GrowthWorks Canadian Fund Ltd

On October 1, 2013, GrowthWorks Canadian Fund Ltd ("the Fund" ) sought and obtained an Initial Order (the "Initial Order") under the Companies' Creditors Arrangement Act (the "CCAA" ) from the Ontario Superior Court of Justice . The Applicants sought and were granted the stay of proceedings and other relief provided under the CCAA. Pursuant to the Initial Order, FTI Consulting ("FTI" or the "Monitor" ) has been appointed Monitor.

On November 19, 2024, The Fund provided an update on the proposed winding-up and dissolution of the Fund (see notice in the Other Documents & Notices section of the website). In order to ensure that any notice or distribution by the Fund to Class A Shareholders in connection with the Dissolution is properly given or made, Class A Shareholders and Nominees were encouraged to submit any changes in registration details since October 1, 2013, to the Fund's transfer agent, IAS.

On December 18, 2024, GrowthWorks Canadian Fund Ltd. obtained an order from the Ontario Superior Court of Justice (Commercial List) extending the period of the Court-ordered stay of proceedings against GrowthWorks Canadian Fund Ltd. under the Companies' Creditors Arrangement Act until the CCAA Termination Time and authorizing the making of distributions to Class "A" shareholders and Class "B" shareholders on or about March 31, 2025.

Following the December 18, 2024, hearing, the Fund obtained an amended and restated order of the Ontario Superior Court of Justice (the "Court") relating to the proposed wind-up of the Fund, including a possible cash distribution to the Fund's Class A shareholders utilizing the services of the Fund's existing transfer agent, The Investment Administration Solution Inc. (“"AS"). Following receipt of that Court order, the Fund and the IAS were unable to agree on the terms governing the delivery of those services. Accordingly, the Monitor requested that the IAS deliver the Fund's shareholder register (the "Shareholder Register") to the Monitor. IAS did not deliver the Shareholder Register when requested, causing a delay in the proposed distribution process. As set out in the Monitor's 31st Report, the Monitor sought an order of the Court compelling IAS to deliver the Shareholder Register. On March 4, 2025, the Court granted the requested order requiring IAS to promptly turn over the Shareholder Register to the Monitor. The Shareholder Register was delivered to the Monitor on March 7, 2025, the Shareholder Register delivered on that date contained the information fields requested by the Monitor on February 7, 2025.

Subsequent to delivery of the Shareholder Register on March 7, 2025, the Fund and IAS reached a settlement on all amounts due by the Fund to the IAS. On June 1, 2025, IAS filed a motion seeking a declaration that it was not the cause of any of the delays with respect to the proposed distribution by the Fund to its Class "A" Shareholders originally planned for December 31, 2024 (the "Planned Distribution") and seeking to compel the Monitor to revise the statements made on its website regarding the Planned Distribution with a new post to be agreed between IAS and the Monitor. On June 9, 2025, IAS filed the affidavit of David Chan in support of its motion. On June 13, 2025, the Fund filed the affidavit of C. Ian Ross, Chairman of the Fund, in response to the motion brought by the IAS. These documents are available on the Monitor's website in the Motion Materials section.

On July 10, 2025, the Court dismissed IAS’s Motion and awarded costs to the Fund and the Monitor in the total amount of $60,000. A copy of the Court's endorsement and Dismissal Order is available on the Monitor's website in the Court Orders and Endorsements section. The Court also held that it was appropriate to require that IAS continue to fulfill the requirements of the March 4, 2025 order by bringing the Shareholder Register current, to update it with any information in the fields previously provided that had been received from Shareholders since the Shareholder Register was provided on March 7, 2025. The Court stated that this should be done by IAS in response to a request from the Monitor when it was ready to set the wheels in motion for the Planned Distribution.

On November 17, 2025, the Monitor, the Fund and IAS attended a case conference in front of the Honourable Justice Osborne. At the case conference, Justice Osborne directed IAS to provide all information necessary to permit the Fund to make a distribution to its shareholders forthwith. Justice Osborne's endorsement is available on the Monitor’s website in the Court Orders and Endorsements section.

While dealing with litigation matters referenced above, a potential purchaser of a company in which the Fund held an interest expressed interest in an acquisition of that company. On February 4, 2026, the Court approved an amendment to the Initial Order to facilitate the transaction, and following months of negotiations The Fund assisted by its investment advisor, legal counsel and the Monitor was able to conclude a transaction on March 31, 2026.

On April 22, 2026, the Fund sought and was granted a minor amendment to the Amended and Restated Discharge and Distribution Order. At the same hearing IAS sough an order limiting potential future liability, the Court dismissed this motion.

The Fund and the Monitor continue to work with the service provider to implement the proposed distribution, and will be requesting that IAS provide an updated shareholder register which will be used in the distribution to shareholder. The Monitor will post additional updates on its website as soon as possible when the exact amount and timing of the proposed distribution is finalized.

Phone: 416-649-8087

Toll Free Phone: 1-855-431-3185

Email: growthworkscanadianfundltd@fticonsulting.com