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Quality Relationships, Quality Assets,

Proven Performance

Tenured North American Platform Finances More Than 26,100 Small and Medium
Sized Businesses in the U.S. and Canada

Laurentian Bank Institutional Investor Conference

April 6, 2017 CHW:TSX
Forward Looking Statements
This presentation includes forward-looking information that reflects managements current expectations related to matters such as expected future events,
financial performance and operating results of Chesswood. All statements other than statements of historical facts included in this presentation, including
statements regarding Chesswoods prospects, future plans, business strategy and expected financial position, aspirations, targets and growth rates, may
constitute forward-looking information. The forward looking statements contained in this presentation are presented for the purposes of assisting our security
holders and analysts in understanding our strategic priorities and objectives and current growth plan and may not be appropriate for other circumstances.

Forward-looking information includes, but is not limited to, statements concerning management's expectations relating to possible or assumed future results,
our strategic goals and our priorities, our actions, the results of our actions and the economic and business outlook for us, for our categories, for each of our
business segments and for the economy generally. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of
management made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that
management believes to be relevant and reasonable as of today.

By its very nature, forward-looking information requires us to make assumptions and is subject to inherent risks and uncertainties, which give rise to the
possibility that Chesswoods predictions, forecasts, projections, expectations and conclusions will not prove to be accurate, that Chesswood's assumptions
may not be correct and that Chesswood's objectives, strategic goals and priorities will not be achieved. Although we believe that the predictions, forecasts,
projections, expectations and conclusions reflected in the forward-looking information are based on information and assumptions which are current, reasonable
and complete, this information is necessarily subject to a number of factors that could cause actual results to differ materially from our predictions, forecasts,
projections, expectations and conclusions as set forth in such forward-looking information for a variety of reasons. Some of the factors many of which are
beyond our control and the effects of which can be difficult to predict include but are not limited to (i) Chesswoods dependence on key personnel; (ii)
Pawnees and Blue Chips reliance on its relationships with origination sources to generate lease applications and originations; (iii) the risks associated with
leasing under lease programs designed to service small, often owner-operated businesses with limited access to traditional financing, including increased risk
of delinquencies and loss levels; (iv) operations results may be negatively impacted by various economic factors and business conditions and to the extent that
economic activity or business conditions deteriorate; (v) Chesswood may be unable to renew its existing credit facility before it expires in December 2019, and
may be unable to obtain additional financing, on acceptable terms or at all; (vi) competition from alternative sources of equipment financing; (vii) disruption of
business models due to emergence of new technologies; and (viii) fluctuations in the Canadian and U.S. dollar exchange and interest rates. The key risks and
uncertainties at could cause actual results or the material factors and assumptions applied in preparing forward-looking information to differ materially from
predictions, forecasts, projections, expectations or conclusions are discussed in the "Risk Factors" section of our Annual Information Form for fiscal 2016 and
in our most recent Management's Discussion and Analysis. We caution that the foregoing list is not exhaustive of all possible factors.

For more information on the risks, uncertainties and assumptions that could cause Chesswood's actual results to differ from current expectations, please refer
to our public filings available at

Presented by:

Barry Shafran
President & Chief Executive Officer

Chesswood Organization
Financial Results
Operating Income
Fiscal 2015 - $28.8M / Fiscal 2016 - $30.3M

Equipment Financing in all Credit Classes for Small Business

Throughout Canada and the U.S.

Chesswood Group Limited


Blue Chip Leasing

Pawnee Leasing
[Canada] Corporation

$547 million portfolio diversified across 26,100 leases and loans for over
70 types of equipment, in 85 industries, through 650 broker firms

CHW recently raised its monthly dividend from $0.065 to $0.07 per share effective Nov. 2016
Pre-tax ROE for 2016: 22%
Current yield to investors: 6.3% (at $13.29)
Chesswood Overview
Total portfolio of $547M comprised of CDN$148M and US$297M, with
portfolio yield of 22.9%

Risk diversification through small ticket sizes and low concentrations by

lessee, industry and asset type

One stop shop with products for both prime

and non-prime national markets, in Canada/U.S.

Critical mass, experienced management team

with tenure in both markets and equity participation

Multiple funding lines and access to public

markets provide flexibility in capital-funding

Track record of long-term growth in earnings and

portfolio, with superior ROE and sustained strong
investor yield

#1 dividend yielding Canadian financial services business

Monthly Dividend History Canadian Leader

(C$ / Share - Monthly)






Plus: Special Dividend Issued

$0.030 $0.50 / Share

Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

Over the 10 Yrs since our IPO in 2006, Chesswood has been the
#1 yielding public financial services business in Canada,
while steadily growing its asset base and profitability

Chesswoods Business Is Highly Diversified

Chesswood provides financing to small businesses throughout North America.

Our business model allows us to mitigate risk through small transaction
sizes while earning superior returns on capital.

Small Ticket Equipment Finance

All credit segments A - C

U.S. and Canada
26,142 leases and loans
Gross portfolio $547.0M+
90 Asset Categories
>150 SIC Classifications
48 States and Ten Provinces
Average Lease/Loan Size $20,900
Third party channel
Our network of 650 equipment finance broker
firms acts as our sales force in Canada and
the U.S. Figures as at December 31, 2016

Risk Management Inherent to Business Model

Equipment fundamental to core operations

Average cost of equipment $20.9K

Use of personal guarantees from owners and security deposits

Majority of payments thru direct debit from lessees account

Diversification limits concentration risk by lessee, industry, asset type

geography and loan size

Small Ticket Equipment Finance in the U.S.A.

Five Year Cumulative Average Growth Rate of 22%

U.S. Market Small Ticket Originations

(US$B) (US$M)
$160 $160
$120 $120

$85.0 $85
$80 $80

$40 $40

$0 $0
2010 2015 2010 2014 2015 2016

We continue to expand our products and markets including our recent

entry into the largest market segment in the U.S., prime A credits, which
is expected to continue to generate significant future portfolio growth

Small Ticket Equipment Finance in Canada

Strong Growth Despite Modest Industry Contraction

Canadian Market Small Ticket Originations

$30.0 $80.0
$25.0 $23.4
$20.0 $42.8


$5.0 $0.0
2013 2015 2013 2014 2015 2016

High Service Levels and Flexibility Allow Us To Gain Market Share

From Competitors That Are Mostly Bank-Owned

Portfolio Growth and ROE

Superior Returns Over the Long Run



$500 $480




25% 28% 28%
27% 22%

2010 * 2011 2012 2013 2014 2015 2016

U.S. Receivables ForEx CDN Receivables Pre-Tax ROE

* ROE in 2010 not available given the accounting changes from converting to a corporation from an income fund

Finance Revenue

A History of Consistent Growth and Effective Execution





$40.0 $35.9
$30.4 $31.7



2010 2011 2012 2013 2014 2015 2016

Long Term Yield with Consistent Performance and Growth

Robust Model Generates Strong Cash Flows


$35.0 18.0%



$20.0 10.0%

$15.0 8.0%



$0.0 0.0%
2010 2011 2012 2013 2014 2015 2016 *

Net Income Dividends Declared Adjusted EBITDA

Return on Equity Avg Dividend Yield Linear (Dividends Declared)

Chesswood and Pawnee remained profitable through the financial crisis other
than for a goodwill write-down
* One-time special dividend of $8.9M in March 2016 not reflected in chart
Strong Funding Model Supports Growth

Chesswood has a US$170 million revolving
senior secured credit facility with a syndicate Credit Facility
Flexibility to borrow in required currency
of six Canadian and U.S. banks
Strong relationships with large Canadian banks

and U.S. banks
Additional US$80 million accordion feature

Available to fund leases and loans of all

subsidiaries Securitization
Blue Chip also has securitization Relationships with multiple funders

relationships with leading Capacity to support significant growth
Canadian financial institutions

Securitization provides attractive low-cost Strong Equity Base
source of funding with ample room to grow
and fixed NIMs

Access to public markets, a senior Capital Markets
secured facility and multiple
securitization funders provide
Chesswood with diverse, flexible and Integrated Funding Model
expandable sources of financing

Chesswood Key Metrics

Excellent Fundamentals

(CDN$000s, except EPS) Years Ended

2016 2015 2014
Operating Income $30.3 $28.8 $19.6
Adjusted EBITDA $31.0 $32.4 $22.9
Net Income $24.3 $19.8 $11.5
Dividends Paid $23.0 $12.7 $9.2
EPS basic (continuing operations) $0.97 $0.74 $0.72
EPS basic $1.36 $1.19 $0.98
Average Share Price $10.69
Yield annualized* 7.4%

* Excludes one-time special dividend of $8.9M

Chesswood Looking Ahead with Optimism
Superior Returns to Investors Over the Long Run
Well recognized market position for both Pawnee and Blue Chip, as
strong independents with critical mass and a full suite of products

Committed, experienced and focused management team aligned with the


2016 and 2017 technology and infrastructure investments in support of

record growth and best in class customer service levels

Low leverage and access to lots of capacity to support growth

A long term history of superior returns that continues

Strong yield

Excellent portfolio growth that continues to increase our future revenues

and income

North American Finance Platform
With Long-Term Yield & Growth
Thank you!