Simple, Scalable E-invoicing Solutions.

Corporate Presentation Q2 2018

TSXV: CBX

This presentation is not, and nothing in it should be construed as,

an offer, invitation or recommendation in respect of Cortex Busi-

ness Solution’s securities, or an offer, invitation or recommenda-

tion to sell, or a solicitation of an offer to buy, the facilities or any of

the Company’s securities in any jurisdiction. Neither this presenta-

tion nor anything in it shall form the basis of any contract or

commitment. This presentation is not intended to be relied upon

as advice to investors or potential investors and does not take into

account the investment objectives, financial situation or needs of

any investor. All investors should consider such factors in consulta-

tion with a professional advisor of their choosing when deciding if

an investment is appropriate. The Company has prepared this

presentation based on information available to it, including

information derived from public sources that have not been

independently verified. No representation or warranty, express or

implied, is provided in relation to the fairness, accuracy, correct-

ness, completeness or reliability of the information, opinions or

conclusions expressed herein. These projections should not be

considered a representation of the Company’s potential cash

generation performance in any way.

DISCLAIMERThe financial information included in this presentation is

preliminary, forward-looking, unaudited and subject to

revision. All forward–looking statements attributable to the

Company or persons acting on its behalf apply only as of the

date of this document, and are expressly qualified in their

entirety by the cautionary statements included elsewhere in

this document. The financial projections are preliminary and

subject to change; the Company undertakes no obligation to

update or revise these forward–looking statements to reflect

events or circumstances that arise after the date made or to

reflect the occurrence of unanticipated events. Inevitably,

some assumptions will not materialize, and unanticipated

events and circumstances may affect the ultimate financial

results. Projections are inherently subject to substantial and

numerous uncertainties and to a wide variety of significant

business, economic and competitive risks, and the assump-

tions underlying the projections may be inaccurate in any

material respect. Therefore, the actual results achieved may

vary significantly from the forecasts, and the variations may

be material.

2

CORTEX INTRODUCTION

Cortex transforms B2B invoicing from manual and time consuming to streamlined and automated, saving companies time and money.

Our unique shared value network model provides both the technology and support services to engage the entire business chain for maximum results.

3

USA

CORTEX MARKET PRESENCE

CANADA60%11,000+ Registered

Organizations

12M+

Annual TransactionValue Processed18B+

96%

40%

4

TransactionsProcessed Annually

Customer SatisfactionRating

CURRENT LANDSCAPE

7419.10

3.12

26.329

21.4

of companies still receive & manually process paper invoices *

is the cost to process a single invoice using a manual process *

of companies duplicate or overpay invoices on a regular basis *

of companies do not pay on time & lose out on possible discounts *

of invoices contain incorrect information, costing up to 8x more to process **

of invoices are sent to the wrong receiver (internally) **

CORTEX MARKET PRESENCE

* Epayables 2013: AP’s New Dawn. Ardent Partners Ltd.; ** E-invoicing Entering a New Era 2015, Billentis

%

$

5

%

%

%

%

Of the 500 billion bills/invoices globally, 42 billion are estimated to be exchanged paperless in 2015 (North America 7B).

This means approximately 91%of the market has yet to adopte-invoicing.

OPPORTUNITY

91%

6

E-invoicing / E-Billing 2015, Billentis

Source: Billentis, 2017

LEADERS

AVERAGE

DEVELOPING

LAGGARDS

OPPORTUNITY

7

KEY DRIVERS OF ADOPTION

PI Financial (Ardent Partners)

With such an abundant amount of invoices to be processed, companies are always looking for ways to improve A/P and A/R functions.

Electronic and automated invoice processes can result in savings of 60 – 80% compared to traditional paper-based processing.

8

KEY DRIVERS OF ADOPTION

Reduction in processing costs

Fewer lost or missing invoices

Quicker approval cycles

Better visibility across the transaction lifecycle

Increased ability to capture discounts

Increased on time payments

Reduction in exceptions/ discrepancies

Fewer duplicate invoices

Improved vendor satisfaction

Fewer supplier inquiries

54%

31%30%

25%

24%

23%

17%

10%

9%

5%Invoice Receipt Management Report, 2015, PayStream Advisors

9

KEY DRIVERS OF ADOPTION INDUSTRY BARRIERS TO ADOPTIONIntegration with in-house

& Supplier systems

Gaining Supplier adoption

Internal change management /lack of executive sponsorship

Solution does notfunction as expected

47%

42%

37%

1 1%

Invoice Receipt Management Report, 2015, PayStream Advisors

10

11

Flexible ConnectionMethods

Trading Partner Network

Workflow & ERP Agnostic

THE CORTEXADVANTAGE

TECHNOLOGY

12

Value AddedServices

Ongoing Training &Support

SupplierOnboarding

THE CORTEXADVANTAGE

PEOPLE

13

Scalable for any sized business

IndustryAgnostic

Primarye-InvoicingFocus

MARKETSTRATEGY

14

Capitalize on New Industry Growth

Increase VolumeWithin Current Base

Add New Oil & Gas Customers

GROWTHSTRATEGY

15

$

$

Buyer & Supplier Shared Costs

Recurring Monthly Access Plans

RECURRINGREVENUEMODEL

FINANCIAL MODEL

Revenue Access & Usage Fees Integration & Set-up Fees Project Management Revenue

Cost of Sales Gross Profit Gross Profit Margin

ExpensesSales & Marketing Research & Development General & Administrative Severance & Termination BenefitsOnerous Contract Total Expenses

Finance Income

Tax Expense (Recovery)

Net Income (Loss)

16

Q2 2018$2,853,893

$50,683$114,379

$3,018,955

$789,504$2,229,451

74%

$484,593$459,143$971,726

$2,762$0

$1,918,224

$13,065

$2,142

$322,150

F 2017$9,964,212

$268,579$826,501

$11,059,292

$3,217,622$7,841,670

71%

$2,382,665$1,869,596$3,676,862

$138,897$217,638

$8,285,658

$6,546

($22,128)

($415,314)

Q2 2017$2,398,153

$82,475$241,048

$2,721,676

$772,442$1,949,234

72%

$584,152$462,159

$1,014,480$70,233

$0$2,131,024

$429

$15,024

($196,385)

FAST FACTS (Q2 FISCAL 2018)

17

STOCK PRICE (Jan 31, 2018)$4.10

52 WEEK LOW/HIGH$2.90/$4.40

AVG. DAILY VOL. (3 mo.)4,143

SHARES OUTSTANDING9.10M

OUTSTANDING WARRANTS0

MARKET CAPITALIZATION$37.3M

ENTERPRISE VALUE$30.6M

TOTAL REVENUE $3.0M

EPS$0.04

INSIDER OWNERSHIP %13.61%

CASH and Short Term Investments*$6.74M

TOTAL ASSETS*$8.56M

TOTAL DEBT*$0

TOTAL LIABILITIES*$1.81M

FINANCING$0

*As at Jan 31, 2018

Q2 FINANCIALS

18

ACTIVE SUPPLIERS VS. ACCESS FEES BILLABLE TRANSACTIONS VS. USAGE FEES

Access Fees Active Suppliers Usage Fees Billable Transactions

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$1,800,000

$2,000,000

Q32015

Q4F2015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

Q32015

Q4F2015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q2 FINANCIALS

19

REVENUE CASH FLOW FROM OPERATIONS

($205.5)

($432.4)

($126.2) ($108.8)

$241.5

$510.7

$313.9

$141.5

($600)

($500)

($400)

($300)

($200)

($100)

$0

$100

$200

$300

$400

$500

$600

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Cash

Flo

w f

rom

Ope

ratio

ns (C

$ 00

0s)

$2,403

$2,234

$2,469

$2,722

$2,931 $2,938

$3,235

$3,019

$1,500

$2,000

$2,500

$3,000

$3,500

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Reve

nue

(C$

000s

)

Q2 FINANCIALS

20

ADJUSTED EBITDA

-$63,546

-$137,517

$50,750

$165,410 $170,731 $182,324

$504,813

$614,910

-$150,000

-$50,000

$50,000

$150,000

$250,000

$350,000

$450,000

$550,000

$650,000

$750,000

Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018

Q2 FINANCIALS

21

ACTIVE BUYERS / SUPPLIERS BILLABLE TRANSACTIONS VS.TOTAL DOCUMENTS

84 86 8690 91 92 92 91

96 96 97 97

8.9 9.0 9.0 9.08.6

8.3 8.2 8.08.3 8.4 8.6 8.5

0.0

1.5

3.0

4.5

6.0

7.5

9.0

60

80

100

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Acti

ve S

uppl

iers

(00

0s)

Acti

ve B

uyer

s

Active Buyers Active Suppliers Linear (Active Buyers)

1.2 1.2 1.2 1.11.0 0.9

1.01.2 1.2 1.3 1.3 1.3

3.4

3.1 3.12.9

2.52.3

2.72.9

3.1 3.13.3 3.2

0.0

1.0

2.0

3.0

4.0

0.0

0.5

1.0

1.5

2.0

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Tota

l Doc

umen

ts E

xcha

nged

(M

Ms)

Billa

ble

Tran

sacti

ons

(MM

s)Billable Transactions Total Documents Exchanged

CAP TABLE

*based on $4.10 as at Jan 31, 2018

Total Cortex Shares Issued & Outstanding

Options, Warrants & Other Issuance Obligations

Fully Diluted

Cortex Market Cap 37,289,299

SHARES MARKET CAP

9,097,146

628,025

9,725,171

22

Q2 2017$2,398,153

$82,475$241,048

$2,721,676

$772,442$1,949,234

72%

$584,152$462,159

$1,014,480$70,233

$0$2,131,024

$429

$15,024

($196,385)

CAP TABLE

23

MANAGEMENT TEAMJoel Leetzow | President & CEOJoel’s tenacity and drive fuel his relentless passion for empowering a brilliant idea, taking it to market, and seeing industries and businesses change as a result. He came onboard in 2015 to lead the company’s continued growth as an international e-invoicing player, bringing with him more than 25 years of leadership experience within technology companies in both Canada and the United States.

Jason Baird | VP Finance & CFOJason has held multiple senior financial management positions within the oil & gas sector, as well as senior accounting roles for EY (formerly Ernst & Young). Jason was awarded his Chartered Professional Accountant (CPA, CA) designation in 2001, and holds a Bachelor of Commerce (with distinction) from the Haskayne School of Business in Calgary, bringing over 20 years of finance experience to Cortex.

Andrew Stewart | VP, Customer ExperienceAs the Vice President, Customer Experience Andrew is responsible for the design & delivery of the overall customer experience for companies that are on the Cortex Network. As part of the senior leadership group, Andrew is relied upon to guide the teams that support the onboarding and ongoing support of all of Cortex’s customers, as well as innovating processes & systems necessary to both increase revenue and improve the overall customer experience with Cortex.

Chris Lambert | VP, TechnologyChris leads and guides the evolution of our world-class product suite. Chris has extensive experience in software and application development, people and project management, and a passion for finding intelligent and efficient solutions to complex challenges.

John Gilkison | VP, Sales & Business DevelopmentJohn is passionate in market opportunity identification and managing our global sales efforts, with long term growth, profitability and customer centric outcomes as priorities. From previous roles at SAP, DrillingInfo, Oildex, and Ceridian. John is recognized as a leader and motivator with immense energy that consistently builds high performance teams.

24

MANAGEMENT TEAM

BOARD OFDIRECTORS

Grant Billing | Chairman

Joel Leetzow | President & CEO

Andrew Gutman | Director

Randy Henderson | Director

Mark Ripplinger | Director

25

ANALYSTCOVERAGE

David Kwan, CFA | PI Financial Corp.P: 604.718.7528

E: dkwan@pifinancial.com

Pardeep S. Sangha | Haywood Securities Inc.P: 604.697.6142

E: psangha@haywood.com

Gabriel Leung | Beacon Securities LimitedP: 416.507.3963

E: gleung@beaconsecurities.ca

Cormark SecuritiesP: 403.266.4240

26

CONTACTJoel Leetzow | CEOP: 403.219.1503 C: 587.582.3971

Jason Baird | VP Finance & CFOP: 587.320.1235 C: 403.390.1959

Andrew Stewart | VP, Customer ExperienceP: 403.219.1532 C: 403.519.3982

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CBX