September 16, 2021

Skyline Retail REIT Table of Contents REITs may help mitigate risk and volatility in your investment...

Skyline Retail REIT Table of Contents REITs may help mitigate risk and volatility in your investment portfolio. [Jump to this section] REITs help to provide access to institutional-quality assets. [Jump to this section] REITs can offer investors regular and scheduled cash flow. [Jump to this section] REITs may offer investors a tax efficient investment opportunity.  [Jump to this section]   A real estate investment trust (REIT) generally focuses on institutional-quality, large-scale, income-producing real estate properties. A REIT allows individual investors to gain access to a broad portfolio of these large properties without requiring the substantial equity required to purchase and manage the properties themselves. What are some potential benefits of REIT investing? Read on to find out. Portfolio Diversification There are many benefits to having a diverse investment portfolio. A diversified portfolio can not only help to mitigate risk and volatility, it can also help to bolster overall returns when not all of your investments react in similar ways; this is known as de-correlated investing. A REIT offers investors the ability to allocate their funds into multiple real estate assets, spread out geographically and diversified by type of tenant. While assets within the REIT can fluctuate in value, it isn’t common for all assets to be adversely affected simultaneously. This helps to lower an investor’s specific market risk when investing into a large-scale and well-diversified REIT. As mentioned, another benefit of investing into a REIT is gaining access to a broad tenant mix, as typically not all tenants are the same (they can vary by type of business, demographics, geographic location, etc.). For example, in a retail REIT, the fund could be made up of essential services, like pharmacies, banks, and grocery stores. Alternatively, its focus might be more geared toward shopping centers or large single-tenant businesses. Tenant diversification has always been important but has been underscored during the pandemic and times of economic uncertainty since different asset classes and types of businesses may be affected more strongly than others. Institutional Quality Assets, for the Everyday Investor Many REITs leverage their economies of scale to purchase, manage, and optimize large-scale properties that may be out of reach for an individual investor. This means that investors not only benefit from participating in far-reaching and diverse real estate portfolios, but they can also benefit from consolidated and efficient vertical integration of the managing group, helping to cut costs, and, in turn, bolster returns. REITs generally have a professional and skilled management team who purchase properties based on calculated income streams, leaving emotion out of valuation metrics. Well-managed REITs may help offer investors peace of mind, as they can invest their hard-earned capital knowing a seasoned and qualified team is working diligently to manage and optimize the assets within the fund. Additionally, when investing in a REIT as compared to owning and managing your own bricks-and-mortar rental properties, Selling physical real estate can take months to finalize and has substantial associated costs. It can also be subject to emotional pricing and supply or demand constraints within the market. Frequent Valuation, Frequent Distributions Many investors are drawn to REITs not only for the capital growth opportunities, but also for the regular cash distributions they make (not to be confused with income or dividends). One way to assess the potential health and strength of a REIT is to assess how much of their Funds From Operations (FFO) - otherwise known as a payout ratio - the REIT is distributing. Investors should understand the history of the REITs payout ratio and whether or not the fund is distributing all of it’s available cash flow, or holding some back Opportunity for Tax Efficient Capital Appreciation & Cash Flow Investing into a professionally managed REIT means investors are usually able to invest using registered funds such a TFSA, RRSP, RRIF, etc., helping to shelter potential gains on their holdings. When REIT Units are held within a registered account, the investment is subject to the tax rules of the registered account itself, regardless of what occurred tax-wise within the REIT that year. Investing in a REIT through non-registered holdings can also have potential tax benefits. REIT distributions are not considered dividends and are therefore taxed differently. Distributions paid to investors are generally made up of a portion of Return of Capital (ROC), which is a deferred capital gain. Investors receive a T3 slip that clearly breaks down that year’s tax exposure and shows if there is anything other than ROC to be claimed. Anything that is categorized as ROC adjusts the investor’s cost base, which is a future capital gain, meaning only 50% of the overall gain is taxable at a future date. Every REIT will have a different tax breakdown based on activity within that calendar year. It is important to understand the REIT’s historical taxation breakdown and to speak with your accountant or trusted tax professional to make a personalized tax decision that best suits your needs. Finding the Right Portfolio Balance for Each Investor These are just some of the many potential benefits that may come with choosing to invest in a REIT. As with any investment, it is important to do your due diligence and evaluate the REIT’s historical performance, its strategy, its management team, and the investment process. Ensuring you’re investing with a management team that are leaders in their business, and who have a proven track record of astute decisions and returns to investors, are essential pieces in the review process. The evaluation is well worth the effort to find a REIT whose performance can complement your existing investment portfolio and align with your investment goals. Ray Punn Vice President, Wealth Solutions Skyline Wealth Ray Punn is an experienced leader in management across the public and private sectors, including the Financial, Automotive, and Private Equity industries. As Vice President of Skyline Wealth, he leads a comprehensive team of Advisors, and oversees business operations, marketing, investment management, and investor relations. With a deep understanding of how each component of wealth management contributes to an exceptional investor experience, Ray and his teams focus on building long-term partnerships with Skyline Wealth’s valued investors. Skyline Wealth is the exclusive investment dealer for five private alternative investment funds, each with historically stable performance since inception: Skyline Apartment REIT, Skyline Commercial REIT, Skyline Retail REIT, Skyline Clean Energy Fund and SkyDev Bayshore Owen Sound LP. Exempt Market Dealer registered in the provinces of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Québec, The Territory of Nunavut, and Saskatchewan. The information provided herein is for general information purposes only and does not constitute an offer of securities. Sales of interests in any investments offered by Skyline Wealth are only made to certain eligible investors pursuant to regulatory requirements and available exemptions. Any information provided herein is current as at the date of publication and Skyline Wealth does not undertake to advise the reader of any changes. Commissions, trailing commissions, management fees and expenses all may be associated with investments in exempt market products. Please read the confidential offering documents before investing. There is no active market through which the securities may be sold, and redemption requests may be subject to monthly redemption limits. Exempt market products are not guaranteed, their values change frequently, and past performance may not be repeated. Nothing in this email should be construed as investment, legal, tax, regulatory or accounting advice. Prospective investors must make an independent assessment of such matters in consultation with their own professional advisors. Some of the investment products offered by Skyline Wealth are from related issuers. A full list of issuers related to Skyline Wealth and details of the relationship between them is available upon request.

August 23, 2021

Skyline Retail REIT Table of Contents The potential for tax efficiency is one of several factors...

Skyline Retail REIT Table of Contents The potential for tax efficiency is one of several factors that may attract investors to invest in a REIT. [Jump to this section] A REIT’s tax structure is not affected by whether the REIT is privately held or publicly traded. [Jump to this section] When REITs are held in registered accounts, their taxation is subject to the tax rules of that account. [Jump to this section] When REITs are held in non-registered accounts, distributions may be taxed as return of capital or capital gains, resulting in a REIT’s potential tax-efficiency. [Jump to this section] Your tax advisor should be consulted regarding investment taxation prior to investing in a REIT. [Jump to this section]   Whether you’re considering investing in a REIT as an income supplement for retirement, to amass more wealth for a future inheritance to your loved ones, or simply to further grow your investment portfolio so you can achieve the lifestyle you want, you’ll need to consider the potential tax benefits that come with this type of real estate investment. On the subject of REIT taxation, an article in the Financial Post states: “The clear advantage of a REIT is to reduce corporate and personal taxes on income paid to investors.”1 A report from Grant Thornton LLP agrees: “Since [their introduction to Canada], REITs have become an attractive, onshore, tax-efficient vehicle for investors…”2 The potential for tax efficiency is just one of many potential benefits of investing in a REIT, but it’s crucial to understand thoroughly as you evaluate potential REIT investment vehicles. The (lack of) difference in taxation for public vs. private REITs Although there are notable differences between public and private REITs, taxation is not one of them. In terms of purchasing, valuation, liquidity, and eligibility, public and private REITs can be held in contrast to one another. However, REIT taxation is based upon the actual structure of a REIT investment fund rather than whether the REIT is publicly or privately held. REIT taxation for RRSPs, TFSAs, RRIFs, and other registered accounts  When a REIT investment is held within a registered account, such as an RRSP, TFSA, or RRIF, REIT-specific tax rules don’t apply. The investment is only subject to the tax procedures and implications of the registered account itself. Many investors choose to shelter their holdings within a registered account for this reason, as there are often potential tax advantages associated with holding savings or investments within RRSPs, TFSAs, and RRIFs for the long term. In the case of an RRSP, an investor’s REIT investment funds are tax-sheltered as long as the investment remains within the RRSP account. Growth will only be taxable at the time of withdrawal, with the level of taxation subject to the investor’s marginal tax rate. On December 31st of the year when the account holder reaches 71 years of age, they must roll the RRSP over into a RRIF account to continue sheltering the funds from taxation. RRIFs are structured to keep earnings tax-free, save for a set minimum amount paid out to the account holder, starting the year after the RRIF is set up and annually thereafter. REIT taxation for non-registered accounts Even if a REIT investment is not held within a registered account, many investors find the REIT-specific tax rules to be advantageous to the extent that REITs are an attractive addition to diversify their investment portfolio. Distributions to REIT investors may be classified as return of capital or capital gains. Return of capital is a return paid by the investment that is not considered a taxable event at that point in time; instead it affects the investors adjusted cost base which  would generally result in the investor realizing on disposition a larger capital gain. When investing in a REIT, all, or a portion, of an investor’s distributions are taxed as Return of Capital instead of  income or capital gains. As an investor continues to receive distributions in the form of return of capital, their Adjusted Cost Base is reduced by the amount of return of capital received that calendar year (read on to find out how this affects capital gains taxation). In an Adjusted Cost Base calculation, the amount of return of capital received that year is subtracted from the previous years remaining Adjust Cost Base value. As the investment is held over time, the Adjusted Cost Base continues to be further eroded (again, by the amount of return of capital received each year). If the investment is held long enough, the Adjusted Cost Base may eventually be reduced to zero. At that point in time, any distributions earned as return of capital would be taxed as a capital gain in that calendar year as there is no further cost base to deduct against (you cannot have a negative adjusted cost base). All prior year’s worth of deducting your return of capital against the adjusted cost base will be taxed as a capital gain at time of redeeming your holdings, therefore benefiting investors by pushing the taxation into the future. The amount of your Adjusted Cost Base helps to determine the amount an investor will be taxed as capital gains when they redeem their investment. At the time of redemption—assuming an investor is redeeming at a value greater than their original investment—their Adjusted Cost Base is subtracted from the total amount of their investment holding. The resulting number is the amount they have realized in capital gains. From there, only 50% of this capital gains amount (i.e. realized profit) is taxed at the investor’s marginal tax rate. This treatment makes capital gains one of the most tax-efficient structures of investment returns. Some investors choose to engage in additional tax strategy such as tax-loss selling, to offset their capital gains taxation even further. Factoring in potential tax benefits when evaluating a REIT Compare the tax structure of REITs to that of dividends or interest income distributions from traditional investments, Aside from taxation, there are plenty of other factors to consider when investing in a REIT – consider the checklist on this page as you research potential REIT investments. Among the many due diligence items to consider when evaluating a REIT investment, consultation with an investment advisor at the wealth management firm selling the REIT investment is key (in addition to consulting your accountant or tax advisor). Beyond a productive conversation with an advisor, the accessibility of the REIT’s management team itself is a good indicator of client transparency, as well as sound operations within the REIT. The REIT’s management team should be able to provide a clear and transparent explanation of how the REIT operates and receives income, how this flows through to unitholders in the form of distributions, and how investor funds are taxed according to the type of account through which you’re investing. Accessibility to investors is second nature for those few wealth management firms, such as Skyline Wealth, that fall within the same entity or group of companies as the REIT funds they are offering. A well-diversified investment portfolio will typically have a mix of investment vehicles, likely with differing taxation rules. REITs have been identified—and rightfully so—as an investment structure that may help offset varying types of taxation a traditional portfolio might hold (i.e. dividends, interest income, capital losses, etc.), and they can be an attractive investment option at any stage in an investor’s journey. Ray Punn Vice President, Wealth Solutions Skyline Wealth Ray Punn is an experienced leader in management across the public and private sectors, including the Financial, Automotive, and Private Equity industries. As Vice President of Skyline Wealth, he leads a comprehensive team of Advisors, and oversees business operations, marketing, investment management, and investor relations. With a deep understanding of how each component of wealth management contributes to an exceptional investor experience, Ray and his teams focus on building long-term partnerships with Skyline Wealth’s valued investors. References: 1 Mintz, Jack M. “Are REITs the next tax target?” Financial Post, https://financialpost.com/opinion/are-reits-the-next-tax-target. Accessed 9 July 2021. 2 “REITs as a force for good.” Grant Thornton, https://www.grantthornton.ca/globalassets/1.-member-firms/canada/insights/pdfs/grant-thornton-reits-report.pdf. Accessed 9 July 2021. The contents of this article are for high-level, contextual purposes, and are not meant to replace advice from your accountant or any other tax advisor. We strongly suggest that an accountant or tax professional should be consulted prior to making an investment and should be used on an ongoing basis once an investment is made. Skyline Wealth is the exclusive investment dealer for five private alternative investment funds, each with historically stable performance since inception: Skyline Apartment REIT, Skyline Commercial REIT, Skyline Retail REIT, Skyline Clean Energy Fund and SkyDev Bayshore Owen Sound LP. Exempt Market Dealer registered in the provinces of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Québec, The Territory of Nunavut, and Saskatchewan. The information provided herein is for general information purposes only and does not constitute an offer of securities. Sales of interests in any investments offered by Skyline Wealth are only made to certain eligible investors pursuant to regulatory requirements and available exemptions. Any information provided herein is current as at the date of publication and Skyline Wealth does not undertake to advise the reader of any changes. Commissions, trailing commissions, management fees and expenses all may be associated with investments in exempt market products. Please read the confidential offering documents before investing. There is no active market through which the securities may be sold, and redemption requests may be subject to monthly redemption limits. Exempt market products are not guaranteed, their values change frequently, and past performance may not be repeated. Nothing in this email should be construed as investment, legal, tax, regulatory or accounting advice. Prospective investors must make an independent assessment of such matters in consultation with their own professional advisors. Some of the investment products offered by Skyline Wealth are from related issuers. A full list of issuers related to Skyline Wealth and details of the relationship between them is available upon request.

July 27, 2021

Skyline Retail REIT Table of Contents Real estate is a type of alternative investment and is...

Skyline Retail REIT Table of Contents Real estate is a type of alternative investment and is classified as a hard asset. [Jump to this section] In a REIT structure, an investor gains access to pooled ownership of a group, or portfolio, of properties. They can vary across real estate classes, and can be open-ended or closed-ended. [Jump to this section] REITs can be publicly or privately traded (bought and sold), and there are significant differences between the two in terms of valuation methodology, fees, liquidity, and eligibility. [Jump to this section] When considering a private REIT, investors should do their due diligence and consider its operations, management, performance, transparency, fees, liquidity, and eligibility. [Jump to this section]   Real estate is a type of alternative investment, a term defined on WealthProfessional.ca as “assets that do not belong to conventional investment types, such as stocks, bonds, and cash.”[1] Real estate investing may help investors enhance and/or diversify their portfolios. Some investors find the tangible “brick and mortar” aspect of real estate investment an attractive feature that denotes the potential for performance stability. There are multiple methods of real estate investing. While some investors may prefer hands-on property ownership, others may find more convenience and potential income stability in a Real Estate Investment Trust (REIT) structure without having to worry about the potential stressors that property management can bring. What is a REIT? In a REIT structure, a group of properties is offered to investors as a single product, packaged as a portfolio. In other words, when someone invests in a REIT, they have pooled ownership of that entire group of properties. REITs have been established in Canada since 1993—before then, they were structured as close-end mutual funds (it should be noted that REITs as we know them today are no longer considered mutual funds). From 2009-2019, the collective value of publicly-traded REITs in Canada grew 215% to just over $74 billion.[2] REITs also saw a significant increase in number in 2008, when income tax rules changed to lower barriers to market entry.[3] REITs span a multitude of real estate asset classes. These include, but are not limited to: Multi-residential housing (apartment buildings) Commercial properties (industrial facilities, offices, etc.) Retail properties (malls, open-air plazas, etc.) Medical buildings Resorts Some REITs may focus on only one of these asset classes, while others may purchase properties within multiple real estate asset classes. Additionally, while some REITs invest directly in the properties themselves, there are also mortgage REITs, which invest in mortgages or mortgage-backed securities, with the mortgage interest payments providing investor income. REITs are often owned by businesses or institutions, with the properties professionally managed. Due to this fact,  REITs can often offer the “everyday investor” an opportunity to invest in the types of institutional-quality real estate properties (such as commercial facilities) that they may not otherwise be able to singularly invest in—and without the headaches of managing those properties. Additionally, the commercial real estate market has also seen increasing purchasing activity and pricing, with multi-family and industrial classes surpassing their 3 year trailing average in quarter one of 2021 alone.4 [second graph on page 5] Private vs. public REITs REITs can be classified as public or private investments, depending on where they are/aren’t listed, and how their units or shares are traded. Private REITs, which are classified in Canada as Exempt Market Products (EMPs), are not listed on any stock exchange and are offered under prospectus exemptions. Because they are generally  Public REITs are listed on the stock market. Their shares may be purchased without the investor needing to meet certain criteria (or “exemptions”), and are sold through a standard document called a Prospectus, which is governed under securities law. There are many additional differentiating factors between private and public REITs: Valuation. Because a public REIT share is traded on the public market, it is subject to the typical pricing fluctuations, or buyer/seller/media “emotion,” that may accompany daily market activity. By contrast, private REIT units are valued based on the underlying properties themselves, and their associated cash flows. Because of this difference in valuation, private REITs can potentially offer a more stable rate of return than public REITs. RENX.ca illustrates the difference between public and private REIT performance amid the 2008 financial crisis: “During this time . . . the public REIT index fell approximately 38 percent. That year, the private apartment index and the broad-based private commercial real estate index experienced positive returns of 6.5 per cent and 3.8 per cent, respectively.”[5] Discerning acquisitions strategy. Public REITs can face pressure to continue acquiring properties even when conditions aren’t optimal because of available capital. By contrast, private REITs usually only buy properties that fit their investment mandate, meaning management can ensure they’re buying at competitive prices and cash flow yields – which in turn may benefit the investor. Liquidity. Public REIT units can be traded at any time, whereas private REITs may have their own unique liquidity structures. This may include initial hold periods for purchased units (such as four months), as well as a notice period for redemption of units (such as 30 to 60 days) and redemption limits Fees. Public REITs must pay ongoing registration fees to list on public market exchanges, and investors are usually subject to purchase and/or redemption fees, as well as management fees paid to their advisor or broker. Private REITs are not required to pay listing fees, however their fee structures may differ, some offering lower management fees than others and commission paid to the distributor of the private REIT. Qualification to invest. Public REIT investors are not subject to any eligibility requirements, whereas private REITs may require certain eligibility requirements, such as income or wealth thresholds, for investors to qualify. For example, they may need to qualify as an Accredited Investor or an Eligible Investor. How to assess a private REIT Private REITs, and private investments in general, may present different risks than their public counterparts. For this reason, some investors tend to prematurely dismiss private REITs as a viable investment option. It is true that investors should do their own research, and ask the right questions, to ensure a private REIT (or any investment, for that matter) is the right fit for them. If investors do the work to properly evaluate their private REIT investment options, they may be pleasantly surprised to find a hidden opportunity to potentially receive stable returns. Below is a checklist of factors for investors to consider when evaluating a private REIT: Operations What is the REIT’s business model? What real estateclass(es) comprise the property portfolio, and what is the strategy behind asset acquisitions and dispositions? Does it employ a long-term buy-and-hold strategy? How many clients are currently invested? How is the corporation behind the REIT structured? Do the REIT’s operations and corporate management policies align with your values? Does the corporation behind the REIT actively invest in the communities in which it does business? Management Team & Accessibility What is management’s experience and industry reputation? Is the investment team and other levels of management available to answer your questions about the , general taxation and other areas of importance to you as an investor? Performance history What is the REIT’s historical performance and track record, both in distributions and redemptions? Does the REIT have a Funds From Operations (FFO) payout ratio of under 100%? Why or why not? Transparency & Reporting Are the REIT’s audited financial documents and Annual Reports readily available? Does the REIT have an Offering Memorandum (OM) document and is it readily available? Is there an online repository of all reporting documentation for the REIT? Fees What are the transaction fees, if any? What are the management fees, if any? What are the redemption fees, if any? Are all fees proactively disclosed by the advisor? Liquidity Constraints Is there a mandatory hold period upon initial investment before you are eligible to redeem your units? Is there a penalty for early redemption? Is there a notice period for redemption before you receive your funds? Eligibility & Suitability Are the eligibility thresholds to invest proactively disclosed? What is the eligibility of registered plans? Does your advisor evaluate your suitability for the investment based on your previous investment experience, your risk tolerance, and your financial objectives? What is the minimum initial investment?   For investors seeking a long-term real estate investment option that may offer stable returns—without the hassle of property management—private REITs may be a great choice to consider. According to a November 2020 survey of 122 Canadian DB (Defined Benefit) plans, 73% of Canadian DB plans overall currently hold alternative investments or expect to add them, and 96% of plans with more than $5 billion in assets hold them or expect to do so. However, not all private REITs are one and the same, and investors must do their due diligence to understand the REIT’s strategy, its management team’s expertise, and its historical performance—just as they would before investing in a public REIT. When carefully evaluated to ensure they align with, among other things, an investor’s ideal portfolio allocation, their risk tolerance, and their financial goals, private REITs may be a smart choice for long-term investment. Ray Punn Vice President, Wealth Solutions Skyline Wealth Ray Punn is an experienced leader in management across the public and private sectors, including the Financial, Automotive, and Private Equity industries. As Vice President of Skyline Wealth, he leads a comprehensive team of Advisors, and oversees business operations, marketing, investment management, and investor relations. With a deep understanding of how each component of wealth management contributes to an exceptional investor experience, Ray and his teams focus on building long-term partnerships with Skyline Wealth’s valued investors. References: [1] Grones, Geraldine. “What exactly are alternative investments?” WealthProfessional.ca, https://www.wealthprofessional.ca/your-practice/practice-management/what-exactly-are-alternative-investments/252467. Accessed 20 July 2021. [2] Kubes, Danielle. “What you need to know about REITs.” MoneySense, https://www.moneysense.ca/spend/real-estate/what-you-need-to-know-about-reits/. Accessed 9 June 2021. [3] “REITs as a force for good.” Grant Thornton, https://www.grantthornton.ca/globalassets/1.-member-firms/canada/insights/pdfs/grant-thornton-reits-report.pdf. Accessed 9 June 2021. [4] “Canada Investment MarketView Q1 2021 ” CBRE, http://cbre.vo.llnwd.net/grgservices/secure/Canada_Investment_Marketview_Q1_2021_Wwd4.pdf?e=1627329508&h=72d8b230eb8187755bb178bfbe847db6. Accessed 9 June 2021. [5] Placidi, Greg. “Private REITs: a solid capital growth investment.” RENX.ca, https://renx.ca/private-reits-solid-capital-growth-investment/. Accessed 09 June 2021. [6] Kozlowski, Rob. “Canadian pension plans boost allocations to alts – survey.” PIOnline.com, https://www.pionline.com/pension-funds/canadian-pension-plans-boost-allocations-alts-survey. Accessed 20 July 2021. Skyline Wealth is the exclusive investment dealer for five private alternative investment funds, each with historically stable performance since inception: Skyline Apartment REIT, Skyline Commercial REIT, Skyline Retail REIT, Skyline Clean Energy Fund and SkyDev Bayshore Owen Sound LP. Exempt Market Dealer registered in the provinces of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Québec, The Territory of Nunavut, and Saskatchewan. The information provided herein is for general information purposes only and does not constitute an offer of securities. Sales of interests in any investments offered by Skyline Wealth are only made to certain eligible investors pursuant to regulatory requirements and available exemptions. Any information provided herein is current as at the date of publication and Skyline Wealth does not undertake to advise the reader of any changes. Commissions, trailing commissions, management fees and expenses all may be associated with investments in exempt market products. Please read the confidential offering documents before investing. There is no active market through which the securities may be sold, and redemption requests may be subject to monthly redemption limits. Exempt market products are not guaranteed, their values change frequently, and past performance may not be repeated. Nothing in this email should be construed as investment, legal, tax, regulatory or accounting advice. Prospective investors must make an independent assessment of such matters in consultation with their own professional advisors. Some of the investment products offered by Skyline Wealth are from related issuers. A full list of issuers related to Skyline Wealth and details of the relationship between them is available upon request.