diversified portfolio of high yield lending & investment ...... · • based in calgary,...

Diversified Portfolio of High Yield Lending & Investment OpportunitiesA private investment offering focused on generating monthly income through a diversified portfolio with asset collateralization or direct ownership in private assets. 8% - 10% target preferred return plus potential profit sharing.

The “Trust” means “Invico Diversified Income Fund”. Capitalized terms not defined in this presentation are defined as set forth in the Offering Memorandum of the Trust dated May 30, 2017 (the “Offering Memorandum”).

This communication is not, and under no circumstance is to be construed as, an invitation to make an investment in the Trust nor does it constitute a public offering to sell the units of the Trust (the “Units”) or any otherproducts described herein. The Offering Memorandum contains important detailed information about the Trust. Copies of the Offering Memorandum may be obtained from either the Trust or Invico Capital Corporation(the “Portfolio Manager”), the investment fund and portfolio manager of the Trust. Each purchaser of the Units may have statutory or contractual rights of action under certain circumstances as disclosed in the OfferingMemorandum. Please review the provisions of the applicable securities legislation for particulars of these rights. Potential investors should note that alternative investments can involve significant risks and the value of aninvestment may go down as well as up. The information contained in this material is subject to change without notice.

There is no guarantee of performance and past or projected performance is not indicative of future results. Investors should review the Offering Memorandum in its entirety for a complete description of the Trust, its risks,and consult their registered dealers before making an investment.

Any descriptions or information involving investment process or strategies is provided for illustration purposes only, may not be fully indicative of any present or future investments, may be changed at the discretion of theTrust or the Portfolio Manager and are not intended to reflect performance.

The Trust has not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any State securities laws. The Trust may not be offered or sold in the United States or to US persons.

Please see the Offering Memorandum for a complete description of the risks associated with an investment in the Trust.Investment in the Trust is speculative and contains certain risks. Prospective investors should carefully consider, among other factors, the matters described below, each of which could have an adverse effect on the valueof the Trust Units. As a result of these factors, as well as other risks inherent in any investment, there can be no assurance that the Trust will meet its investment objectives or otherwise be able to successfully carry out itsinvestment program. The Trust's returns may be unpredictable and, accordingly, the Trust's investment program is not suitable as the sole investment vehicle for an investor or for an investor that is looking for apredictable source of cash flow. An investor should only invest in the Trust as part of an overall investment strategy. Based on, among others, the factors described below, the possibility of partial or total loss of capital willexist and investors should not subscribe unless they can readily bear the consequences of such loss.

Risks Associated with the Offering: Speculative Offering and Liquidity

Risks Associated with the Trust Units: Restrictions on Redemption and Transfer; Illiquidity of Units, Issuance of Additional Trust Units and Partnership Units will Result in Dilution, Nature of Trust Units, Unitholders Do NotHave the Same Rights as Shareholders, Mutual Fund Trust Status, Eligibility of Units for Investment by Tax Deferred Plans, Tax Treatment of Trust Units and Unitholders, Tax characterization of Trust Income and TrustCapital Gains and SIFT Status.

Risks Associated with the Trust: Nature of Investment, No Assurance of Investment Return, Distributions may Consist of Proceeds of Offerings, No Assurance in Achieving Investment Objectives or Distributions, Forward-looking Information May Prove Inaccurate, Performance of the Portfolio, Asset Allocation, Valuation of the Trust's Investments, Reliance on the Trustee Administrator and Portfolio Manager, Dependence on InvestmentProfessionals, Conflicts of Interest , Risks Relating to Redemption, Lack of Independent Counsel Representing Unitholders, Unitholder Liability, Recourse to the Trust's Assets, Indemnification, Effect of Expenses on Returnsand Lack of Regulatory Oversight.

Risks Associated with the Business: General Economic Conditions, Liquidity of Investments, Competitive Marketplace, Reliance on Key Employees, Currency Risk, Foreign Market Risk, Inability to Fund Investments, Need forFollow-On Investments, Ability to Manage Growth, U.S. Market Factors, Litigation Risks, Uninsured and Underinsured Losses, Income Tax Risk, Investments in Early Stage Companies, Longer-term Commitment Required forOperating Companies, Composition of Investments, Technology and Information Security and Business Continuity, Disaster Recovery and Crisis Management.

Risks Associated with Investments in Lending Strategies: Credit Risk, Credit Losses, Changes in Collateral Values, Subordinated and Unregistered Loan Financing, Enforcement and Related Costs and Interest Rate Risk.

Risks Associated with Energy Working Interests and the Operating Companies: Industry Conditions, Pricing and Marketing – Oil, The North American Free Trade Agreement, Royalties and Land Tenure, Pipeline Capacity,Seasonality, Environmental Regulation and Protection Requirements and Greenhouse Gas Emissions.

Risks Associated with the Oil and Gas Industry: Commodity Price Volatility, Alternatives to and Changing Demand for Petroleum Products, Variations in Foreign Exchange Rates and Interest Rates, Third Party Credit Risk,Operating Risks and Insurance, Government Regulation, Environmental Risks and Terrorism

Risks Associated with Oil and Gas Exploration and Production Activities: Markets and Marketing, Equipment, Materials and Labor Shortages, Exploration, Development and Production Risks, Acquisition Risk, Weakness in theOil and Gas Industry, Additional Funding Requirements, Finding, Developing and Acquiring Petroleum and Natural Gas Reserves on an Economic Basis, Operational Dependence, Title to Assets, Reserve Estimates, ReserveReplacement and Expiration of Licences and Leases

Risks Associated with Oilfield Services Activities: Performance of Obligations, Competition, Access to Parts, Consumables and Technology and Relationships with Key Suppliers, Technology, Potential Replacement or ReducedUse of Products and Services, Reliance on Major Customers or a Single Customer and Safety Performance

The foregoing list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in an investment in the Trust. Prospective investors should read this entire Offering Memorandum andconsult their own counsel and financial advisors before deciding to invest in the Trust. Neither the Trust, the Trustee, the Administrator, the General Partner, nor the Portfolio Manager is responsible for, and undertakes noobligation to, determine the general investment needs and objectives of a potential investor and the suitability of the Trust Units having regard to any such investment needs and objectives of the potential investor.

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Disclaimer

1. Invico Capital Corporation

2. Private Alternative Investing

3. Investment Overview

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Presentation Summary

• Founded in 2005.

• Based in Calgary, Alberta, Canada.

• Registered Portfolio Manager and Investment Fund Manager.

• Investment specialties include private debt, energy and real estate.

• ~$200 million assets under management. (As at May 2017)

Alternative investment fund management firm providing alternative investing and financing solutions.

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Invico Capital Corporation

Jason Brooks, CFAPresident and Portfolio Manager

Jason Brooks is the President and co-founder of Invico Capital Corporation. Jason is a registered Portfolio Manager, a Chartered

Financial Analyst (CFA®) Charterholder and is a graduate of the Haskayne School of Business with a Bachelor of Commerce(Beta Gamma Sigma). Having previously served as Vice President with Ernst & Young Corporate Finance Inc., Jason brings over20 years of experience focused on public, private financings and lending to numerous sectors including oil and gas, power andutilities and real estate both in Canada as well as internationally. In addition, he has advised on greater than $3 billion ofprivate and public merger and acquisition, divestiture and financing transactions. Jason's combination of senior roles with bothlarge energy companies and private niche focused financings across numerous industries make him uniquely suited tostructuring complex financings with small and medium sized private companies on behalf of Invico's investment offerings.

Allison M. Taylor, MBAChief Executive Officer and Portfolio Manager

Allison Taylor is the Chief Executive Officer and co-founder of Invico Capital Corporation. Allison is a registered PortfolioManager, a graduate of the Haskayne School of Business with a MBA in Finance and a graduate of the University of WesternOntario with an Honors Bachelor of Science in Actuarial Science and Statistics. Allison brings over 20 years of experience incorporate finance in both the private equity and financial advisory services within the energy sector. Allison has been activelyinvolved in the assessment of investments, ongoing regulatory compliance and accounting on behalf of the Invico managedinvestment offerings. Allison started her career at Mercer Management and Towers Perrin in pension consulting doingactuarial valuations for large company pension plans. She then moved into investment banking at RBC Dominion Securitiesdoing mergers and acquisitions. She advanced her career by moving to Ernst & Young Corporate Finance Inc. doing merger andacquisitions and working with unique situations and niche opportunities to help private companies structure capital raising. Itwas these experiences that highlighted the opportunity to start Invico Capital with co-founder Jason Brooks.

Invico Capital has an experienced team comprised of portfolio managers, securitieslawyers, due diligence specialists, energy technical experts, accounting and marketingprofessionals.

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Invico Capital Corporation

®

ASSET TYPE ($ billions) 2005 2010 2015 2016

Private Equity $2.9 $16.1 $50.4 $53.8

Real Estate $0.4 $7.0 $30.3 $36.7

Infrastructure $0.2 $5.8 $15.2 $21.3

Private Debt $0 $0.9 $8.0 $17.0

Private Real Estate Debt $0 $0.3 $3.8 $4.1

Total % of Fund 4.3% 23.6% 40.7% 47.6%

“We seek to harvest the return premiums for investing in less liquid and longer-term assets”2

Growth of the CPPIB Private Markets Investing Programs 1

”The heavy allocation to non-traditional asset classes stems fromtheir return potential and diversifying power.”

“Alternative assets, by their very nature, tend to be less efficientlypriced than traditional marketable securities, providing anopportunity to exploit market inefficiencies through activemanagement.”3

ENDOWMENT FUND

The Growth of Private Alternative Investing

Note: Pension plans have a very long term time horizon and defined liquidityneeds that may not match those individual investors depending on theircircumstances. Consult your registered Dealing Representative for further details.

1 2016 CPPIB Annual Report 2 www.cppib.com/en/what-we-do/private-investments-overview3 Yale Endowment Fund 2016 Annual Report 6

Diversified Portfolio of High Yield Lending & Investment Opportunities

Lending Strategies

• Corporate bridge lending• Mortgages• Receivables factoring

Energy Working Interests

• Working interest ownership• Royalties

Target Asset Allocation: Please refer to Offering Memorandum for May 2017 allocation

DiversificationTarget

Monthly Income

Risk Management

ProfessionalManagement

Liquidity Options*

Transparency& Governance

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Key Features

Lending Strategies60% - 75%

Energy Working Interests25% - 40%

Cash0-10%

*Subject to notice & fees

Lending Strategies

• Corporate Bridge Lending: A short term loan to assist companies with short-term capital needs.

• Mortgages: Real estate secured loans which may include multi-family residential and commercial

properties as well as residential and commercial mortgage backed securities.

• Receivables Factoring: A transaction in which a business assigns its accounts receivable (invoice) to Invico to

finance its short-term working capital needs.

We are focused on lending money to…

Loan Amounts $1 million - $10 million

Terms 60 days - 3 years

Interest Rates 13% to 18% +

Security 1st or 2nd Position

Companies with:

Seeking short term capital for:

With clearly defined path to repayment from:

• Quality management teams

• Collateral• Cash flow

• Working capital• Growth capital• Refinance existing debt• Bridge to a liquidity event

(asset/company sale)

• Internal cash flows• Company/asset sale/IPO• Traditional bank refinance• Collection of tax credits• Collection of accounts

receivable

Targeted Lending Terms

Lending StrategiesTarget Asset Allocation

60% - 75%

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Invico Diversified Income Fund

Lending Strategies

An extensive due diligence and underwriting process is undertaken to protect capital and mitigate risk.

Underwriting Due Diligence

• Financial statement review• Investment modeling & stress testing• Site visits• Credit and reference checks• Third party asset valuation, as required• Property searches• Court proceedings• Legal liabilities• Corporate searches• Ensure enforceability of security position• Standard documentation ensures a

consistent approach across investments

Security and Risk Mitigation

• Loans secured directly against borrower assets• General security agreement• Personal guarantees• Assignment of insurance• Assignment of tax credits• Assignment of accounts receivables • Credit insurance (Receivables Factoring)• Interest and default reserves taken up front

Underwriting due diligence, security and risk mitigation measures will differ from dealto deal. These lists are an overview of available tools to protect capital and mitigate risk.

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Capacity Capital CollateralConditions &

CovenantsCharacter


Loan Type Bridge Loan

Loan Details $2.65 million @ 18% Interest

Security$2.9 mm gov’t film tax credits, minimum guarantee income from distributors eOne and Universal.

Term 12 months

Use of Funds

Capital for post-production as the film went overbudget due to the 2013 Calgary area floods.

RepaymentLoan was repaid from the collection of tax credits and distribution income.

Advanced$1.90mmto finish

production

Withheld$0.75 mm

Effective Yield24% (estimate)

Total Loan$2.65 mm

@18%

interest

12 month interest reserve,3 month default reserve

Example of interest and default reserve:

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2016 Fund of the Year Award

“Diversified Mature”

Commercial Fertilizer Company (Agricultural)

In the fall of 2016, an Alberta based fertilizer company wasplanning the launch of their patented fertilizer technologywith a major fertilizer producer. The company requiredadditional working capital to assist with engineering andimplementation of the technology into existing productionplants. The companies shareholders are largely comprisedof major institutions and pension funds. As the transactionwas transformational to the valuation of the company, anon-dilutive bridge loan was structured with Invico inconjunction with a traditional senior lender.

Loan Type Corporate Bridge Loan

Loan Details $4.25 mm @ 15% Interest

Security2nd position on all company assets. Company valuation >$100mm

Term 24 months

Use of Funds

Implementation of proprietary fertilizer technology to generate a long term royalty from a major fertilizer producer.

RepaymentAnticipated to be repaid from a senior lender refinancing or paid out of cash flow

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Lending Examples


What Makes Us Unique?

1We are focused on “Special Opportunities” between $1 million and $10 millionthat are typically:

a) Too small for institutional capital markets; or

b) Too complex, time consuming or have higher perceived risks thantraditional commercial banking groups are prepared to facilitate.

2Our portfolio managers may undertake an “Active Management Approach” which involves exerting a degree of control over investee companies:

a) Ability to restrict certain actions

b) Veto rights

c) Corporate finance and technical expertise

d) Board of director observer (where applicable)

3Our active management approach gives us the flexibility to manage defaults.Our “Strategies To Manage Default” include:

a) Exercise rights under loan agreements to take possession and manage the assets to protect the cash flow and sell the assets when conditions improve.

b) Foreclose and liquidate.

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Strategies To Manage Defaults

2016: Two defaults were managed with the objective to: 1) Stabilize operations.2) Selective capital investment based on partnership investment criteria.3) Re-institute cash flows.4) Sell the assets/companies.

This is a good example of Invico’s active management as well as the security and protection of being a 1st secured lender in energy.

Gator Energy Technologies• Oilfield services rental company based in Texas

• Accounts for approximately 7% of NAV as of May 2017

• Expanding rental fleet with acquisition of complimentary assets

• Improved drilling rates in Texas & Oklahoma over 2016/2017

• Utilization has improved since year end

Pele Energy• Oil and gas exploration company with Saskatchewan assets

• 19 net sections (Viking light Oil Fairway), 18 net sections (Fiske Fairway)

• Includes a 50% interest in 83 net sections in the Viking light Oil Fairway (2012474 Alberta Inc.)

• Accounts for approximately 9% of NAV as of May 2017

• 2017/2018 drilling program (up to 15 wells)

• 2018 position the assets for sale


Note: Both of these companies are restructured loans and now considered Operating Companies. These two companies comprise a portion of the target Lending Strategies allocation outlined on page 7 of this presentation. Please refer to the Offering Memorandum dated May 30, 2017 for more information.


• Working Interest Ownership:Acquiring a percentage of the land mineral rightsgives us the right to participate in the oil and gasproduction opportunities on these lands in jointventure partnership with the other workinginterest owners.

• Royalties:A one-time acquisition entitles us to the ownershipof a percentage of the gross production revenuefrom any current or future oil and gas well withinthe section of land.

Why we like this strategy…

Energy Working Interest

Target Asset Allocation25% - 40%

(Operator) Joint Venture Partners (Non-Operator)

YesOwns a % of the

land mineral rightsYes

YesParticipates in the cost

to drill and manageYes

YesParticipates in the

production revenueYes

YesResponsible to drill

and manageNo

Active Investment Style Passive

Oil / GasCompany

Example

Monthly Income

Partner WithIndustry Experts

Direct Ownership

With No Debt

Sask

Colorado

AlbertaFocused OnAreas With Low Costs &

Strong Netbacks

Ownership Interests(As at May 2017)

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WTI Price of Oil Royalties

less Operating costsTransport costs

= Field Netback (Operating income per barrel)

Energy companies may experience difficulties in a low price commodity environmentwhen they have high operating costs and too much debt.

We are focused on quality assets in areas with low operating costs and highly competitive netbacks. Additionally, no debt was used to finance our energy investments.

Most Energy Companies Have Debt

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CPPIB News release October 8, 2015

“The DJ Basin is one of the leading oil and natural gas plays in North America and Encana’s assets and operations have long been regarded as top-tier by industry standards,”

“This investment offers attractive economics and aligns well with our strategy for the energy sector. We look forward to working with our partner to create value and grow the business.”

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Wattenberg / DJ Basin: Colorado

• Located in one of the United States most economic shale basins based on IRR. (1)

• Ownership of ~1200 net acres which includes:

• Approx. 230 producing wells (and growing).

• Average ownership interest = ~3.7% / well.Sask.

Colorado

Alberta

(1) Credit Suisse January 2015 report

Our primary operating partners include…

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Diversification

TargetMonthly Income

Risk Management

ProfessionalManagement

Liquidity Options

Transparency& Governance

• Portfolio of loans• Direct ownership in hundreds

of oil and gas wells• ~$111 million AUM (May 2017)

• 8% - 10% target preferred return + potential profit sharing

• Monthly distributions / DRIP• RRSP, TFSA, LIRA, RRIF, RESP• Minimum investment $5,000

• Quarterly redemption options subject to portfolio liquidity, notice and fees (dependent upon unit class)

• Risk management through diversification and asset collateralization or direct ownership of private assets.

• Portfolio Managers• Registered Investment Fund

Manager• Professional Team

• Quarterly reporting• Annual audits by PWC

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Summary


The following statutory rights of action for damages or rescission will only apply to a purchase of securities of the Trust in the event that the foregoing presentation is deemed to be an offering memorandumpursuant to applicable securities legislation in the Provinces of Ontario, Saskatchewan, Manitoba and/or Nova Scotia.

Securities legislation in the aforementioned jurisdictions provides purchasers with a statutory right of action for damages or rescission in cases where an offering memorandum or any amendment thereto containsan untrue statement of a material fact or omits to state a material fact that is required to be stated or is necessary to make any statement contained therein not misleading in light of the circumstances in which itwas made (a “misrepresentation”). These rights, or notice with respect thereto, must be exercised or delivered, as the case may be, by purchasers within the time limits prescribed and are subject to the defencesand limitations contained under the applicable securities legislation. Purchasers should refer to such applicable securities legislation for the complete text of these rights or consult with a legal adviser.

The following summaries are subject to the express provisions of the securities legislation applicable in each of the provinces of Canada and the regulations, rules and policy statements thereunder. Purchasersshould refer to the securities legislation applicable in their province along with the regulations, rules and policy statements thereunder for the complete text of these provisions or should consult with their legaladvisor. The statutory rights of action described in this Offering Memorandum are in addition to and without derogation from any other right or remedy that purchasers may have at law.

Purchaser’s Rights - OntarioIf you are a resident of Ontario, and if there is a misrepresentation in this Offering Memorandum, you have a right to sue:

a) the Trust to cancel your agreement to buy these securities, orb) for damages against the Trust.

If you elect to exercise a right to cancel your agreement to buy these securities against the Trust, you will have no right of action against the Trust.

This statutory right to sue is available to you whether or not you relied on the misrepresentation. However, there are various defences available to the persons or companies that you have a right to sue. Inparticular, they have a defence if you knew of the misrepresentation when you purchased the securities. In an action for damages, the amount recoverable shall not exceed the price at which the securities wereoffered and the defendant will not be liable for all or any portion of such damages that the defendant proves does not represent the depreciation in value of the securities as a result of the misrepresentation.

If you intend to rely on the rights described in (a) or (b) above, you must do so within strict time limitations. You must commence your action to cancel the agreement within 180 days after the date that youpurchased the securities. You must commence your action for damages within the earlier of 180 days after you first had knowledge of the facts giving rise to the cause of action and three years after the date youpurchased the securities.

Securities legislation in Ontario does not extend the statutory rights of action for damages or rescission to a purchaser who is purchasing the securities in reliance on the "accredited investor" exemption set out insection 2.3 of National Instrument 45-106 if the purchaser is: (a) a “Canadian financial institution” or a “Schedule III Bank” (each as defined under applicable securities laws); (b) the Business Development Bank ofCanada; or (c) a subsidiary of any person referred to in (a) or (b), if the person owns all the voting securities of the subsidiary, except the voting securities required by law to be owned by the directors of thatsubsidiary (collectively, the “Excluded Ontario Purchasers”). The Excluded Ontario Purchasers will be entitled to a contractual right of action for damages or rescission that is equivalent to the statutory right ofaction for damages or rescission available to purchasers resident in Ontario as described above (including insofar as such rights may be subject to the defences and limitations provided for under the Securities Act(Ontario)).

Purchaser’s Rights - SaskatchewanIf you are a resident of Saskatchewan and if there is a misrepresentation in this Offering Memorandum, you have a statutory right to sue:

a) the Trust to cancel your agreement to buy these securities, orb) for damages against the Trust, every promoter of the Trust, every person who was a director of the Administrator at the date of this OfferingMemorandum, every person whose consent has been filed respecting the offering but only with respect to reports, opinions or statements that havebeen made by them, every person who or company that signed this Offering Memorandum and every person who or company that sells securities onbehalf of the Trust under this Offering Memorandum.

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Purchasers Rights

If you elect to exercise a right to cancel your agreement to buy these securities against the Trust, you will have no right of action against the Trust.

This statutory right to sue is available to you whether or not you relied on the misrepresentation. However, there are various defences available to the persons or companies that you have a right to sue. In particular, they have a defence if you knew of the misrepresentation when you purchased the securities. In an action for damages, the amount recoverable shall not exceed the price at which the securities were offered and the defendant will not be liable for all or any portion of such damages that the defendant proves does not represent the depreciation in value of the securities as a result of the misrepresentation.

If you intend to rely on the rights described in (a) or (b) above, you must do so within strict time limitations. You must commence your action to cancel the agreement within 180 days after the date that you purchased the securities. You must commence your action for damages within the earlier of one year after you first had knowledge of the facts giving rise to the cause of action and six years after the date you purchased the securities.

Purchaser’s Rights - Manitoba If you are a resident of Manitoba, and if there is a misrepresentation in this Offering Memorandum, you have a statutory right to sue:

a) the Trust to cancel your agreement to buy these securities, orb) for damages against the Trust, every person who was a director of the Administrator at the date of this Offering Memorandum and every person or company who signed this Offering Memorandum.

If you elect to exercise a right to cancel your agreement to buy these securities against the Trust, you will have no right of action against the persons described in (b) above.


If you intend to rely on the rights described in (a) or (b) above, you must do so within strict time limitations. You must commence your action to cancel the agreement within 180 days after the date that you purchased the securities. You must commence your action for damages within the earlier of 180 days after you first had knowledge of the facts giving rise to the cause of action or two years after the date you purchased the securities.

Purchaser’s Rights – Nova Scotia If you are a resident of Nova Scotia and if there is a misrepresentation in this Offering Memorandum, you have a statutory right to sue:

a) the Trust to cancel your agreement to buy these securities, orb) for damages against the Trust, every person who was a director of the Administrator at the date of this Offering Memorandum and every person who signed this Offering Memorandum.

If you elect to exercise a right to cancel your agreement to buy these securities against the Trust, you will have no right of action against the persons described in (b) above.


If you intend to rely on the rights described in (a) or (b) above, you must do so within strict time limitations. You must commence your action to cancel the agreement within 180 days after the date that you purchased the securities. You must commence your action for damages within the earlier of 180 days after you first had knowledge of the facts giving rise to the cause of action and three years after the date you purchased the securities.

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Purchasers Rights

Sales and Marketing Support

Exempt Market Dealers (except Quebec) IIROC Dealers & Quebec Exempt Market Dealers

Ryan Hittel, B.Mgt Randy BeaudoinNational Manager of Sales National Director of Sales403-691-5697 [email protected] [email protected]

www.InvicoCapital.com

EducationWebinars

PresentationsSpecial Events

Investor Relations

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Diversified Portfolio of High Yield Lending & Investment OpportunitiesA private investment offering focused on generating monthly income through a diversified portfolio with asset collateralization or direct ownership in private assets. 8% - 10% target preferred return plus potential profit sharing.

diversified portfolio of high yield lending & investment ...... · • based in calgary,...

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