1/28/20

Shane Martin, CFA [email protected] 214-987-4121

MARKET STATISTICS ($CAD) COMPANY DESCRIPTION

Exchange / Symbol OTC: VLEOF Trading Systems Inc. is a cutting-edge Fintech company that delivers to self- Price: $0.05 directed investors the only individual, team and investment club trading app on the Market Cap ($mm): $5.38 market. As an inherently social platform, users of Voleo can collaborate, discuss, Enterprise Value ($mm): $3.76 propose and vote on trade ideas, and follow influencers in the market on the Voleo Common Shares (M): 107.7 Leaderboard using Voleo’s patent-pending platform. Voleo operates as a discount brokerage in the US and is FINRA-licensed in all 50 states. The company offers a Float: 74% bespoke, as well as turn-key white-label solution for financial institutions around Volume (3 Month Average): 76,012 the world looking to enhance their brokerage offering and engage customers in a 52 Week Range: $0.04-$0.30 unique and gamified way. The company is headquartered in Vancouver, Canada. Industry: Information Technology

BALANCE SHEET

($mm, except per sh data) 9/30/19 SUMMARY

Total Cash: $1.98 • Cutting Edge Technology – Voleo has developed a cutting edge, patent- Total Assets: $2.68 pending, social trading technology for retail investors. The application is Debt: $0.00 available on iOS, android, and web applications. Equity: $2.2 • Registered -Dealer – Voleo is registered in the U.S. as a broker- Equity per share: $0.02 dealer with FINRA, SIPC, and SEC. In addition, the Company also has strategic collaborations with and TMX Group. INCOME STATEMENT • Large Market Opportunity – The Company has a ready-built scalable ($mm, except per sh data) business to consumer (B2C) platform in the United States. Additionally, FY - 12/31 Rev Net Inc EPS the Company also has an international business to business pipeline where Voleo can white-label and create custom solutions for established financial FY17 $0.003 ($0.74) ($0.02) institutions.

FY18 $0.011 ($1.37) ($0.03) • Generational Investing Shift – Voleo is positioning itself to capture retail assets from younger investors by offering a differentiated product FY19E $0.021 ($5.9) ($0.05) suite targeted specifically to Millennial and Generation Z individuals.

• Flexible Technology - The Company has created a flexible technology KEY BENEFICIAL HOLDERS that will allow eventual expansion into additional asset classes in addition to public equity such as bonds and cryptocurrency. Jay Sujir 11,477,300 • Global Recognition – Voleo has won several awards for its innovative KewPac Investments, Inc. 6,390,000 technology and platform including the FinTech Breakthrough Awards for Best Trading App in 2019. Thomas Beattie 5,621,070 • Gaining Traction – The Voleo application had a soft launch in mid-2017 King & Bay West Management Corp. 3,584,826 and commercial launch with the Company’s first digital marketing Glen Patrick Wilson 3,088,683 campaign in the second half of 2019. The Company has since seen a 60% invitation to sign up conversion ratio along with over 50% of users Mark Morabito 1,988,400 contributing funds on a recurring basis. The Company has also been Brad Wiggins 1,340,895 selected for a pilot program with a European Bank to power their branded, social investment hub.

• Breadth of Revenue Generation – Voleo has the ability to monetize CHART their platform through several different streams including subscription fees, fees on premium research and data, implementation and service fees to institutions, advertising fees, and customer referrals. The Company also receives a share of interest on account balances.

• Valuation - We believe that TRAD offers a unique investment opportunity for the marketplace. Due to the early stage nature of the company and the lack of operating history, we have created a scenario analysis on page 7, which details Voleo’s possible revenue ramp.

See Important Disclosures and Disclaimers at the end of this report. 1

BUSINESS OVERVIEW trading platform, marketing, customer acquisitions, and general and administrative expenses. Voleo Inc. (TRAD, VLEOF) is a publicly traded fintech company that provides retail investors an innovative, Voleo has created this social platform to address several gamified investing experience via its iOS, Android and web challenges that typical brokerages and investors face: applications. Targeting Millennials and Gen Z that feel they don’t have the time, money, knowledge or confidence to 1. Barriers to traditional investing – Investors are invest, Voleo is a one-of-a-kind, easy-to-use platform that typically surprised by high costs, amount of time and gamifies the investing experience – to help users gain knowledge necessary, and the accessibility of typical confidence as they start their wealth journey. brokerage firms 2. Highly competitive marketplace – financial institutions are facing increased competition for Exhibit 1: Voleo Platform business from new fintech entrants into the market 3. Reaching younger investors – Millennial investors are looking for better ways to invest due to the expense and perceived amount necessary to begin investing Voleo believes their product addresses these challenges and is better suited to meet the needs of a younger investor.

The initiation of a Voleo trading account is relatively simple and a user can sign up in minutes. After a user signs up, they have the option of trading individually, joining an existing investing club or creating a new one. Users can invite friends, family and colleagues to join the platform, link their accounts and begin investing together.

After an investment club is formed, participants can propose investment ideas. Investment ideas can be long, thought out conclusions or one to two sentences on the specific equity. Users can then engage in a discussion and subsequent vote on whether the group will purchase the security or not. If a predetermined percentage of members vote affirmatively, then the order goes to market. Each member of the club owns a portion of the fund on a pro-rata basis depending on the amount of money contributed. The ownership in the account is calculated on a mark-to-market basis. In addition to being able to track your investment club’s performance, you can also compete against other investment clubs across the world.

The addition of a competitive twist makes Voleo fun and Sources: Company Reports unique. Each time a user votes for a trade that the club does not approve, the hypothetical decision is tracked. These Voleo USA Inc. was approved for a FINRA license in mid- features are looked at as an “I told you so” feature Voleo 2016 and beta launched their product in Q2 of 2017. Since refers to as DROID (definitive return on investment 2017 the Company has continually introduced new features decisions). These decisions can be locked in the future. Users and partnerships to improve the user experience including can also follow other clubs and members for ideas based on a enhanced automation, product expansion and launch of transparent history of decisions. Voleo Teams.

On May 28, 2019, the Company became public via a reverse merger and subsequent prospectus offering for gross proceeds of USD ~$3,0512,133. The proceeds were used in developing and commercializing its mobile and web equity

2

Exhibit 2: Voleo Proposal only retirement accounts, only 21% reported being very confident in their investing decision making abilities. In addition, 81% of millennials do not use a financial advisor due to the expense or amount of capital necessary to begin working with an advisor. Voleo’s platform addresses these issues by allowing groups to work through investment decisions together, establishing a $50 minimum to open an investing account, and allowing investing clubs to split subscription fees.

An internal Voleo analysis of age and income demographics in the United States estimates the Company’s serviceable market at roughly 50 million users. The Company is attempting to actively reach this target market through targeted google ad campaigns and the use of influencers.

In June 2019, the Company began participating in the Google Partnership Program to strategically scale and accelerate their user acquisition and growth. Since the initial marketing phase, the Company has begun to see traction on the product noting that the registrations have more than doubled to nearly ten thousand users. In Addition, the Company has released the following statistics: • Invitation to sign-up conversion rate: 62% • Conversion rate to funded user: 35% • Age range of users: 18 to 85 • Average Club Size: 10 • Users making recurring contributions: 60%

We also note that Voleo’s trading application is currently only available as a B2C product in the United States. Voleo’s

addressable market should significantly increase as they Source: Company Reports expand into additional countries.

Voleo has also introduced additional features to improve the Exhibit 3: Growing Market Penetration user experience including educational tools, comprehensive analytics and reporting, watchlists, and will soon release Voleo Teams. Voleo Teams allows users to see what other clubs and investors have bought and sold without being directly tied to their decision making. This feature is designed for those inexperienced with investing clubs who want to track on-going performance as well as those who wish to generate new ideas but make their own decision on when to initiate a position.

MARKET OPPORTUNITY Voleo Inc. has the potential to reach a large market of Millennial and Gen Z investors who are struggling to navigate the current challenges to traditional investing. According to Forbes, over the next 30 years, an estimated $30 trillion of wealth will be transferred from the baby boomer generation to the Generation Xers and Millennials. Many of these individuals will lack the knowledge and confidence to invest this money responsibly. According to a CFA institute survey in 2018 of non-investing millennials and millennials with Source: Company Reports

3

The Company has begun to see an increase in revenue from institutions domestically and internationally. These custom an increasing customer base. As of 9/30/2019, the Company applications would assist businesses that have an interest in a reported revenue from the first 9 months of the year at portion of the Voleo platform, but do not need the back-end $14,874 compared to $7,600 for the same period in 2018. support of the broker dealer or clearing firm.

MONETIZATION Exhibit 4: Monetization Model Voleo has three separate monetization models meant to serve a variety of customers. Each model has a slightly differentiated product and revenue structure.

The business to consumer (B2C) model targets younger retail investors who create individual investment accounts and trade on the Voleo platform. Voleo receives subscription fees on each of these individual accounts with the ability to add on additional products and services later in the products life. Currently investment clubs can subscribe to one of two plans depending on the number of members and volume of trading. Individual accounts who are not part of an investment club can make unlimited trades at $5.00 per month. Clubs, which have up to 10 members, are allowed unlimited trading at $15/month, and larger clubs, which have between 11 and 100 members, are charged $30 a month for Source: Company Reports the same service. This equates to unlimited trades to between $0.30 to $5.00 monthly per person. In addition to subscription fees, the company also collects interest on idle MOBILE INVESTING LANDSCAPE cash that sits in investment accounts. The company splits the Mobile investing has been growing in popularity over recent interest received with the clearing broker. Lastly, the years as more Millennial and Generation Z individuals begin Company has the ability to add on additional products such their foray into investing. Many brokerages and robo- as premium research and data as well as advertisements. advisers now offer fully mobile investing to clients. According Although not a current product offering, Voleo anticipates to an applied systems white paper, 90% of brokerage offering these premium services in the future. consumers expect some sort of online portal for customer service. In an increasingly mobile world, mobile trading The business to business (B2B) white label product applications now offer much of the same speed and is targeted towards financial institutions such as credit sophistication as trading on a desktop. Consumer’s now unions, community banks and other global financial expect the ability to monitor or make trades in their existing institutions. The white label product would allow financial portfolio remotely. This has led to many large brokerage institutions to use Voleo’s platform for their own customers. firms investing in their own mobile technology or partnering This would allow smaller banking and credit union with companies offering this technology. customers the ability to set up a brokerage account with a familiar institution despite not reaching minimums Voleo is uniquely positioned to capture share in this growing necessary to be a wealth management client. Additionally, marketplace given their combination of being a mobile online this would assist these financial institutions in obtaining brokerage as well as a social media platform. Voleo is additional customers, data on investing habits, form a funnel combining low cost digital investing and the “wisdom of towards wealth products and enhance cross-selling efforts. crowds” to help younger investors gain experience in the Voleo announced their first pilot program with OP Financial capital markets and more experienced members to share in Europe in 2018. This model could generate a large upfront their knowledge. fee as well as a recurring monthly service fee. The size of the fee would differ based on the size of the financial institution and scope of the work contracted. The Company believes that a white service client could generate between $5,000 and $25,000 of revenue per month.

The business to business (B2B) Custom applications model is geared toward tier 1 banks and other adjacent verticals. This would offer bespoke solutions for financial

4

Exhibit 5: Voleo in the Marketplace California-based organization that recognizes the top fintech companies in both the financial services and tech sectors. Voleo has also recently completed its participation in the 2019 Fidelity National Information Services (FIS) Accelerator Program. Voleo was one of ten selected companies to take part in the 12-week mentorship program. Voleo was the only Canadian fintech company selected from approximately 225 applicants.

Voleo has collaborated with several high-profile companies Source: Company Reports including the Nasdaq and the Toronto (TSX). The Company has hosted equity trading competitions in Given the increased interest in mobile investing, there have collaboration with the TSX in Q4 2015 and the Nasdaq in Q4 been many notable entrants in the space over the past few 2017 and Q4 2019. These collaborations increase visibility years. The most notable mobile investing application being and legitimacy for Voleo. The company also sees these , which offers free trading to approved accounts. competitions as lead generation in building a pipeline of As of July 2019, Robinhood was valued at over $7 billion and current college students to be introduced to the Voleo app. reported over 10 million accounts. On the Social Media side, sites such as StockTwits allow users to share investment Voleo has also recently partnered with Convergence ideas and follow friends, peers, and industry experts. Users Concepts, Inc., a software development, design and can post or comment on investment ideas, create watchlists, consulting agency. Convergence will help Voleo in developing and join like-minded investing “rooms”. Recently, the additional platform features and designs, which should help Company has launched their own trading app, which allows fuel additional growth. users to share their own trades or track the trades of any other individual on the platform. In addition to a much larger Exhibit 7: Voleo Trading Competition user base, StockTwits also offers free trades compared to $4 trades with Voleo or $12 club trades.

Voleo has strategically positioned itself to combine both the aspects of a simplistic, inexpensive, mobile brokerage with the interactivity and sense of community of a social network.

Exhibit 6: Current Mobile Investing Landscape

Source: Company Reports

Source: Company Reports

COLLABORATIONS AND ACHIEVEMENTS

Voleo has won a number of awards for their trading application platform since 2016. Most notably in 2019, the Company received the award for Best Stock Trading App in the Investment Category from FinTech Breakthrough, a

5

RISKS As with any investment, there are certain risks associated with Voleo’s operations as well as with the surrounding economic and regulatory environments common to smaller start ups and the financial industry as a whole.

• Voleo does not currently have operations that produce cash flow to fund operations and overhead expenses, so the company will be dependent on issuing debt and/or equity. • The Company is expected to incur losses for the foreseeable future until it can generate sufficient revenue to fund operations and overhead costs. • Because Voleo is an early stage company, it has a limited operating history to base future expectations of the business on. Additionally, the company may not gain enough market penetration due to its lack of operating history. • Certain officers and directors of the Company own interests in other companies that may compete or participate in ventures with Voleo. Specifically, King Bay & West Management Co. owned by Mark Morabito provides administrative, regulatory, legal, finance, and corporate developments to the company. In addition, KewPac Investments controlled by Nicky Senyard provides corporate advisory services with respect to commercializing and licensing. • Voleo USA is subject to extensive regulation from the SEC and other regulatory authorities including FINRA. Voleo may be adversely affected by new rules enacted by these regulatory bodies or enforcement and interpretation of existing laws. Financial service firms have faced increased scrutiny over the past few years and fines sought by regulatory bodies could be substantial, impacting investment and operations of Voleo. • Security breaches of Voleo or Voleo’s clients and third-party vendors could jeopardize the company’s information and subject the Company to significantly liability from customers and regulatory bodies. • Voleo is anticipating generating a portion of its revenue from trading commissions. In the recent months, many large brokerages have reduced trading commissions significantly or made trading free on their respective platforms. If Voleo is not able to gain market share due to the costs associated with trading on their platform, the Company may not be able to grow revenue to a desired level or produce positive cash flows.

6

SCENARIO ANALYSIS Voleo Trading Systems is an early stage company with very limited operating history or revenues. As such, we note that there are significant uncertainties associated with the execution of the business plan. Due to its history of losses and lack of operating track record, we have chosen to illustrate the Company’s exponential growth potential in revenue only until we can reliably establish an accurate for their services. We have chosen to separate the businesses into two separate segments in order to show the growth possibilities. The first segment, Business to Consumer, establishes growth rate possibilities for the existing B2C business over the next 4 years. We have established our below base case, base case, and above base case growth rates below. Our possibilities provide a revenue range of $1.12 million to $7.50 million for the year ended 2023. We note that these growth examples are based off growth possibilities and due to lack of operating history are subject to significant changes. In addition, as more brokerages continue to offer reduced or free trading on their respective platforms, we would expect to see reduced pressure on Voleo’s growth of user base or reduced revenue per customer as Voleo will be forced to lower their own trading commissions. Exhibit 7: Business to Consumer Growth Possibilities Business to Consumer Below Case B2C 2019E 2020E 2021E 2022E 2023E Growth Rates 200% 200% 200% 100% Estimated Revenue $ 0.02 $ 0.06 $ 0.19 $ 0.56 $ 1.12

Base Case B2C Growth Rates 400% 300% 200% 100% Estimated Revenue $ 0.02 $ 0.10 $ 0.42 $ 1.25 $ 2.50

Above Base Case B2C Growth Rates 500% 400% 300% 200% Estimated Revenue $ 0.02 $ 0.12 $ 0.62 $ 2.50 $ 7.50 Source: Stonegate Capital Partners In addition to the Business to Consumer segment, we have also shown the possible revenue projections for the Business to Business segment. We note that the Company has not retained any clients for its white label product and thus these estimates are subject to significant changes in assumptions. Below we have outlined a possible below base case, base case, and above base case for growth in the white label business. We establish a possible revenue range of $.06 million to $3.6 million annually depending on the number of institutions retained and the revenue per institution.

Exhibit 8: Business to Business Growth Possibilities Business to Business Number of White Label Customers 1 3 5 10 15 Below Base Case Avg. monthly revenue per customer (in 000's) 0.005 0.005 0.005 0.005 0.005 Annual Revenue $ 0.06 $ 0.18 $ 0.30 $ 0.60 $ 0.90

Base Case Avg. monthly revenue per customer (in 000's) 0.010 0.010 0.010 0.012 0.012 Annual Revenue $ 0.12 $ 0.36 $ 0.60 $ 1.44 $ 2.16

Above Base Case Avg. monthly revenue per customer (in 000's) 0.015 0.015 0.015 0.020 0.020 Annual Revenue $ 0.18 $ 0.54 $ 0.90 $ 2.40 $ 3.60 Source: Stonegate Estimates

7

BALANCE SHEETS

Voleo Trading Systems, Inc. (TSXV:TRAD) Consolidated Balance Sheets (CAD$000s) Fiscal Year: December

A SSET S FY 2017 FY 2018 Q3 2019 A sset s Ca sh $ 0.2 4 $ 0.2 4 $ 1 .9 8 Amounts Receiveable 0.01 0.01 0.02 Prepaid Expenses 0.02 0.05 0.2 9 Promissory Note Rev ceiv able 0.1 0 0.1 1 - In v estm en t - - 0.1 8

Deposits 0.04 0.05 0.2 0 Equ ipm en t 0.00 0.00 0.01

T ot a l A sset s $ 0.43 $ 0.45 $ 2.68

LIA BILIT IES A ND SHA REHOLDERS' EQUIT Y Liabilities Accounts Pay able and Accrued Liabilities $ 0.1 0 $ 0.1 8 $0.5 2 T ot a l Lia bilit ies $ 0.10 $ 0.18 $ 0.52

Sh a reh olders' Equ it y Share Capital 4 .5 4 5 .8 1 1 2 .1 5 Other Equity Reserv es 0.7 3 0.7 9 1 .3 6 Share Subscriptions Receiv ed - - 0.1 0 Accumulated other comprehensive income 0.00 0.00 0.00 Deficit (4 .9 5 ) (6 .3 3 ) (1 1 .4 5 ) Total Shareholders' Equity (deficit) $ 0.33 $ 0.27 $ 2.16

Total Liabilities and Shareholders' Equity $ 0.43 $ 0.45 $ 2.68

Ra t ios Liqu idit y Current Ratio 3 .7 x 2 .2 x 4 .7 x Quick Ratio 2 .5 x 1 .4 x 3 .8 x

Debt to Equity N/A N/A N/a Debt to Capital N/A N/A N/A Total Liabilities to Total Assets 2 3 .7 % 4 0.1 % 1 9 .5 %

Source: Company Reports, Stonegate Capital Partners

8

INCOME STATEMENTS

Voleo Trading Systems, Inc. (TSXV:TRAD) Consolidated Statements of Income (in millions $, except per share amounts) Fiscal Year: December

FY 2017 FY 2018 FY 2019E Revenues Total revenues 0.00295 0.0111 0.0208

Operating expenses General and administrative 0.278 0.539 1.284 Research and Development 0.249 0.496 0.519 Marketing and Investor Relations 0.104 0.250 1.006 Broker Dealer Compliance 0.098 0.098 0.104 Clearing and Execution 0.022 0.005 0.044 Total operating expenses 0.751 1.388 2.958 Listing Expense (2.95) Interest Income 0.0042 0.0057 0.0246 Foreign Exchange Gain (Loss) 0.0006 (0.0030) (0.0074)

Net income (loss) $ (0.744) $ (1.37) $ (5.9)

Cumulative Translation Adjustment (0.0) 0.0 (0.0)

Comprehensive income (loss) $ (0.7) $ (1.4) $ (5.9)

Basic EPS (loss) $ (0.02) $ (0.03) $ (0.05) Diluted EPS (loss) $ (0.02) $ (0.03) $ (0.05)

Basic shares outstanding 36.9 45.1 107.7 Diluted shares outstanding 36.9 45.1 107.7

EBITDA

Growth Rate Analysis Y/Y Total revenues N/A 275.4% 88.1% General and administrative N/A 93.5% 138.4% Research and Development N/A 99.0% 4.6% Marketing and Investor Relations N/A 140.9% 303.0% Total operating expenses N/A 84.7% 113.2% Net income N/A -84.7% -327.5% EPS - fully diluted N/A -51.3% -79.1% Share count - fully diluted N/A 22.1% 138.6%

Source: Company Reports, Stonegate Capital Partners estimates

9

IN THE NEWS CORPORATE GOVERNANCE January 2020 – Voleo announces it now trades on the OTCQB under symbol Mark Morabito, Executive Chairman VLEOF Mark Morabit0 started his career as a corporate finance and securities lawyer practicing in Toronto and Vancouver. Mark has been the founder and principal driving force behind a number September 2019 – Voleo announces it is of successful resource development companies including Alderon Iron Ore and Excelsior Mining. powering the 2019-20 Voleo Student Mark is also the founder of King & Bay West, a merchant bank and public company services Equity Trading Competition Sponsored by provider, Mark has specialized in identifying, funding, developing and managing business Nasdaq opportunities within and beyond the mining sector. As the Executive Chairman of Voleo, a mobile-focused fintech application company, he sees the potential of the next Facebook or September 2019 – Voleo announces it LinkedIn by creating a mobile social trading platform that allows investors to interactively trade has more than doubled its registered user together in a new, simple and convenient way. base since it began advertising through Universal App Campaign in mid-June. Thomas Beattie, Chief Executive Officer Mr. Thomas Benson Beattie, CFA serves as Chief Executive Officer at Voleo USA, Inc. Mr. Beattie June 2019 – Voleo announces the is the Chief Executive Officer of Voleo Trading Systems Inc. Mr. Beattie is a Partner of appointment of Morgen Sullivan as VP Momentum Group. Mr. Beattie is an experienced capital markets professional. He served as an Growth and VP Compliance and Associate, Corporate Finance of Haywood Securities Inc. Mr. Beattie served as a Vice President Operations. at Haywood Securities (UK) Limited. Mr. Beattie is a Chartered and holds a BComm (Hons) from Sauder School of Business at the University of British June 2019 – TRAD announces the Columbia, Canada. Company will participate in in Google’s Digital Strategy program to scale and Kate-Lynn Genzel, Chief Financial Officer accelerate user acquisition and growth on Ms. Kate-Lynn Genzel, CPA, CA, serves as Chief Financial Officer at Voleo Trading Systems, Inc. Voleo’s social trading application. Ms. Genzel has serv ed as the Chief Financial Officer at five different publicly listed companies including Jet Metal Corp. from January 13, 2014 to March 2017. She was the Chief Financial June 2019 -- Voleo Receives Investment Officer of SG Spirit Gold Inc. since January 13, 2014. She began her career at a mid-sized from Fidelity National Information accounting firm in Vancouver, BC where she provided accounting, audit, tax and advisory services Services and Participates in the 12-week to both public and private entities. Both her audit and industry experience have focused on Fintech Accelerator Program. companies publicly listed in Canada and the United States. She served as Chief Financial Officer at Canada Jetlines Limited since January 13, 2014 until February 28, 2017. She serves as Director May 2019 – Voleo, Inc. completed the of Finance of King & Bay West Management Corp. from March 2013. Ms. Genzel holds a Bachelor acquisition of Logan Resources, Ltd. In a of Commerce (Honours) degree from the Sauder School of Business at the University of British reverse merger. On the closing of the Columbia and is a member of both the Institute of Chartered Accountants of British Columbia transaction, Logan Resources changed its and the Canadian Institute of Chartered Accountants. name to Voleo Trading Systems Inc. and consolidated outstanding common shares Chitman Uppal, Vice President of Compliance and Operations on the basis of one post-consolidation Mr Chitman Uppal has been VP Compliance and Operations at Voleo Trading Systems Inc. since shares for every five pre-consolidation June 2019. He has spent the last four years providing financial analysis and strengthening client shares. relationships through his positions with Sun Life Financial and Setter Capital. Mr. Uppal earned a Double-Degree Master of Business Administration (MBA)/Master of Finance (MFin) from the December 2018 – White Label Business Lazaridis School of Business & Economics at Wilfrid Laurier University. to Business partnership announced with OP Financial in Europe. Morgen Sullivan, VP of Growth June 2017 – Soft Launch of the Voleo Ms. Sullivan has an extensive legal background in developing strategies to progress company platform to retail investors. initiatives and advanced leadership with cross-functional teams. Ms. Sullivan has served as

general counsel for a major transportation company based in the United States. Ms. Sullivan’s background and advocacy skills will be leveraged to identify, secure, and negotiate contracts with financial institutions. Ms. Sullivan has earned her J.D. from Duke University School of Law as well as a BA, Economics from Dartmouth College.

Board of Directors:

Mark Morabito – Chairman of the Board Edward Sujir – Founder & Director Mark Lotz – Independent Director Nicky Senyard – Independent Director Brad Wiggins – Lead Independent Director Glen Patrick Wilson - Director

10

IMPORTANT DISCLOSURES AND DISCLAIMERS The following disclosures are related to Stonegate Capital Partners “SCP” research reports.

The information used for the creation of this report has been obtained from sources we considered to be reliable, but we can neither guarantee nor represent the completeness or accuracy of the information herewith. Such information and the opinions expressed are subject to change without notice and SCP does not undertake to advise you of any such changes. In preparing this research report, SCP analysts obtain information from a variety of sources, including to but not limited to, the issuing Company, a variety of outside sources, public filings, the principals of SCP and outside consultants. SCP and its analyst may engage outside contractors with the preparation of this report. The information contained in this report by the SCP analyst is believed to be factual, but we can neither guarantee nor represent the completeness or accuracy of the information herewith. While SCP endeavors to update the information contained herein on a reasonable basis, there may be regulatory, compliance, or other reasons that prevent us from doing so. The opinions or information expressed are believed to be accurate as of the date of this report; no subsequent publication or distribution of this report shall mean or imply that any such opinions or information remains current at any time after the date of this report. Reproduction or redistribution of this report without the expressed written consent of SCP is prohibited. Additional information on any securities mentioned is available on request. SCP does not rate the securities covered in its research. SCP does not have, nor has previously had, a rating for any securities of the Company. SCP does not have a price target for any securities of the Company.

Recipients of this report who are not market professionals or institutional investors should seek the advice of their independent financial advisor prior to making any investment decision based on this report or for any necessary explanation of its contents. Because the objectives of individual clients may vary, this report is not to be construed as an offer or the solicitation of an offer to sell or buy the securities herein mentioned. This report is the independent work of SCP and is not to be construed as having been issued by, or in any way endorsed or guaranteed by, any issuing companies of the securities mentioned herein.

SCP does not provide, nor has it received compensation for investment banking services on the securities covered in this report. SCP does not expect to receive compensation for investment banking services on the securities covered in this report. SCP has a non- exclusive Advisory Services agreement to provide research coverage, retail and institutional awareness, and overall Investor Relations support and for which it is compensated $2,500 per month. SCP’s equity affiliate, Stonegate Capital Markets (SCM) - member FINRA/SIPC - may seek to provide investment banking services on the securities covered in this report for which it could be compensated.

SCP Analysts are restricted from holding or trading securities in the issuers which they cover. Research Analyst and/or a member of the Analyst’s household do not own shares of this security. Research Analyst, employees of SCP, and/or a member of the Analyst’s household do not serve as an officer, director, or advisory board member of the Company. SCP and SCM do not make a market in any security nor do they act as dealers in securities.

SCP Analysts are paid in part based on the overall profitability of SCP and SCM. Such profitability is derived from a variety of sources and includes payments received from issuers of securities covered by SCP for services described above. No part of Analyst compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in any report or article. This security is eligible for sale in one or more states. This security may be subject to the Securities and Exchange Commission’s Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.

CONTACT INFORMATION

Voleo Trading Systems, Inc. Investor Relations Voleo Investor Relations Stonegate Capital Partners 1-866-684-6730 8201 Preston Road, Ste. 325 [email protected] Dallas, TX 75225 Phone: (214) 987-4121 www.stonegateinc.com

11