The Vistra Fund is an open-end investment fund established under the laws of British Columbia as a trust and sold by offering memorandum. The fundamental investment objective of the Vistra Fund is to maximize long term investment returns.

Vistra employs a flexible, active and opportunistic investment strategy, focusing on event driven situations, undervalued securities and unique or special situations. Our flexible approach allows us to concentrate on investment strategies, sectors or themes that have the best chance of working in a variety of different environments.

The Vistra Fund invests in small, mid and large-capitalization companies trading on North American exchanges – however the fund manager may choose to invest in compelling opportunities outside of these parameters.

Fund holdings will be concentrated in the securities of companies that we believe are:

• expected to benefit from a transformational event or catalyst
• undervalued relative to our assessment of their prospects for growth
• misunderstood or contain hidden assets
• exhibiting, or in our view capable of, strong earnings growth
• run by high quality management teams

We source our investment ideas through a strong network of contacts and through a variety of additional means, including:

• Direct/internal research
• External ("street") research
• Industry contacts
• Management team meetings (approx. 120 per annum)
• Quantitative screens

In order to capitalize on perceived opportunities, and to mitigate or hedge certain risks, some, or all, of the following strategies and tools may be used:

• Long positions
• Short positions
• Risk arbitrage (merger arbitrage)
• Pair trades
• Options and derivatives (primarily used to manage risk)

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