The Fund Seeks to Provide Attractive Risk- Adjusted Returns Through Investment in a Investment Growth Diversified Portfolio of Assets

OVERVIEW | As of 2/28/2019

The Fund seeks to provide attractive risk- adjusted returns through investment in a Investment Growth diversified portfolio of assets. The Fund has Time Period: 9/30/2011 to 2/28/2019 the objectives of current income, long-term Lazard Global Credit II Fund (Class F) 111,774.2 HFRX Global Hedge Fund Index 108,858.9 130,000.0 capital appreciation, and principal protection. 125,000.0

120,000.0 Portfolio Managers 115,000.0 110,000.0

Sean Reynolds 105,000.0 Managing Director, Portfolio Manager/Analyst 100,000.0

Sean Reynolds is a Portfolio Manager, Analyst for all capital structure and 95,000.0 convertibles-based strategies. Prior to joining the Firm in 2007, Sean was a 2013 2015 2017 2019 portfolio manager for convertible arbitrage strategies at SAC Capital Management from April 2003 to August 2006 and, subsequent to this, senior portfolio manager at Saltfish Capital Partners' G2 Multistrategy Fund. Previously he was a convertible arbitraage portfolio manager at the Clinton Group, Inc. From 1997 to 2002, Sean was a managing director and Trailing Returns Head of Convertible Sales (U.S.) at Deutsche Bank Securities, including a 1 mo 3 mo 6 mo YTD 1 yr 3 yrs 5 years period as an executive member of the North American Management Committee, Deutsche Bank Equities. Prior to 1997, Sean was responsible Lazard Global Credit II Fund (Class F) 0.44 -0.09 -0.06 1.45 0.00 4.49 -1.90 for global convertible securities sales at UBS Securities and domestic convertibles at Merrill Lynch. He has been in the investment industry since HFRX Global Hedge Fund Index 0.63 0.09 -3.61 2.77 -4.10 2.18 -0.46 1993. Sean has an MBA from the Wharton School of the University of Pennsylvania and a BA in Math and BAI (BSc) in Engineering from Trinity College Dublin. Calendar Year Returns Frank Bianco, CFA Partial 2018 2017 2016 2015 2014 2013 2012 Director, Portfolio Manager/Analyst 2011

Frank Bianco is a Portfolio Manager/Analyst for all capital structure and Lazard Global Credit II Fund (Class F) -1.07 8.30 1.92 -10.39 -5.41 6.02 8.54 3.45 convertibles-based strategies. He began working in the investment field in HFRX Global Hedge Fund Index -6.72 5.99 1.72 -3.64 -0.58 6.72 3.51 -0.48 1991. Prior to joining Lazard in 2009, Frank was a Portfolio Manager and Head of Credit Research at Argent Funds Group LLC, where he oversaw domestic and international convertible bond, high yield and equity derivative portfolios. Prior to that, Frank was a senior research analyst at Drawdown McMahan Securities Co. L.P., covering the Biotechnology and Healthcare sectors. Previously, he was a senior research analyst in the Credit Risk Time Period: 10/1/2011 to 2/28/2019 Management division of the Federal Reserve Bank of New York. Frank Lazard Global Credit II Fund (Class F) HFRX Global Hedge Fund Index started his career as a credit analyst at American International Group. Frank has a BA in Economics from Ohio Wesleyan University. He is a 0.0 member of the New York Society of Security Analysts (NYSSA) and holds NASD (now FINRA) Series 7, 86 and 87 licenses. -5.0

-10.0

-15.0 Risk Rating -20.0

-25.0 2013 2015 2017 2019

Performance Statistics Risk-Reward Time Period: 10/1/2011 to 2/28/2019 Time Period: 10/1/2011 to 2/28/2019 Fund Class F HFRX Global Hedge Calculation Benchmark: HFRX Global Hedge Fund Index Cumulative Return 11.77 8.86 1.8 Lazard Global Credit II Fund (Class F) 1.5 Annualized Return 1.51 1.15 HFRX Global Hedge Fund Index 1.2 Std Dev 5.57 3.81 0.9 0.6 Alpha 1.57 0.00 0.3 Beta -0.19 1.00 0.0 Correlation -0.26 1.00 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Return Std Dev OVERVIEW | As of 2/28/2019

Fund Details

Series Fund Code Management Fee Prime Broker: Scotia Capital Auditor: PwC A AHP 640 2.50% Administrator: RBC Investor and Treasury Services

F AHP 648 1.50% Yield: The fund pays 4.0¢ per unit on a monthly basis U AHP 646 2.50% Current Yield: 5.3%

G AHP 645 1.50% Purchase Frequency: Weekly Redemption Frequency: Monthly AI AHP 860** 2.25% 20 business days notice required for redemptions Minimum for Accredited Investors: $25,000 AI AHP 870** 2.25% Minimum for Non-Accredited Corporate Purchases: $150,000

FI AHP 868** 1.50% Please see the Offering Memorandum for additional information.

UI AHP 876** 2.25% ** Units are not available for purchase.

GI AHP 875** 1.50%

Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2019 1.01 0.44 1.45 2018 -0.30 0.66 0.15 -0.03 -0.07 -0.31 0.07 0.26 0.70 -1.04 0.38 -1.52 -1.07 2017 0.57 0.53 1.70 0.36 0.04 0.59 2.30 -0.30 0.09 1.99 -0.32 0.49 8.30 2016 -2.44 -0.45 2.26 1.17 0.60 1.25 0.41 0.40 -0.13 -1.56 0.37 0.11 1.92 2015 -0.41 4.32 -0.92 3.66 0.53 -1.43 -3.63 -3.70 -1.80 1.10 -3.48 -4.72 -10.39 2014 1.31 2.01 0.51 0.95 0.59 0.20 -0.30 0.23 -2.18 -0.40 -3.63 -4.61 -5.41 2013 1.18 0.40 0.45 0.67 0.39 -2.62 1.85 0.37 0.35 2.02 0.34 0.54 6.02 2012 1.53 1.91 -0.53 0.97 -0.85 0.70 1.99 0.24 1.13 0.14 0.23 0.81 8.54 2011 3.15 -0.92 1.22

Income ● Capital Apprecation ● Principal Protection ● Low Volatility

The Lazard Global Credit Fund is a hedged strategy, expressed primarily through convertible securities as well as preferred securities, equities, fixed income, options and ETF's.

The Strategy has the objectives of current income, long-term capital appreciation and principal protection.

The Strategy utilitzes selective portfolio level and position level hedges seeking to minimize macro equity, credit and interest rate risk.

Universal Monitor Fundamental Credit Research & Analysis Portfolio Construction

Proprietary tool that aggregates position level data Identify new opportunities Incorporate best of breed ideas for the global convertible securities universe on a Evaluate existing positions Risk Management real-time basis Detect pricing anomalies Models securities based on primary drivers of Leverage LAM Global Research Analysts valuation: underlying stock price, volatility, credit spread, dividends, interest rates, and currency.

Continuous Portfolio Management

On January 4, 2016, Lazard Asset Management became the sub-advisor of the Fund, and the Fund name was changed from the Raven Rock Income II Fund to the Lazard Global Credit II Fund. From Oct 1, 2011 to March 30, 2013 returns are for the Lazard Global Credit II Fund (Class A - S), and are adjusted to reflect Class F fees.

Commissions, trailing commissions, management, performance and other fees may be associated with this investment. Investors should read the offering memorandum before investing. Unless otherwise stipulated returns are for Class F shares in Canadian funds. Except as otherwise noted returns are historical compounded total returns including changes in the share value and reinvestment of all dividends or distributions and do not take into account the sales, redemption, distributions or optional charges or income tax payable by the investor that may affect the compound growth rate and are not intended to reflect the future value of the fund.) Past performance may not be repeated. Offering of units in the Lazard Global Credit II Fund are made pursuant to the Confidential Offering Memorandum (OM) only to those investors who meet certain eligibility or minimum purchase requirements. Important information, including the fund’s fundamental investment objective is contained in the OM which may be obtained from Arrow Capital Management Inc.

Arrow Capital Management Inc. | 416.323.0477 | arrow-capital.com | [email protected] | 36 Toronto Street, Suite 750, Toronto, ON, M5C 2C5