Integrity Trust Experience Expertise The Stonebridge Advantage Disclaimer

Integrity & Trust Experience & Expertise The Stonebridge Advantage

Disclaimer This document, including the information embodied herein, is proprietary and confidential to Stonebridge Financial Corporation. This document is not to be reproduced, copied or transmitted in whole or in part without the express written permission of Stonebridge Financial Corporation, nor is the information embodied herein to be disclosed to any other person without such permission, nor is it to be used in any manner inconsistent with the express purpose for which this document has been provided. The document is to be returned to Stonebridge Financial Corporation upon request. Certain of the information set forth in this document has been taken from publicly available sources and has not been confirmed by, nor is any responsibility for such information assumed by Stonebridge Financial Corporation. This document has been prepared for informational purposes only. Stonebridge Financial Corporation does not make any express or implied representation or warranty as to the accuracy or completeness of the information contained herein and expressly disclaim any and all liability which may be based on such information, errors therein or omissions therefrom. This document is not an offering memorandum and no offer to sell securities is made pursuant to this document. An offer to sell securities, if any, will be made only by way of execution and delivery of a definitive subscription agreement and limited partnership agreement. Private & Confidential 2 Oct 2017

Financial advisor, debt arranger and asset manager whose success is due to strong relationships with project finance borrowers and institutional investors • An 18 year track record in project financing as a financial advisor, debt arranger and administrative agent • Project finance, asset management and portfolio management professionals with extensive industry and market sector experience • Stonebridge Infrastructure Debt fund and syndication relationships with Canada’s leading long term lenders • Well defined fundamental analysis and due diligence processes, including strong relationships with engineering/project monitors, insurance and legal consultants • Established project finance and portfolio monitoring and administration capabilities • Over 180 transactions successfully closed to date: • $6. 0 billion in transactions closed • $3. 34 billion of assets currently under management Private & Confidential 3 Oct 2017

Experience working with First Nations Arranged debt for $567. 5 M in projects involving First Nations [CATEGORY NAME], [VALUE], [PERCENTAGE] First nations projects [CATEGORY NAME], $567. 5 M [VALUE], [PERCENTAGE] [CATEGORY NAME], [VALUE], [PERCENTAGE] Stonebridge Financial Corporation arranged debt for 8 Energy projects that involved First Nations for total project size of $567. 5 million. Private & Confidential 4 Oct 2017

Detail on renewable energy projects with First Nations Involved Project Size Alderville First Nation $27. 7 M Dokis First Nation $64. 4 M Tla-o-qui-aht First Nation $36. 1 M Assembly of Nova Scotia Mi’kmaq Chiefs $26. 5 M Douglas First Nation & Kwantlen First Nation Animbiigoo Zaagi’igan Anishinaabek Biinjitiwaabik Zaaging Anishinaabek & Bingwi Neyaashi Anishinaabek First Nations $90. 7 M Batchewana First Nation $187. 6 M Kingfisher Lake First Nation $67. 8 M $66. 7 M Total Private & Confidential 5 Sector Solar Hydro Wind Solar $567. 5 M Oct 2017

First Nations – Stonebridge Experience • Relationships, relationships …. and relationships ! • Trust; honesty; mutual respect and benefits • Alignment of interests • Long-term construction and take-out financing over the term of the asset life • Pride of ownership • Community involvement / employment opportunity • Cultural / environmental sensitivities or objectives • Monetary investment return is not necessarily everything or the priority • Navigating the transaction structure / process • Ensuring that there is a thorough understanding of the process and expectations Private & Confidential 6 Oct 2017

Strong Housing and Infrastructure needs • Housing/other infrastructure backlog in First Nations and urban centres is growing – INAC and CMHC funding is limited and may not be keeping pace with needs • Ministerial loan guarantee process for new housing considered to be slow and not responsive to needs – can be a lengthy process • Good quality homes and good quality infrastructure must go hand in hand to create and maintain healthy communities • A Disciplined Project Finance Approach for Building Infrastructure & Housing (similar to approach used to develop FN renewable energy projects) • Not constrained by March 31 st deadline Private & Confidential 7 Oct 2017

First Nation Infrastructure & Housing – Project Finance approach Project Sponsor/ Equity Provider (Tribal Council) First Nation Reserve (Land Lessor) Lenders (Lifecos, Pension funds, or Stonebridge Infrastructure Debt Fund) Project Co / Borrower/Land Lessee (owned by Tribal Council) Construction Contractor (determined following First Nation procurement process) O&M Provider (First Nation O&M Co. or 3 rd party O&M Co. employing First Nation labour pool) * Guarantor during construction & Minimum Debt Service Guarantor during operation (Federal Government) * O&M Provider could be a First Nation public works organization within the community and/or the O&M Provider could be Project Co Private & Confidential 8 Oct 2017

Project Finance Approach - continued • What is Project Finance (PF)? • cash flow lending • project specific, ‘ring fenced’ • Applying PF to housing – needs to be done on a bulk/subdivision basis (not singular) • For infrastructure, such as water and wastewater – needs to be project specific • For housing - structure with FN housing authority including for O&M • Discipline on the construction draw process during construction and with the O&M following construction • Make sure FN housing authority has all decision making they need to prepare proper manual and have the team in place with proper resources • Housing authority collects rents/payments, handles defaults and handles ongoing O&M • Lender consortium/admin agent performs quarterly monthly review to support and assist • Determined based on size and specific requirements of the First Nation, funding approaches could involve: • Creation of a housing authority fund using housing money flowed from the Federal government • Federal government debt service coverage guarantee Private & Confidential 9 Oct 2017

Contact Information 20 Adelaide St. East, Suite 1201 Toronto ON Canada M 5 C 2 T 6 info@stonebridge. ca Denis Bourassa, MBA Partner & Co-CEO (416) 364 -3001 ext. 225 dbourassa@stonebridge. ca Cam Di Giorgio, MBA Vice President, Energy (416) 364 -3001 ext. 246 cdigiorgio@stonebridge. ca Jim Cahill, CPA, CMA President (416) 364 -3001 ext. 260 jcahill@stonebridge. ca We invite you to visit our website at www. stonebridge. ca