May 17, 2016

Research #14Hemp-based pet foods

True Leaf pushes the gas pedal and brings True Hemp to EuropeOn the heels of the successful entrance into the US market, True Leaf Medicine International Ltd. is poised to enter the European market with their innovative True Hemp product line at next week’s Interzoo in Nürnberg, Germany – the world’s largest bi-annual exhibition of supplies for pets. True Leaf has partnered with Pet Horizons to facilitate the product launch in Europe as the consultancy and service firm has a proven history of developing and implementing European sales, marketing and distribution strategies for global brands, and will effectively act as the True Leaf sales and marketing team in Europe. When True Leaf participated at the Global Pet Expo in Orlando in March, numerous contracts with US distributors and retailers were signed, hence similar success may follow soon in regards to Europe. A second source of income may follow as Canadian health minister Jane Philpott announced last month that federal legislation to legalize marijuana will be ready in a year. Health Canada may grant a number of new marijuana production licenses to Canadian companies in due course.

Company Details

True Leaf Medicine International Ltd.100 Kalamalka Lake Road, Unit 32Vernon, BC V1T 9G1, CanadaPhone: +1 778-389-9933 Email: kevin@trueleaf.comwww.trueleaf.comShares Issued & Outstanding: 52,350,371

Canadian Symbol (CSE): MJCurrent Price: $0.215 CAD (May 16, 2016)Market Capitalization: $11 million CAD

German Symbol / WKN: TLA / A14NM1Current Price: €0.145 EUR (May 16, 2016)Market Capitalization: €8 million EUR

Chart Canada (CSE)

Chart Germany (XETRA)

Research #14 | True Leaf Medicine International Ltd.2

ith offices in Germany, UK and Spain, Pet Horizons Ltd.is an intergral part of business

for many of its global clients, providing strategic advice and support while also managing their European business, building the distribution network and developing sales and distribution performance, acting effectively as their logistics, sales and marketing team in Europe. As CEO Darcy Bomford commented today, this is an ideal partnership as Pet Horizons allows True Leaf to expand quickly and effectively to Europe, so that in a relatively short period of time, pet owners across 2 continents can be served.

Last Friday, True Leaf closed a $738,000 financing and intends to use the proceeds for working capital to produce inventory, as well as for product advertising and marketing, whereas the company also plans to develop new products and to evaluate potential acquisitions within the pet industry. Bomford participated at this financing and increased his equity holdings by 2.9 million to 25.7 million shares, thus now controlling 49.1% of the company (total of 52.4 million shares issued and outstanding).

Today‘s press-release:

True Leaf Brings ‘True Hemp’ Pet Treats to Europe

True Leaf collaborates with Pet Horizons to unveil product for European distribution at Interzoo®, world’s leading pet supply show

Vancouver, BC – May 17, 2016 – With successful US and Canada launches under its belt, True Leaf International Ltd. (CSE: MJ) (FRANKFURT: TLA) will soon offer its True Hemp pet treats for sale in Europe, unveiling the product – ready for sale – at the upcoming Interzoo pet supply exhibition May 26-May 29, in Nuremberg, Germany.

Interzoo®, the world’s largest bi-annual exhibition of supplies for pets, including dogs, cats, horses and birds is renowned for showcasing innovation in the industry. In 2014, more than 37,000 visitors caught up with the latest in pet

care at over 1,700 exhibitors from more than 60 countries.

True Leaf’s product line, already receiving accolades for its innovative formulation and graphic design in North America, appears to be ideally positioned for the European market. “Europeans have always had an appreciation for high-quality natural products,” said Darcy Bomford, True Leaf CEO. “In addition, hemp has been grown in some regions of Europe for generations and we’re excited to use European hemp as a key component of our product lines.” The company has already seen interest in the product line leading up to the show and expects significant demand as it rolls out across the European Union. True Leaf has partnered with Pet Horizons to facilitate the True Hemp European launch. With offices in Germany, UK and Spain, Pet Horizons – which has a proven history developing and implementing European sales, marketing and distribution strategies for global brands – will act as the True Leaf sales and marketing team in Europe. “This is an ideal partnership,” said Darcy Bomford. “Pet Horizons allows us to expand quickly and effectively to Europe, so that in a relatively short period of time, we’re able to serve pet owners across two continents.”

Pet Horizons is led by Bob Hanson and Malcolm Elam, each with 25 years consulting experience in the pet industry

following careers in sales and marketing with Pedigree-Mars and the Quaker Oats - Pet Division. They are skilled in bringing new brands to market. “We’re excited to partner with True Leaf as it launches its product line into Europe,” said Bob Hanson. “We think that True Hemp is a unique and innovative product with proven functional ingredients. We look forward to introducing it to European pet owners and we think they’ll like it.”

For more information about TRUE HEMP™ and True Leaf at Interzoo, please contact: Alison RuksVP of Marketing and OperationsP: 778 475 5323E: alison@trueleaf.com

About True Leaf Medicine:True Leaf Medicine International Ltd, through its wholly-owned subsidiary ‘True leaf Pet’, is entering the $60 billion pet industry with a line of hemp-focused pet treats and supplements marketed through natural pet health and veterinary channels in Canada and the US. The company has also filed an application under Health Canada’s Marihuana for Medicinal Purposes Regulations (MMPR) to become a Canadian licensed producer through its ‘True Leaf Medicine’ subsidiary. It has passed through the preliminary and enhanced screening process of Health Canada’s review and is currently awaiting security clearance and ‘pre-licensing inspection’ approval.

W European Packaging Designs:

Research #14 | True Leaf Medicine International Ltd.3

About True Leaf

True Leaf Medicine International Ltd., through its wholly-owned subsidiary ‘True Leaf Pet’, is entering the $60 billion pet industry with a line of hemp-focused chews and supplements mar-keted through natural pet health and veterinary channels in Canada and USA. The company has also filed an application under Health Canada’s Marihuana for Medicinal Purposes Regula-tions (MMPR) to become a licensed producer.

Analyst Coverage

Research #13 “True Leaf conquers the US Pet Food Market”

Research #12 “True Leaf To Sell Hemp-Based Products in 3500 Stores in the US”

Research #11 “True Leaf‘s Product Line Now Available in 47 Canadian Retail Stores”

Research #10 “True Leaf‘s Selling Fast”

Research #9 “True Leaf Expands to Europe”

Research #8 “True Leaf Unveils New Product Line”

Research #7 “Another Key Piece for the True Leaf Puzzle”

Research #6 “True Leaf Pet’s Hemp Chew Product Line to be Distributed Across Canada”

Research #5 “Interview with True Leaf‘s CEO Darcy Bomford“

Research #4 “One Step Closer Becoming A Licenced Medical Marijuana Producer“

Research #3 “True Leaf on its way to production“

Research #2 “True Leaf To Enter The Pet Food Market With Hemp Products In Fall of 2015“

Research #1 “True Leaf Medicine Interna-tional Ltd. Goes Public“

Hemp is Not Marijuana: True Leaf’s pet product line contains hemp as one of the primary ingredients; providing the health benefits of hemp is what sets True Leaf apart from the competition. Hemp anCd marijuana are different varie-ties of the same plant species of ‘Cannabis Sativa’. Marijuana plants contain high levels of THC. Hemp, on the other hand, is non-psychoactive and contains very little THC (less than .3% by law), but certain cultivars contain cannabidiol (CBD). Hemp seed oil, a major component of hemp seed itself – and of True Leaf Pet’s product line – has a variety of beneficial properties and is showing great promise on its own as a supplement. Because hemp oil is extracted from the industrial hemp plant, it contains no psychoactive reactors. Hemp seed oil is extremely high in omega-6 and omega-3 fatty acids in the ratio of 3:1, which is required by dogs for optimal health and well-being. Hemp contains known anti-oxidants from tocopherols and hosts a variety of other beneficial properties including anti-inflammatory compounds from terpenes, plant sterols and methyl salicylate – a relative of acetylsalicylic acid or ‘aspirin’. Hemp oil helps to sup-port the moisture level in a dog’s skin and fur, and supports the body‘s ability to heal skin disorders such as dry nose, dog acne, dog eczema, dog rash and dog dandruff. Further, hemp seed oil supports the body‘s ability to enhance blood cir-culation, stimulate a dog’s cognitive thinking and can help thicken fur texture and lessen shedding. Hemp is legally re-fined in industrial factories for textile and nutritional use: it is often consumed and mixed into other products including cereal, granola bars and hemp dog treats. Hemp chews for dogs are increasing in popularity because of its significant potential health benefits that may include joint pain reduction, skin and coat nourishment and antioxidant support.

US-Branding:

Research #14 | True Leaf Medicine International Ltd.4

Disclaimer and Information on Forward Looking Statements:All statements in this report, other than statements of historical fact should be con-sidered forward-looking statements. Much of this report is comprised of statements of projection. Statements in this report that are forward looking include that True Leaf Medi-cine International Ltd. or any other company or market will perform as expected; that True Leaf will start producing saleable prod-ucts; that True Leaf or its partner(s) can and will start producing and selling any kinds of products; that the company can raise suffi-cient funds for product development and/or production; that any of the mentioned plans are valid or economic. Such statements in-volve known and unknown risks, uncertain-ties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-look-ing statements. Risks and uncertainties re-specting medical marijuana and/or hemp-fo-cussed companies are generally disclosed in the annual financial or other filing docu-ments of True Leaf Medicine International Ltd. and similar companies as filed with the relevant securities commissions, and should be reviewed by any reader of this report. In addition, with respect to True Leaf Medicine International Ltd., a number of risks relate to any statement of projection or forward statements, including among other risks: the receipt of all necessary approvals and per-mits; the ability to conclude a transaction to start or continue product development and distribution; uncertainty of future market regulations, capital expenditures and other costs; financings and additional capital re-quirements for development, construction, and operating of a facility; the receipt in a timely fashion of further permitting for its legislative, political, social or economic de-velopments in the jurisdictions in which True Leaf Medicine International Ltd. carries on business; operating or technical difficulties in connection with production or development activities; the ability to keep key employees, joint-venture partner(s), and operations financed. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking in-formation. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report.

Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s report, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report is paid by Zimtu Capital Corp., a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. So while the author of this report is not paid directly by True Leaf Medicine International Ltd., the author’s employer Zimtu will benefit from appreciation of True Leaf Medicine International Ltd.’s stock price. In addition, the author owns shares of True Leaf Medicine International Ltd. and would also benefit from volume and price appreciation of its stock. In this case, True Leaf Medicine International Ltd. has one or more common directors with Zimtu Capital Corp. Thus, multiple conflicts of interests exist. Therefore, the information provided herewithin should not be construed as a financial analysis or recommendation but strictly as an advertisment. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. Rockstone and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, the author does not guarantee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect. Please read the entire Disclaimer carefully. If you do not agree to all of the Disclaimer, do not access this website or any of its pages including this report in form of a PDF. By using this website and/or report, and whether or not you actually read the Disclaimer, you are deemed to have accepted it. Information provided is educational and general in nature.

Analyst Profile and Contact

Stephan Bogner (Dipl. Kfm. FH)Mining Analyst Rockstone Research 8050 Zurich, Switzerland+41-44-5862323sb@rockstone-research.com

Stephan Bogner studied at the International School of Management (Dortmund, Germany), the European Business School (London)

and the University of Queensland (Brisbane, Australia). Under supervision of Prof. Dr. Hans J. Bocker, Stephan completed his diploma thesis (“Gold In A Macroeconomic Context With Special Consideration Of The Price Formation Process”) in 2002. A year later, he marketed and translated into German Ferdinand Lips‘ bestseller („Gold Wars“). After working in Dubai for 5 years, he now lives in Switzerland and is the CEO of Elementum International AG specialized in duty-free storage of gold and silver bullion in a high-security vaulting facility within the St. Gotthard Mountain Massif in central Switzerland.

Rockstone is a research house specialized in the analysis and valuation of capital markets and publicly listed companies. The focus is set on exploration, development, and production of resource deposits. Through the publication of general geological basic knowledge, the individual research reports receive a background in order for the reader to be inspired to conduct further due diligence. All research from our house is being made accessible to private and institutional investors free of charge, whereas it is always to be construed as non-binding educational research and is addressed solely to a readership that is knowledgeable about the risks, experienced with stock markets, and acting on one’s own responsibility.

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