by the first scarce digital asset – bitcoin.

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Warren Buffet Jamie Dimon Charlie Munger

“Stay away from it. “If you're stupid enough “Bitcoin is rat poison.” It’s a mirage, basically.” to buy it, you'll pay the - May 2018 - March 2014 price for it one day.” - October 2017 $630 $5400 $7800

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1 2 3

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The bitcoin blockchain is updated simultaneously across the network of computer nodes.

3iQ DIGITAL ASSET MANAGEMENT FEBRUARY 2020 FEBRUARY

The most powerful computer network in the world.

https://bitnodes.earn.com/nodes/live-map/

Bitcoin Blocks Blocks are files where data pertaining to the Bitcoin network are permanently recorded.

https://tradeblock.com/bitcoin

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Bitcoin is the value transfer protocol for the internet.

1971 TCP/IP–Transmission Control Protocol/Internet Protocol 1982 SMTP – Simple Mail Transmission Protocol 1989 HTTP – Hypertext Transfer Protocol 1994 SSL – Secure Sockets Layer Protocol 1995 VOIP – Voice Over Internet Protocol 1999 XMPP – Extensible Messaging Presence Protocol 2001 BT – BitTorrent Protocol 2008 BTC –Secure Value Transfer Protocol “AKA” the Bitcoin Blockchain

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The internet The Blockchain facilitates the ensures the secure unsecured free movement of movement of value, ownership, information title or money

Sourced from Joel Monegro.

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Banking on Bitcoin ? ? ? ? ? ? ? ? New markets. New use cases. ? ? Institutional Bitcoin

Retail Bitcoin P e o p l e

2013-2017 2018-2022 2022 and Beyond

Each wave of adoption brings new category leaders. 13

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Bitcoin costs money to produce

• Cost of computer equipment for ratifying the blockchain • Cost of energy to power the computer equipment • Roughly $5,500 to produce a bitcoin as of January 2020

The value of bitcoin is relative to the value of the US dollar

• It is a “hard asset” similar to gold • Will be “harder” than gold in 5 years, based on the amount produced annually “flow” to the amount in existence (stock)

People derive value from being able to store value, transfer funds, and speculate

• The Bitcoin blockchain has never been hacked • The numbers of users and total transactional volume continues to increase • Bitcoin has a limited supply schedule

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Intrinsic Value (IV): Monetary Value (MV) Value that exists because an economic good Value that exists in spite of an economic produces cash flow or has overt utility. good not having intrinsic value or value that exists in excess of an economic good’s Goods with Intrinsic Value (IV): intrinsic value. Equities Goods with Monetary Value (MV) Fixed Income Gold Real Estate Silver Corn Diamonds Wheat Bonds Oil Artwork Copper US Dollars Emeralds, Rubies, and Other Gemstones Bitcoin

Sourced from VanEck “The Investment Case for Bitcoin” 2019.

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Traits of Money Gold Government Issued (US Dollar) Crypto (bitcoin) Fungible (interchangeable) High High High Non-consumable High High High Portability Moderate High High Durable High Moderate High Highly divisible Moderate Moderate High Secure (cannot be counterfeited) Moderate Moderate High Easily transactable Low High High Scarce (predictable supply) Moderate Low High Sovereign (government issues) Low High Low Decentralized Low Low High Smart (Programmable) Low Low High

Sourced from VanEck “The Investment Case for Bitcoin” 2019.

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Gold is a scarce asset, but new discoveries of gold are not uncommon.

Sourced from World Gold Charts, June 2019.

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Effective Federal Funds Rate US Monetary Base

14 4,500

4,000 12 3,500 Most monetary bases are controlled by 10 3,000 one national, centralized institution.

8 2,500

Rate Rate (%) 2,000

6 USD USD Billions

1,500 4

1,000

2 500

0 0 1984 1989 1994 1999 2004 2009 2014 2019 1984 1989 1994 1999 2004 2009 2014 2019

Data sourced from Federal Reserve Bank of St. Louis as at December 31, 2019. Data sourced from Federal Reserve Bank of St. Louis as at December 31, 2019.

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Sourced from Conner Brown “How Bitcoin Will Change the World” May 2019.

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Bitcoin is the world’s first scarce digital asset with a limited supply.

By 2140, the number of bitcoin Bitcoin Supply outstanding will have reached a maximum of 21 million. 20,000

Bitcoin New Supply Deflation 12% 15,000

10%

10,000 8%

5,000 6%

Number Number of bitcoin (in thousands) 4% 0 2008 2020 2032 2044 2056 2068 2080 2%

Data sourced from Blockchain.com 0% Bitcoin mining rewards are halved every 2012-2016 2020-2024 2028-2032 2036-2040 4 years, creating a deflationary effect. Data sourced from Blockchain.com

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The number of daily on-chain bitcoin transactions is increasing.

600,000

500,000

400,000

300,000

200,000

100,000

0 2012 2013 2014 2015 2016 2017 2018 2019 2020 Data shows daily on-chain bitcoin transactions. Data sourced from Blockchain.com. Data as at December 31, 2019

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In 2012, the daily value of on-chain bitcoin transactions was around $1 million USD. Today, it is closer to $1 billion USD.

$10,000,000,000

$1,000,000,000

$100,000,000

$10,000,000

$1,000,000

$100,000 2012 2013 2014 2015 2016 2017 2018 2019 2020

Data shows total Blockchain.com wallet users. Data sourced from Blockchain.com. Data as at December 31, 2019

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1. Percentage of fiat or gold 5% of global fiat ~ USD $90 tn * 5% / 21 mm = $214,300 USD per bitcoin 10% of global gold ~ USD $7-8 tn * 10% / 21 mm = $38,100 USD per bitcoin

2. Stock-to-Flow Model The 'Stock-to-flow' is a number that shows how many years, at the current production rate (flow), are required to achieve the current stock. The higher the number, the higher the price.1

3. Metcalfe’s Law The value of a network is a function of the number of possible transaction pairs and is proportional to n*2 (n squared). 2

1 https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25 2https://nufi.io/what-is-metcalfes-law-and-how-does-it-apply-to-crypto/

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Sourced from The Economist “The Cost of Remittance Payments Needs to Drop” April 2019.

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Proportion of Global Population under Monetary Policy Risk

At Risk Inflation < 5%

Data sourced from Bloomberg as at December 31, 2019

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Sourced from PlanB (100TrillionUSD) 2019.

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Understanding the principle of more nodes in a network equaling more value is important.

Using Metcalfe’s Law, networks grow value in a compounding and non-linear fashion.

Sourced from Nufi.io.

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The US dollar price of bitcoin has been in an uptrend since 2012.

$100,000

$10,000

$1,000

$100

$10

$1 2012 2013 2014 2015 2016 2017 2018 2019 Logarithmic scale. Spot bitcoin price is sourced from Bloomberg. Data as at November 6, 2019

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The decline in bitcoin’s volatility has been caused by a number of factors: more stable and liquid spot exchanges, greater regulatory clarity, broader ownership, and increasingly reliable price discovery data.

Bitcoin is less volatile than 40% of the stocks on the TSX and 60% of the stocks on the TSXV.

140

120

100

20 Aug-17 Aug-18 Aug-19

Chart shows trailing 90-day volatility of bitcoin from August 2017 to November 2019. Data sourced from Bloomberg. Data as at November 6, 2019

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Over the past year, bitcoin has shown lower or little correlation to a variety of asset classes. Modern portfolio theory states that overall risk in an investment portfolio can be reduced by investing in asset combinations that are not correlated, increasing risk-adjusted returns.

SPDR S&P 500 ETF TRUST

ISHARES S&P/TSX 60 INDEX ETF

ISHARES MSCI JAPAN ETF

ISHARES MSCI EMERGING MARKETS ETF

ISHARES US REAL ESTATE ETF

ISHARES 7-10 YEAR TREASURY ETF

SPDR GOLD SHARES ETF

UNITED STATES OIL FUND LP

INVESCO DB COMMODITY INDEX -0.3 -0.2 -0.1 0 0.1 0.2 0.3

Correlation analysis is based on daily returns of bitcoin versus other asset classes for the period from October 31, 2018 to October 31, 2019.

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• Quadriga CX and Einstein Exchange have lost ~$250 million for retail investors.

• Surveys conducted by the OSC and the Bank of Canada show that 5% of Canadians have held some digital assets, primarily for investment purposes (1) (2).

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Properly constructed and regulated investment vehicle for long-term exposure to bitcoin.

• OSC regulated • TSX listing planned • World-class custody • Leading digital asset auditor • Closed-end fund • Monthly/annual redemptions • Registered accounts eligible • Priced in USD • Class A (USD) and F (USD) Units

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Investment Objective: Provide holders of the Fund with exposure to digital currency bitcoin and the opportunity for long-term capital appreciation.

Syndicate Lead Manager Canaccord Genuity Group Inc.

KYC/AML Through syndicate of registered investment dealers subject to KYC/AML requirements

Fund liquidity On exchange during trading hours. Redemptions monthly at NAV less fee and annually at NAV

Management Fee 1.95%

Bitcoin holdings per share Calculated and published in USD daily at 4:00pm Toronto time

Manager & Trustee 3iQ Corp.

Legal Counsel Osler, Hoskin & Harcourt LLP Auditor Raymond Chabot Grant Thornton (RCGT) Custodian Cidel Trust Company Sub-custodian Gemini Trust

Listing Exchange Toronto Stock Exchange

Transfer Agent TMX Trust

Fund Administrator SGGG

Trading counterparties Genesis Global Trading, Tagomi, Gemini, Coinbase Pro; all have NYDFS BitLicence

Banks Bank of Montreal, Signature Bank, Silvergate Bank

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Investor Protection: The Bitcoin Fund Direct Purchase of bitcoin

Ability to Sell TSX listed, sell on the exchange, redeem monthly or annually. May be difficult; limitations on some exchanges.

Highly available as this is an exchange listed product within a broker/dealer Advice of Financial Advisor Unlikely. network as a prospectus offering. Access is through an IIROC member firm.

Built into the broker/dealer network for buyers to deal with IIROC member. KYC/AML/ATF Up to trading platform. Fund deals with BitLicensed OTC brokers.

Wallet or trading platform could be hacked or Investor protections as with any broker/dealer, working capital, FIB. Industry Protections shut down. No self-regulatory organizations. No Custody with well capitalized firms. Standards of reporting and advertising. standards of reporting nor advertising.

Prospectus with full set of risk disclosures. Education support of Transparency Public pricing but little else. broker/dealer network. Index pricing for daily NAV. Trade prices intraday.

Ability to issue bitcoin funds. Prospectus offering. OSC compliant. CRA Regulation None to money services business. compatible.

TSX listing reinforces fair and efficient market for closed end fund shares All over the map, but smaller trades often face Fair and Efficient Market and professional manager seeks best execution and dealing in bitcoin. high fees.

Reporting Supported by broker/dealer. None to some.

Up to holder to maintain. Up to 10% of bitcoin Control of private keys Maintained by professional custody solution, Gemini Trust and Cidel. are lost by some estimates.

3iQ has operated as an IFM/PM since 2012 and has managed a multi- Manager Experience Unknown. digital asset fund since April 2018. CIO has 25 years of trading experience. 34

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• Canaccord Investment Bankers: Michael Shuh and Len Sauer • Blakes, Cassels & Graydon LLP will lead syndicate due diligence

Rank Broker for GBTC OTC One-Year Broker Volume % Total 1 CITADEL SECURITIES LLC 265,624,191 33.75 2 CANACCORD GENUITY INC 197,023,774 25.04 3 VIRTU FINANCIAL 175,232,300 22.27 4 CANTOR FITZGERALD L.P. 41,367,000 5.26 5 JEFFERIES & CO., INC. 36,855,869 4.68 6 GTS SECURITIES LLC 22,317,583 2.84 7 MKM PARTNERS 17,141,838 2.18 8 INTL TRADING INC 8,027,504 1.02 9 MERRILL LYNCH 6,819,714 0.87 10 JP MORGAN 4,156,840 0.53

Data sourced from Bloomberg. Data as at December 31, 2019.

~ USD $1.6 billion traded by Canaccord

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Sourced from Bloomberg. Data as at November 6, 2019 36

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Bitcoin is a top-5 holding in millennial investor portfolios.

Millennials Gen X Baby Boomers Amazon.com Inc. 7.87% Apple Inc. 10.52% Apple Inc. 9.19% Apple Inc. 6.18% Amazon.com Inc. 7.16% Amazon.com Inc. 5.32% Tesla Inc. 3.22% Berkshire Hathaway 2.37% Berkshire Hathaway 2.75% Facebook Inc. 3.03% Facebook Inc. 2.26% Microsoft Corp. 2.69% Grayscale Bitcoin Trust 1.84% Microsoft Corp. 2.16% Facebook Inc. 1.43% Tesla Inc. Berkshire Hathaway 1.73% 1.45% Visa Inc. 1.25%

Walt Disney Co 1.68% Alphabet Inc. 1.30% Alphabet Inc. 1.23% Netflix Inc. 1.58% Netflix 1.29% AT&T Inc. 1.17% Microsoft Corp. 1.53% Alibaba Group Holding 1.23% Boeing 1.08% Alibaba Group Holding 1.39% Visa Inc. 1.23% Alibaba Group Holding .98%

Data sourced from Charles Schwab. Data as at December 4, 2019.

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Sourced from GMO “7-Year Asset Class Performance: November 2019”.

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Bitcoin in a sample 60/40 portfolio - January 2016 to December 2019.

Portfolio 1: Portfolio 2: Portfolio 3: 0% Bitcoin Allocation 2% Bitcoin Allocation 5% Bitcoin Allocation

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Adding bitcoin to a traditional 60/40 portfolio can increase risk-adjusted returns.

$220,000

$200,000

$180,000

$160,000

$140,000

$120,000

$100,000 2016 2017 2018 2019 2020

Bitcoin Exposure Total Return Volatility (Monthly) Sharpe Ratio Sortino Ratio Max Drawdown Portfolio 1 0% 46.88% 1.97% 1.26 1.99 -7.55% Portfolio 2 2% 69.46% 2.35% 1.51 2.87 -8.54% Portfolio 3 5% 106.44% 3.59% 1.42 3.48 -10.21%

Data sourced from Portfolio Visualizer. Data as at December 31, 2019.

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Frederick T. Pye, MBA Howard Atkinson, CFA, ICD.D John Loeprich, CPA Shaun Cumby, MBA, CFA President & CEO Executive Chairman Chief Financial Officer Chief Investment Officer

35 Years Experience, investment 32 Years Industry Experience. 25 Years Senior Investment 25 Years Senior Investment management executive and Founder and President of Industry Experience. Previous Industry Experience. Chief Risk portfolio management. Guardian Horizons ETFs. Senior roles at CFO of Fidelity Canada. Executive Officer of Dundee Bank Canada, Trust, Fidelity Investments, Mackenzie Financial, CI Funds, roles at other firms including Co-head of TD Securities Argentum Management, National CFA Society Toronto. Qwest Investment Fund Corporate Loan Portfolio. Bank Financial. Management.

3iQ DIGITAL ASSET MANAGEMENT FEBRUARY 2020 FEBRUARY

3iQ.ca

Password: QBTC

3iQ DIGITAL ASSET MANAGEMENT FEBRUARY 2020 FEBRUARY

3iQ.ca [email protected]

(416) 639-2130

@3iq_corp

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Yearly Cost Energy Used (GJ)

Gold Mining $105 B 475 M

Gold Recycling $40 B 25 M

Paper Currency and Minting $28 B 39 M

Banking System $1,870 B 2,340 M

Governments $27,600 B 5,861 M

Bitcoin Mining $4.5 B 183 M

Data sourced from Arca, January 2020.