GreensKeeper hosted our 5th Annual General Meeting at the Mississauga Golf and Country Club on June 9th, 2016. We presented our philosophy, our results, and some select stock picks, to a record number of attendees. Net of all fees and expenses, we have compounded our clients' capital at a rate of 11.2%, over the past four years.

1. 5th Annual Meeting
June 9th, 2016

2. GreensKeeper Asset Management Inc. is the investment manager to the GreensKeeper Value
Fund (the “Value Fund”). Important information about the Value Fund, including its
investment objective and strategies, applicable management fees, performance fees, and
expenses is contained in its offering memorandum. The offering of units of the Value Fund is
made pursuant to offering memorandum and only to those investors in jurisdictions of
Canada who meet certain eligibility or minimum purchase requirements. Please read the
offering memorandum carefully before investing. Commissions, trailing commissions,
management fees, performance fees, other charges and expenses all may be associated with
investing in the Value Fund. Investment funds are not guaranteed, their values change
frequently and past performance may not be repeated. This communication does not
constitute an offer to sell or solicitation to purchase securities of the Value Fund. The
information contained herein does not constitute an offer or solicitation by anyone in the
United States or in any other jurisdiction in which such an offer or solicitation is not
authorized or to any person to whom it is unlawful to make such an offer or solicitation.
Prospective investors who are not resident in Canada should contact their financial advisor to
determinewhether securities of the Value Fund maybe lawfully sold in their jurisdiction.
LEGAL DISCLAIMER
2

3. OUR COMPANY
3

4. FOCUSED ON COMPOUNDINGGROWTH AND THE
PRESERVATIONOF OUR CLIENT’S CAPITAL
THE RIGHT TEMPERAMENT – DISCIPLINED,PATIENT
INVESTING STYLE
TRUSTED – ASSETS UNDER MANAGEMENT HAVE
GROWN STEADILY
SUPERIOR CLIENT LOYALTY
PAY-FOR-PERFORMANCEAPPROACH TO FEES
4
VALUE INVESTING AT GREENSKEEPER

5. FOUNDER HAD TWO PRIOR CAREERS: SUCCESSFUL LAWYER AND INVESTMENT BANKER
THIRD-PARTY INVESTMENT OPTIONS UNAPPEALING
STARTED MANAGINGHIS OWN MONEY
SKILL FOR SELECTING STOCKS LED MICHAEL TO CREATE GREENSKEEPER
70% OF PERSONAL NET WORTH AND 100% OF INVESTIBLE ASSETS INVESTED ALONGSIDE
OUR CLIENTS
THE GREENSKEEPER STORY
5

6. FOUNDER AND PRESIDENT,
PORTFOLIO MANAGER
FORMER PARTNER & INVESTMENT BANKER WITH
CORMARK SECURITIES
FORMER PARTNER & LAWYER AT AIRD & BERLIS
(M&A, CORPORATE FINANCE)
MI CHAEL MCCLOSKEY
B.SC., JD, MBA, CIM, AR
VICE PRESIDENT, SALES & MARKETING,
ASSOCIATE PORTFOLIO MANAGER
KRISTINE BEESE
B.SC., P.ENG, MBA, AAR
FORMER DIRECTOR OF MAJLIS INVESTMENT PARTNERS
FORMER RBC CAPITAL MARKETS ASSOC.
EQUITY ANALYST
FORMER NATIONAL LEVEL FIGURE SKATER
LEADERSHIP TEAM
6

7. OUR LONG-TERM OBJECTIVE AT GREENSKEEPER
IS QUITE SIMPLE:
TO MAKE MONEY FOR OUR CLIENTS
7

8. 8
TRACK RECORD
11.2%
FOUR-YEAR COMPOUND
ANNUAL GROWTH RATE,
NET OF FEES AND EXPENSES
1.Returns areasatMay.31st,2016.
2.GreensKeeper assumed theinvestmentmanagementresponsibilitiesof the
ValueFund on January 17,2014.Prior to thatdate,theValueFundwasmanaged
by Lightwater PartnersLtd.whileMr.McCloskey wasemployed by thatfirm.

9. INVESTMENT PROCESS
9

10. “THE SECRET OF FINDING INVESTMENT IDEAS
CAN BE SUMMARIZED IN ONE WORD: READ”
-- GeorgeB. Clairmont, Kiril Sokoloff,
Street Smart Investing:A Price and Value Approach to StockMarketProfits
10

11. GREAT IDEAS ALSO COME FROM STUDYING
OTHER GREAT INVESTORS
11

12. SELECT “GREAT” BUSINESSES
EASY TO UNDERSTAND
ATTRACTIVE UNDERLYING ECONOMICS
DURABLE COMPETITIVE ADVANTAGES
SOLID MANAGEMENT
SHAREHOLDER-FRIENDLY MANAGEMENT
HISTORY OF SOUND CAPITAL ALLOCATION
LONG-TERM TRACK RECORD OF SUCCESS
MARGIN OF SAFETY
WAIT FOR OUR OPPORTUNITY
BUY STOCKS THAT ARE UNDERVALUED
12
INVESTMENT CRITERIA

13. PATIENCE
BUY STOCKS OPPORTUNISTICALLY
LONG HOLDING PERIODS (COMPOUNDING & REDUCED
TRANSACTION FEES)
MINIMIZE RISK
DISCIPLINED COMMITMENT TO PROTECT AGAINST PERMANENT
LOSS OF CAPITAL
WE AVOID THE USE OF LEVERAGE AND AREN’T FORCED TO SELL IN
TOUGH MARKETS
OUR BEST IDEAS
WE MANAGE A PORTFOLIO OF OUR BEST IDEAS (~16 STOCKS)
13
INVESTMENT STYLE

14. TOP-DOWN SECTOR ANALYSIS +BOTTOM-UP
FUNDAMENTAL ANALYSIS
DETERMINE WHAT A STOCK IS WORTH
(INTRINSIC VALUE)
BUY WHEN PURCHASE PRICE < INTRINSIC VALUE
DEMAND LARGE MARGIN OF SAFETY
(WE WAIT FOR THE FAT PITCH)
GREAT COMPANIES RARELY STUMBLE,
PATIENCE IS ESSENTIAL
14
MARGIN OF SAFETY

15. VALUATION AND RISK
15
“AT BOTTOM, THE RISKIEST THING IS OVERPAYINGFOR AN ASSET (REGARDLESS OF ITS
QUALITY), AND THE BEST WAY TO REDUCE RISK IS TO PAY A PRICE THAT IS IRRATIONALLY LOW.”
-- Howard Marks, Oaktree Capital Management
PRICE AND RISK ARE INTERTWINED
AS A STOCK PRICE INCREASES,SO DOES THE RISKINESS OF THE INVESTMENT
EVEN GREAT BUSINESSES CAN BE RISKY IF YOU OVERPAY

16. “MR. MARKET IS THERE TO SERVE
YOU, NOT TO GUIDE YOU”
WE TAKE ADVANTAGE OF MR. MARKET
16
-- Benjamin Graham
The Intelligent Investor

17. OUR OFFERING
17

18. THE GREENSKEEPER VALUE FUND
18
MINIMUM INITIAL
INVESTMENT
$150,000
($50,000 FOR ACCREDITED
INVESTORS)
ELIGIBLE FOR
REGISTERED PLANS
RRSPS, TFSAS, RESPS,
ETC.
LAUNCH DATE NOVEMBER 1, 2011
TYPE OF FUND LONG EQUITY
VALUATIONS MONTHLY
REDEMPTIONS
MONTHLY ON 30 DAYS’
NOTICE
MANAGEMENT FEE 1.5% ANNUAL (A SERIES)
PERFORMANCE FEE
20% OVER 6% ANNUAL
HURDLE (NET OF FEES AND
EXPENSES)
SERVICE PROVIDERS:
INVESTMENT
MANAGER
PRIME BROKER AND
CUSTODIAN
AUDITOR

19. GREENSKEEPER MANAGED ACCOUNTS
19
MINIMUM INITIAL
INVESTMENT
$1,000,000
ELIGIBLE FOR
REGISTERED PLANS
RRSPS, TFSAS, RESPS, ETC.
MANAGEMENT STYLE
PORTFOLIOS MANAGED
SIMILARLY TO THE VALUE
FUND
SERVICE PROVIDERS:
INVESTMENT
MANAGER
PRIME BROKER AND
CUSTODIAN

20. MONTHLY PERFORMANCE UPDATESAND 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
20

21. SELECTED INVESTMENTS
21

22. LEADING CANADIAN MEDIA CONTENT COMPANY
45 SPECIALTY CHANNELS (“NETWORKS”)
CONVENTIONAL BROADCASTINGNETWORK
(GLOBAL TV)
39 RADIO STATIONS ACROSSCANADA
ANIMATION CONTENT STUDIO (NELVANA)
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
TSX:CJR.B
Share Price Volume
GreensKeeper
started buying
22
CORUS ENTERTAINMENT (TSX:CJR.B)

23. 7 OF THE TOP
SPECIALTY CHANNELS
TOP 6 SPECIALTY
CHANNELS AMONG
WOMEN
6 OF THE TOP 10 KIDS
CHANNELS
RANK STATION RANK STATION RANK STATION
1 1 1
3 2 2
4 3 4
6 4 6
7 5 8
8 6 9
10
* Disney Jr. and Disney XD
launched December 1, 2015
MOAT SOURCE: BRANDS (EXCLUSIVE CONTENT),
SCALE & REGULATION
23

24. HEAVILY REGULATED BY FEDERAL TELECOM
REGULATOR (CRTC)
CANADIANS MUST HAVE VOTING CONTROL
OVER BROADCASTINGASSETS
CANADIAN CONTENT REQUIREMENTS
KEY SUCCESS FACTORS
SCALE
“MUST HAVE” CONTENT Source: Company presentation
MOAT SOURCE: BRANDS (EXCLUSIVE CONTENT),
SCALE & REGULATION
24

25. Source: S&P CapitalIQ
Comparables
Sales
Company Price Mkt Cap TEV
LTM
EBITDA
LTM
FCF EV/ EBITDA P/E P/FCF Leverage Yield
United States
Comcast Corporation $54.21 $132,593 $179,773 $24,540 $10,370 7.3x 16.9x 12.8x 1.9x 1.8%
The Walt Disney Company $95.29 $156,432 $173,629 $15,643 $6,644 11.1x 19.6x 23.5x 0.8x 1.5%
Time Warner Inc. $69.75 $55,764 $76,946 $8,020 $3,590 9.6x 15.4x 15.5x 2.6x 2.0%
Liberty Global plc $33.84 $27,927 $74,861 $8,271 $3,212 9.1x nmf 8.7x 5.7x 0.0%
Tw enty-First Century Fox, Inc. $26.00 $51,201 $65,972 $6,131 $2,485 10.8x 19.4x 20.6x 2.1x 0.0%
CBS Corporation $46.29 $21,827 $30,493 $3,073 $1,412 9.9x 15.5x 15.5x 2.8x 1.3%
Viacom, Inc. $42.03 $16,781 $28,740 $4,118 $2,171 7.0x 8.5x 7.7x 2.8x 3.7%
Discovery Communications, Inc. $26.25 $15,375 $22,267 $2,484 $966 9.0x 12.6x 15.9x 2.7x 0.0%
Omnicom Group Inc. $69.88 $16,929 $20,734 $2,229 $1,664 9.3x 17.0x 10.2x 1.4x 2.8%
Liberty Interactive Corporation $24.71 $15,790 $20,289 $1,744 $1,050 11.6x 22.1x 15.0x 2.5x 0.0%
Scripps Netw orks Interactive, Inc. $58.61 $7,535 $11,816 $1,278 $812 9.2x 14.3x 9.3x 3.1x 1.6%
Starz $29.18 $3,012 $4,155 $512 $173 8.1x 10.9x 17.4x 2.2x 0.0%
AMC Entertainment Holdings, Inc. $20.09 $1,953 $3,716 $462 $85 8.0x 19.6x 23.1x 3.8x 4.0%
Mean 9.2x 16.0x 15.0x 2.7x 1.4%
Median 9.2x 16.2x 15.5x 2.6x 1.5%
Canada
BCE Inc. $55.16 $47,736 $72,284 $7,891 $2,547 9.2x 18.0x 18.7x 2.6x 4.7%
Rogers Communications Inc. $49.74 $25,570 $42,749 $4,927 $1,424 8.7x 22.2x 18.0x 3.5x 3.9%
Shaw Communications, Inc. $23.58 $11,448 $17,387 $2,276 $561 7.6x 15.9x 20.4x 2.4x 4.9%
Quebecor Inc. $35.28 $4,336 $11,070 $1,352 $226 8.2x 19.4x 19.2x 4.7x 0.4%
Mean 8.4x 18.9x 19.1x 3.3x 3.5%
Median 8.4x 18.7x 18.9x 3.0x 4.3%
Corus Entertainment Inc. $9.77 $856 $1,611 $246 $151 6.6x 7.8x 5.7x 2.6x 11.7%
Corus Entertainment Inc. - Pro Forma* $9.77 $1,884 $4,424 $603 $296 7.4x 6.4x 4.0x 11.7%
* GreensKeeper estimates
Valuation
VALUATION: CHEAPEST MEDIA STOCK IN NORTH
AMERICA AT THE TIME!
25

26. REGULATORY CHANGES BY CRTC
SKINNY BUNDLE MANDATED MARCH 2016
FULL “PICK AND PAY” DECEMBER 2016
SEVERAL QUARTERS OF MISSED GUIDANCE
RATINGS DECLINE IN CERTAIN CORUS RADIO & TV ASSETS
POOR EXECUTION
Q1 RESULTS RELEASED IN JANUARY 2016 BEAT EXPECTATION
NEWS OVERSHADOWED BY HUGE ACQUISITION (SHAW MEDIA)
WHY SO CHEAP?
26

27. HISTORY OF STRONG/STABLE MARGINSAND FREE CASH FLOW (FCF) GENERATION
THE SKY IS NOT FALLING – CONTENT IS STILL KING!
AT TIME OF PURCHASE:
 PAID 5.7X FCF
 RECEIVED 11.5% DIVIDEND YIELD (PAID MONTHLY)
TO DATE, OUR INVESTMENT IS WORKING OUT SATISFACTORILY
AVERAGE COST (ACB) $9.90
DIVIDENDS RECEIVED TO DATE $0.48
CURRENT SHARE PRICE $13.26
RETURN TO DATE +38.8%
RETURN (ANNUALIZED) +93.3%
INVESTMENT SUMMARY
27

28. LARGEST PHARMACY BENEFITS MANAGER
(PBM) IN NORTH AMERICA
INDUSTRY OLIGOPOLY AS SCALE NEEDED TO
SUCCEED
HUGE FREE CASH FLOW (FCF) GENERATION
EXPRESS SCRIPTS HOLDING COMPANY
(NASDAQ: ESRX)
28
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
$50.00
$55.00
$60.00
$65.00
$70.00
$75.00
$80.00
$85.00
$90.00
$95.00
$100.00
Nasdaq: ESRX
Share Price Volume
GreensKeeper
purchases

29. OBSCURE INDUSTRY BUT BIG BUSINESS ($48 BILLION MARKET CAP)
EXPRESS SCRIPTS
29

30. PROCESS PHARMACY CLAIMS FOR THEIR “PAYER” CLIENTS
HEALTH COST INFLATION CREATES A DEMAND FOR THEIR SERVICES
USE THEIR SCALE TO NEGOTIATE FAVOURABLE RATES WITH VARIOUS PARTIES IN THE
DRUG SUPPLY CHAIN
MAKE A MARGIN OF ABOUT $5.50 PER SCRIPT
PROCESS 1.4 BILLION SCRIPTS PER YEAR (3.8 MILLION PER DAY)
CLIENT CONTRACT RENEWAL RATES > 96% (A GREAT BUSINESS!)
MOAT SOURCE(S): SCALE, SWITCHING COSTS
30

31. FREE CASH FLOW INCREASING,SHARE COUNT DECREASING ….
400
450
500
550
600
650
700
750
800
850
900
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2011 2012 2013 2014 2015 2016
million
$million
TTM FCF Weighted Avg. Diluted Shares Out.
SHAREHOLDER FRIENDLY MANAGEMENT
31

32. … RESULTS IN INCREASING CASH EARNINGS PER SHARE
OUR COST BASE IS US$69.47 PER SHARE (OR 9.4X TTM FCF)
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2011 2012 2013 2014 2015 2016
TTM FCF/Share
INCREASING CASH EARNINGS
32

33. Why So Cheap?
INTEGRATION ISSUES RELATED TO LARGE ACQUISITION (MEDCO) IN 2013-2014
RECENT CONTRACT DISPUTE WITH LARGEST CLIENT – ANTHEM (~14% OF REVENUE)
RHETORIC ABOUT HIGH US DRUG PRICES DUE TO US ELECTION CYCLE
COMPLEXITY:
ACCOUNTING ISN’T STRAIGHTFORWARD
NON-CASH AMORTIZATION LOWERS STATED EARNINGS-PER-SHARE
DRUG PRICING IS VERY OPAQUE
WHY SO CHEAP?
33

34. InvestmentSummary
MANAGEMENT GUIDES TO 10%-20%ANNUAL EPS GROWTH OVER THE LONG TERM
VERY GOOD HISTORICAL TRACK RECORD OF DELIVERING RESULTS
WE PAID LESS THAN 10X CASH FLOW FOR A VERY HIGH QUALITY BUSINESS.
TO DATE, OUR INVESTMENT RETURNS HAVE BEEN MODEST (STAY TUNED)
AVERAGE COST (ACB) $69.47
DIVIDENDS RECEIVED TO DATE $0.00
CURRENT SHARE PRICE $76.86
RETURN TO DATE 10.6%
RETURN (ANNUALIZED) 5.8%
INVESTMENT SUMMARY
34

35. QUESTIONS?
35
2020 WINSTON PARK DRIVE, SUITE 100
OAKVILLE, ON, L6H6X7
WWW.GREENSKEEPER.CA
MICHAEL@GREENSKEEPER.CA
(905)287-5596(DIRECT)
(647)990-5480(MOBILE)
KRISTINE@GREENSKEEPER.CA
(647)784-6258(MOBILE)

36. HOLDING CASH
36
“IT TAKES CHARACTER TO SIT THERE WITH ALL THAT CASH AND DO
NOTHING. I DIDN'T GET TO WHERE I AM BY GOING AFTER MEDIOCRE
OPPORTUNITIES.”
“TO ASSUME THE INVESTMENT OPPORTUNITY SETS THAT ARE AVAILABLE
TO YOU TODAY ARE AS GOOD (OR BETTER) THAN THOSE THAT WILL
PRESENT THEMSELVES NEXT WEEK, NEXT MONTH, NEXT QUARTER IS NAIVE
AND YOU NEED TO HAVE CASH TO TAKE ADVANTAGE OF THOSE NEW
INVESTMENT OPPORTUNITY SETS.” --Seth Klarman
Baupost Group
--CharlieMunger
BerkshireHathaway