AMENDED AND RESTATED MASTER DECLARATION OF TRUST

CANSO FUNDS

AMENDED AND RESTATED MASTER DECLARATION OF TRUST

THIS AMENDED AND RESTATED MASTER DECLARATION OF TRUST made in Richmond Hill, Canada as of November 30, 2016.

RECITALS

WHEREAS Canso Fund Management Ltd. a corporation amalgamated under the laws of Ontario is the trustee (the “Trustee”) for the unitholders of each of the existing Funds (as defined below);

AND WHEREAS each of the existing Funds is governed by a separate and distinct declaration of trust declared as of the date of each Fund’s date of creation as set forth on Schedule “A” as amended or amended and restated (the “Original Declarations of Trust”);

AND WHEREAS the Trustee desires to (i) amend and restate the Original Declarations of Trust to be updated and combined into one amended and restated master declaration of trust; and (ii) redesignate each of the outstanding “Classes” of Units of the Funds into “Series” of Units of the Funds;

AND WHEREAS pursuant to the Original Declarations of Trust the Trustee may make amendments thereto after giving the Unitholders at least 21 days’ prior notice of such amendments;

AND WHEREAS notice of the amendments affected by this Declaration was provided to Unitholders by letter sent in October 2016.