ANALYST COVERAGE

Truvera Mortgage Corporation is covered by the following analyst:

Fundamental Research Corporation - Siddarth Rajeev srajeev@researchfrc.com

See attached initiating copy and subsequent update of third party, independent research report on the Mortgage LP, prepared by Fundamental Research Corp. 

Some noteworthy findings from the Reports are:

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• The Partnership is rated “very good return -to -risk ratio” (see page 11)

• The Partnership is rated as being “below-average risk” (see page 11)

• “Investors in the fund have voting rights which is a significant and important right and further aligns management and investors’ interests. Note that most mortgage investment entities do not offer voting rights to investors” (see page 2).

• The Partnership’s net fees to unitholders is on the lower end (see page7 of initial report)

• Alignment of interest between the fund and Lanyard a positive (see page 3 of update)

• Three-year track record of above average performance (see page 5)

• One of the key strengths is its multiple layers of vetting and oversight (see page 1 of initial report)

• Fund Leverage is limited to a maximum amount of 20% of AUM (see page 6 of initial report)