Investor Presentation March 2016

Recommendations

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DCF in 2015 • The actively managed portfolio generated gross returns of 12% (while public markets were down 11%) • Returned $23 million to investors through stock and debt buybacks • NAV/share climbed from $1.73 to $2.01 (16%) • Delivered material exits to clean up portfolio and pay down debt • Internalized the manager with institutional class payout structure • Refocused the management team 6
The DCF Investment Thesis • Canadian growth equities will achieve a “scarcity premium” • Too few public growth equities means better value and selection in private equity or alternative investments • This class of assets needs specialized management that can reduce risk and add value • Best risk-to-return ratio for a publicly-listed investor is in the laterstage private area • DCF provides a vehicle for institutional and individual investors to access a professionally managed diversified portfolio of these opportunities • The Tech and Media sectors, in particular, are in strong product cycles 7
Page 1 and 2: Investor Presentation March 2016 Di
Page 3 and 4: Agenda • Why look at DCF? • DCF
Page 5: DCF at a Glance (December 31, 2015)
Page 9 and 10: Our Thesis is Clearly Playing Out 2
Page 11 and 12: The Portfolio - IPO Class Names Tec
Page 13 and 14: Portfolio Evolution December 2013 D
Page 15 and 16: Exits to date Positive exits: • A
Page 17 and 18: The risks of VC/PE investing? • H
Page 19 and 20: DCF Valuation Considerations $4.00
Page 21 and 22: BuildDirect • BuildDirect Marketp
Page 23 and 24: Vision Critical • Vision Critical
Page 25 and 26: Difference RM Real Estate Play •
Page 27 and 28: Other Selected Company Updates Jan
Page 29: 29 Q&A

Investor Presentation March 2016

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