Equinox Investment Management Inc. (“Equinox” or the “Investment Manager”) Fairness Policy Statement

This Policy Statement covers the relationships between Equinox Investment Management Inc. and its clients, those
for whom the Investment Manager provides discretionary management services (“discretionary clients”)
and those who purchase advice-for-fee (“advisory clients”). It may be amended as necessary, without
prejudice to existing clients, to accommodate future expansion in the scope of Equinox' business activities.
Notwithstanding any information contained herein, Equinox will adhere to the CFA Institute’s Asset Manager
Code of Ethics and Standards of Professional Conduct (‘the Code”).


For purposes of purchasing a security, discretionary client portfolios are grouped together according to
similarities in client objectives and risk tolerance, as determined by the Investment Manager’s portfolio
managers. Each group of portfolios is treated as a unit in determining the appropriateness of the
security being bought. Once the purchase transaction has been executed, individual portfolios are each
allocation the number of units of the acquired security proportionate to the size of the portfolio, unless
a given portfolio already contains that security or one substantially similar. The price paid will be the
same for all portfolios so allocated, which is the average cost of each security in the block, plus trading
costs where applicable.

The same principles apply for the sale from accounts of security positions, except that pro-rata
allocations are made based on market values of the security being sold rather than on the entire
portfolio, thus avoiding the potential of creating unwanted short positions.

The following is a partial list of potential deviations from Equinox' general policy on the allocation of
investment opportunities:

An individual account should have adequate cash or margin to accommodate
new positions purchased;

Client preferences are honoured to the best of Equinox' ability. For example, a client
may have an aversion to ownership in tobacco or defense contractor companies,
and would thus be excluded from an investment opportunity in these areas;

Equinox is party to agreements with several custodians, and they are responsible
for execution of buy and sell orders from Equinox, and for the allocation of orders
to individual accounts. New clients to the Investment Manager, however, are
free to maintain their investment accounts at any dealer they chose. By electing
to maintain accounts outside the Equinox' custodians, the Client commits his or her
assets to the trading service to those firms, likely achieving different results.
Equinox applies the same standard of fairness to all clients notwithstanding the
choice of custodian/trading desk, but cannot guarantee the same execution
price across all investment firms;

Client accounts received by Equinox from other institutions, or otherwise inherited
by Equinox, and which include pre-existing security positions, are considered to be
“in transit” (i.e. in the process of being converted over to the Investment Manager's
proprietary management model) and may be excluded from aggregation even
when received in their entirety. For instance, an account may arrive at Equinox already
holding a position in a security being evaluated by Equinox' managers (or a security
with similar investment characteristics, such that a swap would not create significant
value-added to the portfolio). This account would therefore not participate in a
subsequent decision to buy the featured security;

Only accounts or portions of accounts for which Equinox has discretionary power
are aggregated;

Accounts whose mandates differ from Equinox' general mandate may be managed
differently, although with equal fairness, than those which more readily lend
themselves to Equinox' general management style. Examples include a mutual
fund that invests in transportation stocks or a client group that is loyal to a
particular sub-advisor employed by the Investment Manager;

Orders may be only partially filled (pro rata) within the desired range, and
accounts may be selected at random for complete or full fills if a pro rata
filling results in insignificant allocations such that there is essentially no
effect or nominal effect on portfolio performance;

New issues are allocated on the same basis as secondary ones, with the
exception that clients who chose to house their accounts at dealers other
than those designated by Equinox may receive a greater or lesser allocation
that would have otherwise been the case. Notwithstanding, accounts held
by employees of the Investment Manager or by the Investment Manager
itself are subject to internal review to insure that they do not benefit from
favourable new issue allocations, wherever such accounts are hosted.
Allocations which too small to be meaningful if spread over more than a
small number of suitable accounts are so distributed by random selection; and

A security sale in a particular account may be deferred if the financial benefit
from the sale would be outweighed by its tax consequence at the time of sale.

Priority of Transaction:

Equinox Asset Management, its directors, officers and employees (each, a “Pro” account), will not
trade for their own investment accounts ahead of trades made for clients, but may do so

Possible exceptions:
Where a given security is contained in the portfolio of Equinox, a director, officer,
or employee by happenstance;

When a security is bought at a time when it was considered inappropriate
for client portfolio (as might be the case if the security was initially purchased
as a private placement and has since gone public) but whose status has
since changed;

A security that is only available to accredited investors may be bought in a
Pro account after or alongside the accounts of other accredited investors,
to the exclusion of non-accredited accounts.

Despite having given Priority of Transaction to clients, there can be no assurance that the
price actually paid by clients will be more favorable than those paid in a Pro account, as
the price of a security may fluctuate in the intervening period.

Client Grievance:

Equinox undertakes to always act in good faith in dealing with clients. Any dispute must first
be brought to the attention of Equinox' Compliance Officer, who will, on behalf of the Investment
Manager, attempt to affect a resolution that is to the mutual satisfaction of all parties concerned.
Should such a resolution not be attainable, the client agrees to bring the matter up with the
Ombudsman for Banking Services and Investments (“OBSI”), as provided for by in the Companion
Policy to NI 31-103 and in Canadian Securities Administration Staff Notice 31-338, “Guidance
on Dispute Resolution Services - Client Disclosure for Registered Dealers and Advisers that are
not Members of a Self-Regulatory Organization.”

This document is subject to revision, although no change will result in prejudice to pre-existing clients.