Investor Presentation November 2015

Legal Disclosures The content of this document is for informational purposes only, and is not being delivered to you in the context of an offering of any securities described herein, nor is it a recommendation or solicitation to buy, hold or sell any security. The information is not investment advice, nor is it tailored to the needs or circumstances of any investor. Information contained in this document is not, and under no circumstances is it to be construed as, an offering memorandum, prospectus, advertisement or public offering of the securities described herein. No securities commission or similar regulatory authority has reviewed this document or has in any way passed upon the merits of the securities described herein and any representation to the contrary is an offence. Information contained in this document is believed to be accurate and reliable, however, we cannot guarantee that it is accurate or complete or current at all times. The information provided is subject to change without notice and Dundee Corporation will not be held liable for inaccuracies in the information presented. Certain information set forth in this document contains forward-looking statements. Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Dundee Corporation’s control. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Dundee Corporation’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Dundee Corporation will derive from them. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The contents of this document are protected by applicable copyright laws. No permission is granted to copy, distribute, modify, post, or frame any text, graphics, design or logos. DUNDEE CORPORATION®, Dundee Acquisition™, Dundee Sarea™, Dundee Goodman Private Wealth™, Dundee Global Investment Management™, Goodman & Company, Investment Counsel™ are trademarks owned by Dundee Corporation. Unauthorized use or exploitation of such marks and names is strictly prohibited.

David Goodman President & Chief Executive Officer

THE PRINCIPLES OF INTEGRITY, INNOVATION AND ENTREPRENEURSHIP ARE TRULY THE BEDROCK OF DUNDEE.

Looking forward, we believe that the strategic alignment of investment excellence with a client focus will enable us to create extraordinary value for our clients, partners and shareholders.”

“

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DUNDEE CORPORATION

OUR STRATEGIC IMPERATIVE

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Create significant value for our shareholders.

Invest in real assets and hold each of our operating businesses to high value creation and transparency standards.

Develop a profitable, client-centric and leading wealth management business focused on HNW and Ultra HNW markets.

Dynamic Funds* (product manufacturing)

Iconic family of funds $53B in AUM

DundeeWealth* (advisors / distribution)

1,200 advisors $30B AUA

Dundee Realty Corp / Dream Unlimited Corp

Leading Canadian real estate company with approx. $15B in assets under management in North America and Europe

Dundee Sustainable Technologies Inc™ ‘Ecological’ mining industry production technology

Dundee Sarea Acquisition I LP

$112+ million raised in partnership with the Caisse de dépôt de placements du Québec and RJR LP for inaugural mid-market ‘special situations’ fund

Dundee Acquisition Ltd™

Created Canada’s first ever Special Purpose Acquisition Corporation which raised over $112 million in its initial public offering earlier in 2015

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DUNDEE CORPORATION PROVEN BUSINESS BUILDER

Entrepreneurial ‘business family’ culture

Proven investment management expertise

Contrarian thinking providing agility to seize early market opportunities

Deep knowledge of wealth management market

*Sold to Scotiabank for combined total value of $3.4 Billion

His

toric

al

Pre

sent

Track record of building strong businesses

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DUNDEE CORPORATION

Dundee Corporation is a public and independent Canadian holding company. It has two core business segments - wealth management and merchant banking - that leverage its historical strengths as entrepreneurs and money managers. Dundee’s objective is to enable wealth preservation for individuals, families and institutions and to be a growth catalyst for the businesses in which it invests.

SYMBOL

MARKET CAPITALIZATION

ASSETS

DC.A

$479.0 MILLION

$1.5 B

As at Sept. 30, 2015

$2.7 B

LIABILITIES

$1.2 B SHAREHOLDER’S EQUITY

SHAREHOLDERS’ EQUITY AT ESTIMATED MARKET VALUE PER SHARE $16.90

September 30, 2015

OVERVIEW

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DUNDEE CORPORATION CAPITAL ALLOCATION

Market Value as at September 30, 2015

Operating Subsidiaries $563,556

Equity Accounted Investments $170,285

Investments $479,802

Corporate Accounts ($92,533)

Shareholder’s Equity at estimated market value $1,121,110

Equity attributable to holders of Preference Shares ($130,000)

Shareholders’ Equity at estimated market value attributable to Class A & Class B Shares $991,110

Total Class A & Class B Shares 58,647,033

Shareholders’ Equity at estimated market value on a per share basis $16.90

Source: 2015 3rd Quarter Report (September 30, 2015)

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DUNDEE CORPORATION CAPITAL DIVERSIFICATION ACROSS INDUSTRY SECTORS

Real%Estate$297.924%

Energy$276.523%

Financial$260.121%

Mining$171.514%

Agriculture$93.08%

Pharmaceuticals$68.26%

Industrial$25.62% Others

$20.82%

Real2EstateEnergyFinancialMiningAgriculturePharmaceuticalsIndustrialOthers

CAPITAL%ALLOCATED%BY%INDUSTRY%SECTOR%AT%MARKET%VALUE%($%MILLIONS)

AS%AT%SEPTEMBER%30,%2015

Source: Management Discussion & Analysis, September 30, 2015

Total $1,213.6

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DUNDEE CORPORATION LIMITED ANALYST COVERAGE - GMP SECURITIES

GMP SECURITIES EQUITY RESEARCH (NOVEMBER 16, 2015) “Maintain BUY – Outlook still positive, optional upside remains…We believe the investment portfolio remains diversified and strategic and we continue to see potential for value through real estate investments and new product initiatives such as the SPAC…Our most conservative calculation, which excludes all private resource sector investments, still results in shares trading at a ~10% discount to NAV.”

Last:   Target:  

C$7.44  C$13.00  

Old  New  BUY  n.c.  

What's  Changed  Ra2ng  Target   $16.00  $13.00  

Share  Data  Shares  o/s  (mm,  f.d.)   58.6  52-­‐week  high/low   $15.74  /  $7.24  Market  cap  (mm)   $436.3  Current  NAV  PS   $16.02  Dividend  yield   0.00%  Projected  return   74.7%  

Current  NAV  DREAM  Unlimited  

per  share      $2.69  

Dundee  Prec.  Metals   $0.94  Other  Public  Investments   $1.87  Total  Publicly  Traded  Investments   $5.50  United  Hydrocarbon  Interna2onal   $3.87  Dundee  Securi2es   $2.46  Blue  Goose  Capital   $1.11  Union  Group  Interna2onal   $1.14  Paragon  Holdings   $0.96  TauRx  Pharmaceu2cals   $1.16  Other  Private  Investments   $4.25  

Discount  to  NAV                                                                                                                    53.6%  

Total  Private  Investments          $14.95  Net  Cash  and  Pref.  Shares          -­‐$4.42  NAV  PS          $16.02  

BUY  

Source: GMP Securities Equity Research, Nov 16, 2015 All figures in Canadian dollars, unless otherwise stated.

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WEALTH & ASSET MANAGEMENT MERCHANT CAPITAL

STRATEGY:

In mid-2014, Dundee Corporation announced its strategy to create value for its stakeholders through the re-establishment of a wealth management business focused on the high-net-worth and ultra-high-net-worth markets, supported by top quality investment products, and managed by a team of experienced portfolio managers.

STRATEGY:

In parallel with its wealth management vision, Dundee Corporation has moved to rationalize its merchant capital portfolio, focusing on those investments that the Corporation considers core to its expertise and aligned to its objectives of sustainable growth and value for shareholders. Dundee Merchant Capital acts as a growth catalyst for mid-market public and privately held companies with long term potential for significant shareholder value creation and return on capital.

Parallel paths for driving growth and enterprise value.

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WEALTH & ASSET MANAGEMENT

Dundee’s strategy is to build a wealth management division anchored upon a profitable client-centric private investment counsel platform. The wealth platform will be supported by top quality investment products designed to achieve superior long-term, risk adjusted returns. The wealth management strategy includes developing integrated and diversified financial products and services focused on the high-net-worth and ultra-high-net-worth markets. It will also include a full spectrum of portfolios spanning core investments, ETF strategies and alternative investments, managed by a team of experienced portfolio managers.

OVERVIEW

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WEALTH & ASSET MANAGEMENT

Focused on offering truly unique and proven institutional-quality alternative investment products and solutions from around the globe to Canadian investors.

2015 Highlights

§  DUNDEE SAREA Acquisition I LP: A private equity fund, partnered with public pension investor Caisse de dépôt de placements du Québec, targeting companies in need of turn-around expertise. (AUM $112 million)

§  DUNDEE ACQUISITION Ltd: The first Canadian Special

Purpose Acquisition Corporation. (AUM $112 million)

An institutional-grade private investment counsel that is focused on delivering integrated and diversified financial products and services and discretionary investment to the HNW and UHNW markets.

CORE DIVISIONS

An independent investment firm that provides tailored advice.

VALUE CREATION STRATEGY

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WEALTH & ASSET MANAGEMENT

•  Build on strengths •  Launch best-in-class and exclusive alternative institutional-grade investment

products •  Focus on delivering an unparalleled total wealth model offering integrated, expert

guidance aimed at wealth preservation, growth and transition

•  Deliver sustained, profitable growth

OVERVIEW

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MERCHANT CAPITAL

REAL ESTATE AGRICULTURE

RESOURCES INDUSTRIAL

PARQ Holdings (Smithe Street) ULC

Dundee 360 Real Estate Corp.

DREAM Unlimited Corp.

Blue Goose Capital Corp.

Dundee Sustainable Technologies Inc.

United Hydrocarbon International Corp.

Dundee Precious Metals Inc.

Union Group International Holdings Limited

Discerning, contrarian thinking based on market knowledge

Experience in investing and building value in real assets

CORE HOLDINGS

VALUE CREATION STRATEGY

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MERCHANT CAPITAL

Focus Areas: §  Predictable and positive cash flows §  Focus on core sectors §  Leverage highly experienced business managers and operators, with turn-around

expertise §  High levels of transparency and accountability §  Return on investment (ROI) driven by sustained growth and high returns and value for

shareholders

OVERVIEW

SUMMARY

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DUNDEE CORPORATION

Business builders with long-term vision

Value creation focus and strategy

Entrepreneurial mind-set & core competencies

Strength in building successful “Wealth & Asset Management” organizations