Onex 2021 Investor Day Presentation

October 19

2021 Investor Day

2

Cautionary Statements

This presentation was created for Onex Corporation’s (“Onex” or the “Company”) 2021 Investor Day event. The presentations and oral remarks should be viewed together. The event is being webcast on October 19, 2021 and will be archived on Onex’ website. The live and archived webcast can be found here: https://www.onex.com/events-and-presentations.

Onex makes no representations or warranties as to the completeness of the presentation if viewed only in part or in the absence of the accompanying audio commentary and disclaims any responsibility therefor.

This presentation may contain, without limitation, forward-looking statements related to our future growth and our financial and operational results and performance that are basedon current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially. In some cases, forward-lookingstatements can be identified by the use of words such as “outlook”, “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,”“continue,” “likely,” “will,” “would,” “illustrative” or the negative of such words or other words of similar connotation. Forward-looking statements are not guarantees. Specific risksand uncertainties that could cause our actual results, performance and outcomes to differ materially from those expressed in our forward-looking statements include, but are notlimited to: variability of financial and operating results among periods, which include the pace, size and nature of transactions by or involving our asset management subsidiaries,investment funds, and operating companies; the volatility of the exchange rate between the U.S. dollar and the Canadian dollar and other currency exchange rates; changes in the fairmarket value of Onex’ operating companies, including the market value of our publicly-traded operating companies; and activities at the operating companies of our private equityfunds and events within their industries. These and other risks and uncertainties and factors are discussed in the Company’s various public filings at www.sedar.com or on theCompany’s website, www.onex.com. These risks, uncertainties and factors may cause our actual financial and operational results and performance to differ materially from theexpectations expressed or implied by the forward-looking statements contained in this presentation. Any forward-looking statement speaks only as of the date on which it is made.We do not undertake to update any forward-looking statement, except as required by applicable law. These cautionary statements expressly qualify all forward-looking statements inthis presentation.

In addition, we may refer later in this presentation to various private offerings of securities. These offerings are made solely to such persons and in such transactions as do not requireregistration, qualification or approval under any U.S. or other applicable securities laws and otherwise to specified classes of permitted private purchasers. The securities are not andwill not be registered, qualified or approved under U.S. or other securities laws, cannot be offered or sold in the U.S. without registration or exemption and will not be offered or sold inany other jurisdiction except in certain private, restricted transactions. This notification shall not constitute a promotion of, an offer to sell or the solicitation of an offer to buy anysecurities. Past performance is not an indication of future results. The strategies described herein are speculative and involve risk of loss, including loss of principal.

All figures are in U.S. dollars as of June 30, 2021, unless otherwise noted.

https://www.onex.com/events-and-presentations

https://www.sedar.com/

https://www.onex.com/

3

Agenda

Topic Presenter

Introduction Jill Homenuk

Welcome Gerry Schwartz

Onex Strategy Bobby Le Blanc

Financial Outlook Chris Govan

Private Equity

Onex Partners Overview Tawfiq Popatia

Onex Partners: Software Vertical Laurence Goldberg

Onex Partners: Europe Overview Nigel Wright

Onex Partners: Operating Team Wes Pringle

ONCAP Overview Michael Lay & Greg Baylin

ESG at Onex Judy Cotte

Break (10 minutes)

Onex Credit Jason New

Gluskin Sheff Jeff Moody

Q&A Session with Bobby Le Blanc and Chris Govan

Introduction

Jill Homenuk Managing Director – Shareholder Relations and Communications

Welcome

Gerry SchwartzChairman and Chief Executive Officer

Onex Strategy

Bobby Le BlancPresident of Onex and Head of Onex Partners

7

Onex Strategy: Key Takeaways

People, Strategy and Culture to drive shareholder value

Plan to double Onex’ fee-generating AUM by 2026

Growing AUM + better margins = increased fee-related earnings

Additional growth initiatives incremental

Financial Outlook

Chris GovanSenior Managing Director –Chief Financial Officer

9

Shareholder Value: Today

Recurring Asset Management

Earnings

Carried Interest

Investing

Investing Capital Per Share:

➢ 16% CAGR over2 years(1)

➢ Q2 Value: $80.32(C$99.55)(2)

➢ Run-rate third-party management fees: $271 million

➢ $32B of Fee-Generating AUM

➢ Investments inOnex Credit

➢ $211 million ofunrealized private equity carried interest

➢ ~$19/share ofthird-party dollars-at-work(3)

See endnotes on page 27.

Introduction to Fee-Related Earnings

11

Recurring Asset Management Earnings: Fee-Related Earnings

Measure of profits from revenues that are received on a recurring basis and not dependent on realization events

New KPI for Asset Management segment

Excludes realization-driven carried interest

No management fees on Onex’ capital

Industry practice, enabling transparency and comparison with peers

12

Fee-Related Earnings: H1 2021

• No PE fee revenue fromOnex’ ~30%commitments(3)

• Credit includes GluskinSheff operations and OpExinvestments to growcapabilities

• Allocates shared servicescosts to business lineswhile continuing to includeall public company andOnex investing costs

Private Equity

Six months ended June 30, 2021

Management and advisory fees(1) $ 65

Income items 65

Compensation 37

Other expenses, net 24

Expense items 61 Private Equity Net Contribution 4

Credit(2)

Management and advisory fees 75

Performance fees -

Other income 1

Income items 76

Compensation 39

Other expenses 34

Expense items 73 Credit Net Contribution 3

Asset Management Contribution 7

Public Company and Investing Net Contribution (19)

Fee-Related Earnings $ (12)

Public Company and Onex Capital InvestingCompensation 9

Other expenses, net 10

Expense items 19

Key Takeaways


13

Key Takeaways

Distributable Earnings: H1 2021

• Includes realization-driven carried interest onthird-party capital

• Distributable earningsavailable for strategicinvesting

Six months ended June 30, 2021

Private Equity Net Contribution 4

Public Company and Investing Net Contribution (19)

Fee-Related Earnings $ (12)

Realized carried interest 4

Realized gains on investments 171

Distributable Earnings $ 163

Asset Management Contribution 7

Credit Net Contribution(2) 3


Asset Management: Five-Year Outlook

15

FRE Dashboard: Today

$(14)MM

LTM FRE (LOSS)

$271MM

RUN-RATE FEE-RELATED REVENUE

$32B

FEE-GENERATING AUM

4.2:1RATIO OF FGAUM TO ONEX CAPITAL

16

FRE Dashboard: 2026 Outlook

$110-130MM

RUN-RATE FRE

$540-570MM


~$65B

FEE-GENERATING AUM>2XGROWTH

~15%CAGR(1)

~50%CONVERSION OF INCREMENTAL

REVENUE(2)


+0.1xRATIO IMPROVEMENT


17

Key Takeaways

• Driven by increasing third-party capital in successorprivate equity funds

• Upside opportunity toexpand private equityofferings

FRE Execution: Fee-Generating AUM (Private Equity)

$10B

$20B

Q2-2021 2026

$130mm

$240-250mm

LTM Q2-2021 Run-Rate 2026

Fee-Generating AUM Fee-Related Revenue

18

Key Takeaways

• Primed to grow with a fullcomplement of creditstrategies

• Marketing team in placeand fundraising underwayto achieve our 2026outlook

• FG AUM andmanagement fees five-year CAGR of 15% fromestablished capabilities(1)

FRE Execution: Fee-Generating AUM (Credit)

$21B

$45B

Q2-2021 2026

$152mm

$300-320mm

LTM Q2-2021 Run-Rate 2026

Fee-Generating AUM Fee-Related Revenue


19

Key Takeaways

• Scale existing platforms todrive higher fee-relatedrevenues and marginexpansion

• Outlook assetmanagement contributionmargin of 25% to 30%from near break-eventoday

• Additional operatingleverage to continuemargin expansion

FRE Execution: Margin Improvement

Private Equity Fee-Related Revenue

Onex Credit Fee-Related Revenue

Asset Management Contribution

$282mm

$540-570mm

$14mm

2021 LTM Run-Rate 2026

$150-170mm

(1)


20

Upside Levers

2026 FRE Outlook: $110mm-130mm

$110-130MM

RUN-RATE FRE

$540-570MM


~$65B

FEE-GENERATING AUM


• Expand private equityofferings

• Grow offeringsthrough Onex Credit

• Acquire or build newFG AUM platforms

Carried Interest Potential

22

$206mm

Last Five Years

Key Takeaways

• Q2’21 unrealized carriedinterest of $211mm

• Next-five-yearsrealizations drivenprimarily by exitingprivate equity funds

• Average annualrealizations of $150mm-$160mm over next fiveyears

• 2026 unrealized carriedinterest of ~$600mm

Carried Interest Potential: Five-Year Outlook

Private Equity Onex Credit

Carried Interest Realizations

$750-800mm

Next Five Years


(1)

23

$10B

$18B

$12B

$30B

$23B

$48B

Q2-2021 2026

Key Takeaways

• $50 billion of carry-eligibleAUM in 2026 outlook

• ~$41 per share of third-party dollars-at-work in2026 outlook(2)

Carried Interest Potential: Five-Year Outlook

AUM subject to carried interest ($ billion)

Private Equity Onex Credit

(1)


Shareholder Value

25

Shareholder Value: 2026 Outlook

➢ Targeting mid-teenNAV/share growthwith current mix

➢ Significantdistributableearnings –foundation forgrowth

➢ $110mm-$130mmof fully-burdenedrun-rate FRE

➢ Based on currentplatforms / in-flightinitiatives

➢ Additional levers tothe upside

➢ $150mm-160mmof average annualcarried interestrealizations

➢ ~$41/share third-party dollars-at-work(2)

Recurring Asset Management

Earnings

Carried Interest

Investing


Endnotes

27

Endnotes

Shareholder Value: Today (page 9)(1) Reflects the cumulative annual growth rate for the two-year period ended June 30, 2021. The growth rate presented is adjusted to exclude the impact of capital

utilized to acquire Falcon, dividends paid during the period, and the expected acquisition of the remaining interest in the Onex Credit asset manager.(2) Investing capital per share is calculated on a fully diluted basis.(3) Third-party dollars-at-work of $19 per share reflects the assets under management subject to realization-driven carried interest of $23 billion and fully diluted shares

at June 30, 2021.

Fee-Related Earnings: H1 2021 (page 12) and Distributable Earnings: H1 2021 (page 13)(1) Management and advisory fees include those earned in the Onex Partners and ONCAP Funds and Onex’ retained portion of the management and advisory fees earned

from operating companies.(2) Credit includes the operations of wealth planning and public strategies previously presented separately as Wealth Management.(3) Reflects Onex’ weighted average commitments in Onex Partners V and ONCAP IV.

FRE Dashboard: 2026 Outlook (page 16)(1) Reflects the cumulative annual growth rate for the five-and-a-half-year period ended December 31, 2026.(2) Reflects the incremental FRE generated during the outlook period as a percentage of the incremental revenue.

28

Endnotes (continued)

FRE Execution: Fee-Generating AUM (Credit) (page 18)(1) Reflects the cumulative annual growth rate for the five-and-a-half-year period ended December 31, 2026. FRE Execution: Margin Improvement (page 19)(1) 2021 asset management contribution is calculated using the last-twelve-month fee-related revenue at June 30, 2021 and the annualized first-six-months of expenses

in 2021.

Carried Interest Potential: Five-Year Outlook (page 22), Carried Interest Potential: Five-Year Outlook (page 23) and Shareholder Value: 2026 Outlook (page 25)(1) The five-year outlook for realized carried interest includes assumptions for the dates and amounts of realizations based on Onex’ portfolio and target returns for the

funds. Actual timing and amount of carried interest realizations will depend on the timing and amounts of realizations, and Onex’ ability to generate the requiredpreferred returns to be entitled to carried interest.

(2) The 2026 outlook for third-party dollars-at-work of $41 per share reflects the outlook for assets under management subject to realization-driven carried interest andno changes to the fully diluted shares outstanding at June 30, 2021.

Glossary

30

Glossary

Asset management contribution represents the fee-related earnings contribution from Onex’ asset management businesses, before the inclusion of expenses incurred inconnection with Onex’ investing activities and public company costs.

Assets under management are the assets that Onex manages on behalf of investors, including Onex’ own capital where applicable. Onex’ assets under managementinclude:

i. The fair value of private equity invested assets and uncalled committed capital to the private equity funds, including Onex’ own uncalled committed capital inexcess of cash and cash equivalents, as applicable;

ii. The par value of invested assets and cash available for reinvestment of the collateralized loan obligations;iii. The fair value of gross invested and uncalled commitments in middle-market lending, senior loan opportunity, structured credit opportunities and Onex Falcon

Funds; andiv. The gross invested assets or net asset value of the public credit, public equity and other private credit funds.

Distributable earnings is used to measure earnings received by Onex that are available for distribution to shareholders or to be reinvested into the business. It iscalculated as the sum of fee-related earnings, realizations from Onex’ investments as a limited partner, and carried interest received by Onex. Equity-based compensationis excluded from this calculation.

Fee-generating assets under management are the third-party assets under management on which Onex receives management fees, performance fees and/or carriedinterest.

Fee-related earnings is used to measure Onex’ asset management segment’s ability to generate profits from recurring revenue and not dependent on future realizationevents. Fee-related earnings is calculated as the sum of third-party management and advisory fees, and performance fees, less compensation expenses and otheroperating expenses. Equity-based compensation is excluded from this calculation.

31

Glossary (continued)

Fully diluted shares are calculated using the treasury stock method and include all outstanding SVS as well as outstanding stock options where Onex’ share price exceedsthe exercise price of the stock options.

Hurdle or preferred return is the minimum net return required to be generated for investors before Onex has entitlement to carried interest or performance fees.

Investing capital represents Onex’ investing assets that are invested in private equity, Onex Credit strategies, treasury investments, cash and cash equivalents and near-cash available for investing. Investing capital is determined on the same basis as segmented assets for Onex’ investing segment.

Investing capital per share is Onex’ investing capital divided by the number of fully diluted shares outstanding.

Performance fees include performance allocations and are generated on open-ended funds and perpetual capital, some of which are subject to a hurdle or preferredreturn. Performance fees are not dependent on realization events.

Ratio of FGAUM to Onex Capital reflects the amount of third-party fee-generating assets under management relative to Onex’ investing capital.

Realized carried interest is an allocation of part of an investor’s realized gains to Onex and its management team after the investor has realized a preferred return. Theamounts presented reflect Onex’ share of the allocation.

32

Glossary (continued)

Run-rate fee-related revenue is a forward-looking calculation representing the fee-related revenue that would be earned on third-party capital over a twelve-monthperiod based on the condition at the measurement date.

Third-party dollars-at-work per share reflects the portion of third-party capital on which the profit is attributable to Onex through realization-driven carried interest and isexpressed on a fully diluted per share basis. The attribution of profit on third-party dollars at work to Onex is dependent on achieving the applicable required hurdle ratesof return.

Onex Partners Overview

Tawfiq PopatiaSenior Managing Director

34

Pre-Fund reflects investments in large-cap transactions before the launch of the Onex Partners platform. Amount shown for the Onex Partners funds reflect fund size. IRR and MoC shown are gross figures based on all realized, substantiallyrealized and publicly traded investments at June 30, 2021. Net multiples of capital (“MoC”) invested and Net IRRs are not presented as net calculations are based on cash inflows and outflows at the fund level and the unrealized value of netassets at the fund level and these metrics are not calculable for individual investments, subsets of investments within a fund, or across multiple funds. Gross MoC and gross IRR do not reflect any management fees, carried interest and expensesthat are borne by limited partners in the individual private equity funds managed by Onex, which in the aggregate are expected to be substantial and will reduce the returns to such limited partners. Past performance may not be indicative offuture performance.

Onex: 37 Years of Successful Large-Cap Investing

$7.2B

27% IRR 2.4x MoC

28% IRR / 2.3x MoC

Pre-Onex Partners OP I

OP IIOP III

OP IVOP V

OP VI

$1.7B

$3.58B

$4.7B

$5.7B

1984 2003 2006 2008 2014 2018 2022

(Gross) (Gross)

(Inception)

35

Onex Partners: Thematic Investing in Core Verticals

This list of investments is non-exhaustive; a full list of investments is available on Onex’ website.

HealthcareBusiness Services

& SoftwareIndustrials

Financial Services

REPRESENTATIVE INVESTMENTS IN FOUR CORE VERTICALS

AEROSPACE, DEFENSE & TRANSPORT

BUILDING PRODUCTS & PACKAGING

INSURANCESERVICES & SOLUTIONS

36

1) Realized, substantially realized and publicly traded investments, and unrealized investments with realized proceeds greater than capital invested; 28 in total.

2) Based on invested capital. $7,718 million of capital invested out of $11,452 million total capital invested resulted in a gross MoC of 1.5x to 3.5x.

Net multiples of capital (“MoC”) invested and Net IRRs are not presented as net calculations are based on cash inflows and outflows at the fund level and the unrealized value of net assets at the fund level and these metrics are not calculable for

individual investments, subsets of investments within a fund, or across multiple funds. Gross MoC and gross IRR do not reflect any management fees, carried interest and expenses that are borne by limited partners in the individual private equity

funds managed by Onex, which in the aggregate are expected to be substantial and will reduce the returns to such limited partners. Past performance may not be indicative of future performance.

Onex Partners: Consistent Historical Returns

200

400

1,400

600

2,600

1,200

0.0

1,600

0.5

1,000

1.0

1,800

2,000

1.5 4.5

2,200

2,400

2.0 4.0

2,800

2.5 3.0 3.5

3,000

9.0

800

HEALTHCARE

HEALTHCARE INDUSTRIAL HEALTHCARE

HEALTHCARE

INDUSTRIAL

HEALTHCARE

FINANCIAL SERVICES

INDUSTRIAL

INDUSTRIAL

FINANCIAL SERVICES

INDUSTRIAL

INDUSTRIAL

SERVICES

INDUSTRIAL

INDUSTRIAL

SERVICES

SERVICES

SERVICES

INDUSTRIAL

INDUSTRIAL

SERVICESINDUSTRIAL

INDUSTRIAL

INDUSTRIAL

INDUSTRIAL

SERVICES

HEALTHCARE

LEGEND~2/3 of deals between

1.5x and 3.5x Gross MoC(2)

HEALTHCARE

SERVICES

INDUSTRIAL

FINANCIAL SERVICES

Onex Partners Fund I through IV Realized

and Partially Realized Performance(1)

Gross Multiple of Capital Invested

Re

aliz

ed

Pro

cee

ds

($ m

illio

ns)

37

Onex Partners: Ownership Culture

Strong Alignment of

Interests

Focus on Capital

Preservation

Ownership Mentality

• Apprenticeship model

• Meticulous, rigorous and early diligence

• Purchase price discipline

• Prudent use of leverage

• Active ownership and partnership

• Collegial, long term business owners

• Responsible investor; ESG integration

38

Onex Partners: Recent Performance of Onex’ Investment in Onex Partners

80

100

120

140

160

180

200

Ind

exe

d R

etu

rns

2019 2020 YTD 2021

COVID Correction

Pandemic

S&P 500 (ex-Tech) Onex Partners NAV

Onex Partners NAV reflects the gross return on Onex’ investments in the Onex Partners portfolio, including investments through the Funds and related co-investments, indexed to January 1, 2019.

Performance is presented before the impact of carried interest and management incentive programs on these investments.

39

Onex Partners: Value Creation Strategies

Investment Operational

Improvement Market

ExtensionsRevenue

EnhancementAcquisition

Platform

✔ ✔ ✔

✔ ✔ ✔

✔ ✔

✔ ✔ ✔ ✔

✔ ✔ ✔

✔ ✔ ✔

Value Creation Levers

Investment Selection

• Thematic investing in verticals we know• Strong performing businesses with a

defensible, clear value proposition

• Multi-lever value creation thesis

• Value and growth orientations• Controllable outcomes• Prudent use of leverage• Asymmetric risk / return profiles

290+ Add-ons

across 42 portfolio

companies

40

Onex Partners: Inside Onex Partners

Experience – 18-year Average Tenure

Apprenticeship

Onex Standards

Managing Director P&Ls

Open Investment Committee

Digital Tools for Investment Scoring

Long-Form Investment Memos

Onex Partners:Software Vertical

Laurence GoldbergManaging Director

42

Onex Partners Software Vertical: Focus & Theme Development

Onex Key Criteria

Macro tailwinds

Vertical / niche specialization

Favorable competitive dynamics

Leadership position

Sticky customer relationships

M&A opportunity

Onex relationships / knowledge

RelationshipsDepth &

Experience

Focus

Onex Approach

EndMarket

Company Specific

43Source: U.S. Census Bureau, Oliver Wyman, Gartner.

Onex Partners Software Vertical: EdTech Theme

U.S. K-12 Funding Has Grown Steadily Over Time…

Percentage of Districts With 1-to-1 Device Ratio

… With Strong Forecasted IT Spending Growth

CARES Act Funding & Further Stimulus For K-12

$380B $488B $593B $641B $751B

20152000 2005 20192010

+4%

16%40%

77% 88%

2023Now2014 2017

~2X

20252020 20222021 2023 2024

$13B $15B $16B $17B $18B $20B

+8%

$16B

$203B

$58B

$129B

CARES Act CRRSA Act ARP Act Total Stimulus

Accelerating use of technology to improve access to and quality of education and streamline complex

administrative requirements

44

Onex Partners Software Vertical: Additional Software Themes

Migration of legacy and home-grown systems to cloud-based solutions and increasing use of data to drive workflows

and decisioning.

Adoption of cloud-based workflow solutions to replace manual processes, eliminate data silos and increase visibility into

key business drivers / risks.

IT modernization efforts underway across federal, state and local levels to improve productivity, transparency and

citizen experience.

Slow to Adopt Technology

Government

Niche Administrative

Solutions

Deep Onex Institutional Knowledge

Insurance

45

Onex Partners: Repeatable Plan of Attack

Identify themes

Leverage Onex relationships to build knowledge

Complete primary diligence on the end market

Map the full range of potential investments

Proactively meet management teams and owners

Conduct commercial diligence in advance of processes

46

Onex Partners Software Vertical: Strong Results

(2018)

(2021)

Sourcing

Value Creation

Diligence on almost every K-12 education asset of scale

Supported companies in completing 5+ add-ons

PowerSchool – long standing relationship with owner and CEO

Weld North Education – limited and exclusive process

Industry relationships create / help evaluate opportunities

PowerSchool – Improved finance, procurement and administrative functions; successful IPO in July

Onex is positioned as a uniquely insightful and value-added partner

Onex Partners: Europe Overview

Nigel WrightSenior Managing Director

48Source: Preqin.

Onex Partners Europe: Growth Opportunity

$292

$206$222

$294

$232 $231

$332

$125$109

$133

$154

$134$122

$160

2015 2016 2017 2018 2019 2020 2021 YTD

North America Europe

(In US dollars billions, aggregate deal value)

North American vs. European LBO Market

49

Onex Partners Europe: Sourcing & Origination

Office Diversity & Differentiated Angle

Office Nationalities & Languages Pipeline Opportunities in Last 12 Months

IndustrialsBusinessServices

Healthcare Services

14Targets

1%

10Targets

12Targets

Differentiated Onex Angle Other Opportunities

50

• Cost optimisation projects, particularly in back-office functions

• Implementation of improved go-to-market strategy

• Adoption of dynamic pricing tools

• Acquisition-led growth thesis with significant synergies

• More than tripled EBITDA since our ownership

• Operational improvement programmes resulting in significant cost reductions

• Entry into new geographic markets

• Improved salesforce effectiveness

Onex Partners Europe: Post-Investment Value Creation

51

Onex Partners Europe: Investment Returns

Onex Partners European Investments Since 2015

Realized

Unrealized

Realized and Unrealized MoC of 2.0x to Date

(In US dollars)

$2.6B

$5.1B

InvestedCapital

ReturnedCapital

52

Onex Partners Europe: What’s Next?

Diverse Team

Additional Sectors

Double Capital at

Work

1 2 3

Onex Partners:Operating Team

Wes PringleManaging Director – Head of Portfolio Operations

54

Onex Partners Operating Team: Group Expertise

Focused team; additional

capabilities tobe added in line with

overall portfolio growth

Combined 50+ years of

experience with industry-leading

organizations

Extensiveoperating and

M&A experience

55

Onex Partners Operating Team: Identified Areas of Value

Strategy and General Management

Talent and Organizational Strategy

Supply Chain and Procurement

Health and Benefits

ESGContinuous

ImprovementInformation Technology

56

Onex Partners Operating Team: Engaged Throughout Ownership Lifecycle

Early Ownership

Cultivation DiligenceOngoingSupport

Exit

57

Onex Partners Operating Team: Driving Value

Focused on Driving Investment Out-Performance

Targeting 250 bps of IRR Improvement From Operating Team Impact

Identify growthand productivity

opportunities through diligence and early

ownership

Build achievableplans alongside

operating company management

58

Onex Partners Operating Team: Summary of Focus

Engaged at every stage of ownership cycle

Helping operating companies achieve goals

Building world class team of experienced senior operators

Significant impact on value creation

ONCAP Overview

Michael Lay & Greg BaylinManaging Partners and Co-Heads

60

ONCAP: 20+ Years of Successful Investing

Onex’ Mid-Market Private Equity Platform

22Investment

ProfessionalsToronto and New York

30Investments$1.9 billion of capital deployed since 2000

4.4x MoC /48% IRR

gross returns generated onfully realized investments

since inception

IRR and MoC shown are gross figures based on all realized, substantially realized and publicly traded investments at June 30, 2021. Net multiples of capital (“MoC”) invested and Net IRRs are not presented as net calculations are based on cashinflows and outflows at the fund level and the unrealized value of net assets at the fund level and these metrics are not calculable for individual investments, subsets of investments within a fund, or across multiple funds. Gross MoC and gross IRRdo not reflect any management fees, carried interest and expenses that are borne by limited partners in the individual private equity funds managed by Onex, which in the aggregate are expected to be substantial and will reduce the returns tosuch limited partners. Past performance may not be indicative of future performance.

61

ONCAP: Investing Criteria

Sector ExpertiseFocus on core sectors that leverage investment experience

Equity Investments$40 million to $200 million in North American headquartered businesses

Value Creation PlansOrganic growth drivers, add-on acquisitions, operating cost, procurement efficiencies and more

Business AttributesStrong, stable free cash flow characteristics and good business diversification

62

ONCAP: Strategic Direction

Develop and Promote Talent

and Culture

Built Around Key Investment Verticals and Sectors of Emphasis

Implement Action Plans to Achieve Objectives

Investment Philosophyand Focus

Value Creation

Deal Review

Process Excellence

63

ONCAP: An Active Year

Active with Deployments

and Realizations

Strong PerformanceAcross Portfolio

Completed SixAdd-on Acquisitions

at Operating Companies

Strong and Dedicated Team Building Upon Impressive Track Record

ESG at Onex

Judy CotteManaging Director – Head of ESG

65

Principles for Responsible Investment

Updating Responsible Investment policy

Developing climate strategy

Committed to more public reporting

ESG at Onex: Significant Progress

1

2

3

4

Onex Credit

Jason NewHead of Onex Credit

67

Onex Credit: Foundation to Accelerate Growth

Competitively Positioned

Strong, Resilient Performance Through All Market Environments

Broad Experience Across Credit Spectrum

Seasoned Private Credit Team with a 20+ Year

Track Record

Integrated Team of ~90 Investment Professionals

68

Onex Credit: 2026 Fee-Generating AUM

Q2 2021 2026E

Fee-Generating AUM

2x

CLOs

Opportunistic & Structured

Credit

DirectLending

Public Market

2026 Expected Breakdown by Strategy

69

Onex Credit: Scalable Strategies

• Strong track record• High operating

leverage will drive margin growth

• Strategically growing European platform

• Continued progresson less capital intensity of business

• Significant demand from borrowers and clients

• Strong secular tailwinds

• Capitalize on white space

• Launched flagship strategies

• Strong team, relationships and opportunity set

• Continued sustained growth

• Complementary offering for investors seeking cross-asset class solutions

CLOs Direct LendingOpportunistic and

Structured CreditPublic Market

Strategies

70

Onex Credit: Margin and FRE Expansion

35-40%Expected to be achieved by 2025

Growth by 2026

Margins

$105MM-$120MM

FRE Run-Rate

71

Onex Credit: Key Takeaways

2x Double Fee-Generating AUM by 2026

Increase Margins and Fee Related Earnings

Long-Term Value from Carried Interest

Longer-Term: Incremental Growth from Additional Strategies and Platform Expansion

Gluskin Sheff

Jeff MoodyPresident and Chief Executive Officer

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Gluskin Sheff: Expanding Wealth Management

Recognized for ExcellenceRecipient of Canadian Hedge Fund Awards*

Delivering ValueAttractive long-term investment performance and the highest standard of service

Strategic InvestmentsTalent, technology and wealth planning capabilities

Expanded Product OfferingAttractive alternative products typically reserved for institutions and family offices

*Refer to Endnotes for important information.

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Gluskin Sheff: Growing Client Assets

Highest Level of Client Inflows in Five Years

Meaningful Contributor to Onex AUM Growth

C$700 million+Year-to-date client inflows

+10% Annual growth in fee-generating AUM

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Identify new client opportunities and grow client relationships

Gluskin Sheff: Onex Advantage

Bespoke portfolio solutions offering diversification,

income and capital appreciation

Competitive fee structure that emulates institutional

pricing

Higher margins given ability to co-create strategies

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Gluskin Sheff: Differentiating Portfolios

>C$1.4 billion Gluskin Sheff client investments in

Onex private strategies

Private Credit

Private Equity

Liquid Alternatives: $100 billion market by 2025*

*Source: AIMA (2019). AIMA Canada Handbook 2019: A Report on the Canadian Alternative Investment Landscape. Available: AIMA-Canada-Handbook-2019-Final.pdf

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Strategy: New Channels For Acquisition

Investment in technology

Process, system optimization and

digital tools

Digital marketing + analytics

Digital strategy to drive AUM growth

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Strategy: Expanding Wealth Planning Services

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Gluskin Sheff: Positioned for Growth

Brand EquityBacked by Onex’ strong reputation

GrowthDelivering for our clients

FocusExecute and deliver value

InfrastructureBuilt by the right team of people

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Important Information: Endnotes

THIS PRESENTATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF ANY OFFER TO BUY WHICH MAY ONLY BE MADE AT THE TIME A QUALIFIED OFFEREE

RECEIVES A CONFIDENTIAL PRIVATE OFFERING MEMORANDUM (“CPOM”), WHERE APPLICABLE. DESCRIBING THE OFFERING AND RELATED SUBSCRIPTION AGREEMENT AND IN

THE CASE OF ANY INCONSISTENCY BETWEEN THE DESCRIPTIONS OR TERMS IN THIS PRESENTATION AND THE CPOM, THE CPOM SHALL CONTROL. ANY SECURITIES REFERENCED

HEREIN SHALL NOT BE OFFERED OR SOLD IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL UNTIL THE REQUIREMENTS OF THE LAWS

OF SUCH JURISDICTION HAVE BEEN SATISFIED.

While all the information prepared in this presentation is believed to be accurate, Gluskin Sheff + Associates Inc. (“Gluskin Sheff”) makes no express warranty as to the

completeness or accuracy nor can they accept responsibility for errors appearing in the presentation. Any projections, market outlooks or estimates in this presentation are

forward-looking statements and are based upon certain assumptions. Other events that were not taken into account may occur and may significantly affect the returns or

performance of any of the funds or Gluskin Sheff. Any projections, outlooks or assumptions should not be construed to be indicative of the actual events which will occur.

AN INVESTMENT IN ANY OF THE FUNDS OR ACCOUNTS MANAGED BY GLUSKIN SHEFF IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. OPPORTUNITIES FOR

WITHDRAWAL AND TRANSFERABILITY OF INTERESTS ARE RESTRICTED, SO INVESTORS MAY NOT HAVE ACCESS TO CAPITAL WHEN IT IS NEEDED. LEVERAGE MAY BE EMPLOYED IN

A PORTFOLIO, WHICH CAN MAKE INVESTMENT PERFORMANCE VOLATILE. THERE IS NO SECONDARY MARKET FOR FUND INTERESTS AND NONE IS EXPECTED TO DEVELOP. AN

INVESTOR SHOULD NOT MAKE AN INVESTMENT UNLESS IT IS PREPARED TO LOSE ALL OR A SUBSTANTIAL PORTION OF ITS INVESTMENT. THE FEES AND EXPENSES CHARGED IN

CONNECTION WITH THIS INVESTMENT MAY BE HIGHER THAN THE FEES AND EXPENSES OF OTHER INVESTMENT ALTERNATIVES.

Gluskin Sheff is registered as an investment adviser with the U.S. Securities and Exchange Commission, as a portfolio manager in the provinces of Alberta, British Columbia, Nova

Scotia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Ontario, Quebec, Saskatchewan and Yukon, as an investment fund manager in the

provinces of Ontario, Quebec and Newfoundland and Labrador, and as an exempt market dealer in the provinces of Alberta, British Columbia, Nova Scotia, Manitoba, New

Brunswick, Newfoundland and Labrador, Northwest Territories, Ontario, Quebec and Saskatchewan.

81


BLAIR FRANKLIN GLOBAL CREDIT STRATEGY

• Returns for the Global Credit Strategy are presented on a pro forma basis reflecting the application of the new fee structure to the historical returns of the strategy. The

new fee structure was implemented on Jan. 1, 2020. Returns are stated in Canadian dollars and are net of all expenses, management fees and accrued incentive fees.

Strategy returns have been audited with the exception of 2019 return data. Past returns are not necessarily indicative of future performance

• The inception date for the Blair Franklin Global Credit Fund LP (“Global Credit Fund”, formerly the Blair Franklin Multi-Strategy Fund LP) was Mar. 1st, 2004. The Global

Credit Strategy’s return since inception is 410.20%. As of Mar. 1st, 2006 the Global Credit Strategy’s focus moved to fixed income. The Global Credit Strategy’s return since

Mar. 1st, 2006 is 352.72%.

• Annualized return is net for the period from Mar. 31st, 2006 to June 30th, 2021, which represents the period in which the Blair Franklin Global Credit Strategy’s focus has

been on fixed income.

GLUSKIN SHEFF PREMIUM INCOME STRATEGY

• Returns for the Global Credit Strategy are presented on a pro forma basis reflecting the application of the new fee structure to the historical returns of the strategy. The new fee structure was implemented on Jan. 1, 2020. Returns are stated in Canadian dollars and are net of all expenses, management fees and accrued incentive fees. Strategy returns have been audited with the exception of 2019 return data. Past returns are not necessarily indicative of future performance

ONEX FALCON DIRECT LENDING FUND• Onex Credit acquired Falcon Investment Advisors, LLC in December 2020. Unless otherwise noted, performance information and other relevant historical metrics included

herein are the performance information and historical metrics of Falcon Investment Advisors, LLC and not Onex Credit. • For the quarters immediately following the Fund’s launch, yield may fall below target levels as the Fund ramps-up. Net IRR reflects the Gross IRR of all investors not

affiliated with Onex investing as of the initial closing of each fund reduced by management fees, carried interest and other expenses.• For the quarters immediately following the Fund’s launch, cash distributions may fall below target levels as the Fund ramps-up. Distributions will be automatically

reinvested, however clients may elect to receive their distributions in cash.

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TARGETED RETURNS• Return targets are presented only for comparative purposes and as a guideline to assist prospective investors in evaluating the investment strategy of an investment

vehicle and its implicit risk/reward ratio. Targeted returns are subjective determinations made by Onex FALCON based on a variety of factors that Onex Falcon considers relevant, such as the historical performance of an investment vehicle’s anticipated investments, prior performance of similar vehicles and strategies, volatility measures, risk tolerance, leverage and market conditions. Targeted returns do not reflect either actual past performance or a guarantee of future performance. There can be no assurance that the return target will be met, or met over any particular time horizon. Prospective investors are encouraged to conduct their own due diligence and ask questions in understanding the risk/rewards associated with an investment in any strategy.

ALTERNATIVE IQ 2019 CANADIAN HEDGE FUND AWARDS

• The Canadian Hedge Fund Awards help investors identify the most exceptional hedge funds, recognizing winners in 5 categories as well as the Overall Best 2019 Canadian

Hedge Fund.

• A total of 197 Canadian Hedge Funds were included in the 2019 CHFA program. The awards are based solely on quantitative performance data to June 30th, with Fundata

Canada managing the collection and tabulation of the data to determine the winners. There is no nomination process or subjective assessment in identifying the winning

hedge funds.

• Overall Best 2019 Canadian Hedge Fund: (based on best combined 10-year annualized return and Sharpe ratio). Second (2nd) place Blair Franklin Global Credit Fund (10-

year return 8.17% and 10-year Sharpe ratio 2.56%). https://www.bloomberg.com/press-releases/2019-10-23/alternative-iq-announces-winners-of-the-2019-canadian-

hedge-fund-awards

https://www.bloomberg.com/press-releases/2019-10-23/alternative-iq-announces-winners-of-the-2019-canadian-hedge-fund-awards

Q&A Session

Bobby Le Blanc Chris Govan

Moderated By: Jill Homenuk

161 Bay Street Toronto, Ontario M5J 2S1 +1 416.362.7711www.onex.com

Jill Homenuk Managing Director – Shareholder Relations and Communications [email protected]

Emilie Blouin Director, Shareholder Relations and Communications [email protected]

http://www.onex.com/

mailto:[email protected]

mailto:[email protected]

Onex 2021 Investor Day Presentation

Documents

Transcript of Onex 2021 Investor Day Presentation