ANNUAL REPORT DECEMBER 31, ATBIS Fixed Income Pool ATBIS Canadian Equity Pool ATBIS U.S. Equity Pool ATBIS International Equity Pool

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1 ANNUAL REPORT DECEMBER 31, 2017 ATBIS Fied Income Pool ATBIS Canadian Equity Pool ATBIS US Equity Pool ATBIS International Equity Pool

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3 FINANCIAL STATEMENTS Table of Contents Financial Statements Independent auditor's report 2 ATBIS Fied Income Pool Statements of Financial Position 4 Statement of Comprehensive Income 5 Statement of Changes in Net Assets Attributable to Holders of Redeemable Units 6 Statement of Cash Flows 7 Schedule of Investments 8 ATBIS Canadian Equity Pool Statements of Financial Position 11 Statement of Comprehensive Income 12 Statement of Changes in Net Assets Attributable to Holders of Redeemable Units 13 Statement of Cash Flows 14 Schedule of Investments 15 ATBIS US Equity Pool Statements of Financial Position 17 Statement of Comprehensive Income 18 Statement of Changes in Net Assets Attributable to Holders of Redeemable Units 19 Statement of Cash Flows 20 Schedule of Investments 21 ATBIS International Equity Pool Statements of Financial Position 22 Statement of Comprehensive Income 23 Statement of Changes in Net Assets Attributable to Holders of Redeemable Units 24 Statement of Cash Flows 25 Schedule of Investments 26 Notes to the Financial Statements 27 1

4 March 23, 2018 Independent Auditor s Report To the Unitholders of ATBIS Fied Income Pool ATBIS Canadian Equity Pool ATBIS US Equity Pool ATBIS International Equity Pool (collectively, the Pools) We have audited the accompanying financial statements of each of the Pools, which comprise the statements of financial position as at December 31, 2017 and 2016 and the statements of comprehensive income, changes in net assets attributable to holders of redeemable units and cash flows for the year ended December 31, 2017 and for the period from October 3, 2016 (commencement of operations) to December 31, 2016, and the related notes, which comprise a summary of significant accounting policies and other eplanatory information Management s responsibility for the financial statements Management is responsible for the preparation and fair presentation of the financial statements of each of the Pools in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error Auditor s responsibility Our responsibility is to epress an opinion on the financial statements of each of the Pools based on our audits We conducted our audits in accordance with Canadian generally accepted auditing standards Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of epressing an opinion on the effectiveness of the entity s internal control An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements We believe that the audit evidence we have obtained in each of our audits is sufficient and appropriate to provide a basis for our audit opinion Opinion In our opinion, the financial statements of each of the Pools present fairly, in all material respects, the X PricewaterhouseCoopers LLP PwC Tower, 18 York Street, Suite 2600, Toronto, Ontario, Canada M5J 0B2 T: , F: , wwwpwccom/ca PwC refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership 2

5 financial position of each of the Pools as at December 31, 2017 and 2016 and the financial performance and cash flows of each of the Pools for the year ended December 31, 2017 and the period from October 3, 2016 to December 31, 2016 in accordance with International Financial Reporting Standards Chartered Professional Accountants, Licensed Public Accountants 3

6 ATBIS FIXED INCOME POOL STATEMENTS OF FINANCIAL POSITION AS AT Assets Current assets December 31, 2017 December 31, 2016 Investments (Note 10) $ 60,104,052 $ 4,397,780 Cash - 8,620 Amount receivable for units issued 1,800,000 - Interest receivable 325,992 15,734 Amount receivable on open forward contracts (Note 9) 65,653 - Total Assets 62,295,697 4,422,134 Liabilities Current liabilities Bank overdraft 350,459 - Amount payable for securities purchased 991,857 - Amount payable on open forward contracts (Note 9) Amount payable for units redeemed 15,750 - Total liabilities ecluding net assets attributable to holders of redeemable units 1,358, Net assets attributable to holders of redeemable units $ 60,937,631 $ 4,421,252 Net assets attributable to holders of redeemable units, Series A $ 5,044 $ 4,991 Redeemable units outstanding, Series A Net assets attributable to holders of redeemable units per unit, Series A $ 972 $ 971 Net assets attributable to holders of redeemable units, Series O $ 53,492,639 $ 4,411,266 Redeemable units outstanding, Series O 5,449, ,819 Net assets attributable to holders of redeemable units per unit, Series O $ 982 $ 976 Net assets attributable to holders of redeemable units, Series F1 $ 7,439,948 $ 4,995 Redeemable units outstanding, Series F1 763, Net assets attributable to holders of redeemable units per unit, Series F1 $ 974 $ 971 See accompanying notes to financial statements On Behalf of the Board of Directors of ATB Investment Management Inc (signed) "Chris Turchansky" Chris Turchansky, President and Chief Eecutive Officer (signed) "Nick Mawhinney" Nick Mawhinney, Chief Financial Officer 4

7 ATBIS FIXED INCOME POOL STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2017 AND THE PERIOD FROM OCTOBER 3, 2016 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, Income Net gain (loss) on investments Income distribution from underlying funds $ 665,395 $ 97,568 Interest for distribution purposes 688,197 6,534 Net realized loss on sale of investments (336,447) (314) Net change in unrealized depreciation on investments (75,293) (76,531) Capital gain distribution from underlying funds 9 3,048 Net gain (loss) on investments 941,861 30,305 Net gain (loss) on derivatives Net realized gain on forward contracts 37, Net change in unrealized appreciation (depreciation) on forward contracts 66,535 (882) Net gain (loss) on derivatives 104,285 (111) Other Income Net realized gain (loss) on foreign currency transactions (3,009) - Net change in unrealized appreciation (depreciation) on foreign currency translations (1,319) - Other Income (4,328) - Total Income (net) 1,041,818 30,194 Epenses Management fees (Note 5) 25,274 8 Administration epense (Note 8) 65,330 26,851 Independent review committee fees (Note 8) 2,735 1,372 Transfer agent epense 6,894 4,361 Audit fees 31,721 27,080 Legal fees 15,860 8,003 Custodian fees 139,995 12,065 Securityholder reporting fees 30,919 9,623 Bank charges 14, Withholding taes Transaction costs (Note 7) - 1 Total Epenses 333,424 90,184 Epenses (absorbed by) reimbursed to manager (Note 5) (278,917) (89,242) Net Epenses 54, Increase in net assets attributable to holders of redeemable units 987,311 29,252 Increase (decrease) in net assets attributable to holders of redeemable units per Series Series A $ 53 $ (9) Series O 890,422 29,266 Series F1 96,836 (5) Total increase in net assets attributable to holders of redeemable units 987,311 29,252 Weighted average number of redeemable units per Series Series A Series O 3,446, ,254 Series F1 491, Increase (decrease) in net assets attributable to holders of redeemable units per unit per Series Series A $ 010 $ (002) Series O $ 026 $ 015 Series F1 $ 020 $ (001) See accompanying notes to financial statements 5

8 ATBIS FIXED INCOME POOL STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE YEAR ENDED DECEMBER 31, 2017 AND THE PERIOD FROM OCTOBER 3, 2016 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, Net assets attributable to holders of redeemable units, beginning of year / period Series A $ 4,991 $ - Series O $ 4,411,266 $ - Series F1 $ 4,995 $ - Increase (decrease) in net assets attributable to holders of redeemable units Series A 53 (9) Series O 890,422 29,266 Series F1 96,836 (5) Distributions to holders of redeemable units from: Net Investment Income Series A (45) (135) Series O (1,095,325) (102,342) Series F1 (135,413) (135) Capital gains Series A - (4) Series O - (3,510) Series F1 - (4) Redeemable unit transactions: Sale of redeemable units Series A - 5,000 Series O 53,194,824 4,382,000 Series F1 8,049,636 5,000 Reinvestment of distributions to holders of redeemable units Series A Series O 1,091, ,852 Series F1 135, Redemption of redeemable units Series O (5,000,362) - Series F1 (711,519) - Net assets attributable to holders of redeemable units, end of year / period Series A $ 5,044 $ 4,991 Series O $ 53,492,639 $ 4,411,266 Series F1 $ 7,439,948 $ 4,995 Redeemable units outstanding, beginning of year / period Series A Series O 451,819 - Series F Redeemable units sold Series A Series O 5,388, ,977 Series F1 822, Reinvested from distributions to holders of redeemable units Series A 5 14 Series O 111,125 10,842 Series F1 13, Redeemable units redeemed Series O (501,516) - Series F1 (72,781) - Redeemable units outstanding, end of year / period Series A Series O 5,449, ,819 Series F1 763, See accompanying notes to financial statements 6

9 ATBIS FIXED INCOME POOL STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2017 AND THE PERIOD FROM OCTOBER 3, 2016 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, Cash flows from (used in) operating activities Increase in net assets attributable to holders of redeemable units $ 987,311 $ 29,252 Adjustments for: Net unrealized foreign echange (gain) loss on cash 1,123 - Non-cash distributions from underlying funds (141,045) (8,821) Proceeds from sale of investments 34,131,041 - Purchase of investments (89,113,420) (4,465,804) Net realized loss on sale of investments 336, Net change in unrealized depreciation on investments 75,293 76,531 Net change in unrealized (appreciation) depreciation on forward contracts (66,535) 882 Interest for distribution purposes (673,501) (5,714) Interest received 363,243 (10,020) Amortization income (2,731) - (54,102,774) (4,383,380) Net Cash used in operating activities (54,102,774) (4,383,380) Cash flows from (used in) financing activities Proceeds from sale of redeemable units* 55,621,686 4,392,000 Distributions to holders of redeemable units, net of reinvested distributions (3,511) - Payment on redemption of redeemable units* (1,873,357) - Net Cash from financing activities 53,874,818 4,392,000 Unrealized foreign echange gain (loss) on cash (1,123) - Net increase (decrease) in cash during the year / period (229,079) 8,620 Cash, beginning of year / period 8,620 - Cash, end of year / period $ (350,459) $ 8,620 * Proceeds from sale of redeemable units and Payment on redemption of redeemable units for the year / period ended December 31, 2017 and 2016 eclude non-cash switches of $3,822,774 and $(3,822,774), respectively There were no non-cash switches for the period ended December 31, 2016 See accompanying notes to financial statements 7

10 ATBIS FIXED INCOME POOL SCHEDULE OF INVESTMENTS AS AT DECEMBER 31, 2017 Issuer/Description Shares/Units/Par Value Cost Carrying Value Mutual Funds: (976%) BlackRock Canada Universe Bond Inde Fund 217,730 $ 6,023,177 $ 5,945,034 6,023,177 5,945,034 Bonds and Debentures: (8227%) 407 International Inc 647% Jul 27/29 98,000 $ 133,358 $ 130, International Inc 675% Jul 27/39 116, , , International Inc 713% Jul 26/40 347, , ,735 Apple Inc 251% Aug 19/24 2,109,000 2,105,796 2,088,562 AT&T Inc 485% May 25/47 790, , ,269 Bank Nederlandse Gemeenten NV 515% Mar 07/25 160, , ,056 Bank of Montreal 183% Apr 11/19 2,017,000 2,026,440 2,026,016 Bankers Hall LP 438% Nov 20/23 134, , ,532 Bell Canada 300% Oct 03/22 494, , ,981 Bell Canada 617% Feb 26/37 342, , ,225 Bell Canada 435% Dec 18/45 474, , ,848 Bombardier Inc 750% Mar 15/25* 529, , ,464 Canadian Imperial Bank of Commerce 175% Jan 17/19 358, , ,661 Canadian Mortgage Pools 159% Apr 01/19 335, , ,075 Canadian Pacific Railway Company 691% Oct 01/24 141, , ,364 CBC Monetization Trust 469% May 15/27 71,929 79,070 79,051 Clarica Life Insurance Co 630% May 15/28 40,000 50,869 49,915 Cogeco Communications Inc 493% Feb 14/22 666, , ,064 Cogeco Communications Inc 418% May 26/23 479, , ,421 CSS FSCC Partnership 692% Jul 31/42 168, , ,107 Enbridge Inc 199% May 24/19 1,024,000 1,027,525 1,027,078 Enbridge Inc 457% Mar 11/44 749, , ,434 Enbridge Pipelines Inc 820% Feb 15/24 55,000 72,597 70,386 EUROFIMA 515% Dec 13/19 25,000 27,422 26,397 EUROFIMA 455% Mar 30/27 32,000 35,869 36,161 First National Canadian Mortgage Pools 265% Oct 01/27 1,045,897 1,051,879 1,051,034 GE Capital Canada Funding Company 175% Feb 15/22 1,065,000 1,065,265 1,062,401 GE Capital Canada Funding Company 261% Feb 06/23 409, , ,423 GE Capital Canada Funding Company 573% Oct 22/37 92, , ,484 Greater Toronto Airports Authority 645% Jul 30/29 302, , ,058 Heathrow Funding Limited 300% Jun 17/23 743, , ,176 Heathrow Funding Limited 325% May 21/27 300, , ,287 Honda Canada Finance Inc 250% Feb 19/19 100, , ,088 Honda Canada Finance Inc 195% Apr 17/20 882, , ,193 Honda Canada Finance Inc 179% Aug 28/20 49,000 49,285 49,290 Honda Canada Finance Inc 174% Dec 18/20 440, , ,063 Honda Canada Finance Inc Series % Jun 07/19 284, , ,906 Hydro One Inc 186% Mar 21/19 85,000 85,301 85,344 Hydro One Inc 148% Nov 18/19 2,020,000 1,997,439 1,999,244 KfW 505% Feb 04/25 34,000 40,451 39,356 KfW 470% Jun 02/37 37,000 44,991 46,165 Kraft Canada Inc 221% Jul 06/18 80,000 80,314 80,234 Kraft Canada Inc 246% Jul 06/20 887, , ,615 Kraft Canada Inc 270% Jul 06/20 210, , ,679 KS SP LP / KS SP1 LP / ARI SP LP / ARI SP1 LP 321% Jun 15/19 124, , ,590 Loblaw Companies Limited 615% Jan 29/35 171, , ,862 Loblaw Companies Limited 590% Jan 18/36 97, , ,074 Magna International, Inc 310% Dec 15/22 197, , ,920 8

11 ATBIS FIXED INCOME POOL SCHEDULE OF INVESTMENTS AS AT DECEMBER 31, 2017 (CONTINUED) Issuer/Description Shares/Units/Par Value Cost Carrying Value McDonald's Corporation 313% Mar 04/25 666, , ,694 Merrill Lynch 152% Jun 01/22 205, , ,280 Metro Inc 339% Dec 06/27 73,000 72,956 72,519 Metro Inc 427% Dec 04/47 296, , ,896 Metropolitan Life Global Funding I 268% Apr 16/19 466, , ,741 Metropolitan Life Global Funding I 311% Apr 16/21 1,130,000 1,157,562 1,151,615 Milit-Air Inc 575% Jun 30/19 144, , ,313 National Grid Electricity Transmission PLC 290% Nov 26/19 639, , ,352 NAV Canada 756% Mar 01/27 291, , ,193 NAV Canada 740% Jun 01/27 271, , ,210 Navient Corporation 550% Jan 25/23* 793,000 1,004, ,047 Navient Corporation 563% Aug 01/33* 92, , ,478 New Brunswick FM Project Inc 647% Nov 30/27 82, ,885 97,981 North Battleford Power LP 496% Dec 31/32 173, , ,024 Ornge Issuer Trust 573% Jun 11/34 215, , ,872 PepsiCo, Inc 215% May 06/24 536, , ,969 PSPIB-RE Summit Inc 327% Jun 12/43 248, , ,155 RBC Dominion Securities Inc 143% Jan 01/21 1,096,624 1,080,130 1,081,182 RBC Dominion Securities Inc 145% Oct 01/21 924, , ,530 Republic of Austria 538% Dec 01/34 145, , ,561 Rogers Communications Inc 668% Nov 04/39 329, , ,942 Royal Bank of Canada 140% Apr 26/19 781, , ,088 Royal Bank of Canada 194% Feb 11/20 1,516,000 1,527,208 1,529,250 Royal Bank of Canada 188% Mar 23/20 1,902,000 1,910,357 1,913,202 Shaw Communications Inc 675% Nov 09/39 930,000 1,148,646 1,199,544 SNC-Lavalin Group Inc 619% Jul 03/19 79,000 86,049 83,285 SNC-Lavalin Group Inc 269% Nov 24/20 623, , ,956 Sobeys Inc 470% Aug 08/23 522, , ,349 Sobeys Inc 606% Oct 29/35 78,000 80,925 81,701 Spy Hill Power LP 414% Mar 31/36 255, , ,036 Strait Crossing Development Inc 617% Sep 15/31 91, , ,597 TELUS Corporation 150% Mar 27/18 198, , ,993 TELUS Corporation 515% Nov 26/43 270, , ,919 TELUS Corporation 485% Apr 05/44 420, , ,621 The Bank of Nova Scotia 203% Apr 20/18 2,000,000 2,005,960 2,003,780 The Bank of Nova Scotia 133% May 01/18 753, , ,492 The Toronto-Dominion Bank 193% Feb 18/20 1,305,000 1,314,848 1,316,210 The Toronto-Dominion Bank 168% Jun 08/21 2,412,000 2,382,979 2,363,336 The Walt Disney Company 276% Oct 07/24 1,138,000 1,141,217 1,138,564 TransCanada PipeLines Limited 731% Jan 15/27 226, , ,210 TransCanada PipeLines Limited 628% May 26/28 180, , ,449 TransCanada PipeLines Limited 805% Feb 17/39 212, , ,204 TransCanada PipeLines Limited 455% Nov 15/41 215, , ,628 TransCanada PipeLines Limited 363% May 15/67* 391, , ,522 University Health Network 564% Dec 08/22 94, , ,803 University of Ontario Institute of Technology 635% Oct 15/34 40,970 51,179 48,511 Videotron, Ltd 563% Jun 15/25 121, , ,998 Videotron Ltd 575% Jan 15/26 44,000 47,245 47,069 WTH Car Rental, ULC 191% Jul 20/20 434, , ,902 9

12 ATBIS FIXED INCOME POOL SCHEDULE OF INVESTMENTS AS AT DECEMBER 31, 2017 (CONTINUED) Issuer/Description Shares/Units/Par Value Cost Carrying Value Xplornet Communications Inc Term Loan B Jul 25/20* 77,000 95,965 97,969 Yellow Pages Digital & Media Solutions Limited 1000% Nov 01/22 278, , ,614 Yellow Pages Digital & Media Solutions Limited 800% Nov 30/22 Convertible 68,000 60,872 61,543 50,208,539 50,134,858 Short Term Investments: (660%) Government of Canada 09% Feb 22/18 2,345,000 $ 2,341,932 $ 2,341,932 Government of Canada 101% Mar 22/18 1,686,000 1,682,228 1,682,228 4,024,160 4,024,160 Total Investments: 9863% $ 60,255,876 $ 60,104,052 Forward currency contracts: 011% (Note 10) 65,653 Other Net Assets (Liabilities): 126% 767,926 Net Assets: 100% $ 60,937,631 * Indicates Par value denominated in USD 10

13 ATBIS CANADIAN EQUITY POOL STATEMENTS OF FINANCIAL POSITION AS AT Assets Current assets December 31, 2017 December 31, 2016 Investments (Note 10) $ 23,640,420 $ 1,327,878 Cash 432,580 73,242 Amount receivable for units issued 480,250 - Amount receivable for securities sold 3,008 2,783 Dividends and distributions receivable 69,119 3,474 Total Assets 24,625,377 1,407,377 Liabilities Current liabilities Amount payable for securities purchased 477,312 - Amount payable for units redeemed 4,000 - Total liabilities ecluding net assets attributable to holders of redeemable units 481,312 - Net assets attributable to holders of redeemable units $ 24,144,065 $ 1,407,377 Net assets attributable to holders of redeemable units, Series A $ 5,434 $ 5,295 Redeemable units outstanding, Series A Net assets attributable to holders of redeemable units per unit, Series A $ 1079 $ 1053 Net assets attributable to holders of redeemable units, Series O $ 22,541,816 $ 1,396,782 Redeemable units outstanding, Series O 2,060, ,011 Net assets attributable to holders of redeemable units per unit, Series O $ 1094 $ 1058 Net assets attributable to holders of redeemable units, Series F1 $ 1,596,815 $ 5,300 Redeemable units outstanding, Series F1 147, Net assets attributable to holders of redeemable units per unit, Series F1 $ 1085 $ 1054 See accompanying notes to financial statements On Behalf of the Board of Directors of ATB Investment Management Inc (signed) "Chris Turchansky" Chris Turchansky, President and Chief Eecutive Officer (signed) "Nick Mawhinney" Nick Mawhinney, Chief Financial Officer 11

14 ATBIS CANADIAN EQUITY POOL STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2017 AND THE PERIOD FROM OCTOBER 3, 2016 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, Income Net gain (loss) on investments Dividend Income $ 461,205 $ 5,583 Income distribution from underlying funds 28,782 1,078 Interest for distribution purposes Net realized gain (loss) on sale of investments (66,518) 825 Net change in unrealized appreciation on investments 747,312 37,706 Capital gain distribution from underlying funds 20, Net gain (loss) on investments 1,191,343 46,183 Net gain (loss) on derivatives Net realized gain (loss) on forward contracts (42) - Net gain (loss) on derivatives (42) - Other Income Net realized gain (loss) on foreign currency transactions (43) - Net change in unrealized depreciation on foreign currency translations (62) (1) Other Income (105) (1) Total Income (net) 1,191,196 46,182 Epenses Management fees (Note 5) 8, Administration epense (Note 8) 27,120 8,547 Independent review committee fees (Note 8) 1, Transfer agent epense 7,820 4,361 Audit fees 13,155 8,620 Legal fees 6,578 2,548 Custodian fees 59,730 19,501 Securityholder reporting fees 12,836 3,063 Bank charges 5, Withholding taes 1, Transaction costs (Note 7) 15, Total Epenses 159,180 48,080 Epenses (absorbed by) reimbursed to manager (Note 5) (119,052) (47,025) Net Epenses 40,128 1,055 Increase in net assets attributable to holders of redeemable units 1,151,068 45,127 Increase in net assets attributable to holders of redeemable units per Series Series A $ 139 $ 295 Series O 1,093,624 44,532 Series F1 57, Total increase in net assets attributable to holders of redeemable units 1,151,068 45,127 Weighted average number of redeemable units per Series Series A Series O 1,399,875 61,190 Series F1 99, Increase in net assets attributable to holders of redeemable units per unit per Series Series A $ 028 $ 059 Series O $ 078 $ 073 Series F1 $ 058 $ 060 See accompanying notes to financial statements 12

15 ATBIS CANADIAN EQUITY POOL STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE YEAR ENDED DECEMBER 31, 2017 AND THE PERIOD FROM OCTOBER 3, 2016 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, Net assets attributable to holders of redeemable units, beginning of year / period Series A $ 5,295 $ - Series O $ 1,396,782 $ - Series F1 $ 5,300 $ - Increase (decrease) in net assets attributable to holders of redeemable units Series A Series O 1,093,624 44,532 Series F1 57, Distributions to holders of redeemable units from: Net Investment Income Series A (4) (23) Series O (368,478) (3,139) Series F1 (18,236) (23) Capital gains Series A - (9) Series O - (1,573) Series F1 - (9) Redeemable unit transactions: Sale of redeemable units Series A - 5,000 Series O 25,332,736 1,352,250 Series F1 1,750,649 5,000 Reinvestment of distributions to holders of redeemable units Series A 4 32 Series O 362,494 4,712 Series F1 18, Redemption of redeemable units Series A - - Series O (5,275,342) - Series F1 (216,439) - Net assets attributable to holders of redeemable units, end of year / period Series A $ 5,434 $ 5,295 Series O $ 22,541,816 $ 1,396,782 Series F1 $ 1,596,815 $ 5,300 Redeemable units outstanding, beginning of year / period Series A Series O 132,011 - Series F Redeemable units sold Series A Series O 2,384, ,566 Series F1 165, Reinvested from distributions to holders of redeemable units Series A - 3 Series O 33, Series F1 1,681 3 Redeemable units redeemed Series A - - Series O (489,902) - Series F1 (20,274) - Redeemable units outstanding, end of year / period Series A Series O 2,060, ,011 Series F1 147, See accompanying notes to financial statements 13

16 ATBIS CANADIAN EQUITY POOL STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2017 AND THE PERIOD FROM OCTOBER 3, 2016 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, Cash flows from (used in) operating activities Increase in net assets attributable to holders of redeemable units $ 1,151,068 $ 45,127 Adjustments for: Net unrealized foreign echange (gain) loss on cash 52 (1) Non-cash distributions from underlying funds (49,101) (2,065) Proceeds from sale of investments 3,797,005 21,453 Purchase of investments (24,902,198) (1,311,518) Net realized (gain) loss on sale of investments 66,518 (825) Net change in unrealized appreciation on investments (747,312) (37,706) Dividend income, net of withholding taes (459,896) (5,522) Dividend received, net of withholding taes 394,251 2,048 Interest for distribution purposes 5, Interest received (paid) (5,406) (165) Amortization income (367) - (20,749,980) (1,289,009) Net Cash used in operating activities (20,749,980) (1,289,009) Cash flows from (used in) financing activities Proceeds from sale of redeemable units* 22,414,953 1,362,250 Distributions to holders of redeemable units, net of reinvested distributions (5,984) - Payment on redemption of redeemable units* (1,299,599) - Net Cash from financing activities 21,109,370 1,362,250 Unrealized foreign echange gain (loss) on cash (52) 1 Net increase in cash during the year / period 359,338 73,242 Cash, beginning of year / period 73,242 - Cash, end of year / period $ 432,580 $ 73,242 * Proceeds from sale of redeemable units and Payment on redemption of redeemable units for the year ended December 31, 2017 eclude non-cash switches of $4,188,182 and $(4,188,182), respectively There were no non-cash switches for the period ended December 31, 2016 See accompanying notes to financial statements 14

17 ATBIS CANADIAN EQUITY POOL SCHEDULE OF INVESTMENTS AS AT DECEMBER 31, 2017 Issuer/Description Shares/Units/Par Value Cost Carrying Value Equities: (9206%) Agrium Inc 1,348 $ 175,119 $ 194,894 Algonquin Power & Utilities Corp 19, , ,274 Alimentation Couche-Tard Inc Cl B Sub Voting 8, , ,605 AltaGas Ltd 15, , ,890 AltaGas Ltd Subscription Receipts 9, , ,578 ARC Resources, Ltd 10, , ,073 Aritzia Inc 8, , ,055 ATCO Ltd Cl I 13, , ,550 Canadian Imperial Bank of Commerce 3, , ,495 Canadian National Railway Company 7, , ,271 Canadian Natural Resources Ltd 18, , ,700 Canadian Pacific Railway Company 1, , ,999 Canadian Tire Corporation, Limited Cl A 2, , ,507 Canadian Utilities Limited Cl A 6, , ,000 Canadian Western Bank 7, , ,481 CCL Industries Inc Cl B 3, , ,118 CGI Group Inc Cl A Sub Voting 8, , ,831 Cineple Inc 8, , ,468 Crescent Point Energy Corp Cl A 5,890 86,051 56,426 Domtar Corporation 4, , ,353 E-L Financial Corporation Limited , ,887 Empire Company Limited Cl A 4,130 93, ,144 Enbridge Inc 17, , ,619 Enercare, Inc 8, , ,592 Fortis Inc 5, , ,236 Gibson Energy Inc 17, , ,422 Gildan Activewear Inc Cl A 7, , ,012 Great-West Lifeco Inc 5, , ,209 Industrial Alliance Insurance and Financial Services Inc 12, , ,199 Intact Financial Corporation 2, , ,126 Keyera Corp 4, , ,578 Knight Therapeutics Inc 11, ,572 93,579 Labrador Iron Ore Royalty Corporation 4,482 85, ,910 Laurentian Bank of Canada 1,670 94,523 94,405 Leon's Furniture Limited 6, , ,146 Linamar Corporation 4, , ,442 Loblaw Companies Limited 10, , ,929 Major Drilling Group International Inc 11,414 86,316 80,583 Manulife Financial Corporation 16, , ,185 Maar Technologies Ltd 4, , ,782 Metro Inc 5, , ,998 Mullen Group Limited 6, ,450 94,723 Open Tet Corporation 14, , ,939 Parkland Fuel Corporation 8, , ,200 Pason Systems Inc 5, ,646 98,262 Pembina Pipeline Corporation 6, , ,360 PEYTO Eploration & Development Corp 3,020 43,561 45,391 Potash Corporation of Saskatchewan Inc 18, , ,140 Power Financial Corporation 11, , ,779 PrairieSky Royalty Ltd 3,238 98, ,810 Restaurant Brands International Inc ,672 74,411 15

18 ATBIS CANADIAN EQUITY POOL SCHEDULE OF INVESTMENTS AS AT DECEMBER 31, 2017 (CONTINUED) Issuer/Description Shares/Units/Par Value Cost Carrying Value Richelieu Hardware Ltd 1,759 50,873 60,316 Ritchie Bros Auctioneers Incorporated 4, , ,470 Royal Bank of Canada 7, , ,246 Saputo Inc 10, , ,745 Secure Energy Services Inc 17, , ,896 ShawCor Ltd 6, , ,207 SNC-Lavalin Group Inc Cl A 14, , ,725 Stantec Inc 3, , ,476 Suncor Energy Inc 5, , ,426 Superior Plus Corporation 17, , ,642 The Bank of Nova Scotia 13,281 1,030,271 1,077,355 The Toronto-Dominion Bank 16,308 1,077,008 1,201,084 Thomson Reuters Corporation 4, , ,953 Toromont Industries Ltd 1,650 76,086 90,915 Vermilion Energy, Inc 3, , ,534 WSP Global Inc 1,700 89, ,847 21,458,667 22,227,403 Mutual Funds: (502%) BlackRock Canadian Equity Inde Fund 33,585 $ 1,203,592 $ 1,213,185 1,203,592 1,213,185 Real Estate Investment Trust (REITs): (060%) Cominar Real Estate Investment Trust 10,070 $ 138,319 $ 145, , ,008 Short Term Investments: (023%) Government of Canada 109% Mar 22/18 25,000 $ 24,940 $ 24,940 Government of Canada 103% May 17/18 30,000 29,884 29,884 54,824 54,824 Total Investments: 9791% $ 22,855,402 $ 23,640,420 Other Net Assets (Liabilities): 209% 503,645 Net Assets: 100% $ 24,144,065 16

19 ATBIS US EQUITY POOL STATEMENTS OF FINANCIAL POSITION AS AT Assets Current assets December 31, 2017 December 31, 2016 Investments (Note 10) $ 24,685,350 $ 1,903,539 Cash 233,671 18,466 Amount receivable for units issued 360,250 - Dividends and distributions receivable 4, Amount receivable on open forward contracts (Note 9) Total Assets 25,283,851 1,922,264 Liabilities Current liabilities Amount payable for securities purchased 350,118 - Amount payable for units redeemed 2,500 - Accrued epenses 13 - Total liabilities ecluding net assets attributable to holders of redeemable units 352,631 - Net assets attributable to holders of redeemable units $ 24,931,220 $ 1,922,264 Net assets attributable to holders of redeemable units, Series A $ 21,000 $ 5,306 Redeemable units outstanding, Series A 1, Net assets attributable to holders of redeemable units per unit, Series A $ 1124 $ 1042 Net assets attributable to holders of redeemable units, Series O $ 22,822,333 $ 1,911,648 Redeemable units outstanding, Series O 1,992, ,862 Net assets attributable to holders of redeemable units per unit, Series O $ 1145 $ 1045 Net assets attributable to holders of redeemable units, Series F1 $ 2,087,887 $ 5,310 Redeemable units outstanding, Series F1 183, Net assets attributable to holders of redeemable units per unit, Series F1 $ 1138 $ 1043 See accompanying notes to financial statements On Behalf of the Board of Directors of ATB Investment Management Inc (signed) "Chris Turchansky" Chris Turchansky, President and Chief Eecutive Officer (signed) "Nick Mawhinney" Nick Mawhinney, Chief Financial Officer 17

20 ATBIS US EQUITY POOL STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2017 AND THE PERIOD FROM OCTOBER 3, 2016 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, Income Net gain (loss) on investments Dividend Income $ 111,983 $ 2,351 Income distribution from underlying funds 227,362 13,189 Interest for distribution purposes 38 6 Net realized gain on sale of investments 69, Net change in unrealized appreciation on investments 1,459,319 13,505 Capital gain distribution from underlying funds 55,652 18,412 Net gain (loss) on investments 1,923,795 47,533 Net gain (loss) on derivatives Net realized loss on forward contracts (11,291) (1,352) Net change in unrealized appreciation (depreciation) on forward contracts Net gain (loss) on derivatives (11,172) (1,352) Other Income Net realized gain on foreign currency transactions 5,859 1,601 Net change in unrealized appreciation (depreciation) on foreign currency translations (1,161) 187 Other Income 4,698 1,788 Total Income (net) 1,917,321 47,969 Epenses Management fees (Note 5) 9, Administration epense (Note 8) 27,617 11,673 Independent review committee fees (Note 8) 1, Transfer agent epense 8,156 4,361 Audit fees 13,399 11,774 Legal fees 6,700 3,480 Custodian fees 60,127 12,952 Securityholder reporting fees 13,103 4,185 Bank charges 2, Withholding taes 17, Transaction costs (Note 7) 5, Total Epenses 164,588 50,219 Epenses (absorbed by) reimbursed to manager (Note 5) (120,744) (48,964) Net Epenses 43,844 1,255 Increase in net assets attributable to holders of redeemable units 1,873,477 46,714 Increase in net assets attributable to holders of redeemable units per Series Series A $ 693 $ 306 Series O 1,762,044 46,098 Series F1 110, Total increase in net assets attributable to holders of redeemable units 1,873,477 46,714 Weighted average number of redeemable units per Series Series A 1, Series O 1,377,857 79,043 Series F1 106, Increase in net assets attributable to holders of redeemable units per unit per Series Series A $ 053 $ 061 Series O $ 128 $ 058 Series F1 $ 104 $ 062 See accompanying notes to financial statements 18

21 ATBIS US EQUITY POOL STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE YEAR ENDED DECEMBER 31, 2017 AND THE PERIOD FROM OCTOBER 3, 2016 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, Net assets attributable to holders of redeemable units, beginning of year / period Series A $ 5,306 $ - Series O $ 1,911,648 $ - Series F1 $ 5,310 $ - Increase (decrease) in net assets attributable to holders of redeemable units Series A Series O 1,762,044 46,098 Series F1 110, Distributions to holders of redeemable units from: Net Investment Income Series A - (45) Series O (283,765) (14,383) Series F1 (15,194) (45) Capital gains Series A - (50) Series O - (18,632) Series F1 - (50) Redeemable unit transactions: Sale of redeemable units Series A 15,001 5,000 Series O 24,521,891 1,865,550 Series F1 2,146,218 5,000 Reinvestment of distributions to holders of redeemable units Series A - 95 Series O 279,726 33,015 Series F1 15, Redemption of redeemable units Series A - - Series O (5,369,211) - Series F1 (174,381) - Net assets attributable to holders of redeemable units, end of year / period Series A $ 21,000 $ 5,306 Series O $ 22,822,333 $ 1,911,648 Series F1 $ 2,087,887 $ 5,310 Redeemable units outstanding, beginning of year / period Series A Series O 182,862 - Series F Redeemable units sold Series A 1, Series O 2,253, ,704 Series F1 197, Reinvested from distributions to holders of redeemable units Series A - 9 Series O 24,425 3,158 Series F1 1,335 9 Redeemable units redeemed Series A - - Series O (467,927) - Series F1 (15,709) - Redeemable units outstanding, end of year / period Series A 1, Series O 1,992, ,862 Series F1 183, See accompanying notes to financial statements 19

22 ATBIS US EQUITY POOL STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2017 AND THE PERIOD FROM OCTOBER 3, 2016 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, Cash flows from (used in) operating activities Increase in net assets attributable to holders of redeemable units $ 1,873,477 $ 46,714 Adjustments for: Net unrealized foreign echange (gain) loss on cash 885 (186) Non-cash distributions from underlying funds (225,377) (18,050) Proceeds from sale of investments 1,392,519 4,088 Purchase of investments (22,070,076) (1,876,002) Net realized gain on sale of investments (69,441) (70) Net change in unrealized appreciation on investments (1,459,319) (13,505) Net change in unrealized (appreciation) depreciation on forward contracts (119) - Dividend income, net of withholding taes (94,724) (1,651) Dividend received, net of withholding taes 90,522 1,392 Interest for distribution purposes 2, Interest received (paid) (2,188) (160) (20,561,652) (1,857,270) Net change in non-cash working capital 13 - Net Cash used in operating activities (20,561,639) (1,857,270) Cash flows from (used in) financing activities Proceeds from sale of redeemable units* 21,925,448 1,875,550 Distributions to holders of redeemable units, net of reinvested distributions (4,039) - Payment on redemption of redeemable units* (1,143,680) - Net Cash from financing activities 20,777,729 1,875,550 Unrealized foreign echange gain (loss) on cash (885) 186 Net increase in cash during the year / period 215,205 18,466 Cash, beginning of year / period 18,466 - Cash, end of year / period $ 233,671 $ 18,466 * Proceeds from sale of redeemable units and Payment on redemption of redeemable units for the year ended December 31, 2017 eclude non-cash switches of $4,397,412 and $(4,397,412), respectively There were no non-cash switches for the period ended December 31, 2016 See accompanying notes to financial statements 20

23 ATBIS US EQUITY POOL SCHEDULE OF INVESTMENTS AS AT DECEMBER 31, 2017 Issuer/Description Shares/Units/Par Value Cost Carrying Value Equities: (1985%) Aetna Inc 309 $ 54,848 $ 70,066 AFLAC Incorporated 2, , ,830 Alleghany Corporation 36 29,249 26,974 American Epress Company 2, , ,651 Ampco-Pittsburgh Corporation 3,546 71,502 55,271 Apache Corporation ,900 44,791 AT&T Inc 6, , ,613 AutoZone, Inc , ,722 Berkshire Hathaway Inc Cl B 1, , ,998 Casey's General Stores, Inc 1, , ,488 Chevron Corporation 1, , ,151 Citigroup Inc 1, , ,927 Eon Mobil Corporation 2, , ,518 Hyster-Yale Materials Handling, Inc Cl A 1, , ,813 Intel Corporation 3, , ,206 Johnson & Johnson 1, , ,030 JPMorgan Chase & Co 1, , ,850 Macy's, Inc 4, , ,986 Microsoft Corporation 2, , ,896 National-Oilwell Varco Inc 2, , ,105 NOW Inc 4, ,703 65,941 PepsiCo, Inc 1, , ,011 Stryker Corporation , ,559 Valmont Industries, Inc , ,243 Vare Imaging Corporation 2, , ,931 Varian Medical Systems, Inc ,965 84,668 Wabtec Corporation 1, , ,593 Wal-Mart Stores, Inc 1, , ,708 Wells Fargo & Company 3, , ,472 Williams-Sonoma, Inc 1, , ,425 4,591,146 4,950,437 Mutual Funds: (7916%) BlackRock CDN US Equity Inde Fund 446,223 $ 9,390,396 $ 9,908,012 ishares Core S&P Small-Cap ETF 51,353 4,679,207 4,958,141 Mawer US Equity Fund 110,216 4,551,777 4,868,760 18,621,380 19,734,913 Total Investments: 9901% $ 23,212,526 $ 24,685,350 Forward currency contracts: 000% (Note 10) 119 Other Net Assets (Liabilities): 099% 245,751 Net Assets: 100% $ 24,931,220 21

24 ATBIS INTERNATIONAL EQUITY POOL STATEMENTS OF FINANCIAL POSITION AS AT Assets Current assets December 31, 2017 December 31, 2016 Investments (Note 10) $ 25,055,741 $ 1,906,851 Cash 128,453 10,652 Amount receivable for units issued 360,250 - Dividends and distributions receivable 9, Total Assets 25,554,243 1,918,010 Liabilities Current liabilities Amount payable for securities purchased 250,000 - Amount payable for units redeemed 2,750 - Accrued epenses 13 - Total liabilities ecluding net assets attributable to holders of redeemable units 252,763 - Net assets attributable to holders of redeemable units $ 25,301,480 $ 1,918,010 Net assets attributable to holders of redeemable units, Series A $ 20,795 $ 4,829 Redeemable units outstanding, Series A 1, Net assets attributable to holders of redeemable units per unit, Series A $ 1091 $ 938 Net assets attributable to holders of redeemable units, Series O $ 22,079,337 $ 1,908,347 Redeemable units outstanding, Series O 2,001, ,112 Net assets attributable to holders of redeemable units per unit, Series O $ 1103 $ 940 Net assets attributable to holders of redeemable units, Series F1 $ 3,201,348 $ 4,834 Redeemable units outstanding, Series F1 291, Net assets attributable to holders of redeemable units per unit, Series F1 $ 1099 $ 939 See accompanying notes to financial statements On Behalf of the Board of Directors of ATB Investment Management Inc (signed) "Chris Turchansky" Chris Turchansky, President and Chief Eecutive Officer (signed) "Nick Mawhinney" Nick Mawhinney, Chief Financial Officer 22

25 ATBIS INTERNATIONAL EQUITY POOL STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2017 AND THE PERIOD FROM OCTOBER 3, 2016 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, Income Net gain (loss) on investments Dividend Income $ 137,854 $ 781 Income distribution from underlying funds 352,385 23,236 Interest for distribution purposes 39 6 Net realized gain on sale of investments 118, Net change in unrealized appreciation (depreciation) on investments 1,851,368 (14,010) Capital gain distribution from underlying funds 377,465 33,037 Net gain (loss) on investments 2,837,945 43,403 Net gain (loss) on derivatives Net realized loss on forward contracts (15,448) (2,236) Net gain (loss) on derivatives (15,448) (2,236) Other Income Net realized gain on foreign currency transactions 5,087 2,701 Net change in unrealized appreciation (depreciation) on foreign currency translations (268) 45 Other Income 4,819 2,746 Total Income (net) 2,827,316 43,913 Epenses Management fees (Note 5) 14, Administration epense (Note 8) 28,727 11,648 Independent review committee fees (Note 8) 1, Transfer agent epense 8,042 4,361 Audit fees 13,941 11,748 Legal fees 6,970 3,471 Custodian fees 62,204 12,912 Securityholder reporting fees 13,540 4,175 Bank charges 2, Withholding taes 12, Transaction costs (Note 7) 30,152 1,852 Total Epenses 194,699 50,956 Epenses (absorbed by) reimbursed to manager (Note 5) (124,884) (48,853) Net Epenses 69,815 2,103 Increase in net assets attributable to holders of redeemable units 2,757,501 41,810 Increase (decrease) in net assets attributable to holders of redeemable units per Series Series A $ 966 $ (171) Series O 2,486,918 42,147 Series F1 269,617 (166) Total increase in net assets attributable to holders of redeemable units 2,757,501 41,810 Weighted average number of redeemable units per Series Series A 1, Series O 1,410,211 85,856 Series F1 171, Increase (decrease) in net assets attributable to holders of redeemable units per unit per Series Series A $ 074 $ (034) Series O $ 176 $ 049 Series F1 $ 157 $ (033) See accompanying notes to financial statements 23

26 ATBIS INTERNATIONAL EQUITY POOL STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE YEAR ENDED DECEMBER 31, 2017 AND THE PERIOD FROM OCTOBER 3, 2016 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, Net assets attributable to holders of redeemable units, beginning of year / period Series A $ 4,829 $ - Series O $ 1,908,347 $ - Series F1 $ 4,834 $ - Increase (decrease) in net assets attributable to holders of redeemable units Series A 966 (171) Series O 2,486,918 42,147 Series F1 269,617 (166) Distributions to holders of redeemable units from: Net Investment Income Series A - (61) Series O (397,895) (23,159) Series F1 (38,445) (61) Capital gains Series A (282) (83) Series O (322,652) (33,613) Series F1 (42,685) (83) Redeemable unit transactions: Sale of redeemable units Series A 15,000 5,000 Series O 23,077,694 1,866,200 Series F1 3,131,572 5,000 Reinvestment of distributions to holders of redeemable units Series A Series O 709,249 56,772 Series F1 81, Redemption of redeemable units Series O (5,382,324) - Series F1 (204,675) - Net assets attributable to holders of redeemable units, end of year / period Series A $ 20,795 $ 4,829 Series O $ 22,079,337 $ 1,908,347 Series F1 $ 3,201,348 $ 4,834 Redeemable units outstanding, beginning of year / period Series A Series O 203,112 - Series F Redeemable units sold Series A 1, Series O 2,210, ,070 Series F1 302, Reinvested from distributions to holders of redeemable units Series A Series O 64,290 6,042 Series F1 7, Redeemable units redeemed Series O (476,994) - Series F1 (18,807) - Redeemable units outstanding, end of year / period Series A 1, Series O 2,001, ,112 Series F1 291, See accompanying notes to financial statements 24

27 ATBIS INTERNATIONAL EQUITY POOL STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2017 AND THE PERIOD FROM OCTOBER 3, 2016 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, Cash flows from (used in) operating activities Increase in net assets attributable to holders of redeemable units $ 2,757,501 $ 41,810 Adjustments for: Net unrealized foreign echange (gain) loss on cash - (50) Non-cash distributions from underlying funds (211,669) (6,255) Proceeds from sale of investments 1,957,011 38,641 Purchase of investments (22,674,030) (1,952,894) Net realized gain on sale of investments (118,834) (353) Net change in unrealized (appreciation) depreciation on investments (1,851,368) 14,010 Dividend income, net of withholding taes (125,205) (751) Dividend received, net of withholding taes 115, Interest for distribution purposes 2, Interest received (paid) (2,444) (148) (20,150,681) (1,865,598) Net change in non-cash working capital 13 - Net Cash used in operating activities (20,150,668) (1,865,598) Cash flows from (used in) financing activities Proceeds from sale of redeemable units* 21,265,376 1,876,200 Distributions to holders of redeemable units, net of reinvested distributions (11,298) - Payment on redemption of redeemable units* (985,609) - Net Cash from financing activities 20,268,469 1,876,200 Unrealized foreign echange gain (loss) on cash - 50 Net increase in cash during the year / period 117,801 10,652 Cash, beginning of year / period 10,652 - Cash, end of year / period $ 128,453 $ 10,652 * Proceeds from sale of redeemable units and Payment on redemption of redeemable units for the year ended December 31, 2017 and 2016 eclude non-cash switches of $4,598,640 and $(4,598,640), respectively There were no non-cash switches for the period ended December 31, 2016 See accompanying notes to financial statements 25

28 ATBIS INTERNATIONAL EQUITY POOL SCHEDULE OF INVESTMENTS AS AT DECEMBER 31, 2017 Issuer/Description Shares/Units/Par Value Cost Carrying Value Equities: (2985%) AP Moller - Maersk A/S Series B 178 $ 411,819 $ 390,898 Admiral Group PLC 14, , ,992 CK Hutchison Holdings Limited 25, , ,133 Compagnie Generale des Etablissements Michelin 1, , ,771 EON AG 40, , ,922 Nestlé SA ADR 3, , ,038 Norsk Hydro ASA 25, , ,485 OSRAM Licht AG 2, , ,023 Royal Dutch Shell PLC Cl A 22, , ,311 Royal Mail PLC 58, , ,441 Samsung Electronics Co, Ltd GDR , ,637 Tesco PLC 125, , ,790 TGS Nopec Geophysical Company ASA 10, , ,949 The Swatch Group AG Bearer Shares , ,107 Unilever NV 8, , ,252 WH Smith PLC 9, , ,357 Whitbread PLC 5, , ,227 6,925,429 7,551,333 Mutual Funds: (6918%) BlackRock CDN MSCI EAFE Equity Inde Fund 271,543 $ 4,871,358 $ 5,102,352 Mawer International Equity Fund 208,741 11,421,596 12,402,056 16,292,954 17,504,408 Total Investments: 9903% $ 23,218,383 $ 25,055,741 Other Net Assets (Liabilities): 097% 245,739 Net Assets: 100% $ 25,301,480 26

29 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, Organization of the ATB Pools, Reporting Periods and General Information: a Organization of the Pools ATBIS Fied Income Pool, ATBIS Canadian Equity Pool, ATBIS US Equity Pool and ATBIS International Equity Pool (each, a Pool and collectively, the Pools ) are open-end mutual fund trusts established under the laws of Alberta by a master declaration of trust dated as of the 14th day of November, 2002, as amended and restated effective October 31, 2011, and as amended by supplemental trust deed dated September 21, 2016 (the Declaration of Trust ) ATB Investment Management Inc ( ATBIM ), a corporation incorporated under the laws of Alberta, is the trustee and manager of each of the Pools The registered office of ATBIM is at 21 st Floor, th Street NW, Edmonton, AB, T5J 0N3 The Pools commenced operations on October 3, 2016 and invest in a variety of financial assets in order to profit on a total return basis, through investment income and capital appreciation The financial statements of the Pools are presented in Canadian dollars The financial statements of the Pools were authorized for issue by ATB Investment Management Inc (the Manager ) on March 21, 2018 The Statements of Financial Position are presented as at December 31, 2017 and 2016 The Statements of Comprehensive Income, the Statements of Changes of Net Assets Attributable to Holders of Redeemable Units, and the Statements of Cash Flows are presented for the year ended December 31, 2017 and for the period from October 3, 2016 (Commencement of Operations) to December 31, 2016 The Pools Inception Date Investment Objective ATBIS Fied Income Pool September 22, 2016 The fundamental investment objective is is to seek to earn interest income primarily by investing in, or gaining eposure to, Canadian dollar-denominated fied income securities ATBIS Canadian Equity Pool September 22, 2016 The fundamental investment objective is to seek to achieve long-term capital appreciation primarily by investing in, or gaining eposure to, equity securities of issuers in Canada ATBIS US Equity Pool September 22, 2016 The fundamental investment objective is to seek to achieve long-term capital growth primarily by investing, or gaining eposure to, equity securities of issuers in the United States ATBIS International Equity Pool September 22, 2016 The fundamental investment objective is to seek to achieve long-term capital growth primarily by investing in, or gaining eposure to, stocks and other equity securities of issuers outside Canada and the United States The Pools issue Series A, Series O and Series F1 units (the Series ) Each Pool is authorized to issue an unlimited number of units of multiple series that rank equally, which are offered under a simplified prospectus The different Series of each Pool are intended for different kinds of investors and carry different management fee rates as described in Note 5 Units of all series otherwise rank equally with all other units within each fund Series A units of the Pools are available to all investors, subject to the minimum investment requirement of $1,000 Series F1 units are designed for investors with fee-based accounts and are available at the discretion of the Manager Series O units are designed for investors who participate in a separately managed account program offered by ATBIM and are also available to employees of ATBIM and ATBIM s affiliates, subject to ATBIM s discretion b General Information The Manager serves as investment advisor of the Pools The Pools invest in a mi of third party mutual funds, institutional pooled funds, echange traded securities, Canadian government and corporate bonds, or investment trusts, and other investments from reputable investment management firms in the industry to satisfy the strategic asset allocation goals of the Pools These investments are called the underlying funds or the underlying investments The underlying investments of the Pools are selected to achieve and add value to the asset allocation as a whole Additional diversification is realized beyond each asset class through diversification by geography, management style, market sector, market capitalization and investment manager Management believes such thorough diversification serves to provide a superior risk-adjusted rate of return by minimizing volatility and maimizing long-term performance results The Pools accounting policies for measuring the fair value of their investments and derivatives are substantially similar to those used in measuring their net asset value ( NAV ) for transactions with unitholders The NAV is the value of the total assets of a Pool less the 27