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Deloitte Audit Report

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This Audit Report on the PCL RAIF - Zindel Global Quantitative Sub-Fund is provided for general information only and nothing contained in the material constitutes a recommendation for the purchase or sale of any security, nor an invitation to invest in the following strategy. Although the statements of fact in this report are obtained from sources that we consider reliable, we do not guarantee their accuracy and any such information may be incomplete or condensed. Also views expressed in this report are based on research materials available from sources considered reliable. Views are subject to change on the basis of additional or new research, new facts or developments. The investment risks described herein are not purported to be exhaustive. The fund is a reserved alternative investment fund under the directive 2011/61/EU on alternative investment fund managers. The fund is not subject to the supervision of the Luxembourg regulator “Commission de Surveillance du Secteur Financier”. The persons interested on investing in this Fund need to be well informed Investors as per local regulations. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. Investment products are not insured by government or governmental agencies. Investment and Treasury products are subject to investment risk, including possible loss of principal amount invested. Past performance is not indicative of future results: prices can go up or down. Investors investing in investments and/or treasury products denominated in foreign (non-local) currency should be aware of the risk of exchange rate fluctuations that may cause loss of principal when foreign currency is converted to the investors home currency.

The Zindel Global Quantitative Fund is not available to the United States of America citizens and/or United States of America fiscal residents.

Fund audit report available upon request