BlackBerry, TSX, (BB) Brandon Morin Technology Recommended Buy (Proposal Voted Down)

Table of Contents Company Overview Industry Overview Investment Thesis Valuation Risks Recommendation Investment Club of NAIT 1

Company Overview Summary of business ▫BB is a Tech company focused on R&D and software development ▫It operates in mobile phones, enterprise software and business integration systems ▫BB primarily focuses on institutional clients, regulated industries and corporate clients ▫BB primarily does business in North America (50.2% of sales) and EMEA (35.4% of sales) ▫Revenue is generated from 3 main sources; Software (28.1%), Hardware (39.1%), Services access fees (31.6%) ▫New board chair/CEO John Chen (2013), restructured board, BlackBerry Priv launch, acquisition of Good Technology ▫Internal: margin growth; External: Asian markets Investment Club of NAIT 2

Earnings Investment Club of NAIT 3

Industry Overview Industry outlook ▫BB remains the top tech company in the Canadian landscape ▫Main comeptitors: Samsung, Apple, Absolute Software ▫BB is the leader in secure hardware and data privacy ▫Neither a laggard or a leader, overall ▫Greater consumer awareness of data integrity and privacy ▫Slowing growth in Asia might dampen industry prospects in developing economies Investment Club of NAIT 4

Investment Thesis 5 reasons to buy:  Great management  Diversified Revenue Streams  Business Model Advancements  Growing Demand For Products/Services Company Offers (Security, Privacy)  International Expansion (Asia) Investment Club of NAIT 5

Valuation Market based valuation Investment Club of NAIT 6 Market-to-Fundamental Information Price-to-Cashflow Price-to-Earnings Ratio Price-to-Book Ratio Price-to-Sales Ratio2.6806

Risks ▫Economic Risks  Slowing growth in Asia, slowly adaptation from customers. ▫Non-Market Environmental Risks  Compromised security (Hackers) ▫Political Risks  Deregulation of industries  Banning of devices and services Investment Club of NAIT 7

Recommendation Buy/Sell Security ▫$10.17 Current Price ▫Daily Range: $ $10.28 ▫52 Week Range: $ $10.28 ▫Earnings Release: Late March/Early April Investment Club of NAIT 8