Goodwood Inc., is an investment dealer and investment fund manager to the Goodwood Funds and may provide other investment advisory services to other investment vehicles, and segregated managed accounts, each a client.    This communication is not a product of any research department. Goodwood Inc. does not have a research department and does not publish research. Any views and/or commentary in this communication is by the Author (Portfolio Manager of the Goodwood funds) and reflect the opinions of its author and reflect their personal views on the subject matter unless clearly indicated otherwise in writing. This commentary is not a recommendation and does not take into account whether any product or transaction is suitable for any particular investor.  These comments alone are not intended to form the basis for an investment decision, or to replace any due diligence or analytical work required in making an investment decision. The information contained herein is based upon our analysis and interpretation and drawn from sources believed to be reliable, but the accuracy or completeness of the information is not guaranteed.   The information is current as of the date on this document and is subject to change at any time.  

The information contained herein is delivered on a strictly confidential basis to each recipient solely to enable the persons receiving this presentation to learn about Goodwood Inc. and the Goodwood Funds and does not constitute an offer to any other person or to the public generally to subscribe for or otherwise acquire any securities offered or managed by Goodwood Inc. The information contained herein is drawn from sources believed to be reliable but the accuracy or completeness of the information is not guaranteed. This is not a solicitation or an offer to buy or sell the securities mentioned herein.   Commissions, trailing commissions, management fees and expenses all may be associated with fund investments. Please read the offering memorandum or prospectus before investing. Past performance of the Goodwood Funds does not guarantee future results. No assurances or guarantees can be given or implied concerning future investment results or any investment index. Future returns may differ significantly from the past due to economic and market conditions and other factors. Investments within portfolios, and therefore, portfolios, involve risk and the possibility of loss, including a permanent loss of principal. No representation is being made that any investment will or is likely to achieve profits or losses similar to those described. There can be significant differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.  Performance returns within are calculated for the founding Class of Units for Goodwood Milford Fund LP. Other class or series or strategies, may charge different fees and/or have different holdings and therefore returns between classes and Funds may vary. The Investment Grade Bond Mandate and ESG-Conscious Investment Grade Bond Mandate are part of a third-party investment manager UMA account program for which Goodwood Inc. acts as sub-advisor. The information provided within this presentation is for informational purposes. The UMA mandates are only available to clients of the third-party manager’s advisors who are part of the third-party UMA account program. Performance data from certain market indices/ETFs are provided in this presentation for information purposes only. A comparison of the Fund’s or Mandate’s performance to such market indices/ETFs is of limited use because the composition of the Fund’s portfolio may contain other securities not found in the market index. As a result, no market indices/ETFs are directly comparable to the results of the Fund or strategy.

Distribution of this information to any person other than the original recipient thereof or those persons, if any, retained to advise the recipients thereof with respect to these materials is unauthorized, and any disclosure of any of this information without Goodwood Inc.’s prior written consent is prohibited. Each recipient of these materials, by accepting delivery of this information, agrees to the foregoing and further agrees to make no photocopies of this information, or of any documents delivered in connection with or attached to this presentation. Distribution of this information in certain jurisdictions may be restricted by law. Persons into whose possession this information comes must inform themselves about and observe any such restrictions. If a report is attached to this communication as a document or as a link, you should also read the disclaimers and disclosures which form part of the relevant report.  There may be conflicts of interest relating to Goodwood Inc. Please refer to Goodwood Inc’s conflict of interest disclosure document available at www.goodwoodfunds.com.