Ewing Morris
Select Credit Fund

Performance is based on returns for the Ewing Morris Select Credit Fund LP. The inception date of the strategy is April 29, 2020. As of May 1, 2025, returns are based on Class P, net of fees and expenses. Class P units bear management fees of 0.75% per annum, as well as performance fees, as applicable. From February 1, 2025 to April 30, 2025, the returns presented were those of Class S of the Fund, which bear management fees of 0.5% per annum, as well as performance fees, as applicable. From April 29, 2020 to January 31, 2025, returns are based on a separately managed account that shared a similar investment objective and strategy as the Ewing Morris Select Credit Fund LP and were calculated net of fees and expenses matching those of Class P. While the Fund’s overall investment objective remains the same, past performance is not indicative of future performance. Where the performance period is longer than 12 months, returns are annualized. The 2020 return represents performance from the inception of the Fund to December 31, 2020. Please note that firm AUM is an estimate until all NAVs are finalized. Percentages may not add up to 100% due to rounding to the nearest percent. The U.S. High Yield Bond Benchmark is represented by the iShares U.S. High Yield Bond Index ETF (CAD-Hedged). This benchmark has been selected for the Ewing Morris Select Credit Fund LP because it is a low-cost, index-tracking fund, representative of an individual’s opportunity cost in higher-yield fixed income, and is a widely known and followed fixed income benchmark. These benchmark indices are provided for informational purposes only, and comparisons to benchmarks and indices have limitations. Investing in fixed income securities is the primary strategy of the Fund; however, the Fund does not invest in all, or necessarily any, of the securities that comprise the referenced benchmark indices. The Fund’s portfolio may contain, among other things, options, short positions, other securities, concentrated positions, and may employ leverage that is not reflected in these indices. As a result, no market index is directly comparable to the results of the Fund. Returns are unaudited. This letter does not constitute an offer to sell units of any Ewing Morris Fund, collectively referred to as “Ewing Morris Funds.” Units of Ewing Morris Funds are only available to investors who meet applicable suitability and sophistication requirements. As of September 30, 2026. Source: Bloomberg.