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 www.sedar.com. 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.

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DEALERSHIP OWNERS AND OPERATORS

Trusted business to business partners in equipment sales and

service
Reliable, high quality brands from leading, world class
manufacturers

Geographic, sector and product diversification

Supports sustainability, mitigates risk

Strong ownership mentality, exceptional customer service

High insider and employee ownership

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STAYING TRUE TO OUR ROOTS

TODAY: BUSINESS-TO-BUSINESS
AGRICULTURAL, COMMERCIAL,
INDUSTRIAL AND TRANSPORTATION
DEALERSHIP OWNER AND OPERATOR

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LOCATIONS
64
LOCATIONS

4
DIVERSIFICATION SUPPORTS SUSTAINABILITY

14 8

1 22 12 1 13 6 9

5 2 5

AGRICULT URAL CONSTRUCTION T RANSPORT AT ION

& INDUST RIAL

35
DEALERSHIPS
11
DEALERSHIPS
18DEALERSHIPS
64
DEALERSHIPS

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THE DEALER OF TOMORROW

ADDRESSING Succession
UNMET NEEDS Capital requirements
Leadership personnel
IN AN
Customer consolidation
EVOLVING
Technological advances
DEALERSHIP
Customer-centric stores supported
LANDSCAPE. by the dealership network

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OUR STRENGTHS ATTRACT OPPORTUNITIES

Operational excellence at
Increase product,
the dealership level
technology and service
Strong alliances with offerings
leading, world-class OEMs
Additional efficiencies
Efficient multi-dealership and economies of scale
operations
Reduce overall impact
Engaged employees of seasonality, sector-
specific and regional
Low capital requirements, economic trends
steady cash flow

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GROWTH STRATEGY: FOCUSING ON OPERATIONS

Lean and efficient operations with continued excellence in

customer support
ON TRANSPORTATION: expand parts & service business,
increase shop efficiency and market share
AGRICULTURE: optimize customer support via new
technology, precision agriculture
SK TRANSPORTATION and C&I: efficient, effective
customer support

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INVESTMENT PROPOSITION

SK TRANSPORTATION, C&I: potential upside as oil

price stabilizes
ON TRANSPORTATION: operational upside, market
share growth opportunities
AGRICULTURE: stable cash flow base, positive Western
Canadian market outlook
Organizational strength: leaner, more efficient
operations, strengthened balance sheet, sustainable
dividend

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 Growth
drivers.
AGRICULTURE COMMERCIAL & INDUSTRIAL (C&I) TRANSPORTATION

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GROWTH DRIVERS
Near record 2016 crop production, 7% above
AGRICULTURE
2015 yield
John Deere: expected 5-10% decline in 2017
North American sales, FCC anticipates
stronger Canadian demand

TRANSPORTATION PACCAR: flat 2017 North American class 8

truck market compared to 2016
ON: 40% of national truck market; mostly fleet
businesses: high volume parts and service;
import/export activity driving demand
SK: demand supported by consumer and
agricultural freight, improved resource prices
CONSTRUCTION
& INDUSTRIAL Market remains tentative

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2016 CAPITAL STRUCTURE ACHIEVEMENTS

Sale and leaseback completed: $27M of net free cash

$62.5 million reduction in inventory levels
Long term debt to total capital: ~20% (~40% in 2015)
Long term debt to EBITDA: 1.8-2.1x (2.2-2.4x in 2015)

BETTER ALIGNED WITH GOAL OF ACHIEVING

OUTSTANDING DEALERSHIP OPERATIONS

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SEGMENTED OPERATIONAL RESULTS
% GROSS SALES BY SEGMENT* (YEAR ENDED DECEMBER 31, 2016)

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ANNUAL FINANCIAL RESULTS

$millions FY FY
$millions (except per share amounts) FY 2014 FY 2013
(except per share amounts) 2016 2015
Revenue 1109.9 1133.8
Revenue 979.6($millions)
EBITDA 861.1
Gross Profit 191.1 206.9 70
Gross profit 186.7 163.3
Income (loss) attributable to 60
Gross margin
shareholders 23.5 (27.4) 19.1% 19.0%
50
Profit
Adjusted profit1 10.8 13.3 18.5 23.3
40
Net EPS(basic)
Net EPS (fully diluted) 1.51 (1.77) 30
1.15 1.48
EBITDA*
Adjusted net EPS (basic)2,3 0.69 0.86 20 50.8 51.9
EBITDA margin*
Total assets 476.9 629.8 10 5.2% 6.0%
Total assets
Long-term liabilities 43.0 148.6
0 669.3 426.2
2012 2013 2014 2015 2016
Long-term liabilities
Total liabilities 263.0 436.5 149.0 78.5
Total liabilities
1The Company calculates adjusted earnings as income attributed to shareholders adjusted to exclude the impact 439.8 207.8
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; 2Adjusted basic earnings per share is
calculated as adjusted earnings divided by the weighted average shares outstanding during the period; 3 These
financial measures are identified and defined within our year end Managements Discussion and Analysis under
the section Non-IFRS Financial Measures.

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TSX:CERV

Key Financial Information (as at February 28, 2016)

$millions (except per share amounts) FY 2014 FY 2013
Share price $14.48
Shares outstanding 15.8 million
Revenue
Market capitalization
979.6 861.1
$228 million
Gross profit
Quarterly dividend 186.7 163.3
$0.07
Gross
Yield margin 19.1% 19.0%
1.9%
Profit
Institutional ownership 18.5 23.3
~55%
Insider
Net EPSownership
(fully diluted) 1.15 ~27%
1.48
Key Financial Ratios (for the year ended December 31, 2016)
EBITDA* 50.8 51.9
Net debt1,2/EBITDA 1.10
EBITDA margin* 5.2% 6.0%
Long term debt1/total capitalization 0.28
Total assets
3
669.3 426.2
Payout ratio 0.41
Long-term
ROE3
liabilities 149.0 78.5
5.1%
Total liabilities
1Long
439.8 207.8
term debt (long term debt, finance lease obligations, liabilities associated with assets held for sale and debenture payable); 2Net debt is Long term debt less
cash and cash equivalents; 3Adjusted earnings were used to calculate these ratios, please see the 2015 Annual Report for Non-IFRS Financial Measures disclaimer

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LEADERSHIP

Management Team
Graham Drake President, CEO and Director
Randy Muth CFO
Cal Johnson VP Operations, Transportation and International
Fred Hnatiw VP Operations, Commercial and Industrial
Corey Leonard VP Operations, Agriculture Canada
Stella Cosby VP People

Board of Directors
Peter Lacey Chair of the Board; Former President and CEO
Don Bell WestJet Airlines Co-Founder
Larry Benke Former President and CEO of Colt Companies
Steven M. Collicutt President and CEO of Collicutt Energy Services
Angela Lekatsas VicePresident and Treasurer of Agrium Inc.

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