FORWARD LOOKING INFORMATION

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2 FORWARD LOOKING INFORMATION This presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws, and are subject to risks and uncertainties that could cause actual results to differ. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by Cervus, including expectations and assumptions concerning the results of its due diligence review of the businesses proposed to be acquired by Cervus and the ability to the various approvals required. Additional detail about the material factors and/or assumptions employed to arrive at forward-looking information, as well as the material risk factors that may affect actual results, are contained in the MD&A section of our most recent quarterly filing which is available on the SEDAR website at Although Cervus believes that the expectations and assumptions on which such forward-looking statements and information are reasonable, undue reliance should not be placed on the forward looking statements and information as Cervus can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Cervus undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. The Presentation is intended for educational and informational purposes only and do not replace independent professional judgment. Statements of fact and opinions expressed are those of the participants individually. The reader should consult with a lawyer, accountant and other professionals in respect of contents hereof. 2

3 LEADING EQUIPMENT DEALERSHIP INTEGRATOR AGRICULTURE History of successful integration and operations Stable cash flow Opportunistic growth: acquisitions, service efficiency, parts & service (P&S) TRANSPORTATION Diversification: different product line, same business model Profitability plan: operational efficiency, market share growth, P&S 3

4 CUSTOMER BASE IS CONSOLIDATING Larger farms, larger fleets need larger dealers Growth by acquisition Succession, consolidation trends Organic growth Economies of scale, service optimization Backed by strong, leading OEMs Multiple barriers to entry 4

5 PROFITABILITY VIA SCALE AND DIVERSITY A G R I C U L T U R A L I N D U S T R I A L T R A N S P O R T A T I O N DEALERSHIPS DEALERSHIPS DEALERSHIPS DEALERSHIPS 5

6 SEGMENTED OPERATIONAL RESULTS % GROSS SALES BY SEGMENT (Q TTM) Q TTM 6

7 AGRICULTURE MARKET DYNAMICS Increasing scale of operations Installed base requires regular repair and maintenance More favorable dynamics in Canada Factors: weather, FX, commodity prices, farm income, input costs $B Net Farm Income U.S. Canada Stats Canada, USDA Economic Research Service, updated October 2018; 2018 Canadian Agricultural Outlook $M 7

8 AGRICULTURE OUTLOOK Indicators Average crop yield, quality impacted by wet Fall Forecast average 2018 net farm worth: $3.2M Farm balance sheet strength allows for equipment upgrades, while foreign exchange rates and new pricing may make used equipment more appealing Growth Potential Service efficiency Parts & service sales growth 8

9 TRANSPORTATION MARKET DYNAMICS Equipment population growth Installed base requires regular repair and maintenance Factors: SK: cyclical, tracks oil & gas ON: manufacturing, import/export, FX PACCAR: Class 8 Truck Units Sold (000s) PACCAR, updated March

10 TRANSPORTATION OUTLOOK Parts & service High aftermarket volume 2018: 34% increase in ON service bays since acquisition Targets Service efficiency and growth Market share growth Profitability plan: cost reduction Q TTM Revenue Aftermarket Equipment 10

11 FOCUSING ON OPERATIONS Product support solutions after sales Parts, service, rental, training, precision agriculture Consistent processes and systems Performance delivery Market share > OEM average Inventory turnover > 3x Product support absorption > 100% Workforce efficiency: total billable ratio 72% ROIC 15% 11

12 READY FOR THE RIGHT OPPORTUNITY Acquisitions strategy Good fit with existing operations Higher value, streamlined operations with proven track record Lower value, fixer-uppers with opportunities to add value Effective integration Service playbook - apply from day one Consistent process and systems integration Leadership readiness 12

13 INVESTMENT HIGHLIGHTS 10-15% annualized growth rate target Agriculture: stable cash flow, positive outlook ON Transportation: profitability plan Western Canada: upside potential with improving resource prices Strengthened balance sheet Long Term Debt/Total Capitalization of 18.7% at September 30, 2018 Sustainable dividend 13

14 ANNUAL FINANCIAL RESULTS $millions (except per share amounts) FY 2014 FY 2013 Revenue Gross profit Gross margin 19.1% 19.0% Profit Net EPS (fully diluted) Revenue ($millions) EBITDA* EBITDA 200 margin* 5.2% 6.0% 0 Total assets Q TTM Long-term liabilities Total liabilities Gross Profit ($millions) Q3 TTM 14

15 ANNUAL FINANCIAL RESULTS $millions (except per share amounts) FY 2014 FY 2013 $millions (except per share amounts) FY 2017 FY 2016 Revenue Income attributable to shareholders Gross profit Adjusted income Gross margin 19.1% 19.0% EPS (diluted) Profit Adjusted EPS (diluted) 2, Net EPS (fully diluted) Total assets EBITDA* Long-term liabilities EBITDA margin* % 6.0% Total liabilities Total assets Long-term liabilities The Company calculates adjusted earnings as income attributed to shareholders adjusted to exclude the impact of: settlements with the Canada Revenue Agency, unrealized foreign currency gains and losses, acquisition and integration costs, and gains and losses on the sale of real estate; 2 Adjusted basic earnings per share is calculated as adjusted earnings divided by the Total liabilities weighted average shares outstanding during the period; 3 These financial measures are identified and defined within our year end Management s Discussion and Analysis under the section Non- IFRS Financial Measures EBITDA ($millions)

16 TSX:CERV Key Financial Information (as at December 31, 2018) $millions (except per share amounts) FY 2014 FY 2013 Share price $12.75 Shares outstanding Revenue Market capitalization 15.7 million $200 million Gross profit Quarterly dividend (Increased to $0.10 for Q1 2018) $0.10 Gross margin 19.1% 19.0% Yield 3.14% Profit Institutional ownership 18.5 ~41% 23.3 Insider ownership ~26% Net EPS (fully diluted) Key Financial Ratios (for the year ended December 31, 2017) EBITDA* Net debt 1,2 /EBITDA 0.96 EBITDA margin* 5.2% 6.0% Long term debt 1 /total capitalization 0.23 Total assets Payout ratio Long-term liabilities ROE 3 8.4% Total liabilities Long term debt (long term debt, finance lease obligations, liabilities associated with assets held for sale and debenture payable); 2 Net debt is Long term debt less cash and cash equivalents; 3 Adjusted earnings were used to calculate these ratios, please see the 2017 Annual Report for Non-IFRS Financial Measures disclaimer 16

17 LEADERSHIP Management Team Graham Drake Adam Lowther Cal Johnson Fred Hnatiw Stella Cosby Board of Directors Peter Lacey Don Bell Larry Benke Steven M. Collicutt Angela Lekatsas Dan Sobic President, CEO and Director CFO VP Operations, Agriculture Canada VP Operations, Transportation and Industrial VP People Chair of the Board; Former President and CEO WestJet Airlines Co-Founder Former President and CEO of Colt Companies President and CEO of Collicutt Energy Services Vice President, Merger Integration of Nutrien Ltd. Former Executive Vice-President of PACCAR Inc. 17