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Message: Bruce Campbell still believes

December 2013 Commentary

December 2013 Year to Date Last 12

StoneCastle Fund +6.00% +38.46% +38.46% +30.28% +31.37%

S&P/TSX Index +1.69% +9.55% +9.55% ‐1.09%

The top 10 holdings at end of the month were: Redknee Solutions (RKN), Sprylogics International (SPY),

Air Canada Inc (AC.B), AutoCanada Inc (ACQ), Element Financial (EFN), PetroWest Corporation (PRW),

Avigilion Corporation (AVO), Raging River Exploration (RRX), Methanex (MX), and Mullen Group Ltd

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