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Transition to IFRS e adoption of IFRS requires application of IFRS 1, First-time Adoption of International Financial Reporting Standards. Under IFRS 1, adopters are generally required to retrospectively apply all IFRS standards as of the reporting date with certain optional exemptions and certain mandatory exceptions. In preparing the opening IFRS balance sheet in accordance with IFRS 1, the Fund has applied the mandatory exception from full retrospective application of IFRS for estimates. e mandatory exception requires that estimates previously determined under Canadian GA AP cannot be revised due to the application of IFRS, except when necessary to reflect differences in accounting policies. e adoption of IFRS has not had an impact on the Fund's reported financial position, financial performance or cash flows, however the Fund's mortgage loan investments have been reclassified to loans and receivables under IFRS instead of held-for-trading as they were under Canadian GA AP. Non-IFRS Measures e Fund prepares and releases financial statements in accordance with IFRS. In this MRFP, as a complement to results provided in accordance with IFRS, the Fund discloses certain financial measures not recognized under IFRS and that do not have standard meanings prescribed by IFRS (collectively the "Non-IFRS Measures"). ese Non-IFRS Measures are further described below. e Fund has presented such Non-IFRS Measures because the Manager believes they are relevant measures of the ability of the Fund to earn and distribute cash dividends to shareholders and to evaluate the Fund's performance. ese Non-IFRS Measures should not be construed as alternative indicators to net income and comprehensive income or cash flows from operating activities that were determined in accordance with IFRS as indicators of the Fund's performance: • Management expense ratio – represents total expenses and amortized share issue costs for the stated period expressed as an annualized percentage of the daily weighted average redemption price of the share class presented. • Weighted average interest rate – represents the blended interest rate on the mortgage investment portfolio at period end, as determined by the amount of dollars deployed at each interest rate relative to the total portfolio. • Weighted average term to maturity – represents the blended mortgage term remaining for the mortgage investment portfolio at period end, as determined by the amount of dollars deployed at each maturity date relative to the total portfolio. • Weighted average loan to value – is a measure of advanced mortgage principal, including priority or pari-passu charges on the underlying real estate, as a percentage of the most recent calculation of value from information supplied by a third party. For construction and development mortgage loan investments, value between "as is" and "as complete" is accreted under a percent complete methodology as described in the offering memorandum. 23

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