E-Delivery

Other Related Party Transactions As at February 28, 2015, the Fund was co-invested as a syndicate with two related parties in three separate mortgage loan investments secured by real estate that was owned by third parties and serviced by KV Capital Inc. on behalf of all parties. e Fund's share in the mortgage investments was $3,212,600. As at February 28, 2014, the Fund had no such co-investments with related parties. In respect of the services provided by the Fund's independent directors during the Year, the Fund incurred $18,938 (2014 - $9,461) in remuneration expenses, of which $4,375 (2014 - $1,250) remains payable at year end. In respect of the services provided by the members of the independent lending review committee (LRC), the Fund incurred $14,538 (2014 - $2,100) in remuneration expenses, of which $6,250 (2014 - $425) remains payable at year end. As at year end, related parties hold preferred shares of the Fund as follows: Feb 28, 2015 Feb 28, 2014 Class A preferred shares Non-independent directors and immediate family $ 619,593 $ 686,455 Independent directors and LRC members 425,907 253,261 Other key management 316,539 - Corporations related to other key management 567,788 595,000 Class B preferred shares Other key management 50,037 - Corporations related to other key management 20,498 - Total held by related parties $ 2,000,362 $ 1,534,716 29

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