Seven Aces Limited - Ordinary Shares ACEXF

Q1 on sedar

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Highlights – Quarter Ended March 31, 2019

• LB completed three acquisitions in the quarter as described below in the Recent Developments section.

• Gaming revenue for the three months ended March 31, 2019 was $20.10M, which represents growth of ~23% compared to the three months ended February 28, 2018.

• Adjusted EBITDA (defined on page 6 under non-IFRS measures) of $8.30M compared to adjusted EBITDA of $4.75M for the three months ended February 28, 2018. This represents growth in adjusted EBITDA of ~75%.

• Net income of $3.81M, compared to a net loss of $2.89M for the three months ended February 28, 2018.

• Basic and diluted earnings per share of $0.031 and $0.026, respectively, compared to a basic and diluted loss per share of $0.041 in the three months ended February 28, 2018.

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Undervalued.... Qtr cash flow = $4.0 mil US Annualized = $16 mil US 1.33 Fx => $21.3 mil Cdn 7 multiple = $149.1 mil cdn Shs o/s diluted = 83 mil Sh value = $1.80 cdn     $US 3 mo Mar 19 3 mo Nov 18 3 mo Aug 18 3 mo May 18 CFO  5