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Dynamic Energy Evolution FundJennifer StevensonVice President & Portfolio Manager

Frank LatshawVice President & Portfolio Manager

Oscar BelaicheSenior Vice President & Portfolio Manager

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Agenda

Combating climate change and reducing carbon footprint and emissions has an increasing sense of urgency from populations and governments around the world.Renewable energy is the enabler of broader adoption of environmentally friendly practices across global society

Why now?

Why us?

Dynamic Energy Evolution Fund

1

2

3

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Why now?The energy evolution: An industry In transitionWe are only at the beginning of a long-term transition towards renewable energy

Source: Thunder Said Energy

0

20

40

60

80

100

120

0%10%20%30%40%50%60%70%80%90%

100%17

5017

5917

6817

7717

8617

9518

0418

1318

2218

3118

4018

4918

5818

6718

7618

8518

9419

0319

1219

2119

3019

3919

4819

5719

6619

7519

8419

9320

0220

1120

2020

2920

3820

47

Tota

l glo

bal e

nerg

y us

e (‘0

00TW

H)

Perc

ent o

f tot

al e

nerg

y (%

)

Biomass Animal Coal Oil Gas Hydro Nuclear Solar Wind Other Total

4

31% 28%

27% 20%

23% 25%

5% 6%3%3%9%10%2%9%

0

50

100

150

200

250

300

350

400

2019 2045

Mbo

e/d

Other renewables

Biomass

Hydro

Nuclear

Gas

Coal

Oil

Why now?Energy demand grows – Renewables grow more

All energy sources needed to meet energy demand

Primary energy demand by fuel

Source: OPEC World Oil Outlook 2045 , October 2020 edition

Renewables grow the most

Larger % of a much larger total energy demand

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The energy evolution – An industry in transitionWhy now?

Source: U.S. EIA

Primary energy consumption by energy source, world (quadrillion btu)

0

50

100

150

200

250

300

2010 2020 2030 2040 2050

History Projections

RenewablePetroleum and other liquids

Natural gasCoal

Nuclear

Three pillars of support

Increasing public

engagement and urgency for reduced carbon

initiatives

Government policies and

fiscal stimulus support

programs

Technological advances make

renewables cost

competitive

Rapid growth in renewables

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Increasing public engagement & urgency for reduced carbonWhy now?

Government actions should prioritize climate change in the economic recovery after COVID-19% of respondents

Source: McKinsey & Co. “How a post pandemic stimulus can both create jobs and help the climate” 1Question: “To what extent do you agree or disagree with the following: in the economic recovery after COVID-19, it’s important that government actions prioritize climate change.” Response rates shown for “agree” include “strongly agree” and “ somewhat agree”; rates for “disagree” include “strongly disagree” and “ somewhat disagree”. Survey conducted via online poll, April 17, 2020; n = 28,039; data weighted to the profile of the population. Source: Ipsos MORI.

343332312430262726222522161413

575757586061626363636566808081

AustraliaGermany

U.S.U.K.

RussiaCanada

SpainItaly

FranceJapanWorldBrazilChina

MexicoIndia

disagree agree

COVID-19 health concerns have ignited global focus on clean energy

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→ EU green deal → Biden $2T climate plan→ COVID stimulus is green-focused→ Global government incentives

and plans

Government policy and fiscal stimulus support Why now?

Source: Forbes * As of May 10, 2020. Source: Ceyhun Elgin.

2.2%

3.8%

5.0%

5.7%

7.3%

9.3%

10.7%

12.0%

13.0%

21.1%

South Korea

China

U.K.

Italy

Spain

France

Germany

Sweden

United States

Japan

Global coronavirus stimulus packages comparedFinancial response to the COVID-19 pandemic as a share of GDP (selected countries)*

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Why now?Government policy and fiscal stimulus supportSpending on renewable energy and energy efficiency has been shown to create more jobs than spending on fossil fuels.

Jobs created, directly and indirectly,1 per $10 million in spending

Renewable technologies(wind, solar, bioenergy,

geothermal, hydro)

Energy efficiency(industrial energy efficiency,

smart grid, mass transit)

Fossil fuel(oil and gas, coal)

75 jobs

77 jobs

27jobs

1Excludes induced jobs.Source: Heidi Garrett-Pelter, “Green versus brown: Comparing the employment impact of energy efficiency, renewable energy, and fossil fuels using an input-output model, Economic modeling, pp 439-47, 2017.Source: McKinsey & Co. “How a post pandemic stimulus can both create jobs and help the climate”

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Technological advances make renewables cost competitiveWhy now?

Cost reductions for solar and wind are coming from:

Source: IRENA Renewable Cost Database

BIOENERGY GEOTHERMALENERGY

HYDROPOWER OCEAN ENERGY

SOLAR ENERGY

WIND ENERGY

IMPROVED TECHNOLOGY

ECONOMIES OF SCALE

MORE COMPETITIVE SUPPLY CHAINS

DEVELOPER EXPERIENCE

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Why now?Technological advances make renewables cost competitive

Global LCOES from newly commissioned utility-scale renewable power generation technologies

Average LCOE (levelized cost of electricity) of most renewables has fallen to levels competitive with fossil fuels

2010-2019

Solar PV -82%

CSP -47%

Onshore wind -39%

Offshore wind -29%

Source: IRENA Renewable Cost Survey

LCOE declines

0.0

0.1

0.2

0.3

0.4

2010 2019 2010 2019 2010 2019 2010 2019 2010 2019 2010 2019 2010 2019

2019

USD

/kW

Biomass Geothermal Hydro Solar photovoltaic

Concentrating solar power

Offshore wind

Onshore wind

95th percentile

Fossil fuel cost range

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Technological advances make renewables cost competitive

Source: IRENA Renewable Cost Survey

0

20

40

60

80

100

120

140

160

180

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

GW

Shar

e of

new

ele

ctric

ity g

ener

atin

g ca

paci

ty Increase in non-renewables (GW) Increase in renewables (GW) Renewable share (%)

More than 70% of new capacity additions in 2019 came from renewables

Why now?

Renewable share of annual power capacity expansion

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Why now?Technological advances make renewables cost competitive

Source: U.S. EIA

OECD Non-OECD

Most of the growth in future power demand is expected to come from renewable sources

Sustainable and growing profitability of renewablesChanges from 2018 in generation and demand (Trillion kWh)

-202468

10121416

2019

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

2047

2049

Renewables

Non-renewables

Demand

-202468

10121416

2019

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

2047

2049

Non-renewables

Renewables

Demand

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Why us?

Jennifer Stevenson, B.Comm., MBAVice President & Portfolio ManagerEnergyIndustry 30 yearsDynamic 10 yearsTeam 10 years

Oscar Belaiche, HBA, FICB, CFASr. Vice President & Portfolio ManagerTeam Lead Industry 39 yearsDynamic 23 yearsTeam 23 years

Frank Latshaw, CPA, CA, CBV, CFAVice President & Portfolio ManagerInfrastructureIndustry 27 yearsDynamic 9 yearsTeam 9 years

Robert Cohen, BASC. MBA. CFAVP & Portfolio ManagerMaterialsMineral Process EngineerPractical experience 27 years

Nawojka Wachowiak, M.Sc.Associate Portfolio ManagerMaterialsGeologistPractical experience 21 years

Scott Reid, B.Comm., CFAPortfolio AnalystEnergyCFAPractical experience 12 years

Tarun Joshi, BASC (Hons.), P.Eng., AFMPortfolio AnalystIndustrialsEngineerPractical experience 14 years

EXPERIENCETotal team 42 years

Total industry 96 years

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Why us?

21 PMs, APMs and AnalystsCOOPERATIVE AND COLLABORATIVE CULTURE

EXPERIENCE

Total team 131 years

Total industry 412 years

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Dynamic Global Infrastructure Fund

Dynamic Energy Income Fund

Dynamic Strategic Energy Class

Why us?Renewables – A growing part of what we do

2015

2020* 37%

31%

47% 42%

Source: Dynamic Funds.* As of October 31, 2020.

Renewables EnergyUtilities / renewables Other infrastructure

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Dynamic Energy Evolution FundRenewable energy, endless opportunity

Renewable power Emerging solutions New energy innovators

Invest in companies supporting the global transition to renewable energy on both a residential and commercial scale

Flexibility to find the most compelling opportunities in regions with favourable regulatory and fiscal environments

Fixed quarterly distribution – annualized yield of 2%

The yield is calculated based on a fixed, but not guaranteed, quarterly distribution and an initial net asset value per unit of $10. Quarterly distribution yields may fluctuate as the month end NAVPU changes. A fund’s distribution yield should be not be confused with its performance or rate of return.

INTRODUCING

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Dynamic Energy Evolution FundWhat we look for

Quality

Renewable powerand related services

Sustainable growth

Environmental products / services

Speculative offerings

‘Renewable energy’ that’s non-viable long term

Scalable operations

Companies ≠ Quality at a Reasonable Price philosophies

Unproven technology

Proven business models & technologies

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Dynamic Energy Evolution FundThe energy investment spectrum

Car

bon

foot

prin

t

New energy innovators

Renewable power

Emerging solutions

Upgraded oil

Light oil

Oil sands

Heavy oil

Natural gas

Coal

Residential Solar Wind Turbines Batteries Solar Panels / Inverters Hydrogen Fuel

Cells/Electrolyzers

Wind & Solar Hydroelectricity Biofuels Geothermal Nuclear

Rare Earths & Materials

Energy Industrials Sustainable Finance Services Logistics

Manufacturing & development Inputs & integrationGeneration, transmission

distribution, storage

Emerging solutions New energy innovatorsRenewable power

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Key benefitsDynamic Energy Evolution Fund

UNIQUEGROWTH OPPORTUNITY

INVEST IN POSITIVE CHANGE

SEASONED MANAGERS, PRAGMATIC APPROACH

Allows investors to participate in climate-change action

and the various opportunities presented.

Awareness of climate change has led to unprecedented public and policy support

for renewable energy, creating a secular tailwind for those

companies supporting the energy transition.

Managed by portfolio managers with decades of

boots-on-the-ground experience in the energy and

infrastructure space, and supported by the 21-member

Equity Income team.

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Renewable energy, endless opportunityDynamic Energy Evolution Fund

Three pillars of support provide rapid growth in renewables

The right teamDecades of energy and investment experience

The right timeRenewable energy is the enabler of broader adoption of environmentally friendly practices across global society

Increasing public engagement and urgency for reduced

carbon initiatives

Government policies and fiscal stimulus support programs

Technological advances make renewables cost competitive

3

1

2

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Dynamic Energy Evolution FundFees & distributions

Management Fee Fixed Admin Fee Distribution/Unit Frequency Distribution Yield*

Series A 1.85% 0.10% $0.0500 Quarterly 2.0%Series H 1.85% 0.10% $0.04675 Quarterly 1.9%Series T 1.85% 0.10% $0.0333 Monthly 4.0%Series F 0.85% 0.10% $0.0783 Quarterly 3.1%Series FH 0.85% 0.10% $0.07500 Quarterly 3.0%Series FT 0.85% 0.10% $0.0333 Monthly 4.0%Series I 0.85% 0.10% $0.1023 Quarterly 4.1%

The yield is calculated based on a fixed, but not guaranteed, quarterly distribution and an initial net asset value per unit as of $10. Quarterly distribution yields may fluctuate as the month end NAVPU changes. A fund’s distribution yield should be not be confused with its performance or rate of return.

Fund Codes

FE No Load

Series A 3460 Series F 3461

DCAF (A) 3468 DCAF (F) 3469

Series H 3466 Series FH 3467

Series T 3465 Series FT 3462

Series I 3463

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Important information

This presentation has been prepared by 1832 Asset Management L.P and is provided for information purposes only.

Views expressed regarding a particular investment, economy, industry or market sector should not be considered an indication of trading intent of any of the mutual funds managed by 1832 Asset Management LP. These views are not to be relied upon as investment advice nor should they be considered a recommendation to buy or sell. These views are subject to change at any time based upon markets and other conditions, and we disclaim any responsibility to update such views. To the extent this document contains information or data obtained from third party sources, it is believed to be accurate and reliable as of the date of publication, but 1832 Asset Management L.P. does not guarantee its accuracy or reliability. Nothing in this document is or should be relied upon as a promise or representation as to the future.

© Copyright 2020 1832 Asset Management L.P. All rights reserved. Dynamic Funds® is a registered trademarks of its owner used under license.

Series A units are available for purchase to all investors, while Series F units are only available to eligible investors who participate in eligible fee-based or wrap programs with their registered dealers. Differences in performance between these series are primarily due to differences in management fees and fixed administration fees. Performance results for Series F units may also appear higher than for Series A units as the management fee does not include the trailing commission. Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in units value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

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