TREZ CAPITAL YIELD TRUST U.S. (USD) | SERIES I

Net Asset Value

$10.00

Distributions
Year to Date¹

1.300%

Annualized²
Since Inception

9.8%

¹Based on distributions on F Series units paid to February 29, 2020. Assumes distributions are reinvested

²Historical fund returns are reported as the calendar year ended December 31, 2018.

An opportunistic, short-term commercial financing strategy focused on core U.S. markets. Trez Capital Yield Trust US participates primarily in large scale residential lot development projects in major urban centres of Texas. In addition to its commercial loan portfolio, up to 20% of net assets may be invested in equity positions and 10% may be invested in mezzanine loans. Investors can purchase U.S. dollar units or Canadian dollar hedged units. The investment objective is to preserve invested capital, while generating an attractive rate of income in U.S. dollars for distribution to unitholders.

Fund Summary

Fund Type	Open-Ended pooled mortgage fund
FundServ Code	TRZ 320
Inception	January 1, 2013
Eligibility	RRSP, RRIF, DPSP, RDSP, RESP, TFSA, IPP
Unit Value	$10
Purchase	T + 2
Redemption	T + 20, subject to 1% retraction penalty if redeemed within 1st year.
Management Fee	1.15%
Incentive Fee	10% of Net Operating Income
Distribution Frequency	Monthly
Target Return	8.85% per annum

Manager Summary

Manager	Trez Capital Fund Management Limited Partnership
Manager AUM	Greater than $3.5 Billion CAD
Fund AUM	$195,658,284

Portfolio Metrics

Number of Loans	80
Weighted Average LTV	68.8%
Weighted Average Term-to-Maturity (Months)	13.4

GEOGRAPHIC REGION

ASSET CLASS

SECURITY RANK

HISTORICAL PERFORMANCE

* A Series units were introduced on April 1, 2013. Returns are reported as F Series, USD unit returns less 100 bps.

** As of December 31, 2018. Includes year end top up.

GROWTH OF $10,000

	2019 YTD	1 Year	3 Year	5 Year	Since Inception
Trez Capital Yield Trust US Series I ¹	8.1%	9.5%	9.2%	9.8%	9.8%

¹ I Series returns are reported as F Series returns, plus 35bps to account for the reduction in management fee. To discuss eligibility, please contact Trez Capital Fund Management Limited Partnership.

² Due to the inception of the fund in January 2013, the return for 2013 is an annualized return.

Trez Capital Yield Trust US distributes 100% of its net income annually. Unitholders receive quarterly distributions at a rate of 2.0% on Series I units, payable fifteen days following each calendar quarter end. Distributions are paid in the currency of the units denomination. All residual income attribuable to each unit series is distributed by way of an annual top-up distribution, which is paid in mid-March following the conclusion of the annual audit of the Trust.

Distribution History

2020, Trez Capital monthly distributions.

Year	Series	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Top-up¹	YTD Distribution	Annualized DRIP Return³
2020	I²	$0.065	$0.065												$0.130	1.300%

In 2019, Trez Capital moved from quarterly to monthly distributions.

Year	Series	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Top-up¹	Annual Distribution	Annualized DRIP Return⁴
2019	I²	$0.065	$0.065	$0.065	$0.065	$0.065	$0.065	$0.065	$0.065	$0.065	$0.065	$0.065	$0.065		$0.780	8.08%

Year	Series	Q1	Q2	Q3	Q4	Quarterly Distribution	Top-up¹	Annual Distribution	Annualized DRIP Return³
2018	I²	$0.200	$0.200	$0.200	$0.200	$0.800	$0.120	$0.920	9.5%
2017	I²	$0.200	$0.200	$0.200	$0.200	$0.800	$0.035	$0.835	8.6%
2016	I²	$0.200	$0.200	$0.200	$0.200	$0.800	$0.133	$0.933	9.6%
2015	I²	$0.200	$0.200	$0.200	$0.200	$0.800	$0.709	$1.509	10.1%
2014	I²	$0.200	$0.200	$0.200	$0.200	$0.800	$0.303	$1.103	11.4%
2013	I²	$0.200	$0.200	$0.200	$0.200	$0.800	$0.235	$1.035	10.6%

¹Based on a weighted average return to Unitholders, this amount is an estimate of the average top up distribution paid. Those invested for less than a full one year period will receive a prorated allocation, and those invested in the dividend reinvestment plan will receive a slightly higher top up due to the effects of compounding.

² I Series returns are reported as F Series returns, plus 35bps to account for the reduction in management fee. To discuss eligibility, please contact Trez Capital Fund Management Limited Partnership.

³ This return is based on all distributions throughout the year being re-invested into the fund. This is a compounded return from the distribution re-investment program.

⁴ This return is based on all distributions year-to-date being re-invested into the fund, without any year-end top-up distribution. This is a compounded return from the distribution re-investment program.

Distribution Schedule

	Record Date	Expected Pay Date
January	January 31	February 7
February	February 28	March 8
March	March 31	April 9
April	April 30	May 9
May	May 31	June 7
June	June 30	July 9
July	July 31	August 9
August	August 31	September 9
September	September 30	October 8
October	October 31	November 8
November	November 30	December 9
December	December 31	January 8
Annual Top Up	December 31	March 17

Note: Distributions are taxed in the year that they are earned. T3 slips are distributed to all unitholders in March of each year following completion of the year end audit and payment of the annual top-up distribution.

Fees

Management Fee	1.5% of the Average Annual Gross Assets relating to the F Series and A Series units.
Incentive Fee	10% of the Net Income for each unit series after deduction of the Management fee.

Minimum Investment

Management Fee	Percentage negotiated by the Manager and the Unitholder of the Average Annual Gross Assets of the I Series units.
Incentive Fee	10% of the Net Income for each unit series after deduction of the Management fee.

¹ Accredited Investor Exemption: There is no regulatory minimum subscription amount for investors qualifying under the Accredited Investor Exemption. However, the minimum initial purchase amount established by the Manager is $5,000.

² Offering Memorandum Exemption: There is no regulatory minimum subscription amount for investors qualifying under the Offering Memorandum Exemption. However, the minimum initial purchase amount established by the Manager is $5,000. (Only available for residents of British Columbia, Newfoundland & Labrador, Ontario, Alberta, Saskatchewan, Nova Scotia, and New Brunswick, subject to certain restrictions)

³ Minimum Amount Exemption (not available to individuals): The minimum initial subscription amount for investors qualifying under the Minimum Amount Exemption is $150,000 in each province listed above.

How To Invest

Institutional Investors form a core part of our investor base. As investors seek ways to diversify away from equities and traditional fixed income to both enhance income while mitigating risks, alternative investments such as private mortgage pools provide for an attractive solution.

To learn more about our private mortgage pools for institutional clients please contact:

Daniel Marchand

Senior Vice President, Head of Investor Global Sales

P: 647.778.1780

E: DanielM@trezcapital.com

Fund Fact Sheets

Fiche d’information sur le fonds (Série I)

Dec 2019 - Trez Capital Yield Trust US (USD) Fiche d’information sur le fonds - Série I
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Fund Fact Sheet (I Series)

Dec 2019 - Trez Capital Yield Trust US (USD) Fund Fact Sheet (I Series)
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