April 2017

TSX: EQI
Michael Jones Josh Reusing
President & Chief Executive Officer Chief Financial Officer
647.277.0106 416.348.7919
mjones@equityfinancialtrust.com jreusing@equityfinancialtrust.com
Highlights

Alt A lender Growth story Value creation

Ontario Assets Net income
based Market ROE
Broker share BVPS
originated

2
Business Model & Strategy

EQI.TO

100%

Deposits Equity Financial Mortgages

Securities Regulated Broker
dealers & lender originated
Deposit
brokers

3
Strategic Enablers

People Liquidity Capital

4
Partnering with Mortgage Brokers

2016 Total Canadian Mortgage Many alternative borrowers use a mortgage broker.
Market

Broker channel share of mortgage

originations is increasing 2
Mortgage
brokers 42% 43%
33% 2

~$1.4 T
1 31%

2014 2015 2016

Sources:
1: Statistics Canada Total Residential Mortgage Credit
2: Mortgage Professionals Canada survey, Fall 2016

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 Borrowers & Lending Area

Bruised Business
credit 1 for self 2

New to
Canada 3

6
Access to Liquidity

December 31, 2016 Equity

GICs

Canadian GIC
Market
Source: OSFI Financial Data
~$727 M (Banks & Trust Companies)

~$700 B

7
Enterprise Risk Management

Board Governance

Three Lines of Defense

1. Operations:
Segregation of duties
Quality control

2. Risk & Compliance:

Post-funding quality
assurance

3. Internal Audit

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Exposure Concentrated in Mid-range Properties

% Loans WA LTV (current value)

80.0% 70.0%
% Principal exposure by segment

60.0%

Weighted average LTV

65.0%
63.2% 63.5%

40.0%
60.0%
60.0%
58.3%
20.0%

2.2% 56.6% 32.6% 8.6%

0.0% 55.0%
< $200K $201 - $600K $601 - $999K >$1M
Home Market Value

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Minimal Loan Losses

Net realized credit losses as a % of total loans

0.14%

0.12%

0.10%

0.08%

0.06%

$54K $95K
0.04% $49K
$77K
0.02%
0.02% 0.02%
0.02% 0.01%

0.00%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2014 2015 2016

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Building Scale

2014: Stabilize

Mortgage Portfolio Mortage Originations

2015: Rebuild ($ millions)
($ millions)
2015 2016
Annualized
CAGR 69% 760 95%
663
173
539 154
441 131
383
314 340
294 86 79
62
45
29

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016

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Increasing Profitability

2014: Stabilize
Improving efficiency ratio and ROE
Efficiency ratio ROE (annualized)
4.5%
Stable net interest margin & fees
2015: Rebuild
Net interest margin Fee income 115%
1.8%
92% 93%
85%
0.39% 0.6% 0.2% 76%
0.34% 0.33% 0.27%
0.30%

2.91% 2.87% 2.89%

2.86%
2.81% -2.5%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2015 2016

$1.7M of Net Income in 2016

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Strong Capital Base

2014: Stabilize December 31, 2016

Leverage Ratio1 CET12
27.3%

2015: Rebuild

10.0% Basel III min

CET1 target of
7.0%

2016

$85M of regulatory capital

1. Leverage Ratio: the capital measure (all-in Tier 1 capital) divided by the exposure measure (generally on-balance
sheet assets)
2. CET1: common equity tier 1 capital divided by risk-weighted assets

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Attractive Valuation

Book value per share ($) Market Value

10.03
March 27, 2017

9.91 $9.22
9.85
9.82
9.80
Analyst Consensus

Q1 Q2 Q3 Q4 $12.25 to $15.00
2015 2016

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Experienced Management Team

Michael Josh John Lorraine Paul Stephen Doug Paul

Jones Reusing Bourassa Sato Bowers Ellis Johnson Gill
CEO CFO VP Sales & VP Mortgage Chief Risk Chief Compliance VP Internal VP Information
Marketing Operations Officer Officer Audit Technology

30+ years of 15+ years of 25+ years of 35+ years of 30+ years of 30+ years of 20+ years of 15+ years of
experience experience in residential experience in experience in experience in the experience in experience in
covering retail financial mortgage the residential the financial financial services the financial IT, including
banking, real reporting, industry mortgage services industry in services sector consulting
estate finance, planning and experience, 10+ industry industry in risk various Past roles for
residential and analysis years in Launched the management, capacities experience several of the
commercial Member of mortgage alternative regulation, including includes RBC, major
mortgage Equitys core brokering residential lending, and regulatory CIBC, TD and Canadian
lending, and management Launched lending restructuring compliance, risk Aviva in senior banks
securitization team since 2005 operations and department at and insolvency management, leadership Held senior
10+ years in Evaluated and led business CIBC/FirstLine Previously SVP, governance, roles within leadership
senior executed on development Led Credit & operations and internal audit, positions with
leadership various strategic teams in underwriting Origination technology enterprise risk OPSEU Pension
positions with initiatives, Ottawa, groups at with Trez Previously Chief management Trust and
XCEED Mortgage including the Montreal and GMAC and Capital Compliance and Dundee Wealth
Corporation, launch of Vancouver at Radius Corporation, Officer and Chief governance Led IT teams
including Equitys CIBC/FirstLine Financial and Chief Risk Risk Officer at Previously with through critical
President & CEO mortgage and Founding Officer of CFF Bank Ernst & Young systems
Previously held deposit taking executive at MCAN Also held senior in Toronto integrations
senior positions business in 2011 Mortgage Mortgage positions at and growth
at CIBC/FirstLine and the $64 Intelligence Corporation International initiatives
and BMO million sale of Ownerof a Also held Financial Data
its transfer and successful brok various Services
trust business erage in Ottawa positions with (Canada), Credit
with $200+ OSFI and TD Union Central of
million in annual Ontario and
originations Assante Canada

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 Board of Directors

Stephen J. Griggs Chief Executive Officer of Smoothwater Capital Corporation, Equitys largest shareholder. Mr. Griggs was previously Executive Director,
Chairman of the Board, Canadian Coalition for Good Governance. He is also adjunct professor at Osgoode Hall Law School teaching in the area of corporate
Chair of Governance & governance.
Compensation Committee

Yousry Bissada President and CEO of Kanetix, an on-line solutions provider for the Canadian insurance market. Mr. Bissada was previously President and
CEO of Filogix, a leading software provider for the mortgage broker industry. He has held executive positions at several Canadian banks and
served on the boards of a number of small and medium size financial services companies.

Brendan Calder Adjunct Professor and an Entrepreneur in Residence at the Rotman School of Management, University of Toronto since 2001. Chair,
President and CEO of CIBC Mortgages, Inc. from 1995 to 2000.

Bradley R. Kipp Executive Vice-President and director of Retail Ready Foods Inc. since August 2015; Chief Financial Officer and director of African Copper PLC
Chair of Audit Committee from September 2004 to July 2015; Vice-President Finance of Summit Resource Management since 1997; director of Americas Silver
Corporation (formerly Scorpio Mining Corp.) since June 2014.

Michle McCarthy President, McCarthy Law Professional Corp. Former Chief Legal Officer, Director Compliance & Corporate Secretary for Deutsche Bank Canada
and Deutsche Bank Securities and created its Schedule III bank branch (1997-2002).

Martin Ouellet Corporate Director, Board and Audit Committee member of Assurance-vie Banque Nationale, a subsidiary of National Bank of Canada, since
Chair of Risk & Capital February 2014. Special Advisor to Deloitte LLP in Treasury and Risk Management in 2012 and 2013; and Senior Vice President, Corporate
Committee Treasury of Nationale Bank of Canada from 2006-2011.

David Rounthwaite Barrister Solicitor. General Counsel, Corporate Secretary & Chief Compliance Officer, eHealth Ontario since March 2011 except for the period
from March 2014 to September 2014 during which he served as interim Chief Executive Officer of eHealth Ontario. Former Associate and
Partner at McCarthy Tetrault LLP (1983 2004).

Calvin Younger Senior Vice President, CIBC, National Businesses, Business Banking since 2002; a director of CIBC Asset Based Lending Inc., a wholly owned
subsidiary of CIBC.

William Mulvihill Dr. Mulvihill held various positions with Canada Mortgage and Housing Corporation over a thirty year period, including Vice-President
Insurance and Chief Financial Officer. He is currently a director on the Board of AIG Canada, where he is Chair of the Risk Committee.

Peter Friedmann A senior executive at Canada Mortgage and Housing Corporation for thirty-seven years. Served as a member of the Management and Human
Resources Committees from 1996 to 2014; the Pension Fund Investment Committee from 1999 to 2014 and the Asset and Liability
Committee from 2003 to 2012.

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Financial Summary

Financial Highlights 2015 2016 2016

Q1 Q2 Q3 Q4 Total

Mortgage Originations $ 214,850 $ 85,842 $ 131,427 $ 172,557 $ 153,932 $ 543,758

Mortgage balance $ 383,282 $ 441,330 $ 538,616 $ 663,157 $ 760,201 $ 760,201

Net interest margin 2.91% 2.86% 2.81% 2.87% 2.89% 2.85%
Fee income 0.39% 0.34% 0.30% 0.33% 0.27% 0.34%

Credit losses 0.02% 0.02% 0.00% 0.00% 0.01% 0.03%

ROE (annualized) -2.5% 0.6% 0.2% 1.8% 4.5% 1.8%

Net income (loss) $ (2,157) $ 149 $ 46 $ 423 $ 1,072 $ 1,690

EPS (Basic) $ (0.23) $ 0.02 $ - $ 0.04 $ 0.12 $ 0.18

Leverage Ratio 19.1% 16.9% 13.6% 11.2% 10.0% 10.0%

CET1 49.8% 44.6% 36.9% 30.9% 27.3% 27.3%

Headcount 65 65 67 68 75 75

Closing share price $ 8.06 $ 9.00 $ 10.45 $ 10.18 $ 9.90 $ 9.90

Price/Book 0.8x 0.9x 1.1x 1.0x 1.0x 1.0x

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Disclaimer

Certain portions of this presentation as well as other public statements by the Corporation contain forward-looking information within the meaning of applicable Canadian securities legislation, which is also
referred to as forward-looking statements, which may not be based on historical fact. Wherever possible, words such as will, plans, expects, targets, continues, estimates, scheduled,
anticipates, believes, intends, may, could, would or might, and the negative of such expressions or statements that certain actions, events or results may, could, would, might or will be
taken, occur or be achieved, have been used to identify forward-looking information. Such forward-looking statements include, without limitation, the Corporations expectations in respect of earnings, fee
income, expense levels, future loans and originations, repayment by borrowers, general economic, political and market factors in North America and internationally, interest and foreign exchange rates,
global equity and capital markets activities, the Corporations expected need for equity or debt financing, business competition, technological change, changes in government regulations and regulatory
guidelines, unexpected judicial or regulatory proceedings, catastrophic events, and the Corporations ability to complete strategic transactions and integrate acquisitions and other factors. Forward looking
statements should not be read as guarantees of future events, future performance or results, and will not necessarily be accurate indicators of the times at, or by which, such events, performance or results
will be achieved, if achieved at all.

All material assumptions used in making forward-looking statements are based on managements knowledge of current business conditions and expectations of future business conditions and trends,
including their knowledge of the current credit, interest rate and liquidity conditions affecting the Corporation and the Canadian economy, retail mortgage markets, housing sales and capital markets. Certain
material factors or assumptions are applied by the Corporation in making forward-looking statements, including without limitation, factors and assumptions regarding interest rates, availability of key
personnel, the effect of competition, government regulation of its business, computer failure or security breaches, future capital requirements, its ability to fund its mortgage business, the value of mortgage
originations, the competitive nature of the alternative mortgage market, the expected margin between the interest earned on its mortgage portfolio and the interest to be paid on its deposits, the relative
continued health of real estate markets, acceptance of its products in the marketplace, as well as its operating cost structure and the current tax regime.

Forward-looking statements reflect the Corporations current views with respect to future events and are subject to a number of risks and uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. Readers should not place undue reliance on such forward-looking statements, as they reflect the Corporations current views with respect to future events
and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation, are inherently subject to significant
business, economic, regulatory, competitive, political and social uncertainties and contingencies. Many factors could cause the Corporations actual results, performance or achievements to be materially
different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements, including among others, a significant downturn in capital markets or the
economy as a whole, errors or omissions by the Corporation in providing services to its customers, significant increases in the cost of complying with applicable regulatory requirements, civil unrest,
economic recession, pandemics, war and acts of terrorism which may adversely impact the North American and global economic and financial markets, inability to raise funds through public or private
financing significant changes in interest rates, failure by Equity Trust to meet ongoing regulatory requirements, the failure of borrowers or counterparties to honour their financial or contractual obligations to
Equity Trust, failure by Equity Trust to adequately monitor and/or adjust its mortgage portfolio management practices for changing circumstances, failure by the Corporation to attract and to retain the
necessary employees to meet its needs, failure by Equity Trust to adequately monitor the services provided by third party service providers or to establish alternative arrangements if required, failure by
Equity Trust to secure sufficient deposits from securities dealers or a sufficient level of mortgage origination from its mortgage broker network, a failure of the computer systems of the Corporation or one or
more of its service providers or the risks detailed from time-to-time in the Corporations quarterly filings, annual information forms, annual reports and annual filings with securities regulators. The preceding
list is not exhaustive of possible factors. The Corporation disclaims any intent or obligation to update or revise publicly any forward-looking statements whether as a result of new information, estimates,
future events or results, or otherwise, unless required to do so by applicable laws. The forward looking statements contained herein are expressly qualified in their entirety by this cautionary statement.

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