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Stingray Group Inc. (TSX: RAY. A; RAY. B)

September 26 2019 LEGAL DISCLAIMER

Disclaimer This presentation has been prepared by Stingray Digital Group Inc. (“Stingray” or the “Corporation”) solely for information purposes. Recipients of this presentation may not reproduce or otherwise redistribute, in whole or in part, this presentation to any other person. Unless indicated otherwise, all amounts presented in this presentation are in Canadian dollars. Forward-Looking Information This document contains forward-looking information within the meaning of applicable Canadian securities laws. This forward-looking information includes, but is not limited to, statements with respect to management’s expectations regarding the future growth, results of operations, performance and business prospects of the Corporation. This forward-looking information relates to, among other things, our objectives and the strategies to achieve these objectives, as well as information with respect to our beliefs, plans, expectations, anticipations, estimations and intentions, and may also include other statements that are predictive in nature, or that depend upon or refer to future events or conditions. Statements with the words “could”, “expect”, “may”, “will”, “anticipate”, “assume”, “intend”, “plan”, “believes”, “estimates”, “guidance”, “foresee”, “continue” and similar expressions are intended to identify statements containing forward-looking information, although not all forward- looking statements include such words. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events. Although management believes the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are based on the opinions, assumptions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include, but are not limited to the risk factors disclosed in the Annual Information Form for the year ended March 31, 2019 available on SEDAR. In addition, if any of the assumptions or estimates made by management prove to be incorrect, actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A. Such assumptions include, but are not limited to, the following: our ability to generate sufficient revenue while controlling our costs and expenses; our ability to manage our growth effectively; the absence of material adverse changes in our industry or the global economy; trends in our industry and markets; the absence of any changes in law, administrative policy or regulatory requirements applicable to our business, including any change to our licences with the CRTC; minimal changes to the distribution of the pay audio services by Pay-TV providers in light of recent CRTC policy decisions; our ability to manage risks related to international expansion; our ability to maintain good business relationships with our clients, agents and partners; our ability to expand our sales and distribution infrastructure and our marketing; our ability to develop products and technologies that keep pace with the continuing changes in technology, evolving industry standards, new product introductions by competitors and changing client preferences and requirements; our ability to protect our technology and intellectual property rights; our ability to manage and integrate acquisitions; our ability to retain key personnel; and our ability to raise sufficient debt or equity financing to support our business growth. Accordingly, prospective purchasers are cautioned not to place undue reliance on such statements. All of the forward-looking information in this MD&A is qualified by these cautionary statements. Statements containing forward-looking information contained herein are made only as of the date of this MD&A. The Corporation expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumption underlying them, whether as a result of new information, future events or otherwise, except as required by law. IFRS and Non-IFRS Financial Measures The annual consolidated financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and are stated in Canadian dollars. The Corporation believes that Adjusted EBITDA and Adjusted EBITDA margin are important measures when analyzing its operating profitability without being influenced by financing decisions, non-cash items and income taxes strategies. Comparison with peers is also easier as companies rarely have the same capital and financing structure. The Corporation believes that Adjusted Net income and Adjusted Net income per share are important measures as it demonstrates its core bottom-line profitability. The Corporation believes that Adjusted Free cash flow is an important measure when assessing the amount of cash generated after accounting for capital expenditures and non-core charges. It demonstrates cash available to make business acquisitions, pay dividend and reduce debt. The Corporation believes that Net debt, Net debt to Adjusted EBITDA and Pro Forma Adjusted EBITDA are important measures when analyzing the significance of debt on the Corporation’s statement of financial position. Each of these non-IFRS financial measures is not an earnings or cash flow measure recognized by International Financial Reporting Standards (IFRS) and does not have a standardized meaning prescribed by IFRS. Our method of calculating such financial measures may differ from the methods used by other issuers and, accordingly, our definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS financial measures should not be construed as an alternative to net income determined in accordance with IFRS as indicators of our performance or to cash flows from operating activities as measures of liquidity and cash flows. Please refer to the Corporation’s Management Discussion and Analysis for the first quarter ended June 30, 2019 available on SEDAR at www.sedar.com for the definition of all non-IFRS financial measures and additional IFRS measures and, when applicable, a clear quantitative reconciliation from the non-IFRS financial measures to the most directly comparable measure calculated in accordance with IFRS.

2 OUR VISION

A Leading Global Music, Media, and Technology Force

“To unleash the power of music by delivering the best curated video and audio experiences for people and businesses globally.”

3 STINGRAY – DIVERSIFIED INDUSTRY LEADER TV broadcasting Radio (101 licences)

Subscriptions Commercial (88 000 locations)

4 MULTIPLATFORM MUSIC

MUSIC AVAILABLE ON TV, RADIO, OTT, WEB, MOBILE, AND ON-DEMAND

KARAOKE AUDIO CONCERTS MUSIC RADIO APPS BUSINESS & SHOWS VIDEOS SERVICES Stingray Karaoke Stingray Music boom 97.3 Toronto The Karaoke Channel Stingray Hits! Stingray iConcerts Hot 89.9 Ottawa Kid’s Karaoke Stingray Business Stingray Classica Stingray Vibe VOCM St. John’s Singing Machine Background Music Stingray DJAZZ Stingray Loud Q104 Halifax Stingray Karaoke Digital Signage Stingray Qello Stingray Retro K97 Edmonton Stingray Music Music Videos Stingray Juicebox Stingray Qello 4K UHD Z95.3 Vancouver Yokee Sing Stingray cmusic And 95 more stations Stingray Ambiance 4K Yokee Guitar PalmarèsADISQ par Stingray across Canada! Stingray Festival 4K Yokee Piano And more to come! The Voice Karaoke

4K UHD Piano Academy

Stingray Now 4K Stingray Hits 4K

Radio Television Mobile Web SVOD Channels The world’s leading Expertly-curated music The premium destination for The ultimate karaoke destination streaming service for full- channels, in all genres, breathtaking classical music to perform and record songs, length concert films and for all of life’s moments. concerts, opera, ballet, and add voice effects and share with music documentaries. music documentaries. a network of dedicated singers

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Make sure to authenticate with your provider! Have you seen our music channels? Do you need help? CLICK TO EDIT TEXT CLICK TO EDIT TEXT UNLEASHING THE POWER OF MUSIC

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YOKEE MUSIC LTD

o Acquired May 2017, Founded 2013 by Ariel Yaloz and Gil Selka o Offices in Yehud (near Tel Aviv) o 28 Employees, mostly engineers o Exclusively focusing on B2C mobile music apps o Downloads: 130M+ organic downloads o Revenues: +50% YoY growth o AppStore: Ranked #1, #2 in most relevant o keywords, WW OUR APPS ORGANIC DOWNLOADS

Accumulated New Users 140,000,000

120,000,000

100,000,000

80,000,000

60,000,000

40,000,000

20,000,000

- REVENUES GROWTH

Quarterly Revenue

Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219 Q319 UNIQUELY POSITIONED HAVING WORLDWIDE LICENSING AGREEMENTS PIANO ACADEMY – OVERVIEW

o From Zero to Piano Hero with a uniquely designed mobile app o Interactive personal tutor, fully localized to 5 languages o Rich catalog of interactive songs o One of the fastest growing segment on the AppStore o Competitors are at $20M+ yearly revenues. THE VOICE – OVERVIEW

o 5 years exclusive deal o Working directly with Talpa o Potential partnerships with local broadcasters o Launched on Oct’18, just crossed $130K o Currently growing at 10% MoM o Gaining high AppStore ranking (#3 in top relevant keywords) SING WITH STINGRAY QUICK STATS*

4-8% 40% 70% 1 WEEK FREE PAID APP DOWNLOAD RENEW CYCLES TRIAL SUBSCRIBER

o Avg of 6-8 weekly and 4 monthly renew cycles per paid subscriber o LTV paid subscriber – 60-80 USD o 2nd day retention – 24% o Avg songs per user per month: 8.6

*ficticious numbers to illustrate GROWTH STRATEGY o Expanding to additional regions, localization and content o Newly introduced apps (Piano Academy, TheVoice, Sing by Stingray) o Marketing: UA, Micro influencers

Stingray Radio STINGRAYCLICK TO EDITRADIO TEXT Popular and consistent formatto consume music

27.3M 91% Radio listeners listened to Radio every week weekly 10-years ago* Reach Considerable is Stable Consumer Through Reach and 16.3H 85% Decades Time Spent weekly time spent listen to Radio per radio listener weekly 47% 76% of weekly listening to of Millennials (18-34) radio is at home listen to radio weekly

Numeris: Total Canada, Fall 2018, Reach Plan, A12+/A18-34 * Fall 2008 Ian Lurie President, Radio

Ian Lurie is Stingray’s President, Radio. He is responsible for all broadcasting operations across Canada. Prior to that, Ian was Chief Operating Officer Newcap, Senior Vice President English Radio Operations at Bell, Chief Operating Officer at Astral Media Radio and Vice President & Chief Financial Officer at Standard Radio.

Ian is currently involved in numerous industry activities, including involvement with the Canadian Association of Broadcasters, CEO Radio Council, and he also oversees Radio Connects. Steve jones SVP Brands & Content, Radio

Steve Jones is Stingray’s SVP Brands & Content. Based in Toronto, Steve oversees on-air product, talent, marketing, and research for Stingray’s 100+ radio stations.

Over his 33-year career, he has programmed winning radio brands in the US, Canada, and the Caribbean and has twice been named International Programmer of the Year. In addition, Steve is the author of two popular marketing books and is a speaker on the international speaking circuit. Scott broderick SVP Revenue, Radio

Scott Broderick is Stingray’s SVP Revenue, Radio. He has fulfilled a variety of senior sales, management, marketing and operations roles for several of Canada’s leading broadcasters.

His 31-year career began with Newcap in Halifax in 1987 (when Newcap owned only 3 radio stations!). Scott calls Ottawa home which he shares with his wife Brandee and 13-year-old future NBA Star, Will. Andy Boyd VP Finance, Radio

Andy is Vice President Finance for Stingray Radio. Before that he was Chief Financial Officer at Vista Radio Ltd., VP Finance for Astral Media Radio GP and formerly held various other financial related roles in the Canadian Broadcasting industry since the early 1990’s.

Andy is a Chartered Account (CA, CPA) having obtained his designation in 1992 at KPMG in Vancouver. STINGRAYCLICK TO EDITRADIO TEXT Canada’s Largest independent Radio Broadcaster

Newfoundland (8 FM / 4 AM)

o 75 radio stations spanning Alberta (27 FM / 3 AM) 7 provinces

o Total of 104 radio licenses including stations repeaters (85 FM / 19 AM)

o Presence in 22 local markets PEI (2 FM)

o Top ranking radio stations in 14 of its 16 local rated markets

o 100% of its stations available through online and mobile applications

B.C. (6 FM / 1 AM) Ontario (6 FM) N.B. (6 FM) N.S. (7 FM)

Sources: Company’s filings and Company’s website. STINGRAYCLICK TO EDITRADIO TEXT Stations Highlights

STRONG PRESENCE IN 19 LOCAL MARKETS FROM COAST TO COAST WITH ADDITIONAL PRESENCE AND REACH IN 28 SMALLER MARKETS Newfoundland & British Columbia Alberta Ontario New Brunswick Nova Scotia PEI Labrador Kelowna/Penticton Calgary Ottawa Moncton Halifax Charlottetown St. John’s Vancouver Edmonton Sudbury Fredericton Sydney Kamloops Alberta East(1) Toronto Miramichi(1) Kentville(1) • Carbonear(1) (1) (1) Alberta Northwest Saint John New Glasgow • Corner Brook(1) Red Deer • Stephenville(1) Alberta South(1) • Grand Falls-Windsor(1) (1) • Camrose(1) • Bonnyville(1) • Gander (1) • Wetaskiwin(1) • Lac La Biche(1) • Clarenville • Blairmore(1) • Edson(1) • Brooks(1) • Hinton(1) • Stettler(1) • Whitecourt(1) • Drumheller(1) • Athabasca(1) • Lloydminster(1) • Westlock(1) • Wainwright(1) • Slave Lake(1) • Cold Lake(1) • High Prairie(1) • St. Paul(1) TOP RANKING STATIONS IN 14 OF ITS 16 LOCAL RATED MARKETS

#1 #2 #3 #4

Sydney Toronto Calgary Halifax Sudbury Moncton Fredericton Red Deer Saint John Sydney St. John’s Kelowna Fredericton St. John’s Kamloops

Charlottetown Ottawa St. John’s Moncton Kamloops Red Deer Ottawa Charlottetown

Source: Numeris PPM AW Spring 2019, Diary RP Spring 2019 and Fall 2018, Anglo Commercial Share, A2554 (1) Non-rated Markets. STINGRAYCLICK TO EDITRADIO TEXT Diversified Radio Operator

o Characterized with a strong local reach in its local markets, Stingray Radio also gets a significant base of its advertising revenue from national advertising campaigns and local advertising agencies o Well-balanced portfolio from coast-to-coast o Comprises both large radio stations in key urban Canadian markets as well as smaller radio stations in local markets

Revenue by Advertising Type(1) Revenue by Region(1)

Corporate & Other British Columbia

Atlantic Canada 3% National 12% 25% 34%

Local Alberta 30% 53%

10% 33% Local Agency Ontario

(1) Based on Company data for 12 months ended December 31, 2018. Revenue breakdown by region based on broadcasting segment and excludes corporate & other segment. Percentages may not add up to 100% due to rounding. STINGRAYCLICK TO EDITRADIO TEXT Established Client Base Selected National Accounts

○ Established client base comprises companies from various industries including:

○ Restaurant chains

○ Grocery stores & pharmacies

○ Consumer Staples

○ Car dealership and auto companies

○ Telcos

○ Financial institutions STINGRAYCLICK TO EDITRADIO TEXT Solid Performing Radio Operations

○ Stingray Radio was able to increase its margin through expense control and operating efficiencies EBITDA Margin Improvement (Q1 exc. IFRS 16)

○ Technological advancement and a thorough review of processes leading to superior industry EBITDA margins 38.80%

○ Synergies from Stingray deal north of 8M$ CAN completed

○ Will continue to consolidate smaller independent stations where synergies can be achieved 37.40%

2018 2019

Note: All figures are in C$ millions, unless otherwise stated. Source: NCC and Stingray company filings Quarter ending June 2018 and Quarter ending June 2019 STINGRAYCLICK TO EDITRADIO TEXT Digital innovation

○ 3rd party digital offering allowing local sales rep to add significant buys for small and medium size businesses

○ Unique independent offering not solely tied to existing Stingray properties

○ Expecting solid organic growth in the next 12 to 24 months

○ Launch of Audio360 will also bring great momentum for national sales

LATAM & Brazil Overview LATAMCLICK TO& BRAZIL EDIT TEXT Market Overview

Key Highlights

○ Mobile First Region ○ Pay TV Penetration ○ Growth of OTT and alternative ○ 57% rise in streaming revenue, where ○ There will be 83.5 million pay-TV homes distribution methods digital represents half of the total market in Latin America by 2022 ○ OTT and video revenues will grow by $4 ○ 442 million subs in Latam (80% prepaid ○ 62.5 million subs in Latam & 21 million billion to $6.43 billion in 2023 (up from – 20% postpaid) subs in Brazil 2017’s $2.47 billion) ○ 215 million subs in Brazil (60% prepaid – ○ Brazil ($6.9 billion in 2022) will remain ○ SVOD will remain the region's largest 40% postpaid) the top country by pay-TV revenues, OTT revenue source; contributing $4.42 followed by Mexico ($3.2 billion), and billion by 2023 Argentina ($2.2 billion) ○ In 2019, Mexico has become the SVOD leader. By 2023, Mexico will account for 36% of the region's SVOD subs, with Brazil bringing in a further 27% LATAMCLICK TO& B EDIT R A Z I LTEXT Top Markets

90 STINGRAY SERVICE TOP MARKETS: PROVIDERS BRAZIL MEXICO COLOMBIA

30 COUNTRIES 20 MILLION SUSBSCRIBERS

800K APP DOWNLOADS LATAMCLICK TO& B EDIT R A Z I LTEXT Growth Opportunities: Latin America

○ Product diversification and opportunities with new and existing clients that want to increase their music LATAM NEW BUSINESS FORECAST offering including top providers

MOBILE SUBS ○ America Movil (Claro Video & Claro Musica) – Pan regional coverage 442M ○ Telefonica (Movistar) – Pan regional coverage ○ DirecTV (DirecTV Now) – Pan regional coverage ○ Televisa (Izzi Go) – Mexico BROADCAST SUBS ○ Altice (Altice Play) – Dominican Republic 47M ○ VTR – Chile ○ ATIM – Mexico ○ Cablevision – Argentina PAY TV SUBS 62.5M LATAMCLICK TO& B EDIT R A Z I LTEXT Growth Opportunities: Brazil

Product diversification and opportunities with new and existing clients that want to increase their music LATAM NEW BUSINESS FORECAST offering including top providers

MOBILE SUBS ○ Sky Brazil 215M ○ Telefonica (Vivo Play) ○ America Movil (Claro/ NET) ○ Oi (Oi Play) BROADCAST SUBS ○ NEO TV 29M ○ BluTV

PAY TV SUBS 21M Canada Overview STINGRAYCLICK TO EDIT TEXT Market overview: Canada

HOUSEHOLD KEY SUBSCRIPTIONS* HIGHLIGHTS

75 % 10M SUBSCRIBE STINGRAY TO TV PAY TV SUBSCRIBERS 90 % 182K SUBCRIBE PEAK AVERAGE TO MOBILE MINUTE AUDIENCE 89 % 1.9M + SUBCRIBE STINGRAY MUSIC TO INTERNET APP DOWNLOADS

*Source: CRTC Monitoring Report 2019 STINGRAYCLICK TO EDIT TEXT Our Partners CLICK TO EDIT TEXT Vectors of Growth

○ Maximize Advertising/Sponsorship Vertical ○ Support the roll out of Specialty Audio as part of Audio 360 initiative ○ Support the roll out of advertising on Linear Music Video Channels ○ Support the launch of Ad-supported Stingray App ○ Support Ad-supported products on NextGen platform (i.e. Verizon Media Syndication Network)

○ Launch SVODs across various platforms including: ○ New cable & IPTV platforms (i.e. Xfinity and MediaRoom) ○ OTT (i.e. Amazon, Apple, etc.) ○ Mobile players

○ Pursue new revenue streams via OTT and non-traditional partners like Amazon, Crave, MetroLinx

○ Continue to grow Commercial business

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US Market

1. SVODs 2. Ad-supported Linear Channels 3. Alternative Distribution Opportunities STINGRAYCLICK TO EDITUS MARKET TEXT Current SVOD packages

○ Up to 15K karaoke videos ○ Up to 2K concerts & documentaries

○ 15 playlists ○ Adding 25 per month

○ Adding ±75 per month ○ $7.99/month

○ $6.99/month

Most Viewed Artists ○ The Eagles Most Viewed Artists ○ Queen ○ Disney artists ○ Rolling Stones ○ Bruno Mars ○ Beyoncé ○ Taylor Swift ○ Imagine Dragons STINGRAYCLICK TO EDITUS MARKET TEXT Current SVOD packages

○ 800 concerts ○ 400 concerts

○ Additional Classical Pop Music Videos ○ Adding 5 per month

○ Adding 10 per month ○ $6.99/month

○ $6.99/month

Most Viewed Artists ○ Louis Armstrong Most Viewed Artists ○ Frank Sinatra ○ Beethoven ○ Janis Joplin ○ Tchaikovsky ○ Gregory Porter ○ Bach STINGRAYCLICK TO EDITUS MARKET TEXT Some of our current SVOD partners STINGRAYCLICK TO EDITUS MARKET TEXT Ad-supported linear channels

Leading Stingray products available for the ad-supported model

Current/upcoming partners STINGRAYCLICK TO EDITUS MARKET TEXT Alternative distribution opportunities

○ Mobile Platforms

○ Hospitality/in Room Entertainment

○ In car entertainment EMEA Markets

oContent & Programming

o CLASSICA 2 23 o BRAVA OFFICES EMPLOYEES o DJAZZ o CMUSIC LONDON 6 AMSTERDAM SALES AGENTS o MV CHANNELS o AUDIO CHANNELS

o Sales SCLICK T I N G RTO A Y EDITEMEA TEXTMARKETS Current revenues by product

5% MAY 2019 6% Stingray Music 31% 11% iConcert/Qello Classica

DJAZZ 12% Brava Festival 4K

C-Music 15% 8% Other 12% SCLICK T I N G RTO A Y EDITEMEA TEXTMARKETS Revenues by country

Revenues by country Europeen countries by population MAY 2019 MAY 2019

o Russia 18% Other 17% Belgium o Turkey 10%

Spain 43% o Germany 10% 15% Switzerland o UK 8% Germany o France 8% 7% Netherlands 7% o Italy 7% France 6% 5% o Spain 6% o Ukraine 6% SCLICK T I N G RTO A Y EDITEMEA TEXTMARKETS Vectors for growth

○ Subscription Bundles ○ Ad-supported Linear Channels ○ B2B2C App Opportunities SCLICK T I N G RTO A Y EDITEMEA TEXTMARKETS Examples of potential subscription bundles

Classical Music VOD Bundle Entertainment VOD Bundle

o 2 Premium linear classical music channels o 2 Premium linear live music channels o 50 VOD assets, monthly refresh o 50 VOD assets, monthly refresh o 50:50 revenue sharing o 50:50 revenue sharing SCLICK T I N G RTO A Y EDITEMEA TEXTMARKETS Ad-supported linear channels

Leading Stingray products available for the ad-supported model

Upcoming partners SCLICK T I N G RTO A Y EDITEMEA TEXTMARKETS B2C app opportunities

○ Qualified Partners ○ Mobile Operators ○ Direct Marketers

CLICK TO EDIT TEXT STINGRAYCLICK TO EDITBUSINESS TEXT Locations

12 THOUSAND CLIENTS IN 88,000 COMMERCIAL LOCATIONS

London, Montreal,

Evergem, Belgium Miami,

Surry Hills, Australia STINGRAYCLICK TO EDITBUSINESS TEXT Happy Customers CLICK TO EDIT TEXT CLICK TO EDIT TEXT CLICK TO EDIT TEXT CLICK TO EDIT TEXT CLICK TO EDIT TEXT CLICK TO EDIT TEXT CLICK TO EDIT TEXT CLICK TO EDIT TEXT CLICK TO EDIT TEXT CLIENT STORIES STINGRAYCLICK TO EDITBUSINESS TEXT Client Stories CLICK TO EDIT TEXT

Thank you.