6th Annual MeetingJune 1st, 2017

GreensKeeper Asset Management Inc. is the investment manager to the GreensKeeperValue Fund (the “Value Fund”). Important information about the Value Fund, includingits investment objective and strategies, applicable management fees, performance fees,and expenses is contained in its offering memorandum. The offering of units of theValue Fund is made pursuant to offering memorandum and only to those investors injurisdictions of Canada who meet certain eligibility or minimum purchase requirements.Please read the offering memorandum carefully before investing. Commissions, trailingcommissions, management fees, performance fees, other charges and expenses all maybe associated with investing in the Value Fund. Investment funds are not guaranteed,their values change frequently and past performance may not be repeated. Thiscommunication does not constitute an offer to sell or solicitation to purchase securitiesof the Value Fund. The information contained herein does not constitute an offer orsolicitation by anyone in the United States or in any other jurisdiction in which such anoffer or solicitation is not authorized or to any person to whom it is unlawful to makesuch an offer or solicitation. Prospective investors who are not resident in Canadashould contact their financial advisor to determine whether securities of the Value Fundmay be lawfully sold in their jurisdiction.

LEGAL DISCLAIMER

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GreensKeeper Overview

2016 Results / Portfolio Review

Moats

Q&A

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AGENDA

GREENSKEEPER OVERVIEW

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Focused on compounding growth and the preservation of our client’s capital

The right temperament –disciplined, patient investing style

Trusted – assets under management have grown steadily

Pay-for-performance approach to fees

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VALUE INVESTING AT GREENSKEEPER

Our long-term objective at GreensKeeper is simple:

To make money for our clients while prudently managing risk

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TRACK RECORD

All returns are as at April 30, 2017. GreensKeeper Asset Management Inc. (GKAM) assumed the investment management responsibilities of the Value Fundon January 17, 2014. Prior to that date, the Value Fund was managed by Lightwater Partners Ltd. while Mr. McCloskey was employed by that firm. Thisdocument is intended for informational purposes and should not be construed as an offering or the solicitation of an offer to purchase an interest in theGreensKeeper Value Fund or any other GreensKeeper Funds (collectively, the "Funds"). Any such offer or solicitation will be made to qualified investors onlyby means of an offering memorandum and only in those jurisdictions where permitted by law. GKAM is registered in Ontario, Canada under the categoriesof Portfolio Manager, Investment Fund Manager, and Exempt Market Dealer. An investment in the GreensKeeper Value Fund is speculative and involves ahigh degree of risk. Opportunities for withdrawal, redemption and transferability of interests are restricted, so investors may not have access to capitalwhen it is needed. There is no secondary market for the interests and none is expected to develop. Investments should be evaluated relative to anindividual’s investment objectives. The information contained in this document is not, and should not be construed as, legal, accounting, investment or taxadvice. You should not act or rely on the information contained in this document without seeking the advice of an appropriate professional advisor. Pleaseread the Fund offering memorandum before investing.

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TRACK RECORD

All returns are as at April 30, 2017. GreensKeeper Asset Management Inc. (GKAM) assumed the investment management responsibilities of the Value Fund on January 17, 2014.Prior to that date, the Value Fund was managed by Lightwater Partners Ltd. while Mr. McCloskey was employed by that firm. This document is intended for informationalpurposes and should not be construed as an offering or the solicitation of an offer to purchase an interest in the GreensKeeper Value Fund or any other GreensKeeper Funds(collectively, the "Funds"). Any such offer or solicitation will be made to qualified investors only by means of an offering memorandum and only in those jurisdictions wherepermitted by law. GKAM is registered in Ontario, Canada under the categories of Portfolio Manager, Investment Fund Manager, and Exempt Market Dealer. An investment inthe GreensKeeper Value Fund is speculative and involves a high degree of risk. Opportunities for withdrawal, redemption and transferability of interests are restricted, soinvestors may not have access to capital when it is needed. There is no secondary market for the interests and none is expected to develop. Investments should be evaluatedrelative to an individual’s investment objectives. The information contained in this document is not, and should not be construed as, legal, accounting, investment or tax advice.You should not act or rely on the information contained in this document without seeking the advice of an appropriate professional advisor. Please read the Fund offeringmemorandum before investing.

Compound Returns(1)(2) 1 MO YTD 1 YR 3 YR 5 YR Inception

Value Fund 2.0% 5.1% 13.9% 7.1% 10.5% 9.9%

Annualized

Founder had two prior careers: successful Lawyer and Investment Banker

Third-party investment options unappealing

Started managing his own money

Passion for selecting stocks led Michael to create GreensKeeper for like-minded investors

70% of personal net worth and 100% of investible assets invested alongside our clients

THE GREENSKEEPER STORY

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Michael McCloskeyFounder, President &

Chief Investment OfficerB.Sc., JD, MBA, CIM, AR

• Founded GreensKeeper (2010)

• Former Partner & Investment Banker with Cormark Securities (2002-2010)

• Former Partner & Lawyer (M&A, Corporate Finance) at Aird & Berlis LLP (1995-2002)

PORTFOLIO MANAGER

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EDUCATION - PROFESSIONAL DESIGNATIONS:Advising Representative, 2014Associate Advising Representative, 2011Canadian Investment Manager, 2009Admitted to the Ontario Bar, 1997J.D., Osgoode Hall Law School, 1995M.B.A. (Honours), Schulich School of Business, York University, 1995B.Sc. (Honours), Mathematics, University of Western Ontario, 1991

Inspiration for naming our firm “GreensKeeper” came from an excellent description of value investing:

ABOUT OUR NAME

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“Value stocks are about as exciting as watching grass grow. But have you ever noticed just how much your grass grows in a week?”

Christopher BrowneTweedy, Browne Company LLC

The capitalized “K” also serves as a constant reminder that we are stewards (Keepers) of our clients’ money (Greens).

INVESTMENT PROCESS

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SELECT “GREAT” BUSINESSESEasy to understandAttractive underlying economicsDurable competitive advantages

SOLID MANAGEMENTShareholder-friendly management History of sound capital allocationLong-term track record of success

MARGIN OF SAFETYWait for our opportunityBuy stocks that are undervalued

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INVESTMENT CRITERIA

PATIENCEBuy stocks opportunisticallyLong holding periods (compounding & reduced transaction fees)

MINIMIZE RISKDisciplined commitment to protect against permanent loss of capitalWe avoid the use of leverage and aren’t forced to sell in tough markets

OUR BEST IDEASWe manage a portfolio of our best ideas (~20 stocks)

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INVESTMENT STYLE

OUR OFFERING

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THE GREENSKEEPER VALUE FUND

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MINIMUM INITIALINVESTMENT

$50,000 for Accredited Investors

ELIGIBLE FORREGISTERED PLANS

RRSPs, TFSAs, RESPs, etc.

INCEPTION DATE November 1, 2011

TYPE OF FUNDLong equity, Long-term capital appreciation

VALUATIONS Monthly

REDEMPTIONSMonthly on 30 days’ notice

MANAGEMENTEXPENSE RATIO(MER)

1.8% (A series) 1.3% (F series) <1.8% (G series)

PERFORMANCE FEE20% over 6% annual hurdle (net of fees and expenses)

SERVICE PROVIDERS:

INVESTMENTMANAGER

PRIME BROKERANDCUSTODIAN

AUDITOR

Monthly performance updates and commentary

Monthly account statements from our broker (NBCN Inc. - a subsidiary of National Bank)

Quarterly newsletter (the Scorecard)

Semi-annual financial statements – includes all Value Fund holdings

Annual audited (KPMG) financial statements – includes all Value Fund holdings

Annual Report from GreensKeeper

REPORTING TO CLIENTS

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2016 RESULTS / PORTFOLIO REVIEW

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Portfolio Snapshot (as at Dec. 31, 2016)

Sector

Financial Services 25.2%

Healthcare 14.6%

Insurance 13.3%

Technology 10.2%

Consumer 9.7%

Communication & Media 9.6%

Cash & Equivalents 9.4%

Energy 8.0%

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2016 CONTRIBUTORS

GreensKeeper estimates. Ignores currency effects.

2016 Return: +7.5% (net of fees and expenses)

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2016 LAGGARDS

GreensKeeper estimates. Ignores currency effects.

2016 Return: +7.5% (net of fees and expenses)

MOATS

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A company’s competitive advantage

Capitalism ensures high profits attract competition

Almost always drives high returns downward

Certain companies are resilient due to presence of a moat

WHAT IS A MOAT?

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GREAT BUSINESS

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$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

Earnings per Share

NOT SO GREAT BUSINESS

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-$10.00

-$5.00

$0.00

$5.00

$10.00

$15.00

$20.00

Earnings per Share

INDUSTRY ROICS

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Source: Michael Porter; Barel Karsan

INTANGIBLE ASSETS(Patents, Brands, Licenses)

MOAT SOURCE #1:

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MOAT SOURCE #2:

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SWITCHING COSTS

MOAT SOURCE #3:

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SCALE/COST ADVANTAGES

MOAT SOURCE #4:

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NETWORK EFFECTS

MULTIPLE MOATS:

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Company/Industry

Moat Sources

Intangible Assets Switching Costs Scale / Cost Advantages

Network Effects

Credit Card Networks

MULTIPLE MOATS:

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Company/Industry

Moat Sources

Intangible Assets Switching Costs Scale / Cost Advantages

Network Effects

Enterprise Productivity Software

Predictable earnings

Businesses usually have pricing power

High returns on capital = lots of Free Cash Flow

Growing earnings and dividends

Compounding (8th Wonder of the World)

WHY MOATS MATTER

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This is where we prefer to invest!

QUESTIONS?

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