Covington Fund II Update - September 2022 

Covington Fund II Completes the Sale of Remaining Venture Holdings –

Will Move to Automatically Redeem All Shareholders in the next 90 Days

The Manager's primary focus has been to optimise value in the private investment portfolio and exit the remaining key holdings as soon as is practical to Wwind Uup the Fund and return capital to unitholders. 

This process has been slowed by the impact of the Covid 19 Pandemic.  In the Spring of 2022, the Board of the Fund retained an independent advisor to seek the sale of individual holdings or for the sale of the remaining holdings as a group (“En-Bloc”).  The Advisor marketed and searched for interested parties and advised the Board based on the proposals submitted.  On August 30th, an En-Bloc sale of the remaining holdings was completed with an secondaryinvestment group out of Minnesota for $7,000,000 in cash.  These proceeds, together with the existing cash in the Fund from previous exits completed by the Manager, places the Fund in a position to now move to returning net proceeds to shareholders.  A Special Resolution passed by shareholders earlier this year will allow for a distribution via redemption by the Fund of all Class A shares which will occur automatically with no further action required by the shareholder.  The redemption process is expected to take place before calendar year end.

For additional information, the most recent Financial Statements and Manager's Report of Fund Performance can be viewed on this website or at www.sedar.com

The Fund Is Not Currently Accepting Redemptions. The Fund is Not Currently Open for Subscriptions.

Please Contact Client Services for all Account Inquiries at (888) 746-4751.

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