Investor Day Transcript 2016

November 11, 2016

We thought you might be interested in the transcript from our 5th Annual Investor Meeting held on October 19th at the Toronto Reference Library. 5th Annual Investor Meeting transcript Please find an overview of the contents below. State of the Union by Darcy Morris – page 2 This past September, we marked five years of investment operations at Ewing Morris. When we started, we had about $3.5 million in capital and a little more than a good story to tell about how we would protect and grow that capital. In fact, we hardly had enough money for furniture. John Ewing was sitting on a lawn chair in the early days. While our furniture has improved, our guiding principles remain the same. Today, my message to our group is that when you invest with Ewing Morris, your money is in safe hands. The Wonderfully Inefficient High Yield Market by Randy Steuart – page 7 There are not many places in the capital markets that you can say have become less efficient, but the high yield market is one of them. The high yield market is larger than $2 trillion in size, has provided good downside protection and has returned an average of more than 8% over the past 30 years. Despite its growing popularity, it is becoming less efficient over time. We Do Not Own “the Market” by John Ewing – page 14 I was not always the strapping young man that stands before you. In my first high school tournament I competed at the 97 pound weight class and I was not all that shorter than I am today. The result was that I came home with the gold medal. I would love to tell you that I dominated the field but, in reality, I was the only person that showed up; I received the gold medal by default. We have a saying around the office that, if you want to be the smartest person in the room, it helps to go find an empty room. We are trying to do the same thing with markets: go find an empty market where competition is less and the opportunities are greater. Q&A – page 20

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