NAV

The Fund’s net asset value (the “Net Asset Value”) is calculated as the value of the Fund’s assets, less
its liabilities, computed on a particular date in accordance with the Fund’s Trust Agreement. The
Administrator will calculate the Net Asset Value of the Fund as of the last Business Day of every month
and such other Business Day(s) as the Manager may determine (each, a “Valuation Date”), at 6:00 pm.
(Eastern time) (the “Valuation Time”). For the purpose of this Offering Memorandum, a “Business
Day” is a day on which the main branch of the Royal Bank of Canada in Toronto, Ontario is open for
business.
The Administrator will also calculate on each Valuation Date, the Net Asset Value of the Fund
attributable to each Series of Units of the Fund (the “Series Net Asset Value”) and the Net Asset Value
per Unit for each Series of Units of the Fund (the “Series Net Asset Value per Unit”). See
“Determination of Net Asset Value”.