Current NAV

AlphaNorth Partners Fund^*
Class A	$28.5654
Class D	$23.1595

* As at December 31^st (AlphaNorth Partners Fund is priced once per month around the 5^th business day of each month)
Inception date for Class A shares is December 2007. Inception date for Class D shares is February 2010.

AlphaNorth Growth Fund^**
Series A	$8.434
Series F	$8.477

** As at December 31^st. AlphaNorth Growth Fund is priced daily. Inception date is July 25^th 2011.

AlphaNorth 2010 Flow-Through LP
As at Jan 6^th, 2012	$14.12

AlphaNorth 2011 Flow-Through LP
As at December 31^st	$4.44