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Notice of Termination of the Maple Leaf Income Class- CDO 102

August 11, 2022

We are writing today in our capacity as investment fund manager of the Fund (CDO102), a class of shares of Maple Leaf Corporate Funds Ltd., to advise you of the termination of the Fund effective on or about October 10, 2022 (the “Termination Date”). We are terminating the Fund because the fund expenses are becoming increasingly high relative to the small size of the fund.

Currently the Fund is closed to new purchases and to switches from the Maple Leaf Resource Class (CDO100/103), another class of shares of Maple Leaf Corporate Funds Ltd. As the Fund prepares to terminate, it may no longer be fully invested in accordance with its stated investment objectives.

Options for Investors

At any time before the close of business of 4:00pm ET on the Termination Date, you may choose to redeem your units of the Fund. We will waive any short-term trading fees and redemption fees that might otherwise be charged in connection with redemptions prior to the termination.

At any time before the close of business of 4:00pm ET on October 5, 2022 investors may elect to switch fee free from Maple Leaf Income Class (CDO102) mutual fund to Maple Leaf Resource Class (CDO100/103).

The investment objective of the Maple Leaf Resource Class (CDO100/103) is to maximize capital appreciation by investing primarily in equity securities of natural resource companies and companies that support the resource sector. Please contact your Investment Advisor for advice and assistance, should you wish to switch to the Resource Mutual Fund.

Investors should note:

•The shares of the Maple Leaf Resource Class (CDO100/103) are qualified investment for RRSPs, RRIFs, RESPs, DPSPs, RDSPs and TFSAs.

• There will be no fees charged for switches to the Maple Leaf Resource Class (CDO100/103).

• Redeeming Maple Leaf Income Class (CDO 102) shares for cash or switching to the Maple Leaf Resource Class (CDO100/103) may incur a capital gain tax liability.

If you do not redeem or switch your units by the close of business on the Termination Date, you will receive proceeds equal to your proportionate share of all property and assets of the Fund attributable to the units of the Fund that you own, which is expected to be the net asset value per unit on the Termination Date multiplied by the number of units held. The proceeds of the termination will be deposited into the bank account on file in the records of the Fund or, where banking information is unavailable, a cheque will be issued.

Tax Considerations of the Fund Termination

Any redemption or switch of units of the Fund or a distribution upon wind-up will be a disposition for tax purposes. You will generally realize a capital gain (or capital loss) to the extent that your proceeds are more (or less) than the total of your adjusted cost base of your units and your costs of disposition. Unless you hold your units in a registered plan, one-half of any such capital gain must be included in computing your income and one-half of any such capital loss may be deducted against taxable capital gains, subject to, and in accordance with, the detailed provisions of the Income Tax Act (Canada).

We encourage all unitholders to consult with their financial advisors to understand the financial and tax implications associated with redeeming or switching their units and the termination of the Fund and to discuss their investment options.

If you have any questions regarding the termination of the Fund, please do not hesitate to contact us by email at seiyul@mapleleaffunds.ca.

Sincerely,

CADO Investment Fund Management Inc.

as manager on behalf of the Fund

Per:

(signed)  Seiyul Yu

Name:

Seiyul Yu

Title:

Chief Financial Officer