#1INVESTOR PRESENTATION MARCH 2024 ALARIS EQUITY PARTNERS INCOME TRUST#2FORWARD LOOKING STATEMENTS This corporate presentation contains forward-looking information and forward-looking statements (collectively, "forward-looking statements") under applicable securities laws, including any applicable "safe harbor" provisions. Statements other than statements of historical fact contained in this corporate presentation are forward looking statements, including, without limitation, management's expectations, intentions and beliefs concerning the growth, results of operations, performance of the Trust and the Partners, the future financial position or results of the Trust, business strategy and plans and objectives of or involving the Trust or the Partners. Many of these statements can be identified by looking for words such as "believe", "expects", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof. In particular, this corporate presentation contains forward looking statements regarding: the anticipated financial and operating performance of the Partners; the attractiveness of Alaris' capital offering; the Trust's Run Rate Payout Ratio, Run Rate Cash Flow, Run Rate Revenue and total revenue; the impact of recent new investments and follow-on investments; expectations regarding receipt (and amount of) any common equity distributions or dividends from Partners in which Alaris holds common equity, including the impact on the Trust's net cash from operating activities, Run Rate Revenue, Run Rate Cash Flow and Run Rate Payout Ratio; the use of proceeds from the senior credit facility; impact of future deployment; the Trust's ability to deploy capital; the yield on the Trust's investments and expected resets on Distributions; the impact of deferred Distributions and the timing of repayment there of; the Trust's return on its investments; and Alaris' expenses for 2024. To the extent any forward-looking statements herein constitute a financial outlook or future oriented financial information (collectively, "FOFI"), including estimates regarding revenues, Distributions from Partners (including expected resets, restarting full or partial Distributions and common equity distributions), Run Rate Payout Ratio, Run Rate Cash Flow, net cash from operating activities, expenses and impact of capital deployment, they were approved by management as of the date hereof and have been included to provide an understanding with respect to Alaris' financial performance and are subject to the same risks and assumptions disclosed herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. 2#3FORWARD LOOKING STATEMENTS By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of the Canadian and U.S. economies over the next 24 months and how that will affect Alaris' business and that of its Partners (including, without limitation, any ongoing impact of COVID-19 and global economic and political factors) are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: the Russia/Ukraine conflict, conflicts in the Middle East, and other global economic pressures over the next twelve months will not materially impact Alaris, its Partners or the global economy; interest rates will not rise in a matter materially different from the prevailing market expectation over the next 12 months; that COVID-19 or any variants or other global heath crises there of will not impact the economy or our partners operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; more private companies will require access to alternative sources of capital; the businesses of new Partners and those of existing Partners will perform in line with Alaris' expectations and diligence; and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms. Management of Alaris has also assumed that the Canadian and U.S. dollar trading pair will remain in a range of approximately plus or minus 15% of the current rate over the next 6 months. In determining expectations for economic growth, management of Alaris primarily considers historical economic data provided by the Canadian and U.S. governments and their agencies as well as prevailing economic conditions at the time of such determinations. There can be no assurance that the assumptions, plans, intentions or expectations upon which these forward looking statements are based will occur. Forward looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward looking statements contained herein as a result of certain risk factors, including, but not limited to, the following: any increase in COVID-19 (or its variants) or other widespread health crises; and other global economic factors (including, without limitation, the Russia/Ukraine conflict, conflicts in the Middle East, inflationary measures and global supply chain disruptions on the global economy, Trust and the Partners (including how many Partners will experience a slowdown of their business and the length of time of such slowdown), the dependence of Alaris on the Partners, including any new investment structures; leverage and restrictive covenants under credit facilities; reliance on key personnel; failure to complete or realize the anticipated benefit of Alaris' financing arrangements with the Partners; a failure to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions or collect proceeds from any redemptions in a timely fashion on anticipated terms, or at all; a failure to settle outstanding litigation on expected terms, or at all; a change in the ability of the Partners to continue to pay Alaris at expected Distribution levels or restart distributions (in full or in part); a failure to collect material deferred Distributions; a change in the unaudited information provided to the Trust; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading "Risk Factors" and "Forward Looking Statements" in Alaris' Management Discussion and Analysis and Annual Information Form for the year ended December 31, 2023, which is or will be (in the case of the AIF) filed under Alaris' profile at www.sedarplus.ca and on its website at www.alarisequitypartners.com. 3#4FORWARD LOOKING STATEMENTS Readers are cautioned that the assumptions used in the preparation of forward-looking statements, including FOFI, although considered reasonable at the time of preparation, based on information in Alaris' possession as of the date hereof, may prove to be imprecise. In addition, there are a number of factors that could cause Alaris' actual results, performance or achievement to differ materially from those expressed in, or implied by, forward looking statements and FOFI, or if any of them do so occur, what benefits the Trust will derive therefrom. As such, undue reliance should not be placed on any forward-looking statements, including FOFI. The information contained in this presentation, and Alaris' annual management discussion and analysis for the year ended December 31, 2023, identifies additional factors that could affect the operating results and performance of the Trust. Without limitation of the foregoing assumptions and risk factors, the forward looking statements in this presentation regarding the revenues anticipated to be received from the Partners and the Trust's general and administrative expenses are based on a number of assumptions including no adverse developments in the business and affairs of the Partners that would impair their ability to fulfill their payment obligations to the Trust and no material changes to the business of the Trust or current economic conditions that would result in an increase in general and administrative expenses. The Trust has included the forward-looking statements and FOFI in order to provide readers with a more complete perspective on Alaris' future operations and such information may not be appropriate for other purposes. The forward-looking statements, including FOFI, contained herein are expressly qualified in their entirety by this cautionary statement. Alaris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this presentation are made as of the date of this presentation and Alaris does not undertake or assume any obligation to update or revise such statements to reflect new events or circumstances except as expressly required by applicable securities legislation.#5US INVESTOR DISCLOSURE The securities of Alaris Equity Partners Income Trust ("Alaris" or the "Trust”) have not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the "US Investment Company Act") and Alaris is relying on the exemption from registration under the US Investment Company Act provided by Section 3(c)(7) of that Act. As such, securities of Alaris, and any beneficial interest therein, may not be purchased, offered, sold, pledged, or otherwise transferred except in accordance with specific restrictions necessary to comply with that exemption. Specifically, securities of Alaris must not be offered, purchased, sold or otherwise transferred or pledged, directly or indirectly, in the United States or to U.S. Persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended). In addition, beneficial owners of the securities of Alaris must be restricted to persons that: (a) are located outside the United States and that are not U.S. persons, or (b) are Qualified Purchasers as defined in Section 2(a)(51)(A) of the US Investment Company Act that provide certain certifications confirming that status; and (c) in either case, are not plans that are “employee benefit plans" (within the meaning of Section 3(3)) of the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA") that are subject to Part 4 of Subtitle B of Title 1 of ERISA, or plans, individual retirement accounts or other arrangements that are subject to Section 4975 of the U.S. Internal Revenue Code of 1986, as amended, or any other state, local, non-U.S. or other laws or regulations that would have the same effect as the regulations promulgated under ERISA. 5#6Corporate Summary Revenue (12 months ended December 31, 2023) Quarterly Distribution Number of Employees $163 million $0.34 per unit ($1.36 annually) 20 20 PROFILE Market Summary Ticker Symbol - Trust Units Average Daily Volume (3-Month) Units Outstanding: Unit Price: TSX: AD.UN 52,000 45,498,191 basic $16.77 52 week high: $17.65 (May 2023) 52 week low: $12.56 (Oct 2023) ~$763 million Retail- 75% Institutional- 20% Trustees and Officers- 5% Notes: (All unit price data as of closing price on March 14, 2024) Market Capitalization: Unitholder Breakdown: (based on estimates and fully diluted) Ticker Symbol - Convertible Debentures Ticker Symbol - Senior Unsecured Debentures AD.DB AD.DB.A 6#7DEFINING THE BUSINESS Alaris' long term goal is to create the optimal income stream available for investors Alaris provides capital to private businesses using an innovative structure that fills a niche in the private capital markets 7#8ACCESS TO PRIVATE EQUITY MARKET • The potential for competitive returns by accessing private companies has been traditionally reserved for institutional investors and high-net-worth individuals. In 1996, there were more than 8,000 public companies. Today there are approximately 50% less, where only 2% of middle-market companies are publicly traded. Without access to private companies, investors may be missing out on the potential to achieve meaningful returns outside of the traded public markets, which can experience unpredictability and daily volatility. Alaris offers access into a unique asset class and a way to invest in a portfolio of high-quality, industry leading private companies that have only been accessible to the wealthiest financial institutions. 8#9INVESTMENT HIGHLIGHTS The best companies in the world are never for sale. Alaris' unique investment structure generates attractive returns from a universe of businesses that would be otherwise unavailable to traditional equity investors 1 2 Unique investment strategy combines equity like returns with debt like protections Existing portfolio is generating an attractive baseline cash yield of 13%, with potential for incremental growth and gains from capital appreciation 3 Robust and consistent investment pipeline st 4 LO 5 Highly scalable business model with low overhead costs, resulting in EBITDA margins in excess of 80% Highly experienced management team with a demonstrated track record of generating realized returns of over 16% on exited investments ✓ ALARIS EQUITY PARTNERS INCOME TRUST 9#10Debt-Like Protections Equity-Like Returns ALARIS REPRESENTS A UNIQUE ASSET CLASS Attractive initial cash yields with participation in growth through an annual adjustment Adjustment tied to top-line growth in the underlying business Exposure to market-leading businesses that are not otherwise accessible to traditional equity investors In the event its investment is repurchased, Alaris is entitled to receive a premium in addition to the return of its original invested capital Common equity returns through dividends and capital appreciation Comprehensive set of rights and remedies Consent rights over material changes in the underlying business of the Partner Companies Non-payment of distributions constitutes an event of default Uncured remedies include the ability to assume a more active role in management, and if necessary, take voting control Ultimately, Alaris can require the repurchase of its investment or engage in a controlled sales process Remedies for uncured defaults include the ability to assume a more active role in management, and if necessary, take voting control 14.8% Alaris Equity Partners - Lifetime IRR (Exited Investments) 3.2% 3.6% 21.6% 16.1% (5.5%) Initial Stated Yield (1) Distribution Growth (2) Redemption Pre- Remediated Premium (3) Remediation IRR Investments (4) Realized Unlevered Return (1) Reflects weighted average initial yield of realized investments (2) Reflects IRR with impact of distribution adjustments and debt contributions (excludes ccComm, Group SM, KMH, Sandbox, SHS and Providence) (3) Reflects incremental IRR achieved from redemption premiums (excludes ccComm, Group SM, KMH, Sandbox, SHS and Providence) (4) Reflects impact on IRR from remediated investments (includes ccComm, Group SM, KMH, Sandbox, SHS and Providence) 10#11BENEFITS TO UNITHOLDERS Five Pillars to the Optimal Income Stream Low Volatility of Cash Flow Alaris' preferred distributions are: Based on top-line performance and paid in priority to other equity Covered by a cash- flow buffer and protective covenants Paid monthly/quarterly providing steady cash returns vs returns on an exit Volatility reducing collars on >90% of current distributions Visibility of Cash Flows Alaris adjusts its distributions from Partners on an annual basis Financial health of Partners is monitored closely each month The Trust has relatively low SG&A expenses relative to profitability which has proven the scalability of the model Diversification of Revenue Streams Currently have 20 Partners Long-term goal is to have no single revenue stream >10% of total revenue (currently two partners >10% of revenue) Liquidity for Unitholders Average daily trading volumes provide adequate liquidity for unitholders Growth in Cash Flow per Unit Historic overall organic growth in Partner revenues of 1% to 6% per year Add to cash flow per unit through accretive capital deployment accelerated by redeployment of gains realized on exit of investments and dividends on common equity#12BENEFITS TO BUSINESS OWNERS Non-Voting Preferred Equity Allows the entrepreneur to continue to run their successful businesses with minimal interference by Alaris. Long-Term Capital Partner Alaris allows the shareholder to set the exit, which allows the entrepreneur to focus on their long-term goals rather than short- term goals of its equity sponsor. Tax Efficient The distributions paid to Alaris are essentially pre-tax as they lower the taxable income of remaining partners. Lower Participation in Growth Alaris reduces its participation in the growth of the business through the use of collars on its distribution and by basing the performance metric on the organic change in the business versus total growth. 12#13BENEFITS TO BUSINESS OWNERS Alaris versus other sources of capital: Why choose Alaris? Operating Control None Time Horizon 3-5 Years Growth Participation Minimal Future Funding Dilution Debt None Alaris Traditional Private Equity Needs Control Shareholder's Discretion 3-6 Years Partially Capped Maxes Out Unlimited Warrants Deal Fees Yes Full Carry Maxes Out Preferred Shares Common Equity No Yes 13#14ALARIS' IDEAL PARTNER CRITERIA Old Economy Business Track Record of Free Cash Flow Required services or products in mature industries Businesses with a risk of obsolescence or a declining asset base are not a good fit Alaris looks at historical free cash flow to predict sustainability of its distribution More free cash flow is required if a business displays more volatility of cash flows Low Debt Levels & Capital Expenditure Requirements Debt levels can vary amongst our Partners depending on industry, but typically a business must have low levels of debt in its capital structure If a business requires excessive capital expenditures to maintain current cash flow it is likely not a candidate for Alaris Management Continuity Alaris does not manage the business of its Partners, therefore it relies on the ownership group/management team to continue to run the business Alaris invests in companies that are "not for sale”, where management wants to stay in and grow instead of exiting 14#15= Annual Distribution Partner Body Contour Centers Ohana Growth Partners (CAD$millions) (1) % of total $ 18.7 11.0% (2) 18.3 10.8% DNT 14.8 8.7% Accscient 12.4 7.3% Brown & Settle 12.1 7.1% D&M 11.5 6.8% GWM Holdings 10.3 6.1% The Shipyard 8.0 4.7% 3E 7.6 4.5% Amur Financial 7.2 4.2% FMP 6.2 3.7% Edgewater 6.1 3.6% LMS (3) 6.1 3.6% 3.8 2.2% 3.8 2.2% 3.7 2.2% 3.2 1.9% Carey Electric 2.5 1.5% Unify 2.1 1.2% Stride 0.7 0.4% Total Annualized Partner Revenue $ 159.1 93.8% Common Equity Dividends (5) 10.5 6.2% Total Revenue 169.6 100.0% PARTNER REVENUE SUMMARY SCR (4) Sagamore Heritage Fleet ALARIS EQUITY PARTNERS INCOME TRUST (I) These are expected amounts for the next 12 month period and for those denominated in USD based on a rate of USDCAD $1.35. (2) Alaris and PFGP agreed to a payment plan on US$9.1 million of deferred distributions owed that began to be repaid in January 2022. As of Mar 2024, PFGP had US$2.0 million remaining to pay and included above is US$0.2 million of deferred distributions per month. (3) LMS deferred their distributions to Alaris for QI and Q2 2023, however as they re-started full distributions in Q3 2023, included above is the regular annual distributions. Six months of deferred distributions ($2.8 million) to be re-paid at the earliest in 2024. (4) SCR is paying partial distributions to Alaris of $0.32 million per month ($3.8 million annually). SCR and Alaris have agreed where in addition to the base annual amount of $3.8 million, SCR will pay an amount semi-annually based on the free cash flow of their business. Estimated additional cash flow sweep for the next twelve months is nil, but amounts will be recorded as revenue if and when received. (5) Common Equity Dividends is an estimated amount and could include amounts from Accscient, Amur, Carey, D&M, Edgewater, Fleet, FMP, The Shipyard, Heritage and Sagamore. 15#16= PARTNER REVENUE SUMMARY ALARIS EQUITY PARTNERS INCOME TRUST Overall Historical Preferred Equity Resets 6.00% 5.50% 2.10% 2.50% 4.10% 4.50% 2.10% 2.00% 1.30% 2014 2015 2016 2017 2018 2019 2020 0.00% 2021 2022 2023E 16#17DIVERSIFICATION Investment by Country Investment by Industry Segment 89% 11% Canada ■US • Alaris has approximately 89% of its fair value of investments in US based companies. • Today, 38% of invested dollars are exposed to business services, 24% to industrials, 26% consumer products and services and 12% to consumer financial services. 24% 26% 38% 12% I Consumer Products/Services Consumer Financial Services Business Services Industrial 17#18RETURNS FROM EXITS TO DATES Alaris has generated $582.9 million in total returns (+65%) on partners that have either repurchased all of Alaris' units, ceased operations or where Alaris carries no fair value for preferred units from such partner. The monthly or quarterly distributions Alaris receives from its Partners ensures Alaris is getting a return on investment from Day I, rather than solely on an exit event. This greatly reduces the investment risk. $millions CAD Initial Investment Date Number of Years Capital Distributions Exit Capital Invested Invested Received Received Total % total Return Return IRR % MAHC(1) FNC (2) Dec-15 1.0 $ (18.4) $ 7.2 $ 20.0 $ 8.8 Jan-21 1.8 (51.1) 21.8 66.2 36.9 48% 72% 41% 53% Sequel Jul-13 4.2 (77.4) 59.8 120.9 103.3 133% 29% Agility Dec-12 5.4 (20.2) 18.5 28.3 26.5 131% 25% Life Mark Dec-04 11.3 (67.5) 75.6 123.4 131.5 195% 24% MediChair Sep-05 6.8 (6.5) 6.4 10.0 9.9 152% 24% SBI Aug-17 24 (106.8) 42.7 122.7 58.6 55% 24% EOR May-05 13.2 (7.2) 17.4 12.6 22.8 317% 22% Killick Jul-11 4.0 (41.3) 19.7 45.0 23.5 57% 20% Quetico Nov-11 3.0 (28.2) 13.1 30.4 15.4 55% 19% Federal Resources Jun-15 6.3 (84.0) 81.6 100.3 97.9 116% 19% Labstat Jun-12 6.0 (47.2) 43.8 61.3 57.9 123% 19% Solowave Dec-10 5.8 (42.5) 31.9 44.5 33.9 80% 17% Kimco Jun-14 7.8 (43.1) 47.1 55.0 59.1 137% 13% ccComm Dec-16 4.5 (25.0) 6.7 15.6 (2.7) -11% -4% KMH May-10 7.0 (54.8) 21.3 14.3 (19.3) -35% -12% Sandbox(3) Mar-16 3.9 (78.9) 25.7 33.7 (19.5) -25% -16% Providence (4) Mar-16 4.7 (38.9) 21.0 (17.9) -46% -27% SHS(5) Mar-13 0.9 (15.0) 1.0 1.1 (12.9) -86% -44% Group SM Nov-13 4.6 (40.5) 9.8 (30.7) -76% -67% Totals $ (894.4) $ 571.9 $ 905.4 $ 582.9 65% (1) MAHC repurchased Alaris' units after 1 year, resulting in an additional 24 months of distributions being paid to Alaris on exit. This resulted in an IRR much higher than what is expected. (2) Alaris' return on the FNC investment includes both preferred and common equity returns. (3) Sandbox returns on senior debt are included. (4) Providence is expected to be wound up and Alaris does not anticipate any proceeds from such process. (5) SHS went into receivership in December 2013, therefore no exit capital was received. 18#19EARNINGS COVERAGE HEAT MAP The table to the right displays the range of earnings coverage ratios ("ECR") for each of our Partners over the last five quarters. Generally speaking, a ratio above 1.0x provides enough earnings to cover preferred distributions to Alaris, interest and principal payments to lenders as well as unfunded capital expenditures. Of the 20 partners listed, zero are below 1.0x, five are in the 1.0x to 1.2x range, four are in the 1.2x to 1.5x range, four are in the 1.5x to 2.0x range and seven have an ECR >2.0x. D&M Accscient Amur Financial Partner Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Body Contour Centers GWM Holdings Ohana Brown & Settle DNT >2.0x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.0x to 1.2x 1.5x-2.0x 1.5x-2.0x 1.2x-1.5x 1.2x-1.5x 1.0x to 1.2x 1.5x-2.0x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.0x to 1.2x >2.0x >2.0x >2.0x >2.0x 1.5x-2.0x 1.5x-2.0x 1.5x-2.0x 1.5x-2.0x >2.0x >2.0x >2.0x >2.0x >2.0x >2.0x LMS <1.0x <1.0x <1.0x <1.0x 1.2x-1.5x SCR 3E 1.5x-2.0x Edgewater 1.5x-2.0x Sagamore >2.0x Fleet >2.0x >2.0x In Q4-23 as compared to Q3-23, twelve had no change in the ECR range, four had increases and Carey Electric five had decreases to their ECR range. Heritage >2.0x >2.0x >2.0x >2.0x Unify >2.0x Stride FMP 1.5x-2.0x N/A The Shipyard N/A 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.5x-2.0x >2.0x >2.0x >2.0x 1.5x-2.0x 1.5x-2.0x 1.5x-2.0x >2.0x >2.0x >2.0x 1.5x-2.0x 1.5x-2.0x 1.2x-1.5x >2.0x >2.0x >2.0x >2.0x 1.5x-2.0x 1.5x-2.0x 1.5x-2.0x 1.5x-2.0x 1.2x-1.5x >2.0x >2.0x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.5x-2.0x N/A N/A 1.2x-1.5x 1.5x-2.0x 1.2x-1.5x 1.0x to 1.2x 1.0x to 1.2x 1.2x-1.5x 1.0x to 1.2x >2.0x 19#20INVESTMENT HISTORY Capital Deployed ($ millions) $358 $400 $350 $300 $250 $185 $193 $200 $170 $156 $150 $130 $100 $50 $- 2020 2021 2022 2023 Follow-on Investments 2019 ■New Investments Since Inception: -Invested over $2.2 billion in 40 Partners and more than 90 tranches -Collected over $1.3 billion of distributions -Over $850 million of capital received through exit events (repurchases) 5 year average of approximately $202 million of gross capital deployed In fiscal 2023, Alaris deployed approximately $130 million. 20 20#21BALANCE SHEET ALARIS EQUITY PARTNERS INCOME TRUST Summary of Dept Capacity and Covenants Millions CAD$ Figure 1 Proforma March 14, 2024 Senior debt outstanding Senior debt to EBITDA $247.0 1.8x Senior debt to EBITDA Covenant 3.0x Available Debt Capacity $253.0 Debentures Outstanding $165.0 (2) (1) Current Fixed Charge Ratio 1.22:1.00 Fixed Charge Covenant 1.00:1:00 Tangible Net Worth (TNW) $958.8 (1 TNW Covenant $600.0 (1) Calculated as of December 31, 2023. (2) Alaris has $100 million face value of Convertible Debentures bearing interest of 5.50% per annum, payable semi-annually with a maturity of June 30, 2024. Alaris also has $65 million face value of senior debentures bearing interest of 6.25% per annum, payable semi-annually with a maturity of March 31, 2027. 21#22SCALABLE MODEL Revenue as compared to SG&A Expenses ($millions) $200 $175 $150 $125 $100 $75 $50 $25 $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Revenue SG&A Alaris' unique structure, which gives it protections that allow for a non-controlling investment, allows it to be a monitor of its Partners, not an operator. For the addition of every 5 new (net) Partners, Alaris would likely have to add I employee to the monitoring team. In 2023, SG&A of $29 million included non-recurring legal and professional fees. Alaris' run rate SG&A is $16.5 million. 22 22#23RECENT FINANCIAL RESULTS Three months ended December 31, 2023 vs same period 2022: 18.1% decrease in revenue from Partners to $41.9 million 30.2% increase in EBITDA to $61.3 million 23.3% decrease in cash from operations prior to changes in working capital 2 to $36.3 million 0.5% increase in distributions declared to $15.5 million Year ended December 31, 2023 vs same period 2022: 0.6% increase in adjusted revenue from Partners to $161.6 million 1 10.2% increase in EBITDA to $202.0 million 1 10.1% decrease in adjusted cash from operations prior to changes in working capital 2 to $132.1million 3 2.7% increase in distributions declared to $61.8 million Per Unit highlights: Per Unit highlights: 18.6% decrease in revenue from Partners to $0.92 29.8% increase in EBITDA to $1.35 23.31% decrease in cash from operations prior to changes in working capital 2 to $0.80 ■ $0.34 per unit distributions declared, consistent to Q4 22 Adjusted revenue from Partners $3.58 1, relatively consistent to 2022 9.6% increase in EBITDA to $4.44 10.5% decrease in adjusted cash from operations prior to changes in working capital 2 to $2.91 3 3.0% increase in distributions declared to $1.02 (I) Revenue in the respective comparable period in 2022 excludes additional non-recurring distributions received as part of Kimco and FNC's redemptions in 2022, as well as additional distributions received from Ohana (2) Due to the changes in non-GAAP measures we are no longer presenting normalized EBITDA. Replacing this metric is cash from operations prior to changes in working capital. This metric does include the effects of unit-based compensation expense and current income tax as compared to normalized EBITDA. In prior periods the material normalizing items primarily related to unrealized gains or losses in foreign exchange as well as realized and unrealized gains or losses to investments at fair value. All of which are removed from cash generated from operations prior to working capital adjustments, which is why we've determined it is the most comparable figure within our financial statements. (3) Cash from operations prior to changes in working capital is adjusted to exclude legal costs associated with the Sandbox litigation (and eventual settlement) in each of the nine months ended periods, as well, the comparative period in 2022 excludes additional non-recurring distributions received as part of Kimco and FNC's redemptions in 2022, as well as additional distributions received from Ohana 23#24HISTORIC FINANCIAL SUMMARY ALARIS EQUITY PARTNERS INCOME TRUST Millions (CAD $) Revenue % Change SG&A % Change 2019A 2020A 2021A 2022A 2023A $114.97 15% $109.47 -5% $147.66 35% $190.05 29% $162.57 -14% $10.72 -12% $14.52 35% $13.27 -9% $22.03 66% $29.19 33% Net Cash from Ops $74.78 % Change -5% $71.86 -4% $104.16 45% $152.42 46% $82.96 -46% Distributions Declared % Change $60.37 2% $48.55 -20% $57.65 19% $60.22 4% $61.87 3% Payout Ratio 81% 68% 53% 39% 75% Shares outstanding (millions) 36.71 39.00 45.15 45.28 45.50 24#25PER UNIT METRICS $3.17 $3.03 $4.20 $3.58 $3.36 Partner Revenue $2.37 $2.04 $1.99 $3.37 $1.83 $1.65 $1.30 $1.28 $1.33 $1.36 Net Cash from Ops ■ 2019 2020 ■2021 ■2022 ■2023 Distribution 25#26ESG AT ALARIS Environmental Social Governance Alaris has adopted a phased approach to implementing the Task Force on Climate-Related Financial Disclosures (TCFD) recommended guidelines and the Trust is working continuously to improve its strategies around sustainability. In 2022: Over $250,000 was donated to the community through Alaris' charity programs 35% of the total workforce are women 27% of all management positions were held by women 8/20 (~40%) of Alaris' Private Company Partners are women/minority- owned businesses 33% Female Representation currently on Board of Trustees ESG Policy, Report & Committee established as part of our commitment to the accountability and transparency on our approach to ESG To view the Alaris 2021 ESG Report, please click here or visit our website at www.alarisequitypartners.com. 26 26#27CORPORATE INFORMATION Board of Trustees Peter Grosskopf, Chairman Committees Auditors KPMG, LLP Banking Syndicate Mitch Shier, Trustee - Corporate Governance (Chair) Bob Bertram, Trustee - Compensation (Chair) - Corporate Governance Sophia Langlois, Trustee - Audit (Chair) - Compensation Kim Lynch Proctor, Trustee - Audit Steve King, Trustee - Compensation Bank of Montreal (co-lead) HSBC Bank Canada (co-lead) ATB Financial National Bank of Canada Royal Bank of Canada Canadian Western Bank The Toronto-Dominion Bank Desjardins Group Analyst Coverage Acumen Capital Finance Partners, Trevor Reynolds CIBC World Markets, Nik Priebe Cormark Securities Inc., Jeff Fenwick Desjardins Securities, Gary Ho National Bank Financial, Zachary Evershed RBC Capital Markets, Geoffrey Kwan 4 27 22#28APPENDICES 0 ALARIS EQUITY PARTNERS INCOME TRUST 28#29APPENDIX A: SUMMARY OF PARTNERS (IN US$ UNLESS NOTED) Industry Millions ($) 3E Accscient LLC Amur Financial Group Body Contour Centers (DBA Sono Bello) 2 Brown & Settle Carey Electric Industrials: Utility Services Business Services: IT Consulting and Staffing Financial Services: Mortgage Origination (home equity) Total Alaris Capital Injected $39.5 $62.0 (preferred) CDN$50.0 (preferred) $10.0 (common) CDN$20.0 (common) Use of Proceeds Annualized Distributions to Alaris Consumer Discretionary: Cosmetic Surgery Industrials: Site Preparation Industrials: Electrical Contractor Services $145.0 $53.7 (preferred) $12.3 (common) $13.1 (preferred) $0.9 (common) Recapitalization Recapitalization and growth capital Partial Liquidity Partial Liquidity MBO of Equity Sponsor Partial Liquidity $5.63 $9.21 CDN$7.17 $13.83 $8.95 $1.83 Annual Reset Metric Percentage change in gross profit Percentage change in gross profit Percentage change in gross revenue N/A Percentage change in gross revenue Distribution Collar Partner Since +/- 6% per year February 2021 +/- 5% per year +/- 6% per year June 2017 June 2019 Note 1: See the "Private Company Partner Update" section of the Management Discussion and Analysis for the year ended December 31, 2023 for more information related to capital contributed, annualized distributions and earnings coverage ratios. Note 2: On February 14, 2023, Alaris completed a strategic transaction in which a portion of Alaris' investment in BCC's existing preferred units were exchanged for newly issued convertible preferred units and the remaining portion of BCC's existing preferred units were redeemed. Amount is outlined in the above table are reflective of this transaction and Alaris' investment in the newly issued convertible preferred units. Percentage change in gross sales N/A Sept 2018 +/- 6% per year February 2021 +/- 5% per year June 2020 29#30APPENDIX A: SUMMARY OF PARTNERS (IN US$ UNLESS NOTED) Millions ($) DNT Construction Edgewater Technical Associates Federal Management Fleet Advantage GWM Heritage Restoration LMS Partners Industry Industrials: Civil Construction Services Business Services: Professional and Technical Services to the Nuclear Energy Industry Business Services: Business Services: Organizational Management Solutions Fleet Management Business Services: Digital Marketing Solutions Industrials: Masonry Restoration, Industrials: Rebar Fabrication Waterproofing and Installation and Coating Repair Total Alaris Capital Injected $62.8 $30.6 (preferred) $3.4 (common) $30.5 (preferred) $6.0 (common) $20.0 (preferred) $8.0 (common) $76.0 (preferred) $30.0 (common) $17.5 (preferred) $1.0 (common) CDN$60.6 (4 tranches) Use of Proceeds MBO of Majority MBO and partial liquidity Partial Liquidity Holder(s) Annualized $10.98 $4.52 $4.57 Growth Capital and partial liquidity $2.36 MBO of Equity Sponsor MBO Estate Planning and growth $7.73 $2.77 CDN$6.10 Distributions to Alaris Annual Reset Metric Percentage change in gross revenue Percentage change in gross profit Percentage change in gross Percentage change in net Percentage change in gross revenue revenue revenue Percentage change in gross profit Percentage change in gross profit Distribution Collar +/- 6% per year +/- 6% per year +/- 7% per year +/- 6% per year +/-8% per year +/- 6% per year No collar Partner Since June 2015 December 2020 April 2023 June 2018 November 2018 January 2018 April 2007 Note 1: See the "Private Company Partner Update" section of the Management Discussion and Analysis for the year ended December 31, 2023 for more information related to capital contributed, annualized distributions and earnings coverage ratios. 30 30#31APPENDIX A: SUMMARY OF PARTNERS (IN US$ UNLESS NOTED) Millions ($) Ohana Growth Sagamore SCR The Shipyard Stride Consulting Unify Industry Partners (formerly PF Growth Partners) Consumer Discretionary: Health and Fitness Clubs Industrials: Commercial Plumbing, HVAC, and facilities maintenance services Vehicle Leasing Holdings, LLC (DBA D&M Leasing) Industrials: Mining Services Business Services: Integrated Marketing Agency Industry: IT Consulting Business Services: IT Consulting Financial Services: Auto Leasing Total Alaris Capital Injected $76.9 (Preferred) $17.7 (Common) $20.0 (Preferred) $4.0 (Common) CDN$40.0 $42.5 (Preferred) $17.0 (Common) $4.5 $11.0 $67.0 (preferred) $7.5 (common) Use of Proceeds Estate planning Growth capital and growth capital and partial liquidity Estate planning and growth capital Partial Liquidity Growth capital and partial liquidity MBO of majority Partial Liquidity owner by minority $13.45 $2.82 CDN$3.80 $5.95 $0.54 $1.57 $8.55 Annualized Distributions to Alaris Annual Reset Metric Percentage change in same Percentage change in gross club sales revenue Percentage change in gross revenue Distribution Collar +/- 5% per year +/- 6% per year +/- 6% per +/- 7% per year +/- 6% per year Percentage change in net revenue Percentage change in gross revenue Percentage change in gross revenue +/- 5% per year Percentage change in gross profit +/- 7% per year year Partner Since November 2014 November 2022 May 2013 August 2023 November 2019 October 2016 June 2021 Note 1: See the "Private Company Partner Update" section of the Management Discussion and Analysis for the year ended December 31, 2023 for more information related to capital contributed, annualized distributions and earnings coverage ratios. 31#32NON-GAAP MEASURES & OTHER FINANCIAL MEASURES The terms EBITDA, Payout Ratio, Run Rate Payout Ratio, Earnings Coverage Ratio, and IRR (collectively the "Non-GAAP and Other Financial Measures") are financial measures used in this presentation that are not standard measures under International Financial Reporting Standards ("IFRS"). The Trust's of calculating EBITDA, Payout Ratio, Run Rate Payout Ratio, Earnings Coverage Ratio, and IRR may differ than from methods used by other issuers. Therefore, the EBITDA, Payout Ratio, Run Rate Payout Ratio, Earnings Coverage Ratio, and IRR amounts may not be comparable to similar measures used by other issuers. EBITDA is a Non-GAAP financial measure and refer to earnings determined in accordance with IFRS, before depreciation and amortization, interest expense (finance costs) and income tax expense. EBITDA is used by management and many investors to determine the ability of an issuer to generate cash from operations, aside from still including fluctuations due to changes in exchange rates and changes in the Trust's investments at fair value. Management believes EBITDA is a useful supplemental measure from which to determine the Trust's ability to generate cash available for servicing its loans and borrowings, income taxes and distributions to unitholders. The Trust provides a reconciliation of earnings to EBITDA in its quarterly and annual management discussion and analysis. Payout Ratio: is a supplementary financial measure and refers to Alaris' total cash distributions paid during the period (annually or quarterly) divided by the actual net cash from operating activities Alaris generated for the period. It represents the free cash flow after distributions paid to unitholders available for either repayments of senior debt and/or to be used in investing activities. Run Rate Payout Ratio: is a Non-GAAP financial ratio that refers to Alaris' total distribution per unit expected to be paid over the next twelve months divided by the free cash flow per unit calculated in the Run Rate Cash Flow table. Run Rate Payout Ratio is a useful metric for Alaris to track and to outline as provides a summary of the percentage of the free cash flow that can be used to either repay senior debt during the next twelve months and/or be used for additional investment purposes. Earnings Coverage Ratio ("ECR") is a supplementary financial measure and refers to the EBITDA of a Partner divided by such Partner's sum of debt servicing (interest and principal), unfunded capital expenditures and Distributions to Alaris. Management believes the earnings coverage ratio is a useful metric in assessing our Partners' continued ability to make their contracted Distributions. IRR is a supplementary financial measure and refers to internal rate of return, which is a metric used to determine the discount rate that derives a net present value of cash flows to zero. Management uses IRR to analyze partner returns. The terms EBITDA, Payout Ratio, Run Rate Payout Ratio, Earnings Coverage Ratio, and IRR should only be used in conjunction with the Trust's annual audited and quarterly reviewed financial statements, which are available on SEDAR at www.sedar.com. Date of Presentation: Information contained herein is given as of March 14, 2024 unless otherwise stated. 32#33THANK YOU Head Office: Suite 250, 333 24th Avenue SW Calgary, Alberta T2S 3E6 Phone: 403.228.0873 Fax: 403.228.0906 Website: www.alarisequitypartners.com ✓ ALARIS EQUITY PARTNERS INCOME TRUST 33