Harvest Canadian Consolidated Energy Fund

CASH AND EXCHANGE OPTION HCCE.UN

For Internal Use Only Harvest Canadian Consolidated Energy Fund | HCCE.UN

KEY TAKEAWAYS

1 Concentrated in Canadian Energy Sector has been beat up with many companies trading at capitulation valuation multiples.

2 Consolidation Opportunity Consolidate several existing positions into one – concentrated portfolio. Opportunity to Crystallize Tax Losses – Maintaining exposure for recovery.

Dominant Canadian Energy Issuers 3 Positioned in the dominant Canadian issuers with a 4% initial annual distribution. Positioned for recovery despite range bound prices.

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AGENDA

Fund Overview

Energy Outlook

Canadian Energy Market

Fund Details & Cash & Exchange Option

Investment Process & Select Holdings

Terms & Summary

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FUND OVERVIEW

For Internal Use Only

Dominant Energy Issuers Cash & Exchange Offer Conversion to ETF 1 Portfolio of up to 20 large and primarily 3 Consolidate several existing positions into one 5 Anticipated to occur on or Canadian Energy Issuers – concentrated portfolio. about June 15, 2021

Quarterly Income Crystallize Tax Losses Management Fee 2 4% initial annual indicative distribution; no 4 Exchange or sell underperforming energy 6 0.75% per annum leverage; preferred tax treatment companies; Crystallize tax losses and maintain exposure for a recovery

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ENERGY OUTLOOK

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A VALUATION OPPORTUNITY

The Manager believes that global conditions have pushed multiples down to historical lows and while they may continue lower in the short term, current levels provide a value opportunity.

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ENERGY OUTLOOK

United States Has Emerged As Largest Supplier 18% Top Oil Producers by Country 16% of Crude Oil 14% 12% • As the chart highlights - the United States has extended its 10% lead as the clear single-country leader in oil production 8% 6% 4% • Major implications for crude oil market dynamics with oil 2%

prices responding negatively to the prospect of excess SupplyOilTotal% of as ProductionOil 0% supply

US Canada China Source: Bloomberg, October 15, 2019 Iran Iraq

OPEC Crude Oil Supply OPEC+ Responds as a Swing Producer 33.5 33 • The OPEC+ grouping of countries initially attempted to 32.5 head off US production growth, which caused spot oil 32 prices to fall sharply to lows not seen since the turn of the 31.5 31

century bbl/dmn 30.5 • However, OPEC+ eventually abandoned this strategy and 30 returned to a swing producer role, agreeing to cut 29.5 production and set quotas 29 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Source: IEA. Bloomberg, October 14, 2019 2019 2018 2017 2016 2015 2014 7 For Internal Use Only Harvest Canadian Consolidated Energy Fund | HCCE.UN

ENERGY OUTLOOK

3.0 Days of Inventory Pushing Supply Levels Back into Alignment

2.0

• OPEC+ supply restraint assisted in bringing excess Avg 1.0

stockpiles into alignment Yr

• However, crude oil is likely in a range bound lower price 0.0 environment, reliant on OPEC+ to adjust their production

as demand evolves -1.0 Days of Supply minus 5 Supplyminus Days of Source: IEA. Bloomberg, October 16, 2019 -2.0

-3.0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Days Supply OECD Inventory -- Above/(Below) 5 Yr Avg

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CANADIAN OIL ENVIRONMENT

Canadian Investment Dries Up Canadian Investments in the 40 • In Canada, the lower price environment saw high-cost Oil 35 33.9 Sands companies struggle financially and cut their own 30 spending 25 22.9

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15.4 CAD$ CAD$ Billions 13.8 15 13 • Meanwhile, investors have largely fled to investment 12 opportunities with less negative environmental, political and 10 regulatory hurdles 5

0 2014 2015 2016 2017 2018E 2019F Source: CAPP, Crude Oil Forecast Report, June, 2019

Canadian Supply Constrained by Current Pipeline Capacity Leading to Infrastructure Issues

• The underinvestment in Canadian Energy infrastructure led to negative implications for Canadian WCS price spreads, which widened sharply, and only corrected with a mandated Oil Production Curtailment policy

• While this helped to bring spreads back into line, it has both hampered the growth outlook and ignited negative sentiment about the hand of Government intervention

Source: CAPP. October 16, 2019

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CANADIAN OIL ENVIRONMENT

Canadian Integrated and E&P Weights in Broad TSX Index Sector Disproportionately Low Vs. Historical TSX Weight 20 30 18 25 16

• This challenging environment has seen oil & gas 14 20 companies struggle globally, but the stressed 12

dynamics in Canada has brought the weighting in the 10 15 broad TSX Index to levels previously unthinkable 8 10 6

• Some smaller names have even been dropped out of 4 5

broad indices recently Weight inS&P/TSX Composite Index (%) 2 TotalE&P & Integrated Weight in Index (%) 0 0

Source: Bloomberg, October 16, 2019

2003 2004 2005 2006 2007 2011 2012 2013 2014 2018 2019 2008 2009 2010 2015 2016 2017

S&P/TSX Comp Oil & Gas E&P Index Weight (LHS) S&P/TSX Comp Integrated Oil & Gas Index Weight (LHS) Total E&P & Integrated (RHS)

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STRESSED ENERGY SECTOR

Significant capital leaving direct energy investments in Canada, coupled with increased geo-political uncertainty and challenging pricing environments have resulted in meaningful selling pressure on Canadian energy companies over the past 12 months. The chart highlights the 1-year total return performance for companies included in the Exchange Option that are in the exploration & production and the integrated energy sub-sectors.

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A VALUATION OPPORTUNITY

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FUND DETAILS & CASH & EXCHANGE OPTION Harvest Canadian Consolidated Energy Fund | HCCE.UN

SUMMARY

1 Dominant Energy Issuers Portfolio of up to 20 large and primarily Canadian Energy Issuers

Quarterly Income 2 4% initial annual indicative distribution; no leverage; preferred tax treatment

3 Cash & Exchange Offer Consolidate several existing positions into one – concentrated portfolio

4 Crystallize Tax Losses Exchange or sell underperforming energy companies; Crystallize tax losses and maintain exposure for a recovery through exchange

5 Conversion to ETF Anticipated to occur on or about June 15, 2021

MM.DD.20XX 14 For Internal Use Only Harvest Canadian Consolidated Energy Fund | HCCE.UN

EXCHANGE ELIGIBLE SECURITIES

Exchange Eligible Exchange Eligible Exchange Eligible Ticker CUSIP Ticker CUSIP Ticker CUSIP Securities Securities Securities

Oil & Gas Exploration & Production Oil and Gas Exploration & Production Integrated Oil & Gas & Energy Services

Advantage Oil & Gas Ltd. AAV 00765F101 NuVista Energy Ltd. NVA 67072Q104 Calfrac Well Services Ltd. CFW 129584108 Inc. CVE 15135U109 Africa Oil Corp. AOI 00829Q101 Painted Pony Energy Ltd. PONY 695779108 CES Energy Solutions Corp. CEU 15713J104 ARC Resources Ltd. ARX 00208D408 Paramount Resources Ltd. POU 699320206 Enerflex Ltd. EFX 29269R105 Athabasca Oil Corporation ATH 04682R107 Parex Resources Inc. PXT 69946Q104 Ensign Energy Services Inc. ESI 293570107 Baytex Energy Corp. BTE 07317Q105 High Arctic Energy Services Pengrowth Energy Birchcliff Energy Ltd. BIR 090697103 Inc. HWO 429644206 Corporation PGF 70706P104 Inc. HSE 448055103 Bonavista Energy Corporation BNP 09784Y108 PetroTal Corp. TAL 71677J101 Limited IMO 453038408 Bonterra Energy Corp. BNE 098546104 Pason Systems Inc. PSI 702925108 Peyto Exploration & Canacol Energy Ltd. CNE 134808203 PHX Energy Services Corp. PHX 69338U101 Development Corp. PEY 717046106 Canadian Natural Resources Precision Drilling Corporation PD 74022D308 Pipestone Energy Corp. PIPE 724112107 Limited CNQ 136385101 Secure Energy Services Inc. SES 81373C102 PrairieSky Royalty Ltd. PSK 739721108 ShawCor Ltd. SCL 820439107 Cardinal Energy Ltd. CJ 14150G400 STEP Energy Services Ltd. STEP 85859H105 Crescent Point Energy Corp. CPG 22576C101 Seven Generations Energy Ltd. VII 81783Q105 Strad Inc. SDY 86254Q104 Crew Energy Inc. CR 226533107 Storm Resources Ltd. SRX 86221R102 Inc. SU 867224107 Encana Corporation ECA 292505104 Total Energy Services Inc. TOT 89154B102 Surge Energy Inc. SGY 86880Y109 Enerplus Corporation ERF 292766102 Trican Well Service Ltd. TCW 895945103 Tamarack Valley Energy Ltd. TVE 87505Y409 Falcon Oil & Gas Ltd. FO 306071101 TORC Oil & Gas Ltd. TOG 890895303 Freehold Royalties Ltd. FRU 356500108 Tourmaline Oil Corp. TOU 89156V106 Oil & Gas Storage & Transportation Frontera Energy Corporation FEC 35905B107 TransGlobe Energy Inc. ENB 29250N105 Gear Energy Ltd. GXE 36830P104 Corporation TGL 893662106 Gibson Energy Inc. GEI 374825206 Journey Energy Inc. JOY 48113W102 Valeura Energy Inc. VLE 919144402 Inter Pipeline Ltd. IPL 45833V109 Kelt Exploration Ltd. KEL 488295106 Vermilion Energy Inc. VET 923725105 Keyera Corp. KEY 493271100 Leucrotta Exploration Inc. LXE 52728X208 Whitecap Resources Inc. WCP 96467A200 Kinder Morgan Canada Limited KML 494549702 Pembina Pipeline Corporation PPL 706327103 MEG Energy Corp. MEG 552704108 Yangarra Resources Ltd. YGR 98474P501 TC Energy Corporation TRP 87807B107

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INVESTMENT PROCESS

Traditional Assets & Sustainable Energy Valuation Metrics Management Production Sub-sectors

Sector Specific Financial Asset & Commodity Metrics Stability Cash Flow Exposures

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SELECT HOLDINGS

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PORTFOLIO YIELD

4% Annual Distribution

1% Paid Quarterly

Dividend flow through from portfolio; no option writing

Dividend Tax credit due to majority of income categorized as Canadian Dividend Income

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TERM SHEET

Offering Trust Units

Min. Subscription 200 Units ($2,400)

Issue Price $12.00

Distribution Annual indicative distribution of 4%, $0.12 per unit, paid quarterly

Listing: HCCE.UN NEO Exchange

Exchange Eligible Securities Prior to 5:00 pm EST on November 22, 2019

Eligibility RRSPs, RRIFs, DPSPs, RDSPs, RESPs and TFSAs

ETF Conversion On or about June 15, 2021, upon regulatory approval

Selling Concession 2.60% per unit

Management Fee 0.75% per annum

Timing November business expected, mid-December closing

19 For Internal Use Only Harvest Canadian Consolidated Energy Fund | HCCE.UN

DISCLAIMER

Certain statements in this document about the Harvest Canadian Consolidated Energy Fund (the “Fund”), including the Company’s strategies and expected future performance, are forward looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” or “estimate,” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS.

FLS are not guarantees of future performance and are by their nature based on numerous assumptions, which include, amongst other things, that (i) the Fund can attract and maintain investors and have sufficient capital under management to effect their investment strategies, (ii) the investment strategies will produce the results intended by the portfolio managers, and (iii) the markets will react and perform in a manner consistent with the investment strategies. Although the FLS contained herein are based upon what the portfolio manager believe to be reasonable assumptions, the portfolio manager cannot assure that actual results will be consistent with these FLS.

Unless required by applicable law, neither the Fund nor Harvest Portfolios Group Inc. undertake, and specifically disclaim, any intention or obligation to update or revise any FLS, whether as a result of new information, future events or otherwise.

Please see the Preliminary Prospectus dated October 29, 2019 (the “Prospectus”) for a complete description of the Harvest Canadian Consolidated Energy Fund. This offering is only made by Prospectus. The Prospectus contains important detailed information about the securities being offered. Investors should read the Prospectus before making an investment decision. Copies of the Prospectus may be obtained from your equity syndication desk or on SEDAR. Commissions, management fees and expenses all may be associated with this investment.

Please see www.harvestportfolios.com for additional information. The information contained herein does not constitute a solicitation to buy or sell securities.

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