Dear Partner:

Arquitos returned -6.6% net of fees in the second quarter of 2018, bringing the year-to-date return to -12.6%. Our annualized net return since the April 10, 2012, launch is 26.8%. Please see page four for more detailed performance information. Individual performance may vary.

2018 has been an interesting year for the portfolio for a variety of reasons. As I explained at our annual meeting last month, we have had strong operational performance from most of our larger positions, particularly MMA Capital and Westaim. The price of their shares, on the other hand, has not been commensurate with that operational success. This is not surprising because there is no reason to believe that markets should be efficient over short time periods. Though it is, perhaps, easier to remind you to ignore short-term changes in value of the portfolio when that value is going up!

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