Legal Notice/Disclaimer

Matrix Asset Management Inc. is listed on the TSX under the trading symbol “MTA”. For information about each of our three operating divisions, click below:

Use of Website

This communication is published by Matrix Asset Management Inc. Any commentaries and information contained in this communication are provided as a general source of information and should not be considered personal investment advice. Every effort has been made to ensure that the material contained herein is accurate at the time of publication. However, Matrix Asset Management Inc. cannot guarantee its accuracy or completeness and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein.

Facts and data provided by Matrix Asset Management Inc. and other sources are believed to be reliable when posted. Matrix Asset Management Inc. cannot guarantee that they are accurate or complete or that they will be current at all times. Information on this website is not intended to provide legal, accounting, investment or tax advice, and should not be relied upon in that regard. Matrix Asset Management Inc. and its affiliates will not be responsible in any manner for direct, indirect, special or consequential damages howsoever caused, arising out of the use of this website.

Users of Matrix Asset Management Inc.'s website pages (the "Work") shall only be entitled to copy the Work for their own personal use but may not republish nor reproduce any substantial part of the Work in any manner whatsoever, including electronically reproducing the Work by "uploading," "downloading" or accessing the Work on to the Internet or any other local or international computer system, without the prior written permission of Matrix Asset Management Inc. An acknowledgment of the source must be included whenever Matrix Asset Management Inc. material is copied or published. If you require further information on a permitted use or license to reproduce or republish any material, address your inquiry to the Sales and Marketing, Matrix Asset Management Inc, Exchange Tower, 130 King Street West, Suite 2200, PO Box 422, Toronto, ON M5X 1E3. Any infringement of Matrix Asset Management Inc.'s rights will result in appropriate legal action. Matrix Asset Management Inc. disclaims any and all liability for any consequences which may result from any unauthorized reproduction or use of this Work whatsoever.

Third Parties

Sites accessed by hypertext appearing in this website have been independently developed by parties other than Matrix Asset Management Inc. and Matrix Asset Management Inc. does not guarantee the accuracy of information contained in such sites. The listing of an organization in this site should not be construed as an endorsement of its products or services. Complete confidentiality and security is not yet possible over the Internet. Matrix Asset Management Inc. advises that the Internet is not a secure medium and privacy cannot be ensured. Matrix Asset Management Inc. and its affiliates will not be responsible for any damages you may suffer if you transmit confidential or sensitive information to us.

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Forward-looking Statements

From time to time, statements on this website will be forward-looking statements based on beliefs, assumptions and expectations of Matrix and not on historical fact. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results and profitability, prospects, priorities, goals, strategies and estimates and outlook of Matrix for the current fiscal year and subsequent periods. Forward-looking statements include statements that are predictive in nature or depend upon or refer to future events or conditions.

Forward-looking statements are based upon beliefs and assumptions. These will often include beliefs and assumptions with respect to levels of AUM and expenses and related assumptions as to levels of portfolio returns and managed fund sales and redemptions, beliefs and assumptions concerning economic and market conditions and the impact of such conditions and other factors on Matrix’s AUM, the continuation of portfolio and fund management and advisory engagements, the extent and effectiveness of cost-saving measures, tax rates and laws and the absence of extraordinary or one-time expenses not currently known to management. While management considers these beliefs and assumptions to be reasonable based on information currently available to it, they are subject to numerous risks and uncertainties and no assurance can be given that such beliefs and assumptions will prove to be correct. Accordingly, actual results may differ significantly from those expressed or implied by forward-looking statements due to many factors including, but not limited to, risks associated with institutional, mutual fund and venture capital fund management sectors generally, market, economic, political and other risks affecting portfolio performance, interest and foreign exchange rates, managed fund sales and redemptions and in turn Matrix’s AUM, changes to regulatory requirements, accounting and reporting policies (including the adoption of IFRS) and tax laws, Matrix’s ability to effectively respond to competition and technological change and recruit and retain key management personnel, uninsured losses, accessing needed capital resources from internal and external sources and Matrix’s ability to successfully integrate acquired operations and implement cost savings measures and growth strategies. Many of these risks are beyond the control of Matrix.

Readers are cautioned to consider these and other risks, uncertainties and potential events carefully and not place undue reliance on forward-looking statements. Other than as specifically required by law, Matrix undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results or otherwise.

NON-GAAP MEASURES

Certain financial reports on this website reference certain financial measures not recognized under Canadian generally accepted accounting principles ("GAAP"). For example, EBITDA, recurring EBITDA and recurring income before taxes. Management of Matrix believes that many of its shareholders, creditors, other stakeholders and investment analysts prefer to have these measures included as reported measures of operating performance, a proxy for cash flow, and to facilitate valuation analysis. These non-GAAP measures do not have any standard meanings prescribed by GAAP and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that these non-GAAP measures are not alternatives to measures determined in accordance with GAAP and should not, on their own, be construed as indicators of Matrix's performance, cash flow or profitability. These Non-GAAP measures should be read in conjunction with the financial statements of GrowthWorks and Matrix posted on SEDAR.com. For additional information regarding Matrix's use of non-GAAP measures, including reconciliations of these measures to the nearest GAAP measures, please refer to the "Non-GAAP Financial Measures", "Reconciliation of Recurring Income before Taxes" and "Reconciliation of EBITDA and Recurring EBITDA" sections of its MD&A available on the SEDAR website at www.sedar.com.

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