September 2015

Goodwood FundsWorld Alternative Investment Summit Canada

Confidential not for distribution

GOODWOOD INC.

Curt CummingPresident

416-203-2522cscumming@goodwoodfunds.comwww.goodwoodfunds.com

Goodwood Fund – 19-Year Performance History

Goodwood Capital Fund – 16-Year Performance

Goodwood Milford Fund – 9-Year Performance

Goodwood SPValue Fund – new Activist Fund offering

Goodwood FundsWorld Alternative Investment Summit Canada

Confidential not for distribution

GOODWOOD INC.

Goodwood’s Investment Philosophy

Goodwood approaches each targeted investment strategy with a “private equity” approach - company specific, bottom-up analysis that leverages our core strengths and maximizes long-term success

• Opportunistic

• Value-Oriented

• Company Specific

• Concentrated Positions

• Event-Driven

• Long-Term Strategy

• Non-Correlation

• Alignment

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1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Proven Long-Term Performance for 19 Years

The Goodwood Fund has delivered an attractive return to investors relative to other Canadian stock indices for 19 years

$592,979

$379,210

• Long-term cumulative outperformance of S&P/TSX Composite Total Return Index (the “Index”) by ~214% since inception

• Goodwood Fund has outperformed the Index 61% of full calendar years since inception

• Goodwood Fund has delivered diversified risk to investors with only a 0.54 correlation to the Index since inception

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Growth of $100,000 Invested in the Goodwood Fund Since Inception:

Goodwood Fund

S&P/TSX Composite TR Index

Returns are net of fees from inception Oct 26, 1996 until August 31, 2015.

Source: Goodwood Inc., Goodwood Fund Class A. Past performance may not be repeated. See disclosure at the end of the presentation. The S&P/TSX Composite Index is designed to reflect an

investment in a broad array of Canadian securities listed on the Toronto Stock Exchange. This Index is not a benchmarks of the Fund but rather is displayed for comparison purposes to the broad

market.

Goodwood Fund

Goodwood Fund

Portfolio Manager:Peter H. Puccetti, CFA

Fund Objective/Description:The Goodwood Fund (the “Fund”) investment objective is to maximize long-term total return through the purchase and short sale of primarily North American exchange-listed securities based on a bottom-up, company specific approach. The portfolio is relatively concentrated with 8-10 core positions typically representing over 50% of the portfolio. The value-oriented stock picking strategy allows the manager to focus on a limited number of ideas and build strong relationships with senior management of investee companies.

Key Reasons to Own this Fund:• Long-term track record of outperformance

• Long and Short portfolio• Primarily equity based• Bottom-up, company specific investment approach

• Low correlation to TSX• Value based and event driven• Management alignment

Historical Performance:

Outperformance of S&P/TSX Index:• 61% of Full Calendar Years

Limited Market Correlation:• 0.53 L-T-M• 0.54 since inception

Returns are net of fees. Source: Goodwood Inc. and Bloomberg. See disclosure at end of presentation.

Returns are net of fees. Source: Goodwood Inc. See disclosure at end of presentation.

Current Asset Allocation:

Number of Long/ (Short ) Positions 23 / (3)

Top 10 as % Portfolio 72.8%

Long Exposure 95.7%

Short Exposure 2.4%

Net Exposure 93.3%

Leverage 0.0%

% Portfolio S&P/TSX Composite Index 20.1%

Avg Mkt Cap of Top 5 Long Positions C$248M

Asset selection driven by bottom-up, company specific approach in seeking under-valued securities for the fund. As such, the composition of the portfolio bears limited correlation to the S&P/TSX Composite Index. The portfolio typically holds its core positions for a long period of time (often over 3 years). As such and on purpose, the month-to-month change in asset composition is limited.

As of August 31, 2015

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Source: Goodwood Inc., S&P CapitalIQ. See disclosure at end of presentation.

Sector S&P/TSX FUND

Financials 35.7% 7.8%

Energy 19.6% -2.4%

Consumer 11.1% 7.3%

Materials 9.6% 0.0%

Industrials 7.9% 10.1%

Healthcare 6.0% 15.9%

Telecom 5.2% 0.0%

Info Tech 2.8% 16.4%

Utilities 2.2% 38.3%

Net Exposure 93.3%

Source: Goodwood, Bloomberg. Numbers may not add due to rounding.

Performance Metrics Since Inception S&P/ TSX FUND

Cumulative Return 279.21% 492.98%

Compounded Annual Growth Rate 7.33% 9.90%

Best Monthly Return 12.1% 15.8%

% of Positive Monthly Performance 61.5% 62.8%

Standard Deviation 15.4 16.7

Fund Correlation 0.54 1.00

Compound Return (%) YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception

Goodwood Fund 2.49 0.42 8.08 2.90 -0.56 9.90%

S&P/TSX SmallCap TR Index -7.97 -23.77 -0.82 -0.22 1.15 N/A

S&P/TSX Composite TR Index -3.47 -8.68 8.25 6.09 5.57 7.33%

Active Relationship with Management

Goodwood always looks to develop a relationship with the management teams of its core holdings in an effort to better understand the investment and to promote long-term value

Activism - Goodwood invests in a limited number of companies that are undervalued. Market value dislocationsmay be temporarily mispriced for a variety of reasons, including perceived unfavorable industry conditions, poorbusiness performance, and changes in management, reorganizations, or other external factors. These conditionscan often result in good businesses that are available at depressed valuations

Positive Cooperation with Management and Board - the goal in each active investment is to workconstructively with management and/or the company’s board to implement a strategy or strategies that maximizereturns for all shareholders

Non-Receptive Management and Board - occasionally, if the company is wholly non-receptive to valueenhancing strategies and we have significant support from fellow shareholders, the engagement moves into thepublic domain to become proxy contests with the goal of seeking to replace certain directors or potentially a fullreconstitution of the company’s Board

Source: Goodwood Inc. Past performance may not be repeated. See disclosure at end of presentation.

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Active Relationship with Management

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‘02-’07 ‘02-’05 ‘05-’07 ‘06-’08 ‘06-’09‘08-

Present

Goodwood always looks to develop a relationship with the management teams of its core holdings in aneffort to best understand the investment as well as ensure that our ideas around long-term valuerealization are at the forefront of management’s mind

‘12-’13 ‘12-’14‘14-

Present‘10-’12 ‘14-’15

‘15-Present

Goodwood SPValue Fund LP

Goodwood SPValue Fund LP

Portfolio Manager:Peter H. Puccetti, CFA

Fund Performance to August 31, 2015:

*Past performance not indicative of future returns. See last page for further disclosure

Fund Objective/Description:The Goodwood SPValue Fund (the “Fund”) investment objective is to generate attractive long-term total returns through selective investments in companies deemed by the manager to be undervalued and that offer potential of being positively influenced by the manager taking an active role in seeking to implement changes in the areas of corporate governance, capital allocation, strategic and operational issues, management and other related activities.

Key Reasons to Own this Fund:• Track record of similar style investment success• Bottom-up, company specific investment approach• Event driven returns as compared to market driven• Concentrated and active approach to investments to ensure long-term value realization

• Unique investment opportunity• Established relationships to execute strategy successfully

Fund Details:

Small/Midcap Opportunity:• Key to activist strategy starts with finding undervalued stocks

• Small/midcap space offers most fertile ground for finding undervalued stocks- Limited research support- Limited institutional focus

• Canadian market particularly attractive today given underperformance relative to US peers over last few years

Goodwood’s Historical Active Investments:

Index P/2015E Book

S&P/TSX Small Cap Index 0.80x

Russell 2000 Index 1.08x

Activist Investing in Canada:• Inefficient market as Canadians are generally unwilling to engage in activist opportunities

• Iconic Canadian names set precedent for future activist capital

• Increasing support from large Canadian pensions and institutional investors

• Goodwood believes the Canadian activist market more attractive than US and Europe

• Limited local market participants

CP Rail Agrium RONA

Goodwood’s Investment Process:

12 investments over past 13 years• One of the most experienced active investors in Canada

Ongoing transactions held in Goodwood Fund• New investments to be held by the Goodwood SPValue Fund

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Source: Bloomberg Consensus Estimate as of August 31, 2015

Small & midcap stocks

Attractive assets or business

Undervalued

Poor share price performance

Limited ownership/control

Path/Strategy to unlock value

Most fertile market

Quality assets only

Embedded value upside

Market support likely

Open to listen/change

Logical path to value

Goodwood SPValue Fund leverages opportunities in other managed capital pools to indentify attractive value opportunities.Goodwood then determines if unrecognized value is most likely to be realized through proactive engagement with the investeemanagement or board.

*Class A – Lead Series. Past

performance not indicative of future

returns. See page 2 for further

disclosure.

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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Credit Strategy Broadens Platform

The Goodwood Milford Fund has significantly outperformed the broader market for almost 10 years

$399,970

$161,700

• Long-term cumulative outperformance of S&P/TSX Composite Total Return Index (the “Index”) by 238% since inception

• Goodwood Milford Fund has outperformed the Index 78% of full calendar years since inception

• Goodwood Milford Fund has delivered diversified risk to investors with only a 0.60 correlation to the Index since inception

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Growth of $100,000 Invested in the Goodwood Milford Fund Since Inception:

Goodwood Milford Fund

S&P/TSX Composite TR Index

As of August 31, 2015

*Prior performance of the Fund up to and including September 30, 2013 relates to periods of time when the Fund’s Investment Manager was Milford Capital Management Inc. and the portfolio manager was Chris Currie,

CFA. Goodwood Inc. became the Investment Manager of the Fund on October 1, 2013 and Chris Currie joined Goodwood Inc.’s investment team continuing as portfolio manager for the Fund. There is no change to

the investment strategy of the Fund. Fund returns are net of all fees. Past performance is not indicative of future results. Performance returns above are calculated for the founding class of Units, other classes may

charge different fees and therefore returns between the different classes may vary. The S&P/TSX Composite Index is designed to reflect an investment in a broad array of Canadian securities listed on the Toronto Stock

Exchange. This Index is not a benchmarks of the Fund but rather is displayed for comparison purposes to the broad market. Source: Goodwood Inc., Goodwood Milford Fund Class S.

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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Goodwood Milford Fund LP

Goodwood Milford Fund LP

Portfolio Manager:Christopher Currie, CFA

Fund Objective/Description:The Goodwood Milford Fund LP (the “Fund”) investment objective is to offer investors significant portfolio diversification and long-term capital growth. The Fund uses a unique strategy of combining higher coupon corporate bonds and long/short equity positions. Similar to other Goodwood Funds, the investment focus is a bottom-up, company specific approach that focuses on North American companies. Weightings between bonds and equity (long/short) vary based on the manager’s view of risk/reward at the time.

Key Reasons to Own this Fund:• Long-term track record of significant outperformance

• Portfolio Manager has 25 year plus investment experience

• Bottom-up, company specific investment approach

• Volatility of equity reduced by bond component

• Credit Driven versus Interest Rate driven -low duration

• High percentage of positive months versus broader market

As of August 31, 2015

Historical Performance:

Compound Return (%) YTD 1 Yr 2 Yr 3 Yr 5 Yr Inception

Goodwood Milford Fund 0.11 0.32 11.18 11.26 16.79 15.42%

S&P/TSX Composite TR Index -3.47 -8.68 7.75 8.25 6.09 5.10%

Performance since inception S&P/ TSX

FUND

Cumulative Return 61.70% 299.97%

Compound Annual Growth Rate 5.10% 15.42%

Best Monthly Return 11.5% 17.2%

% of Positive Monthly Performance 59.5% 72.4%

Fund Correlation 0.60 1.00

Returns are net of fees. Source: Goodwood Inc., Bloomberg. See disclosure at end of presentation.

Returns are net of fees. Source: Goodwood Inc. See disclosure at end of presentation.

Growth of $100,000 Invested January 1, 2006:

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Goodwood Milford Fund

S&P/TSX Composite TRI

Fund Target Ranges and Current Asset Allocation :

$399,970

$161,700

Corporate Bonds – Corporate bond spreads (risk premium over Government bonds)widened in August due to the equity market downturn resulting in price drops for amajority of the Fund's corporate bond holdings. Corporate bonds represent 73% of theFund's assets and we estimate that the corporate spread widening impacted the Fundby about -0.90 bps overall. In the investment grade segment which is 43% of thecorporate credit portfolio, spreads widened by on average 20 bps which is about onemonth of coupon income. In the higher yielding portion of the portfolio whichrepresents 67% of the corporate credit portfolio spreads widened on average a moresignificant 55 bps with large variances in individual bonds.

Long Equities – The Funds equities performed poorly in August which attributed themajority of the losses for the Fund in August. Equities comprise about 1/3rd of theasset mix in the Fund and the losses in equities were wide spread across the vastmajority of the Fund's holdings. The S&P/TSX Composite TR Index returned -4.0% inAugust which was down significantly as well.

Short Equities – The Fund's short positions have been decreasing in weight over thesummer as prices for the positions approached our price targets and we realizedprofits. As a result, the drop in equities experienced in the last two weeks of Augustwas not as beneficial to the portfolio as it would have been had the Fund continuedholding the positions. The short positions the Fund held generated modest overallprofits.

Target Investment Range

Latest Month

December 31, 2014

Portfolio Weighted Duration: 3.7

0%

50%

100%

150%

200%

Corporate

Bonds

Long Equities Short Equities

Award Categories:

2014 – Best 5 YrReturn – 2nd place

2012 – Best 3 YrSharpe Ratio – 2nd

place

2012 - Best 3 YrReturn – 3rd place

Segregated Managed Accounts: Personalized Portfolios

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Goodwood’s investment philosophy is uniquely adjusted to fit your risk profile and investment timehorizons. We appreciate that every investor has varying capital requirements, every segregatedmanaged account strategy is different. We allocate capital based on unique investment goals

Custom Portfolio Management: we start our process with an in-depth discussion about goals, investmentobjectives, risk tolerance, tax situation and liquidity needs.

Institutional Fund Managers: our corporate credit experience is not easily replicated or offered elsewhere in theCanadian market. Our ability to access the institutional capital markets is utilized to provide institutional qualityopportunities to personalized portfolios of private individual investors.

Alignment: we are independent and unbiased; we are not limited to ‘banking products’, we are committed toaligned interest with our investors by investing our own capital alongside that of our clients.

Clear, concise reporting: we communicate often with our clients through quarterly and annual reports as weunderstand the vast majority of our clients are not investment experts. We subscribe to the notion that an informedinvestor is a good investor.

Partners: we have partnered with high quality service providers to ensure an institutional level ofcompliance. National Bank Financial is our preferred custodian, responsible for records and safekeeping of clients’assets and provides quarterly statements, annual T5 and T3 statements and annual trading and investment incomesummaries. Goodwood is a member of the Canadian Investor Protection Fund, Investment Industry RegulatoryOrganization of Canada, Investment Industry Association of Canada and Alternative Investment ManagementAssociation (UK).

Fund Subscription Information

Goodwood Fund Goodwood Capital Fund Goodwood Milford Fund LP Goodwood SPValue Fund LP

Strategy: Long/Short Long-only Bond & Long/Short Equity Activist Equity

Exposure: North America North America North America North America

Style: Fundamental bottom-up value oriented

Fundamental bottom-up value oriented

Fundamental corporate credit with equity long/short overlay

Fundamental bottom-up value with active engagement of investee management

Tax Plan Status: RRSP/RRIF eligible RRSP/RRIF eligible - -

Inception Date: 1996 1999 2006 2014

Fund Type: Mutual Fund Trust Mutual Fund Trust Limited Partnership Limited Partnership

Mgt Fee: Class B = 1.90%Class F = 1.00%

Units = 1.90% Class A = 1.90%Class F = 0.90%

Class A = 2.00%Class F = 1.00%

Performance Fee: 20% None 20% above High-Water-Mark 20% above High-Water-Mark

Valuations: Weekly/Monthly Weekly/Monthly Weekly/Monthly Monthly

Subscriptions: Weekly/Monthly Weekly/Monthly Weekly/Monthly Monthly

Redemptions: Weekly/Monthly Weekly/Monthly Weekly/Monthly Monthly

Redemption Restrictions: 1% if within 3 years 2% if within 90 days 1% if within 1 year 2-yr lock-up

Trailer: Class B = 1% and 10% of Realized Performance Fee

Class F = n/a

1% Class A = 1% and 10% of Realized Performance Fee

Class F = n/a

Class A = 1% and 50% of Realized Performance Fee

Class AF = n/a

Minimum Initial Investment: $25,000 (accredited Investor) $5,000 $25,000 (accredited Investor) $25,000 (accredited Investor)

Min Subsequent Investment: $5,000 PAC Eligible $5,000 $5,000

FundSERV Codes:Fund Class – Code

GWDClass B – 022Class F – 222

GWD001

GWDClass A – 017Class F – 117Class S - 127(Q3 2015)

Available Upon Request

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Disclosure

Performance returns throughout this presentation are calculated for the founding Class of Units and lead series for each respective Fund -Goodwood Fund Class A Units, Goodwood Capital Fund, Goodwood Milford Fund Class S and Goodwood SPValue Fund Class A. The returnsand are net of all management fees, expenses and incentive performance fees. The performance fee for Goodwood Fund Class A units is20% of positive returns over a 10% hurdle. Therefore in periods of positive performance the Class A is subject to lower performancefees. Currently only the Class B and Class F units of the Goodwood Fund are offered. Goodwood Milford Fund Class S charges a 1.5%management fee, other classes may charge different fees and therefore returns between the different classes may vary. Goodwood Inc.became the Investment Manager of the Goodwood Milford Fund on October 1, 2013 and Chris Currie joined Goodwood Inc.’s investment teamcontinuing as portfolio manager for the Fund. There will be no change to the investment strategy of the Fund. The Goodwood SPValue Fund’sreturn profile is inherently volatile due to holding extremely concentrated positions. Currently the Goodwood SPValue Fund’s assets areinvested in only one security. Readers should take note of this when comparing returns across the various Goodwood Funds. Pastperformance of the Goodwood Funds does not guarantee future results. No assurances or guarantees can be given or implied concerningfuture investment results or any investment index. Future returns may differ significantly from the past due to economic and marketconditions and other factors. Investments within portfolios, and therefore, portfolios, involve risk and the possibility of loss, including apermanent loss of principal. No representation is being made that any investment will or is likely to achieve profits or losses similar to thoseshown. There can be significant differences between hypothetical performance results and the actual results subsequently achieved by anyparticular trading program.

The information contained in this presentation is delivered on a strictly confidential basis to each offeree solely to enable the persons attending thispresentation to learn about Goodwood Inc. and the Goodwood Fund and does not constitute an offer to any other person or to the public generally tosubscribe for or otherwise acquire any securities offered or managed by Goodwood Inc. in the United States.

Distribution of this information to any person other than the original recipients thereof or those persons, if any, retained to advise the recipients thereof withrespect to these materials is unauthorized, and any disclosure of any of this information without Goodwood Inc.’s prior written consent is prohibited. Eachrecipient of these materials, by accepting delivery of this information, agrees to the foregoing and further agrees to make no photocopies of this information,or of any documents delivered in connection with or attached to this presentation. Distribution of this information in certain jurisdictions may be restricted bylaw. Persons into whose possession this information comes must inform themselves about and observe any such restrictions.

Commissions, trailing commissions, management fees and expenses all may be associated with fund investments. Please read the offering memorandum orprospectus before investing. The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment ofall distributions and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would havereduced returns. Performance results are not guaranteed, values may change frequently and past performance may not be repeated. The S&P/TSXComposite Total Return Index reflects an investment in a broad array of Canadian securities. Performance data from certain market indices are provided inthis presentation for information purposes only. A comparison of the Funds’ performance to such market indices is of limited use because the composition ofthe Funds’ portfolio may contain other securities not found in the market index. As a result, no market indices are directly comparable to the results of theFunds and are displayed for comparison purposes to the broad market. The Goodwood Funds hold both Canadian and foreign securities. In addition, theGoodwood Fund, Goodwood Milford Fund and Goodwood SPValue Fund may use short sales, with the objective of enhancing returns.

**Principals of Goodwood Inc. may, from time to time, accept officer positions and/or directorships from companies unrelated to Goodwood Inc. In thiscircumstance, that company would be considered under relevant securities law to be a "connected issuer" to Goodwood Inc. Currently, The WestaimCorporation is considered a "connected issuer" in respect of Goodwood Inc. Furthermore, Goodwood Inc., or an affiliate of Goodwood Inc., may provideservices to and receive compensation from issuers in which the Funds are invested. Goodwood Management Services Ltd., an affiliate of Goodwood Inc.,entered into a five year Consulting Agreement on May 13, 2015 with Polaris Infrastructure Inc. (formerly Ram Power Corp). Goodwood Inc. has adoptedappropriate policies and procedures to address conflicts of interest with respect to connected issuers.

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