EQUITY RESEARCH

February 25, 2019

RIW: CSE

Written By: Trevor Treweeke

Published on: www.Veritasvatillum.com

Trevor Treweeke veritasvatillum.com Page 2

Index RIWI CORP. ......................................................... 3

Company Description: ........................................ 3

Business Model: ................................................. 4

Selling and Marketing: ....................................... 5

Product Validation: ............................................ 5

Customers: ......................................................... 5

High profile RIWI projects have included: ......... 5

Financials/Valuation: ......................................... 7

Risks: ................................................................ 11

Management & Board: ................................. 11

Board Members: .............................................. 12

Summary of the Patent: ................................... 14

Extra DD: .......................................................... 15

Financing History: ............................................ 15

Short Report When you invest what's the first you think? I think "Well if I invest X dollars I want . . ." The "What-I-want" for most investors is a healthy return on the investment. If I give you X dollars today, how much money will I get back, when will I get it and how?

The Principals

Who are the key partners behind the project? What is the track record of the partners? Bet jockeys not horses. Successful people don't waste their time. Have they built and sold before? What multiple did they deliver to early shareholders? Is there a capital markets expert on the board? Is it a properly incentivized board?

The Product

What is the product? Why will it be successful? Why might it fail? Is the

product protected? What makes it competitive?

The Financing Show the numbers. In any event show how the company will make money. I do not want to see the best-case scenario. I want the most realistic numbers, including the problems and opportunities. How much money are you raising in total? Where is the money coming from? What are the terms? Am I somehow going to lose by terms in prior or subsequent deals? How are you going to use the money? What are the funds being allocated to? I'm not keen to see money go to pay the owner. If they want a paycheck, get a job. Two key questions: How soon until I get my initial investment back, and what is the return on my money? The bottom line: Is your financing structure attractive?

The Management Jockey's not horses. Who's running the day-to-day operations? What if they get hit by a bus? What is the expected multiple on my investment? When will I get it? What is the major impediment to success? Do you guys have the skills to get it done?

Risks & White Rabbits What are the Risks? How will it impact the business plan? How important are they? Can these risks be overcome?

Trevor Treweeke veritasvatillum.com Page 3

RIWI CORP.

http://www.riwi.com Neil@riwi.com - 1-416-205-9984

180 Bloor Street West, Suite 1000 Toronto, ON M5S 2V6

Ticker: RIW – CSE Price $1.60 Issued and outstanding shares: 17,277,282 Options: 2,141,602 Warrants: 662,071 Fully diluted: 20,080,955 Cash $1.5M Debt $0 Market cap: $27.6M Enterprise value: $26M Inside ownership: 9,937,398 or 57.6% Last financing April 2017: $1.6M CDN Private Placement $4M US raised to date $2.3M Annual cash burn 12 Full time employees Why I like it: 1. Capital light compounder, with high internal operating leverage. 2. Disruptive technology – patent protected -- white paper/peer reviewed. 3. Company is illiquid and undiscovered 4. Growth potential with accelerating revenues and profitability 5. High margin, recurring revenue, long-term contracts. 6. High inside ownership and tight share structure. 7. Management is obsessed with the business. 8. Founder led business and entrepreneur by mistake. Video of Neil Seeman - Shout out to Bobby Kraft of Stock News Now: Click Here Overview of Company by Neil at Ilex 2014: Click Here

Company Description: RIWI is a data-as-a-service global trend-tracking and prediction technology Company. RIWI stands for: Real-time, Interactive, Worldwide, Intelligence. By using their proprietary and patented methods of capturing streams of privacy-compliant opinion data in any region of the world, RIWI’s data and dashboard analytics help global corporations and government agencies predict, monitor and adapt to changing citizen needs, behaviours and attitudes in all countries. RIWI was founded out of the University of Toronto in 2009 and later went public in 2015 by way of a non-offering prospectus initiated by a fourteen for one forward split. Neil Seeman is the founder, chief executive officer and single largest shareholder owning 34% of the Company (6M shares split with brother Bob in Trust). While working as the Data Lead for the University of Toronto, Neil became an entrepreneur by accident after discovering a new method of researching. Thereafter a patent was filed in 2011 titled “Method of Obtaining a Representative Online Polling Sample”. (USPTO No. US8069028 B2.) RIWI originated as a “Think Tank” selling to NGO’s and intelligence agencies as a single business company. In the beginning, sales growth was slow in the one business segment, meanwhile RIWI continued to improve its technology, garner

A + 100/96 C + 74/68

A 96/92 C 68/62

A - 92/88 C - 62/56

B + 88/84 D + 56/52

B 84/78 D 52/50

B - 78/74 F 50/0

Score Grade

92/100 A-

Trevor Treweeke veritasvatillum.com Page 4

industry/trade publicity, and expand its business offerings. In return, RIWI has grown its customer base, broadened its business segments and have refocused to become a sales driven organization. How Does the Patented RIWI Engine (RDIT™) Work?

1. Random Web user enters dormant or lapsed URL and lands on a scientifically randomized RIWI survey site or message testing site in any target region of the world.

2. RIWI auto-recognizes and removes bots, avoids all ad blocks, and filters out trademarked websites in all targeted geographies in the world.

3. RIWI auto-recognizes device type and Operating System of the target audiences of interest in all information environments, recognizes device type and Operating System, and ensures all-device data quality.

4. RIWI auto-validates location and delivers video message or survey for continuous target audience analysis. 5. Message testing data or survey data are delivered to client 24/7 in a secure portal and in varied data file

formats. 6. Correlations of significance are auto-detected and the client can continuously see time series, predictive

trends or run custom analytics. 7.

By randomly intercepting online survey respondents and generating privacy-compliant survey data from random respondents, RIWI’s RDIT provides survey information that is free of many biases of traditional online survey techniques, notably online coverage bias, and coverage bias generally. Random Domain Intercept Technology (RDIT™) is a statistically peer-reviewed means of continuously reaching the widest possible, non-incentivized, and random sample of global respondents available today. Simply put, RIWI engages the previously unengaged. The RIWI engine is dependent on Web users making typographical errors when inputting an address into their URL bar. All Web users have the same probability of making a typographical error when navigating the Web by typing an Internet domain name, whether it is a gTLD (e.g. www.anyURLtyped.org), a TLD of any kind (e.g. www.anyURLtyped.xyz), or a ccTLD (e.g. www.anyURLtyped.co). By making random data input errors, Web users land on a domain they did not intend to. This non-intended action then enables the random possibility to encounter the option of answering, or not answering, a RIWI survey. Once a typographical error is made users are redirected to a digital survey. These digital surveys are called Nano-Surveys™, and consist of 2 to 12 questions that provide unique respondent data and insights for: global sentiment indices, global surveys, international security, ad testing, economic data capture, brand tracking, competitor brand intelligence and awareness, consumer usage and attitudes, concept testing, and a patented means of knowledge-based content marketing. Upon completion of a non-incentivized survey, RIWI harvests and compiles the data set to generate intelligence that is of importance to their customers. The information from these surveys enables customers to make better informed business decisions and implement more effective business strategies. This technology makes it possible to obtain respondents randomly among internet users on a global scale, regardless of the device used for access. Furthermore, it provides RIWI the unique ability to measure what the world thinks about vital issues or reports as fact.

Business Model: RIWI is focused on four business lines that provide monthly, annual and multi-year enterprise subscriptions:

1. Global Security = USD$1Trillion annual growing market in data streams for cyber services. 2. Global Citizen Engagement = USD$10Billion annual market in data for monitoring programs. 3. Global Consumer Goods = USD$76Billion annual consumer sentiment market. 4. Global Finance = USD$10Billion annual predictive analytics market.

Using a cloud-based dashboard RIWI provides analytics, message testing, and risk monitoring anywhere in the world through long-term agreements and monthly subscriptions. Through short- and long-term contractual arrangements with customers RIWI has contracts ranging in price from CAD$250K and up to CAD$5M (discussions of up to CAD$20M in MD&A).

Trevor Treweeke veritasvatillum.com Page 5

Additional revenues are generated through integration with other survey technology providers, which pay RIWI to expose their surveys to new geographies and new potential respondents. Other revenue streams include lead generation, especially for online products and services, and RIWI’s proprietary recruit-to-panel methodology for global panel supply companies that require their unique, mostly non-habitual survey takers.

Selling and Marketing: A majority of products are sold through a direct sales force. Sales to new clients are managed by sales representatives assigned to new business development. RIWI also relies on commissioned sales agents. Account managers within the sales organization are assigned to manage, renew and increase sales to existing customers. The marketing communications staff is primarily focused on leveraging the use of RIWI data and insights by the media and maximizing the number of times that RIWI is cited as a source of high quality information by reputable sources. The use of RIWI data by general and industry-specific media outlets increases recognition of the RIWI brand name and serves to help validate the value of the analyses and the products that they provide. In order to accomplish this goal, RIWI seeks to maintain relationships with key news distributors, publications, online and other media outlets. RIWI works with their customers to develop focused surveys that are designed to obtain specific attitudinal data and deploy these surveys in a manner that targets the geographic locations that are of relevance to their customers, at a multi-country and/or city level. As a result of this combination of factors, RIWI is able to offer their customers a customizable, highly scalable digital intelligence solution that is differentiated from all other industry-accepted survey data streams offered by competitors. RIWI hired as Head of Global Research Ms. Danielle Goldfarb (stock options granted Q2 2018), formerly the Director of the Global Commerce Centre at the Conference Board of Canada and formerly a Senior Policy Analyst at the C.D. Institute, to lead content marketing for sales for the Global Finance division and in other areas.

Product Validation: Nature Magazine:

Click Here

Peer Reviewed Journal

Click Here

Customers: Viacom • Oxfam • The National Democratic Institute • Deloitte LLP • MTV • The European Trade Association of Advertising Media • The World Bank • a Major top 10 Bank • United States Department of State • Major National Political party for a G7 Nation • Humanity United • A G7 Government Agency • Freedom House • UK-based Institute for Strategic Dialogue • Omidyar Network • One of the largest auto manufacturers • Major top 20 bank • Greenpeace • 10 Fortune 500 customers • 2 of the top 15 global market research firms • 1 of the top 3 global consumer packaged goods companies • 5 of the top 10 global online panel companies.

High Profile RIWI Projects:

2011 Fall of Hosni Mubarak — RIWI preemptively sees the shock event of 2011 nobody in Egypt saw

This was the call that put RIWI on the map.

Trevor Treweeke veritasvatillum.com Page 6

On February 7th, 2011, as anti-Mubarak protesters occupied Tahrir Square, daily RIWI data showed that the Arab street had turned suddenly against Mubarak. Rapid volatility ensued in Egypt. On February 11th, 2011 Mubarak was forced out as President of Egypt. RIWI’s predictive data were presented at the November 2011 CASIS Conference on Security and Intelligence in Ottawa.

RIWI began tracking the race between Mohamed Morsi and Ahmed Shafik in the 13 days leading up to the June 24th, 2012 election, showing daily changes in the vote tied to news. RIWI was the only data company in the world to predict the outcome.

2015 Turkish Election Results — Prediction in a State where the Internet was Heavily Monitored

RIWI predicted a hung parliament in a Special Edition of the Georgetown Journal of International Affairs on October 28th, 2015,

just before the November 1st, 2015 election in Turkey.

2016 ‘Brexit’ Referendum — Predicting the Critical Turnout Indicator that Would Decide the Brexit Vote

RIWI’s crowd forecasts for Prof. Mellon of Oxford University and Prof. Prosser of the University of Manchester found that

disengaged voters aged 40 and under would be the deciding factor in the Brexit outcome.

The Brexit experts reported, one day prior to the vote: “[RIWI] results suggest that the Remain campaign is right to worry about weak turnout among young voters.”

2016 US Election — Predicting Electoral College for Trump and the Popular Vote for Clinton

Over 147,000 random Americans offered RIWI forecasts on who would win the 2016 US Presidential Election. Up to election

night, RIWI predicted an Electoral College win for President-elect Trump, and for Secretary Clinton to win the popular vote by

1.94% (vs. 2% actual). Clients aware of the prediction leveraged the data for significant gains.

Here’s a comment from one of RIWI’s customers following the call:

Trevor Treweeke veritasvatillum.com Page 7

“On the Friday before the Presidential election, I received the strong data-based indication from RIWI that Mr. Donald J. Trump would be the next President of the United States. Despite the counter-signals of almost all the pollsters and pundits, RIWI data had it right. The RIWI signal continued to indicate a Trump win up to and including election night.” – Manny Weiss, Chairman of Marylebone Diversified LLP, London

2016 Italian Referendum — Predicting the Precise Margin of Defeat of the proposed Constitutional Reforms

For clients RIWI correctly predicted the ‘Yes’ campaign would lose by a shocking margin of 18% (+/- 1%) on December 4th, 2016. The scale of the predicted loss – roughly five times as large as predicted by most traditional pollsters – enabled clients to anticipate that the world’s oldest bank would be at the mercy of a state bailout.

2018 Mexican Election – RIWI Predicts Outcome and Engagement

RIWI successfully predicted the landslide election of Andres Manuel López Obrador on July 1, 2018. Of 4,000 randomly engaged

Mexicans during the week before the election, 53% supported López Obrador. López Obrador won 53% of the popular vote.

2018 Apple global growth – RIWI Predicts AAPL Growth Projection ahead of Huge 2018 Q2 May 1st Earnings Report

“BofA/Merrill Lynch analyst Wamsi Mohan says his Global RIWI smartphone survey for July suggests Apple continues to benefit from high customer loyalty as well as multiple avenues for growth, setting the company up for sustainable growth. The analyst reiterates a Buy rating and $230 price target on the stock.”

2018 US Senate Elections – RIWI Predicts State-Level Outcomes

A private sector client hired RIWI to predict eight of the most contentious Senate races in the November 2018 US midterm elections. RIWI data successfully predicted six of eight Senate outcomes in advance of the elections (including tight races in Florida and Montana), with the other two being too close to call.

Financials/Valuation:

*All figures are in CDN

RIWI FY 2014 FY 2015 FY2016 FY 2017

Revenues $ 344,000 $ 756,000 $ 809,000 $ 1,691,000

Cost of Goods Sold $ - $ - $ - $ -

Revenue Growth 119.77% 7.01% 109.02%

Gross Profit $ 344,000 $ 756,000 $ 809,000 $ 1,691,000

General & Administrative $ 747,000 $ 973,000 $ 1,334,000 $ 1,711,000

Sales and Marketing $ 61,000 $ 47,000 $ 400,000 $ 156,000

Technology Costs $ 339,000 $ 504,000 $ 850,000 $ 760,000

Income (loss) from operating activities $ (803,000) $ (768,000) $ (1,775,000) $ (936,000)

Trevor Treweeke veritasvatillum.com Page 8

Interest Expense $ 8,000 $ (81,000) $ - $ -

Net Income $ (795,000) $ (849,000) $ (1,775,000) $ (936,000)

*All figures are in CDN

RIWI Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018

Revenues $ 342,000 $ 363,000 $ 341,000 $ 643,000 $ 459,000 $ 899,000 $ 1,035,000

Cost of Goods Sold $ - $ - $ - $ - $ - $ - $ -

Revenue Growth 125% 90% 24% 237% 34% 148% 204%

Gross Profit $ 342,000 $ 363,000 $ 341,000 $ 643,000 $ 459,000 $ 899,000 $ 1,035,000

General & Administrative $ 223,000 $ 339,000 $ 727,000 $ 422,000 $ 461,000 $ 852,000 $ 510,000

Sales and Marketing $ 34,000 $ 44,000 $ 25,000 $ 53,000 $ 18,000 $ 17,000 $ 23,000

Technology Costs $ 145,000 $ 268,000 $ 153,000 $ 194,000 $ 83,000 $ 117,000 $ 116,000

Income (loss) from operating activities $ (60,000) $ (288,000) $ (564,000) $ (26,000) $ (103,000) $ (87,000) $ 386,000

Trevor Treweeke veritasvatillum.com Page 9

Interest Expense $ - $ - $ - $ - $ - $ - $ -

Net Income $ (60,000) $ (288,000) $ (564,000) $ (26,000) $ (103,000) $ (87,000) $ 386,000

SBCA = $417K

Trevor Treweeke veritasvatillum.com Page 10

The balance sheet is clean, there’s no debt with about $1.5M CDN cash. Working capital is $2.6M CDN with no current needs to raise capital and execute on their growth plans and trajectory. The business is starting to ramp up as showcased in the quarterly financials over the past five quarters. While last quarter (Q3) looks to be the company’s first profit, I’d argue the quarter prior was profitable (Q2) providing two quarters of profitability. In Q2 2018, the company hired two key staff members, both of which were granted stock options as part of their employment terms. Included in the general and administrative line item were one-time share based compensation amounts totaling $417K. If those one-time expenses weren’t masking profitability, Q2 would have been net profitable with roughly $330K in net income. That being said, under any metric RIWI isn’t compellingly cheap. Looking ahead on annualized numbers it currently trades at: P/S = 6.9X P/E = 18X EV/EBITDA = 16.5X While the company isn’t a screaming buy on current valuations, it has the right metrics to garner higher multiples. The gross margins are 90% with net margins of 37%. Not only are these margins maintainable, but they can increase. The business model has a high internal operating leverage where operating expenses will marginally increase relative to revenues. The biggest expense is general and administrative costs relating to salaries contracts. Given the SAAS model and sales process, I don’t see the business needing more than 12 staff to double or triple the sales. The next leg of hires are aimed at sales staff which would only continue to accelerate the model. The Company grew at 204% over the prior year’s quarter and 15% quarter over quarter and is expecting to continue growing. While the size of contracts are increasing, the company has noted in previous MD&A the possibility of contracts reaching $20M or more. I’m a buyer up to $2.00 and will continue to update my moving target based on execution.

Trevor Treweeke veritasvatillum.com Page 11

Risks:

Here are 3 risks to watch out for:

1. Government regulation or expropriation. Web user privacy is a hot button issue. RIWI has avoided intense regulation so far by not collecting personally identifiable information of any kind. But if government regulation was expanded to survey opinions, RIWI could be forced to change their model.

2. The economy turns south. Many of RIWI’s clients – especially banks and consumer product companies – are dependent on the health of the economy. As market research is usually the first budget cut in a downturn, RIWI could take a cyclical hit.

3. RIWI’s technology is challenged. The RDIT technology is the secret sauce and core of the company. They must continuously invest to fight off competing technologies all while watching infringement on their core patent.

Management & Board:

Neil Seeman – CEO (Owns 6.2M shares or 34.8% combined with Brother Bob Seeman in Trust)

Wikipedia - Click Here Neil Seeman - Click Here Prior to joining RIWI Corp., he was the founder and Executive Director of the Innovation Cell at Massey College, in the University of Toronto, where Neil is a Senior Fellow and teaches on knowledge transfer and the Web. For the University, he is on Faculty at the Institute of Health Policy, Management and Evaluation in the Dalla Lana School of Public Health. Neil is the inventor of the patent for RDIT, acquired by RIWI Corp. in 2009, and first used by Neil for government-commissioned pandemic surveillance research in 2009-2010. Neil holds a bachelor’s degree from Queen’s University, a Juris Doctorate degree from the University of Toronto and a Master’s of Public Health Degree from Harvard University. Mr. Seeman is the author of hundreds of articles in major media around the world, more than 25 peer-reviewed journal papers, several books and monographs, and is well-known for popularizing the importance of post-partisanship in data and decision-making for public policy. Mr. Seeman is also Senior Advisor in online counter-marketing to the Blackstone Law Group LLP, the New York and Washington, DC-based law firm that provides information security, compliance, cyber vulnerability assessments, and related investigative services to global institutions. Mr. Seeman began his career at a full-service Canadian law firm, later becoming a founding editorial board member of The National Post, and In-House Counsel on free speech matters to the National Citizen’s Coalition serving under the leadership of the Rt. Hon. Prime Minister Stephen Harper. He was founder of the Canadian Statistical Assessment Service, funded by the Donner Canadian Foundation, and later merged with the Centre for Risk and Regulation at The Fraser Institute. He has held research positions at the University Of Toronto Faculty Of Medicine and at IBM Canada, where he specialized in commercial applications of social media data and other data streams. Prior to the University of Toronto, he taught on healthcare and informatics issues at Ryerson University. He has been an angel investor and advisor to many Web start-ups. He has been listed in the Canadian Who’s Who (Univ. of Toronto) since 2002. Eric Meerkamper (700K shares) Mr. Eric Meerkamper joined RIWI in March 2012. As Global Head of Citizen Engagement and an Officer with RIWI Corp., he structures global data partnerships and strategic alignments with multilateral organizations, governments, universities, think tanks, and civil society organizations around the world. He frequently speaks at global conferences on leveraging innovation in citizen-generated data for increasing global social and development impact. Mr. Meerkamper has over 25 years of experience in global insights generation and emerging technologies, including previously as President and co-owner of one of the world’s first companies to develop and apply online research methodologies. Eric holds a degree in International Political Science from the University of Western Ontario and an MBA from the Ivey Business School. He is the co-founder and past Chair of the Centre for Social Innovation, and past Chair of the Daily Bread Food Bank.

Trevor Treweeke veritasvatillum.com Page 12

Daniel Im (5.2K shares recent inside buy) CPA, CA, JD, was appointed Chief Financial Officer of RIWI on July 31, 2017. Mr. Im is an experienced finance executive and lawyer with an extensive background in financial reporting, regulatory compliance, internal control and corporate finance activities for public and private companies. Prior to joining RIWI as CFO, Mr. Im served as Vice President and Controller of Pet Valu Canada Inc. and prior to that held the position of CFO of Adriana Resources Inc. (now renamed Sprott Resource Holdings Inc. after their business combination). He practiced as a securities lawyer at Cassels Brock & Blackwell LLP and has held various positions at Deloitte LLP over a span of 10 years. Mr. Im holds a Juris Doctor from Osgoode Hall Law School and holds a Master of Accounting from the University of Waterloo. He has also been a Director and on the Audit Committee of Geodrill Ltd (TSX: GEO) since March 2012. Danielle Goldfarb Danielle Goldfarb joined RIWI Corp. as Head, Global Research in 2018. She leads the development of RIWI’s global research strategy. This includes developing new insights that leverage RIWI’s data, as well as developing new applications for RIWI technology. Danielle works across all of RIWI’s thematic areas, with a focus on developing information products that matter for global decision makers. Danielle’s expertise is in global trade and global economic issues, and a key area of focus at RIWI is developing meaningful trackers of change in China. Before joining RIWI, Danielle held senior economic research roles at several think tanks. Most recently, she was a research director and senior fellow specializing in global commerce at the Conference Board of Canada, Canada’s largest applied research organization. Prior to that, she led trade and trade policy research at the C.D. Howe Institute. Maclean’s magazine named Danielle one of Canada’s top trade experts. Danielle has published many evidence-based media commentaries and over 45 peer-reviewed research papers spanning topics from globalization and NAFTA to impacts of new technologies and international development. She regularly provides advice to business and government leaders on global trade and global economic and technological change. Danielle has an M.Phil. in International Relations from Cambridge University and a B.Comm. in Honours Economics from McGill University.

Board Members: Mr. Richard N. Perle (6K shares) Wikipedia - Click Here

Mr. Richard Perle has served as a Director of RIWI Corp. since July 2015. He is a Resident Fellow at the American Enterprise Institute, a Washington, D.C. think tank. He served as Assistant Secretary of Defense (1981-1987) in the Administration of President Ronald Reagan, and as a member of the Defense Policy Board from 1987 to 2005 (and as its Chairman from 2001-2004). From 1969 to 1980 he served on the staff of the U.S. Senate. Mr. Perle has been a non-executive director of several public and private companies in the United States, United Kingdom and Turkey. He has advised numerous companies in the defense, industrial materials, publishing, biotechnology, healthcare, information management and software industries. He has written extensively on political and public policy issues in the Washington Post, Wall Street Journal, New York Times, Daily Telegraph and elsewhere. He is the author of Hard Line, a novel (Random House, Inc.) and numerous articles, books and monographs. Dr. Ken Adelman (5K shares) Wikipedia Click Here Dr. Ken Adelman was appointed as a Director of RIWI Corp. in June 2016. Dr. Adelman began working for the U.S. government in 1969 at the U.S. Department of Commerce, and then served in the Office of Economic Opportunity. From 1975 to 1977, he was an Assistant to U.S. Secretary of Defense Donald Rumsfeld during President Gerald Ford’s Administration. Dr. Adelman became a Deputy U.S. Ambassador to the United Nations and then Arms Control Director for President Reagan. He served on the Defense Policy Board during President George W. Bush’s Administration and the Board of the National Center for Counter-Terrorism during President Barack Obama’s Administration.

Trevor Treweeke veritasvatillum.com Page 13

Dr. Adelman has served on the board of Trustees of Freedom House, was a translator for the late Muhammad Ali during “The Rumble in the Jungle” in Africa, and was a professor of Shakespeare at Georgetown University, and author of six books, most recently, Reagan at Reykjavik: Forty-Eight Hours that Ended the Cold War. That story, of the historic superpower summit in Iceland in 1986, is being turned into an HBO feature film starring Michael Douglas as President Reagan. Mr. Robert Pirooz (2.78M shares) Mr. Robert Pirooz has served as a Company Director since 2009. He is also a member of the Company’s Audit Committee. Mr. Pirooz is a venture capitalist and has successfully performed a variety of instrumental roles in the formation, development and/or operation of over 11 public companies, one of which is now a major primary silver producer (Pan American Silver Corp.), and eight of which have been acquired by third parties for receipts in excess of $3 billion. In 1989, Mr. Pirooz received a Juris Doctorate from the University of British Columbia and in the ensuing 25 years practiced corporate and commercial law with two of Vancouver’s premier law firms and served as General Counsel to B.C. Rail and Pan American Silver. Among other projects and interests, Mr. Pirooz, a member of The Society of Composers, Authors and Music Publishers of Canada (SOCAN). Mr. Pirooz is a founding shareholder and Executive Director of Aegis Medical Innovations, a private company whose technology reduces the incidence of stroke, heart attack and atrial fibrillation. In 2012 Mr. Pirooz was appointed Queen’s Counsel by the Attorney General for British Columbia. Mr. Donald Shumka (25K shares) Mr. Donald Shumka has served as a Director of RIWI Corp. since December, 2014. Mr. Shumka is a retired executive with more than 40 years of business experience in financial related capacities. For 25 years he held positions of increasing responsibility in the forest industry, including 10 years as the Chief Financial Officer of West Fraser Timber Ltd., one of Canada’s largest forest products companies. Subsequently, he was Managing Director of the Global Forest Products Group at CIBC World Markets and Raymond James Ltd. Mr. Shumka currently sits on the boards of Eldorado Gold Corp., Paladin Energy Ltd. and Alterra Power Corp. He has also been active in the not-for-profit sector serving on the boards of the British Columbia Arts Council, Emily Carr University and Ballet British Columbia. Mr. Shumka holds a Bachelor of Arts degree from the University of British Columbia and a Master of Business Administration from Harvard University. Ms. Annette Cusworth (15K shares) Ms. Annette Cusworth, CPA CA, has served as one of our Directors since December 2014 and is Chair of the Company’s Audit Committee. Ms. Cusworth is a Chartered Accountant with over 25 years of financial management experience with both public and private companies. She is currently Vice President of Finance and Chief Accounting Officer at Creation Technologies, an electronic manufacturing services provider located across Canada and the US with facilities in both China and Mexico. Ms. Cusworth’s previous experience includes Vice President and Chief Accounting Officer for CHC Helicopter Corporation, a multinational company that was traded on both the TSX and the NYSE and CFO for Magma Energy Corp., a renewable energy company that traded on the TSX. Ms. Cusworth currently serves on the board of Northair Silver Corp (TSXV: INM). Ms. Cusworth is a member of the Institute of Chartered Accountants of British Columbia and has a Bachelor of Commerce degree from the University of Calgary.

Mr. Kevin Mahoney (17.5K shares) Mr. Kevin Mahoney has served as one of RIWI’s Directors since January 2015 and is the Company’s Lead Director. Mr. Mahoney is currently a Corporate Director and previously held a number of senior executive roles including President and Chief Executive Officer of the British Columbia Railway Company, Senior Vice President, Industrial Components for Wajax Limited and Vice President and General Manager, Customer Services for the Saskatchewan Power Corporation. Mr. Mahoney is also currently a Director of Universal Rail Systems Inc., and Chair of the Board of InTransit British Columbia GP Ltd. He previously served as Chair of the Board of Delta Hotels Limited, Chair of the Board of British Columbia Transit, Chair of the Board of SilverBirch Management Ltd. and was a Director of Universal Uranium Ltd. Mr. Bob Seeman Mr. Bob Seeman is the founder of CyberCurb, a cybersecurity and blockchain company. He is a member of the Advisory Board of iOlite.io, which allows anyone to program smart contracts, The Rouge Project, a blockchain coupon platform, and NeXmail., a

Trevor Treweeke veritasvatillum.com Page 14

provider of secure encrypted communications. Bob advises Blackstone Law Group, a cybersecurity law firm, and was CEO of GDE Inc., an Internet advertising technology company. He was a Partner in Origin Strategy Ltd., an intellectual property strategy consulting company and Head of Strategy for Microsoft Network UK in London. Bob previously practiced administrative and regulatory law with the now Norton Rose Fulbright, a full-service international law firm. He holds a Bachelor of Applied Science (Elec. Eng.) with Honours from the University of Toronto, a Master of Business Administration from EDHEC University in France, and a Juris Doctor from the University of British Columbia. Bob is a member of the California State Bar.

Ms. Amber Schaefer Corporate Secretary Ms. Amber Schaefer, RIWI’s Corporate Secretary since February 2015, has more than 20 years of experience in legal administration. She holds a Paralegal Diploma from Capilano University and has been providing corporate secretarial, governance and securities compliance services to numerous public companies over the past 17 years. Prior to joining RIWI Corp., Ms. Schaefer held the position of Manager, Legal Affairs at Pan American Silver, and, until their purchase by third parties, served as Corporate Secretary for Lumina Copper and Anfield Nickel.

Summary of the Patent: “Method of obtaining a representative online polling sample” United States Patent 8,069,078 was filed in February 20, 2017 and expires in the year 2027. The invention is a method of obtaining a representative online polling sample, comprising the step of providing a polling website with polling information for a user to select or otherwise interact with, that polling web site having a domain name that differs from the domain name of a web site the user intends to reach, the polling web site being reached when the user makes a typing or other address input error and inadvertently enters the polling web site domain name. In one implementation, the typing or address input error relates to the TLD of the web site the user intended to reach. For example, the typing or address error may relate to inputting a ccTLD instead of a gTLD. The ccTLD could be selected from the group: .cm, .co., .om. So the typing or address error could relate to inputting one of .cm, .co., or .om, instead of .com. Hence, for example, Google could harvest the many thousands of users who inadvertently type in google.cm instead of google.com and direct them to an online polling page, instead of simply re-directing them to the google.com web site. This approach substantially eliminates coverage bias from the sample. This solution reduces the coverage bias that exists in all existing online survey techniques. Existing online polls are generally not considered scientific due to the way in which respondents are targeted and recruited. Respondents typically sign up on the pollster's site. Under the invention, every individual Internet user around the globe has the equal probability of being drawn into the potential respondent pool. This dramatically reduces selection bias and coverage bias as compared to all other current techniques of respondent identification and selection online. There is no reason to believe that the people who fail to randomly fall into the potential survey population (i.e., who do not make the typographical error) have distinct characteristics from the people who do, thus increasing the validity of the results. This makes the process of respondent selection scientifically valid, superior even to random digit telephone dialing. The process makes it easier to obtain a representative panel and to have confidence in the precision of the survey results. In comparison, advertising on any particular website will draw panel members who are predisposed to viewing that website. The possible use cases of the invention are several. Click Here for Link to Patent RIWI’s Chief Technology Officer and Chief Executive Officer filed a new machine learning patent application in the United States Patent and Trademark Office on April 20, 2018. The title of the described invention written by the above-noted RIWI Officers is: “Systems and Methods for Optimizing Web Traffic Performance.”

Trevor Treweeke veritasvatillum.com Page 15

On March 12, 2015 the USPTO published and assigned the application number 14/483639 on a new RIWI filing, entitled: “Systems and Methods of Inferential Demographic Analytics on Potential Survey Respondents when using Online Intercept Polls.” In September 2014, RIWI filed a second U.S. patent which covers, among other things, techniques for collecting Web user attitudinal data more reliably by asking fewer questions and inferential and predictive analytics. This patent was published on March 12, 2015 and was assigned the patent application number 14/483639 and is entitled: “Systems and Methods of Inferential Demographic Analytics on Potential Survey Respondents when using Online Intercept Polls”.

Extra DD: Neil is an intellectually curious individual who possesses a high degree of intelligence and is obsessed with RIWI and its technology. I’ve thoroughly enjoyed all my engagements with Neil, who’s passionate about business, computer science and an academic. Given the types of data sets RIWI is collecting, Neil has exposure to some of the world’s most fascinating case studies. It makes for both engaging and alarming discussions where Neil tends to divulge interesting stories RIWI has collected about shocking subjects. Neil is the type of individual that embraces challenges and learns from it. Many times we’ve discussed micro-caps and business, for Neil to only spend the entire conversation asking questions and taking notes. Each time we meet Neil continues to educate himself on the subjects we previously discussed and has read any literature I’ve shared. When Neil faces a problem, I get the sense he’s an individual who consumes any and all literature on the subject in preparation to attack the problem or challenge. An example of this would be Neil’s transition towards a sales driven organization. After observing Neil as a leader over the past several years, it’s apparent he’s grown from a scientist into polished businessman. His presentation skills have improved, his understanding of how to communicate with investors versus industry professionals has matured, and he’s even started working out. Driven by his roots as a researcher, Neil’s ultimate vision and mission is to share valuable and influential data with the public. An interesting dilemma Neil has noted; the RIWI platform or data in the wrong hands can be potentially dangerous. The CSE is just an incubator for RIWI. Why are they listed? It’s a pseudo private public company. When they listed they expected different results, bottom line. As a testament to Neil, he was challenged stewarding the Company from a “Think Tank” business to a sales oriented culture. The Company went public too early, with the expectation sales would triple in the first year. Four years later, the Company is now hitting its stride. The longer term plan is to eventually get up listed to a mature exchange such as the NYSE or NASDAQ.

Financing History: In 2009, completed initial financing. April 2012, completed second round of financing. November 2012, completed third round of financing = $786,260 in 2012. In October 2013, completed fourth round of financing = $1,464,086 in 2013. March 2, 2016 non‐brokered private placement of 403,356 common shares at CDN$2.78 per Share for gross proceeds of $1,121,329. September 30, 2016 non-brokered private placement of 248,822 units at a price of CDN$2.10 per Unit. Full warrant at $CDN$2.40 per share for a 12 month period. Gross proceeds of $522,526. March 24, 2017 non-brokered private placement of 656,571 units at a price of CDN$2.45 per Unit. Full warrant at an exercise price of CDN$3.50 per share for an 18 month period. Gross proceeds from of CDN$1,608,600.

Trevor Treweeke veritasvatillum.com Page 16

Revenue

Gross Margins 0%-20% 20%-40% 40%-60% 60%-80% 80%+

Customer Concentration

40%+ 20%-40% 10%-20% 5%-10% 5% or less

Lumpiness Annual Quarterly Some Recurring Mostly Recurring All Recurring

Two Year Growth Potential

0%-40% 40%-80% 80%-120% 120%-200% 200%+

Current Market Share of TAM

10% 5%-10% 2%-5% 1%-2% 1% or less

Capital Intensive Growth

Very High High Medium Low Very Low

Moat

Patents Very Low Low Medium High Very High

Networking Effect

Very Low Low Medium High Very High

Economy of Scale Very Low Low Medium High Very High

High Switching Costs

Very Low Low Medium High Very High

Management As Owners

CEO Inside Ownership

Less than 1% 1%-5% 5%-15% 15%-30% 30%+

Total Inside Ownership

Less than 3% 3%-10% 10%-30% 30%-60% 60%+

% of Options 30+ 30%-15% 15%-10% 10%-5% 0-5%

CEO Pay as % of Revenue

5%+ 3%-5% 2%-3% 1%-2% 0%-1%

Trevor Treweeke veritasvatillum.com Page 17

Industry Experience

Very Low Low Medium High Very High

Public Market Experience

Very Low Low Medium High Very High

Balance Sheet Strength

Time Since Last Financing

0-3 Months 3-6 Months 6-12 Months 12-24 Months 24+ Months

Q's of Cash at Current Burn

Less than 2 2-4 4-6 6-8 8+

Q's to Cash Flow Positive

8+ 4-8 2-4 0-2 0

Stability of Tax Situation

Very Low Low Medium High Very High

Inventory to Revenue

Growing Growing Slow Growing Very Slow

Stable Decreasing

Account Receivable

Growth

Growing Growing Slow Growing Very Slow

Stable Decreasing

Disclosure:

The corporate information provided on Veritasvatillum.com (“Veritasvatillum”) website is for informational purposes only. All Veritasvatillum

blog articles and comments are based on independent analysis and judgment and while every effort has been taken to provide accurate

information, the completeness or accuracy of such information is not guaranteed. Nothing contained herein should be construed as an offer,

solicitation, or recommendation to buy or sell any investment or security, or to provide you with an investment strategy, mentioned herein. Nor

is this intended to be relied upon as the basis for making any purchase, sale or investment decision regarding any security. Investors are advised

to consult their personal investment advisor before making any investment decisions concerning any company presented. Trevor Treweeke, a

contributor of information presented on the Veritasvatillum along with its clients may transact in the securities covered herein and may be

long, short, or neutral at any time hereafter regardless of the initial recommendation. All information presented is subject to change without

notice, and Veritasvatillum assumes no responsibility to update the information contained on its website. This article is strictly for informational

and educational purposes only, and is not investment advice, or an endorsement for any product, service or company. Veritasvatillum has NOT

been compensated by RIWI Corp or any IR firm for this report.

I am long shares of RIWI Corp (RIW: CSE)