The contents hereof may not be reproduced or disseminated without the express written permission of Level 3. Level 3 is registered as a portfolio manager and exempt market dealer in Ontario and Alberta, an exempt market dealer in British Columbia, Manitoba, Quebec and Saskatchewan and as an investment fund manager in Ontario and Quebec. Level 3 has not sought licensing with any other regulatory authority of any country or jurisdiction, nor has any such regulatory authority passed upon or endorsed the merits of the services offered by Level 3. Therefore, Level 3 does not accept clients from jurisdictions where regulations prohibit Level 3 from offering its services.

This presentation is being provided to prospective investors on a confidential basis and is intended exclusively for investors that can purchase securities of the Level 3 Total Return Opportunities Fund (the “Fund”) on a prospectus-exempt basis, including, without limitation, “accredited investors” (as defined in National Instrument 45-106  Prospectus Exemptions).

This presentation does not purport to be exhaustive and does not contain all the information that a prospective investor should consider in investigating an investment opportunity in the Fund. This presentation is for preliminary discussion purposes only and should not be relied upon for making any investment decision. Rather, prospective investors should review the Fund’s Offering Memorandum or other such documentation provided by Level 3 (collectively, the “OM”), as applicable, and rely on their own independent investigation of the Fund. In the event that any of the terms of this presentation are inconsistent with or contrary to the OM, the terms of the OM shall prevail. An investment in the Fund will involve risks, which are explained in detail in the Fund’s OM beginning at “Risk Factors” at page 43. When evaluating the performance of any investment, it is important to compare it against an appropriate benchmark in order to make an informed assessment of performance based on its investment strategy.

Any units of the Fund will be issued under exemptions from the prospectus requirements of applicable securities laws and will be subject to certain resale restrictions. Neither the Ontario Securities Commission nor any other securities regulatory authority of any jurisdiction has passed upon the accuracy or adequacy of this presentation, and any representation to the contrary is unlawful.  This presentation does not constitute an offer to sell or a solicitation of interest to purchase any securities in any jurisdiction in which such offer or solicitation is not authorized.

Forward-Looking Information. This presentation may contain “forward-looking information” within the meaning of the Securities Act (Ontario) and equivalent legislation in other provinces and territories.  Because such forward-looking information involves risks and uncertainties, actual results of the Fund may differ materially from any expectations, projections or predictions made or implicated in such forward-looking information. Prospective investors are therefore cautioned not to place undue reliance on such forward-looking statements. In addition, in considering any prior performance information contained in this presentation, prospective investors should bear in mind that past results are not necessarily indicative of future results, and there can be no assurance that the Fund will achieve results comparable to those discussed in this presentation. This presentation speaks as of the date hereof and neither Level 3 nor any affiliate or representative thereof assumes any obligation to provide any recipient of this presentation with subsequent revisions or updates to any historical or forward-looking information contained in this presentation to reflect the occurrence of events and/or changes in circumstances after the date hereof.