Cervus Equipment Investor Presentation...Return on invested capital (“ROIC”) is a non-GAAP...

INVESTOR PRESENTATIONFebruary 2021

CERVUS EQUIPMENT

FORWARD-LOOKING STATEMENTSThis 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“, “potential”, “target” 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 beacquired 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 andinformation 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 tovarious 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 ofnew 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 consultwith a lawyer, accountant and other professionals in respect of contents hereof.

NON-GAAP MEASURESIn this presentation, Cervus has used the terms Absorption, Gross Profit Dollar Growth, Return on Invested Capital (ROIC) and free cash flow, which do not have any standardized meaning under IFRS ("Non-GAAP Measures"). Since Non-GAAP financialmeasures do not have a standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies, securities regulations require that Non-GAAP financial measures are clearly defined,qualified and reconciled to their nearest GAAP measure. These Non-GAAP measures are calculated and disclosed on a consistent basis from period to period. Such measures have been defined in the accompanying slides. Specific adjusting items mayonly be relevant in certain periods. The intent of Non-GAAP measures is to provide additional useful information respecting Cervus' financial and operational performance to investors and analysts and the measures do not have any standardizedmeaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS.

Other issuers may calculate these Non-GAAP measures differently Investors should be cautioned that these measures should not be construed as alternatives to revenue, earnings, cash flow from operating activities, gross profit or other measures offinancial results determined in accordance with GAAP as an indicator of Cervus's performance. For additional information regarding Non-GAAP measures, including reconciliations to measures recognized by GAAP, please refer to Cervus’Management’s Discussion and Analysis for our most recent quarter, which is available online at www.sedar.com and through Cervus' website at www.cervusequipment.com

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3

CERVUS SNAPSHOT

$191MMarket

Capitalization(1)

1.9%Yield on

$0.24/ShareAnnual

Dividend(1)

Book Value$15.84per share at

Q3 2020

$1.1B2019 Annual

Revenue

$3.65Adjusted Free Cash Flow per share for the

TTM ended Q3 2020 (1)

TSX Listed:

CERV

1) Based on January 29, 2021 closing price of $12.46 per share and Cervus' current dividend. Dividends are not guaranteed and are payable at the discretion of the Board.See “Risk Factors” in Cervus' Annual Information Form. Please refer to our Forward-Looking Statements & Non-GAAP Measures disclosures.

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LEADING INTERNATIONAL DIVERSIFIEDEQUIPMENT SOLUTIONS PROVIDER

The largest John Deere, Peterbilt Truck and Clark Forklift dealers in Canada

38 8 18 64AGRICULTURE INDUSTRIAL TRANSPORTATION

DEALERSHIPS DEALERSHIPS DEALERSHIPS DEALERSHIPS

+ + =

Canada

Australia and New Zealand

26%

11%

8%

30%

0% 20% 40% 60% 80% 100%

Peterbilt – Canada

John Deere – Canada

John Deere – Australia

John Deere – New Zealand

Cervus Representation of OEM* Brands

*OEM: Original Equipment Manufacturer

BEST POSITIONED DEALERSHIP IN OUR SECTOR

64 Locations

544 Service Bays

533 Technicians

>180 Mobile Service Trucks

>$60M In-stock Parts

Stability & Resilience of Product Support –55% - 70% of GP

5All numbers as of Q3 2020

~26% Employee/Director ownedTransitioned from founders to broad experience-based management

INVESTED EMPLOYEES AND MANAGEMENT

John Deere and Peterbilt Motors Quality, Performance and Technology Leaders

WORLD-LEADING BRANDS

Size and Scale - People, Customer Base, Capabilities, Locations, Inventories (equipment/parts), Cycles

LARGEST DIVERSIFIED DEALER

$158M available financing at Q3 2020Industry-leading inventory turns

DOMINANT BALANCE SHEET

CUSTOMER EXPERIENCEEmployees, service, culture, innovation and technology

BALANCED MARKET SHARE & PRODUCT SUPPORTBuild Machine Population to drive growth in annuity of product support

FINANCIAL SUSTAINABILITYAbsorption sustains operations through the bottom of the cycle.

Balance sheet strength - Disciplined management of Used inventory

Key Success FactorsWHAT MAKES A SUCCESSFUL DEALERSHIP

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Cervus Equipment is a Solutions ProviderTHE CERVUS STRATEGY

Strategic Goals Innovation Investment OEM Targets Shareholder Return

Strategic Goals Solutions beyond Brick

and Mortar New Products Expand Footprint Diversification

Strategic Goals Absorption Gross Margin Return on Invested

Capital (ROIC) Balance Sheet Market Share Service Excellence

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BUSINESS OBJECTIVES – ACHIEVING 50/50AGRICULTURE TRANSPORTATION MATERIALS HANDLING

PRO

DUCT

SUPP

ORT

GRO

WTH

Mobile on-road parts and service Online parts sales Equipment optimization and seasonal

inspectionsEXPANDING PRECISION AG OFFERINGS New technology and farming practices Driving “engaged” acres Advise on data and business services

Sales training and scorecards Online parts sales Expanded offerings Focus on the customer experienceBUILDING SERVICE CAPACITY Quality quotations and selling Mobile technician footprint Optimizing dealership structure

Related parts sales Sales training Planned maintenance packages Focus on mobile technician utilizationEXPAND TRAINING, RENTALS & STORAGE SOLUTIONS Targeted industry pricing models Development of new training Lead growth and conversion

EQU

IPM

ENT

SALE

S Disciplined used equipment trade-in practices Forward sales of new and used equipment Focus on inventory turns

Consistent sales pipeline Fleet conquests and rig-ups focus Focus on inventory turns

Identify and target conquest accounts Leverage existing network Focus on inventory turns

INCR

EASE

O

PERA

TIO

NAL

EF

FICI

ENCI

ES Align jobs to changing business Maximize geographic footprint Systems alignment and increased

digitalization

Process standardization Technology and training Expense control

Process standardization Technology and training Expense control

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27.2 25.2

61.2 71.0

88.4

8.8 0.3 1.0

(1.7)

0.0

(0.6)

96.2

0

20

40

60

80

100

120

$ M

illio

ns

Stability in Product Support Revenue Across Cycles

Service & Other Revenue Parts Revenue

87%

102% 102%

94%

101% 100%

75%

80%

85%

90%

95%

100%

105%

110%

115%

120%

Agriculture Transportation Industrial

Abso

rptio

n Pe

rcen

tage

Product Support Revenue Drives Absorption

Q3 2019 YTD Q3 2020 YTD

Absorption is a non-GAAP financial measure, calculated as product support gross profit, divided by total operating costs.Total operating costs is calculated as total SG&A expenses plus net finance costs, less equipment commissions expense, amortization of intangibles, and floorplan interest expense.Please refer to our Forward-Looking Statements & Non-GAAP Measures disclosures.

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Agriculture Product Support Growth and Cost Efficiencies Improve Absorption

FINANCIAL PERFORMANCE:PRODUCT SUPPORT EQUALS STABILITY

2024 Target

2024 Target 2024 Target

Q3 2019 Agriculture Transportation Industrial Q3 2020

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$110

$123 $126

$145

$162 $159 $156 $161

$181

$148

$114 $126

$115

$77

2.38

2.07 1.96

1.78 1.67

1.75 1.78 1.77 1.62 1.65

1.78 1.89

2.31

2.78

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0

25

50

75

100

125

150

175

200

Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Inve

ntor

y Tu

rnov

erRa

tio

Use

d Ag

ricul

ture

Inve

ntor

y$

Mill

ions

Agriculture Used Inventory

Used Inventory Used Inventory Turns

Inventory turnover is non-GAAP financial measure, calculated as trailing twelve-month equipment cost of sales divided by the quarterly average inventory for the most recent four quarters.Return on invested capital (“ROIC”) is a non-GAAP financial measure, calculated as trailing twelve months income before income tax excluding unrealized (gains) losses from foreign currency, plus finance costs less floorplan interest expense, divided by 4 quarter average total invested capital. Total invested capital is calculated as average net debt plus book value of equity.

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Inventory Turns Support Improved ROIC Above Long-Term Objective

FINANCIAL PERFORMANCE:INVENTORY MANAGEMENT

Long-Term Inventory Turn Objective

1.78

2.69 2.78 2.78

2.45

2.10

2.50

3.50 3.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

AgricultureUsed Turns

TransportationTotal Turns

IndustrialTotal Turns

Inve

ntor

y Tu

rns

Focus on Ag Inventory Management Drives Turn Ratio

FY 2019 Q3 2020 Target 2024

7.4%

12.0% 12.0%

13.7%

-1.3%

10.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Q3 2020 TTM

Disciplined Inventory Management Stabilizes ROIC

Disciplined Allocation of Capital

FINANCIAL PERFORMANCE:INVENTORY TURNS & ROIC

2024 Target 20%

11Inventory Turns is a non-GAAP financial measure, calculated as trailing twelve-month cost of goods sold (COGS), divided by average inventory. Agriculture inventory turns is based on used equipment inventory, Transportation and Industrial is based on combined new and used equipment inventory.ROIC is a non-GAAP measure, calculated as trailing twelve-month EBIT less floorplan interest, divided by average net debt (excluding floorplan debt) plus book value of equity.Please refer to our Forward-Looking Statements & Non-GAAP Measures disclosures.

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TARGETING 50/50 THROUGH THE CYCLE

Top of CycleIncreased

WholegoodsRevenue

Bottom of CycleIncreased

Product SupportRevenue

Target Zone

50/50

10%

35%

65%

5%

30%

65%

22%

36%

62%

0%

30%

60%

2%

25%

60%

10%

31%

57%

0%

10%

20%

30%

40%

50%

60%

70%

Wholegoods Parts Service

More Product Support Provides Leading Profitability


80%62%

39%

20%38%

61%


Already Achieving 50/50 in Some Areas

Product Support

Wholegoods

50/50 is Consistency Across Cycles

2024 FINANCIAL AND OPERATIONAL TARGETS

ROIC

>20%

Product SupportGP Dollar CAGR

~10%

Absorption AcrossBusinesses

100-115%

13Please refer to our Forward-Looking Statements & Non-GAAP Measures disclosures

• Renewed management team and streamlined operations

• Accelerated technology adoption, enabling enhanced customer support

• Industry leading used equipment inventory turns

• Strong history of free cash flow• Balance sheet strength leads to

financial flexibility• Trading below book value

• $15.84/share at Q3 2020

WHY CERVUS

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APPENDIX

Partnership is vital to success – we want you on our team and we want to be on yours.Our Commitment of new investment dollars to advance our partners forward is:

CUSTOMERS Service excellence through investment in

innovation and process improvement

EMPLOYEES Employer of choice through investment

in training and development

OEMs Achieving our joint targets

SHAREHOLDERS Delivering TSR through performance and

capital allocation

OUR STRATEGIC FOCUS FOR PARTNERS

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Our purpose is to perform for our team of partners.Our 5-year targets are based on high-performancein the following areas:

FINANCIAL PERFORMANCE Absorption Gross Margin ROIC Balance Sheet Strength

CUSTOMER EXPERIENCE OEM Customer Survey Scores

MARKET SHARE Growing Equipment Population

OPERATIONAL Parts and Service Optimization

OUR STRATEGIC FOCUS FOR PERFORMANCE

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Progression towards our “50/50 Sales and Support” revenue goal drives our focus on growing the profitable and predictable Product Support part of our business.

ORGANIC GROWTH Service Solutions Beyond Brick and Mortar New Product Support Offerings Expand Rentals, Training, Racking Solutions

INDUSTRY CONSOLIDATION Expand Geographic and Industry Footprint

ACQUISITIONS Continued diversification in equipment

product support

OUR STRATEGIC FOCUS FOR PROGRESSION

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Mix and MarginAGRICULTURE

Overall Pre-Tax Adjusted Return on Sales (1)

Q3 2020 YTD 3.5%High Performance 3.5-5.0%

WholeGoods Parts Service

Gross Margin by Revenue Type

80%Percentage of total

revenue represented by Whole Goods sales

Whole GoodsRevenue(2)

20%Product Support

Revenue(2)Percentage of total revenue

represented by Parts, Services and Rental sales

(1) Pre-Tax Adjusted Return on Sales is a non-GAAP measure and defined as net income before tax adjusted for unrealized foreign exchange gains and losses and government wage subsidies, divided by total revenue.

(2) Revenue is for the nine months ended Q3 2020.

0-10% 30-35% 60-65%

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Mix and MarginTRANSPORTATION




38%Product Support








Q3 2020 YTD 1.4%High Performance 2.5-3.0%

2-5% 25-30% 60-65%

20

Mix and MarginINDUSTRIAL




61%Product Support








Q3 2020 YTD 3.5% High Performance 4.0-5.0%

10-22% 31-36% 57-62%

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Cervus EquipmentForward-Looking StatementsCervus SnapshotLEADING INTERNATIONAL DIVERSIFIED�EQUIPMENT SOLUTIONS PROVIDERBEST POSITIONED DEALERSHIP IN OUR SECTORWHAT MAKES A SUCCESSFUL DEALERSHIPTHE CERVUS STRATEGYBusiness Objectives – Achieving 50/50Financial Performance:�Product Support Equals StabilityFinancial Performance:�Inventory ManagementFinancial Performance:�INVENTORY TURNS & ROICTargeting 50/50 Through the Cycle2024 FINANCIAL AND OPERATIONAL TARGETSWhy CervusSlide Number 15Our Strategic Focus For PartnersOur Strategic Focus For PerformanceOur Strategic Focus For ProgressionAGRICULTURETRANSPORTATIONIndustrial

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