Norrep Capital Management Ltd.

Norrep Capital Management Ltd.
Norrep II Class

Norrep Canadian Equity Class

Norrep Income Growth Class

Norrep US Dividend Plus Class

Norrep Global Class

Norrep Energy Class

Norrep Entrepreneurs Class

Norrep Global Income Growth Class

Norrep High Yield Class

Norrep Tactical Opportunities Class

Norrep Core Global Pool

Norrep Core Canadian Pool

Norrep Premium Growth Class

April 11, 2016 18:04 ET

Norrep Investments Addresses Impact of 2016 Federal Budget on its Corporate Class Fund Lineup

CALGARY, ALBERTA--(Marketwired - April 11, 2016) - The 2016 Federal Budget has proposed changes to Canadian tax law that will impact the tax treatment of investors holding shares of mutual fund corporations, including Norrep Opportunities Corp. and Norrep Core Portfolios Ltd. The Federal Budget proposes to amend the Income Tax Act (Canada) so that an exchange of shares of a mutual fund corporation that results in the investor switching between mutual funds will be considered to be a disposition at fair market value for tax purposes.

Currently, shareholders of mutual funds that are classes of a mutual fund corporation may switch their shares of one mutual fund for shares of another mutual fund that is a class of the same corporation without triggering a taxable disposition. However, if these proposed changes are implemented, switches between mutual funds that are classes of Norrep Opportunities Corp. or Norrep Core Portfolios Ltd. that occur on or after October 1, 2016 will be taxable transactions for shareholders. The proposed changes are not expected to impact switches that occur between different series of the same mutual fund.

Investors should consult with their financial advisor on how this proposal may impact their investment plans. Norrep Capital Management Ltd., the manager of Norrep Investments, continues to assess and evaluate this proposal and its potential impact on the Funds.

This proposal affects a number of mutual fund corporations across the industry, including the following Norrep Investment funds (the "Funds"):

Norrep Opportunities Corp. Norrep Core Portfolios Ltd.
Norrep II Class Norrep Core Global Pool
Norrep Canadian Equity Class Norrep Core Canadian Pool
Norrep Income Growth Class Norrep Premium Growth Class
Norrep US Dividend Plus Class
Norrep Global Class
Norrep Energy Class
Norrep Entrepreneurs Class
Norrep Global Income Growth Class
Norrep High Yield Class
Norrep Tactical Opportunities Class

Until this change is implemented, the Funds will continue to operate in the same manner as prior to the budget announcement.

Norrep Capital Management Ltd. is an independent Canadian investment firm with offices in Calgary and Toronto. Please visit www.norrep.com for more details about Norrep and its investment products. For the complete disclosure record of Norrep Investments, please visit www.sedar.com.

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