NEXT EDGE BIO-TECH PLUS FUND

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1 NEXT EDGE BIO-TECH PLUS FUND Monthly Report as of June 29, Investing in companies of the future. A unique, well defined process of investing in North American small and mid-capitalization biotechnology companies. FUND COMMENTARY Biotech companies rallied during the first three weeks of June before correcting in the final week leading into quarter end. An accurate proxy of biotech performance, the Nasdaq Biotech Index (^NBI) rose 1.35% for June, while the TSX Healthcare Index, now under the influence of marijuana companies, rose 7.31%. For June, the Next Edge Bio-Tech Plus Fund (the Fund ) Class A Units rose +2.02% while the Class F Units +2.13%, versus +3.38% for the Fund's Benchmark. UNDER THE INFLUENCE Nasdaq Biotech Index (^NBI) vs. TSX Healthcare Index (^TTHC) June 20% 20% TSX Healthcare Index (^TTHC) fuelled by marijuana stocks anticipating recreational use 15% 10% 10% 5% 0% 5% 31-May 4-Jun 8-Jun 12-Jun 16-Jun 20-Jun 24-Jun 28-Jun -5% 0% -5% Nasdaq Biotech Index (^NBI) TSX Healthcare Index (^TTHC) Source: Bloomberg Data, Concept: Next Edge Capital Corp. Seasonally, biotech usually meanders during the first half of the year, then typically commences the strongest period of performance in July. We are already seeing signs of rotation into the sector so far in July. Biotech is immune from trade wars and tariffs. Most positions in the Fund's portfolio were little changed last month, while the Canadian holdings continued to weigh on performance, as it has throughout. Nevertheless, six companies carried the heavy lifting in June. Our gene therapy holdings have powered the Fund's portfolio this year, as investors realize the quantum leap such companies are making in either treating or curing genetic diseases. Gene therapy holdings REGENXBIO (RGNX) and Sarepta Therapeutics (SRPT) continued their strong performance during June. Source: EquityClock.com RETURN FOR JUNE (%) 15%

2 Acceleron Pharma (XLRN) surged on the positive Phase 3 trial outcome of its drug Luspatercept for Myelodysplastic syndrome. We seldom invest in large-cap biotech companies, but when Regeneron Pharma (REGN) fell below $300, it was a compelling value to us and it could not be ignored. $50 $45 $40 $35 ACCELERON PHARMA (XLRN) $30 $66 $64 $62 $60 $58 $56 $54 FIBROGEN INC. (FGEN) $52 $3.90 $3.70 $3.50 $3.30 $3.10 $2.90 $2.70 PACIFIC BIOSCIENCES (PACB) $2.50 $75 $70 $65 $60 $55 REGENXBIO INC. (RGNX) $50 $350 $340 $330 $320 $310 REGENERON PHARMA (REGN) $300 $160 $150 $140 $130 $120 $110 $100 SAREPTA THERAPEUTICS (SRPT) $90 31-May 7-Jun 14-Jun 21-Jun 28-Jun Source: Bloomberg Data, Concept: Next Edge Capital Corp. BIOTECH HAS CONSOLIDATED FOR 2 YEARS Since lifting off bear market lows in spring, the percent of Nasdaq Biotech Index (NBI) companies in a bull market, as defined as being above their 200-day moving average has remained range-bound between 40% and 65%. After a double-digit correction in biotech during April and May, the sector found support and has turned back up into strong summer seasonality. NASDAQ BIOTECH INDEX - PERCENT OF BIOTECH STOCKS ABOVE 200-DAY MOVING AVERAGE NASDAQ BIOTECH INDEX PERCENT OF BIOTECH STOCKS ABOVE 200-DMA 2500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0 Nasdaq Biotech Index (NBI) Percent of NBI Stocks ABOVE 200-DMA Source: Bloomberg Data, Concept: Next Edge Capital Corp. as of June 29,

3 COMPOSITION OF HOLDINGS FOR During June, U.S. and Foreign holdings declined from 68% to 61% due to monetizing substantial gains on some holdings, while swapping other holdings into Call option positions ahead of upcoming binary events. This approach reduces risk and creates an asymmetric return profile. The weight of Canadian holdings increased from 26% to 28% as a result of averaging down on core long-term positions. Canadian healthcare has been a challenging sector to earn positive returns so far in. Cash increased substantially from 6% to 11% as the Fund positions to make a significant investment in an emerging Canadian specialty pharma company positioning for commercialization of a promising portfolio of therapeutics. US & Foreign Equities Canadian Equities Cash Source: RBC Investor & Treasury Services Inc., Next Edge Capital Corp. as of

4 FUND PERFORMANCE Class A 1 Class A1 1 Class F 1 Class F1 1 Fund's Benchmark 2 NAV 1 month YTD 1 year 3 year annualized Annualized return since inception Standard deviation Worst drawdown NEXT EDGE BIO-TECH PLUS FUND CLASS A UNITS 1 & F UNITS 1 VS. FUND S BENCHMARK % 20% 10% 0% Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18-10% -20% -30% Class A Units Class F Units Fund's Benchmark Source: RBC Investor & Treasury Services Inc., Next Edge Capital Corp.

5 HISTORICAL PERFORMANCE 1 Class A HISTORICAL PERFORMANCE 1 Class A1 HISTORICAL PERFORMANCE 1 Class F HISTORICAL PERFORMANCE 1 Class F1 HISTORICAL PERFORMANCE 2 Benchmark

6 1. Next Edge Bio-Tech Plus Fund returns are net of all fees and expenses associated with Class A Units charged from May 1st,. Next Edge Bio-Tech Plus Fund returns are net of all fees and expenses associated with Class A1 Units, Class F Units, and Class F1 Units charged from March 1st,. The historical annualized rates of return for the Next Edge Bio-Tech Plus Fund Class A Units as of are 1 yr, 3 yr, 5 yr, 10 yr, CARR ; for Class A1 are 1 yr, 3 yr,5 yr 10 yr, CARR ; for Class F are 1 yr, 3 yr, 5 yr, 10 yr, CARR ; for Class F1 are 1 yr, 3 yr, 5 yr, 10 yr, CARR. 2. The Benchmark for the Next Edge Bio-Tech Plus Fund is: (i) 40% of the percentage gain or loss of the S&P/TSX Capped Health Care Index; plus (ii) 60% of the percentage gain or loss of the NASDAQ Biotechnology Index The Benchmark returns are unaudited and subject to final confirmation. The historical annualized rates of return for the Benchmark for as of are 1 yr, 3 yr, 5 yr, 10 yr, CARR. The Benchmark is not representative of the Fund s investment strategy as the Fund invests in small and mid-capitalization biotechnology and healthcare companies based in the US and Canada whereas the Benchmark involves investing in predominantly large capitalization biotechnology and healthcare companies based in the US and Canada. * Part Year ** Part Month start date: February 17, to February 27,. *** Part Month start date April 13, to April 30, There are inherent limitations in any comparison between a managed portfolio and a passive index. Each index is unmanaged and does not incur management fees, transaction costs or other expenses associated with a private fund.there are risks inherent in hedge fund investing programs. Note to Investment Professionals: The information in the Monthly Report is being provided to current investors in the Fund and is being provided to their registered dealers for informational purposes only. This is not a sales literature and cannot be used as such. The Fund is not a trust company and does not carry on business as a trust company and, accordingly, the Fund is not registered under the trust company legislation of any jurisdiction. Units of the Fund are not deposits within the meaning of the Canada Deposit Insurance Corporation Act (Canada) are not insured under provisions of that Act or any other legislation. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from the registration requirements of those laws. The information provided herein is for information purposes only and does not constitute a solicitation, public offering, advice or recommendations to buy or sell interests in the Fund, the Portfolio, Units or any other Next Edge Products. Please refer to the Fund s prospectus for more information on the Fund as any information in this Report is qualified in its entirety by the disclosure therein. Opinions expressed are those of the author as of the date of their publication, are subject to change and may not reflect the opinion of all members of the Company. Some statements contained in this material concerning goals, strategies, outlook or other non-historical matters may be forward-looking statements and are based on current indicators and expectations at the date of their publication. We undertake no obligation to update or revise them. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those implied in the statements.