#1December 2020 CORPORATE PRESENTATION A ALARIS EQUITY PARTNERS INCOME TRUST FORWARD 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 document may be forward looking statements, including, without limitation: management's expectations, intentions and beliefs concerning the growth, results of operations, performance of the Trust and the Private Company 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 document may contain forward-looking statements regarding: the anticipated financial and operating performance of the Trust's Partners; the impact of COVID-19 on the operations of the Trust and those of its Partners; the Earnings Coverage Ratio for the Partners; amendments to the Trust's senior credit agreement; the amount of the Trust's distribution (both quarterly and on an annualized basis); the use of proceeds from the Trust's senior credit facility; the CRA proceedings (including the expected timing and financial impact thereof); the impact of a change in U.S tax legislation; annualized net cash from operating activities; changes in Distributions from Partners; the proposed resolutions to outstanding issues with certain Partners; the restart of Distributions from any partners not currently paying a Distribution or increasing the level of Distribution where Partner is paying less than the full contracted amount; the timing for collection of deferred or unpaid Distributions; impact of new capital deployment; impact of the reduction in the Trust's distribution; and Alaris' ability to attract new private businesses to invest in. To the extent that any forward-looking statements herein constitute a financial outlook, including without limitation, estimated revenue, distributions and expenses, distributions to be paid, the impact of capital deployment and changes in distributions from Partners, they were approved by management as of the date hereof and have been included to assist readers in understanding management's current expectations regarding 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. Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. Accordingly, readers are cautioned not to place undue reliance on any forward-looking information contained in this presentation. Statements containing forward looking information reflect management's current beliefs and assumptions based on information in its possession on the date of this presentation. Although management believes that the expectations represented in such forward looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. 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, the ongoing impact of the COVID-19) are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: the Canadian and U.S. economies will begin to recover from the ongoing economic downturn created by the response to COVID-19 within the next twelve months; interest rates will not rise in a material way over the next 12 to 24 months, that those Partners detrimentally affected by COVID-19 will recover from the pandemic's impact and return to their current operating environments; following a recovery from the COVID-19 impact, the businesses of the majority of our Partners will continue to grow; more private companies will require access to alternative sources of capital; 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 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. ALARIS EQUITY PARTNERS COME TRUST 2 1#2FORWARD LOOKING STATEMENTS Some of the factors that could affect future results and could cause results to differ materially from those expressed in the forward looking statements contained herein include risks relating to: the ongoing impact of the COVID-19 pandemic on the Trust and its Partners (including, without limitation how many Partners will experience a slowdown or closure of their business and the length of time of such slowdown or closure); management's ability to assess and mitigate the impacts of COVID-19; the dependence of the Trust on the Partners; risks relating to the Partners and their businesses; reliance on key personnel; general economic conditions, including the ongoing impact of COVID-19 on the Canadian, U.S. and global economies; failure to complete or realize the anticipated benefits of transactions; limited diversification of Alaris' transactions; management of future growth; availability of future financing; inability to close new partner contributions in a timely fashion on anticipated terms, or at all; competition; government regulation; leverage and restrictive covenants under credit facilities; the ability of the Partners to terminate (by way of a redemption) the various agreements with Alaris or a material portion of Alaris investment; unpredictability and potential volatility of the trading price of the trust units; fluctuations in the amount of cash distributions; income tax related risks; ability to recover from the Partners for defaults under the various agreements with Alaris; potential conflicts of interest; dilution; changes in the financial markets; risks associated with the Partners and their respective businesses; 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 material change in the operations of a Partner or the industries in which they operate; 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; a failure to obtain by the Trust or the Partners required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; litigation risk associated with the CRA's reassessment and the Trust's challenge thereof; and material adjustments to the unaudited internal financial reports provided to Alaris by the Partners. Information in the Trust's annual management discussion and analysis for the year ended December 31, 2019, 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 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. ALARIS EQUITAINERS COST U.S. 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. ALARIS EQUITY PARTNERS COME TRUST 3 2#3TRUST CONVERSION After receiving shareholder approval on August 31, 2020, Alaris Royalty Corp. converted to an income trust on September 1, 2020 and changed its name to "Alaris Equity Partners Income Trust" ("Alaris" or the "Trust"). The common shares of Alaris Royalty Corp. (AD) were delisted at the end of day on September 3, 2020 and the Trust units began trading on the TSX on September 4, 2020 under the symbol TSX: AD.UN The conversion to the Trust resulted in a deemed disposition of the common shares in AD. Shareholders of AD received 1 trust unit of AD.UN for every 1 common share held in AD. The debentures outstanding continue to trade under the symbol AD.DB. The Trust believes the conversion will enhance long-term shareholder value as a result of: . a materially simplified cross-border investment structure involving fewer foreign jurisdictions, which should reduce compliance and other administrative costs and Alaris' exposure to changes in foreign laws; • increasing the amount of cash available for distribution to unitholders and reducing the Payout Ratio; and allowing Alaris to comply with applicable US legislation while maintaining an internal efficiency substantially consistent with Alaris' prior corporate structure. As an income trust, Alaris will be paying a trust distribution rather than a corporate dividend. This trust distribution increased to $0.31 per quarter ($1.24 annually) up 7% from the corporate dividend of $0.29 per quarter ($1.16 annually) to reflect different taxation of a trust distribution vs a corporate dividend. The first trust distribution was declared in September 2020 and paid October 15, 2020. For more information, please visit our website at www.alarisequitypartners.com and search for documents under the "investor section" or visit www.sedar.com and search for documents under Alaris' corporate profile. ALARIS PROFILE Corporate Summary Revenue (9 months ended Sept 30, 2020) Quarterly Distribution (1) Annualized Total Returns since listing date (Nov 2008) Number of Employees $77.6 million $0.31 per unit ($1.24 annually) 205% (10% annualized) 15 Market Summary Ticker Symbol: Average Daily Volume (6 months): Units Outstanding: Unit Price: Market Capitalization: Unitholder Breakdown: (based on estimates and fully diluted) TSX: AD.UN 350.000 38,996,399 basic $14.61 52 week high: $23.34 (Feb 2020) 52 week low: $5.83 (March 2020) -$570 million Retail - 60% Institutional 30% Directors & Officers -10% Notes: (1) Alaris began paying trust distributions at a rate of $0.31 per quarter ($1.24 annually) after Alaris Royalty Corp was converted to an income trust September 1, 2020. The first trust distribution was declared in September 2020 and paid on October 15, 2020. (All unit price data as of closing price on December 7 2020) ALARIS EQUITY PARTNERS INCOME TRUST 6 3#4DEFINING THE BUSINESS Alaris' long term goal is to create the optimal income stream available for investors. ✓ ALARIS EQUITAINERS COST • Alaris provides capital to private businesses using an innovative structure that fills a niche in the private capital markets. INVESTMENT 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 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 • Robust and consistent investment pipeline 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 17% on exited investments ALARIS EQUITY PARTNERS COME TRUST 7 8 4#5Debt-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 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 ALARIS EQUINS COST 25% Initial Stated Distribution Yield(1) Growth(2) Redemption Pre-Remediation. Remediated Premium(3) IRR Investments(4) Gross Realized IRR 4.3% 21.9% 20% 2.1% 15.5% 15% 10% 5% 0% (1) Reflects weighted average initial yield of realized investments (5.1%) 15.8% (2) Reflects IRR with impact of distribution adjustments and debt contributions (excludes Group SM, KMH and SHS) (3) Reflects incremental IRR achieved from redemption premiums (excludes Group SM, KMH and SHS) (4) Reflects impact on IRR from remediated investments (includes Group SM, KMH and SHS) BENEFITS TO UNITHOLDERS Five Pillars to the Optimal Income Stream Low Volatility of Cash Flows 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 providing monthly cash returns vS returns on an exit ✓ volatility reducing collars on >90% of current distributions Visibility of Cash Flows Alaris adjusts its distributions from Partner's annually and for 12 months 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 17 Partners Long-term goal is to have no single revenue stream >10% of total revenue Liquidity For Unitholders ✓ Average daily trading volumes provide adequate liquidity for unitholders Growth in Cash Flow Per Unit ✓ Historic organic growth in Partner revenues of 1% to 6% per year Add to cash flow per unit through accretive capital deployments ALARIS EQUITY PARTNERS COME TRUST 10 5 9#6BENEFITS TO BUSINESS OWNERS Non-Voting Preferred Equity Long-Term Capital Partner Tax Efficient Lower Participation in Growth ✓ Allows the entrepreneur to continue to run their successful businesses with minimal interference by Alaris ✓ Alaris does not require an exit ✓ This allows the entrepreneur to focus on long-term goals rather than short-term goals of its equity sponsor ✓ The distributions paid to Alaris are essentially pre-tax as they lower the taxable income of remaining partners ✓ 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 ALARIS VERSUS OTHER SOURCES OF CAPITAL: WHY CHOOSE ALARIS? Debt Operating Control ✓ None 3-5 years ✓ Minimal Traditional Private Equity Needs control 3-6 years Full carry Alaris None ✓ Indefinite ✓ Capped Warrants Deal Fees > Yes ✓ Unlimited Preferred shares ✓ No > Common equity > Yes Time Horizon Growth Participation Future Funding Dilution Maxes out > Maxes out ALARIS EQUITAINERS CO ALARIS' IDEAL PARTNER CRITERIA Old Economy Business Required services or products in mature industries ✓ Businesses with a risk of obsolescence or a declining asset base are not a good fit Track Record of Free Cash Flow Low Levels of Debt and Capital Expenditure Requirements Management Continuity 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 ✓ 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 ✓ 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 ALARIS EQUITY PARTNERS INCOME TRUST 11 12 6#7PARTNER REVENUE SUMMARY Annual Distribution % organic change in organic revenue Partner (CADS000s)(*) % of total GWM Holdings 16,666 14.3% 6.00% DNT 15,395 13.2% Federal Resources 14,115 12.1% 5.50% 5.00% PF Growth Partners (2) 13,130 11.2% 4.50% 4.10% Body Contour Centers 12,413 10.6% Accscient 7,358 6.3% LMS 7,423 6.3% 2.90% 2.60% Amur Financial 6,500 5.6% Kimco Unify SCR(3) Heritage Carey 5,846 5.0% 4,2901 3.7% 2.50% 2.10% 2.00% 1.00% 4,2001 3.6% 3,337 2.9% 3,188 2.7% Fleet 1,959 1.7% Stride 1,109 0.9% • ccComm(4) Total Annualized Partner Revenue $ 116,929 0.0% 100.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Based on year to date 2020 results, Alaris is estimating organic revenue to be flat for the January 1, 2021 reset. Interest income 2,254 Total Revenue $ 119,183. (1) (2) (3) (4) These are contracted amounts due to Alaris for the next 12 month period and for those denominated in USD based on a rate of USDCAD $1.3200. Actual amounts received may vary based on the impact of COVID-19 and changes in the exchange rate. Distributions from PFGP began being deferred in Q2 for 2020 as a result of COVID-19 and its impact to the business. Timing of restarting the distributions from PFGP timing is still unknown and will be determined through discussions with PFGP & their senior lender. Plans to make up deferred distributions will be determined at a later date but Alaris does expect to collect all deferred distributions from PFGP. SCR is paying partial distributions to Alaris of $350,000 per month ($4.2m annually). ccComm is not currently paying distributions. Alaris will record distributions as received when their cash flows allow. ALARIS EQUITAINE COST DIVERSIFICATION . 81% Investment by Country 19% Investment by Industry Segment% 24% 37% Canada ■ USA 31% 13 ■Consumer Products/Services 8% Consumer Financial Services Business Services Industrials Alaris has approximately 81% of its fair value of investments in US based companies. Today, roughly 31% of invested dollars are exposed to business services, 37% to industrials, 24% to consumer products and services and 8% consumer financial services. ALARIS EQUITY PARTNERS COME TRUST 14#8PREFERRED EQUITY RETURNS FROM EXITS TO DATE Smillions CAD Number of Years Invested Capital Distributions Exit Capital Invested Total Received Received Return % total Return IRR % MAHC(1) 1.0 $ (18.4) $ 7.2 $ Sequel 4.2 (77.4) 59.8 20.0 $ 8.8 120.9 48% 53% 103.3 133% 29% Agility 5.4 (20.2) 18.5 28.3 26.5 131% 25% LifeMark 11.3 (67.5) 75.6 123.4 131.5 195% 24% MediChair 6.8 (6.5) 6.4 10.0 9.9 152% 24% SBI 2.4 (106.8) 42.7 122.7 58.6 55% 24% EOR 13.2 (7.2) 17.4 12.6 22.8 317% 22% Killick 4.0 (41.3) 19.7 45.0 23.5 57% 20% Quetico 3.0 (28.2) 13.1 30.4 15.4 55% 19% Labstat 6.0 (47.2) 43.8 61.3 57.9 123% 19% Solowave 5.8 (42.5) 31.9 44.5 33.9 80% 17% KMH 7.0 (54.8) 21.3 13.8 (19.8) -36% -13% Sandbox (2) 3.9 (78.9) 25.7 33.7 (19.5) -25% -16% SHS(3) 0.9 (15.0) 1.0 1.1 Group SM(4) 4.6 (40.5) 9.8 - (12.9) (30.7) -86% -44% -76% -67% Totals from exits $ (652.3) $ 393.7 $ 667.8 $ 409.1 63% ✓ Alaris has generated $409 million in total returns (+63%) on partners that have either repurchased all of Alaris' units, or ceased operations. ✓ The monthly distribution Alaris receives from its Partners ensures Alaris is getting a return on investment from Day 1, rather than only on an exit event. This greatly reduces the investment risk. (1) (2) 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. Sandbox exit capital received excludes an additional US$4.0 million currently held in escrow and the potential for a US$2.0 million earnout. Returns on senior debt are included. (3) SHS went into receivership in December 2013, therefore no exit capital was received. (4) (5) Alaris is not recording any value for remaining preferred units in SM. However, SM continues to have a financial obligation in the future should the business turn around. Promissory notes outstanding with any partners are not included in the table above. ALARIS EQUITAINERS COME TRUST EARNINGS COVERAGE HEAT MAP Earnings Coverage Heat Map . DNT Federal Resources Planet Fitness Providence (MyDyer) LMS Accscient Unify Heritage SCR Q4-19 Q1-20 Q2-20 Q3-20 1.5x-2.0x 1.5x-2.0x 1.5x-2.0x 1.5x-2.0x 1.2x-1.5x 1.2x-1.5x >2.0x >2.0x 1.5x-2.0x 1.2x-1.5x 1.5x-2.0x 1.2x-1.5x <1.0x <1.0x <1.0x <1.0x 1.2x-1.5x 1.5x-2.0x 1.5x-2.0x 1.5x-2.0x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.2x-1.5x 1.5x-2.0x 1.5x-2.0x >2.0x >2.0x >2.0x >2.0x >2.0x >2.0x 1.5x-2.0x >2.0x 1.5x-2.0x 1.5x-2.0x Guide <1.0x 1.0x to 1.2x 1.2x to 1.5x 1.5x to 2.0x >2.0x . Kim co <1.0x <1.0x 1.2x-1.5x >2.0x ccComm <1.0x Fleet <1.0x >2.0x Body Contour Centers GWM Holdings Amur Financial Stride Carey n.a. n.a. 1.5x-2.0x 1.5x-2.0x <1.0x <1.0x 1.5x-2.0x 1.5x-2.0x 1.5x-2.0x 1.2x-1.5x 1.5x-2.0x <1.0x 1.5x-2.0x >2.0x 1.2x-1.5x >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 The table to the left displays the range of earnings coverage ratios ("ECR") for each of our Partners over the last 4 quarters. Generally speaking, a ratio above 1.0x provides enough earnings to cover distributions to Alaris, interest and principal payments to lenders as well as unfunded capital expenditures. Of the 17 partners listed, two fall below less than 1.0x earnings coverage, three are in the 1.2x to 1.5x range, six are in the 1.5x to 2.0x range and six are in the >2.0x earnings coverage range. In Q3-20 vs Q2-20, 10 Partners had no change in the ECR range, 4 had increases to their ECR range and 3 had decreases in the ECR ranges. The decrease for GWM Holdings was due to their additional distributions from the follow-on contribution made in October 2020. SCR and Kimco's ECRS are based on their current fixed distributions as opposed to fully contracted ALARIS EQUITY PARTNERS COME TRUST 15 16 8#9INVESTMENT HISTORY Capital Deployed (millions $) $178 $108 $193 $172 $185 $126 2015 2016 2017 2018 2019 2020 Since Inception Since Inception: . Invested over $1.5 billion in 32 Partners and more than 70 tranches Collected over $600 million of distributions Over $665 million of capital received through exit events (repurchases) 5 year average of $167 million of capital deployed Year to date 2020 Alaris has deployed over $126 million ALARIS EQUINS COST BALANCE SHEET Summary of Debt Capacity and Covenants Millions CAD$ Figure 1 Proforma Dec 8, 2020 Senior debt outstanding $211 Senior debt to EBITDA 2.0x Senior debt to EBITDA Covenant (1) 3.0x(1) Credit Available for Investment Purposes $169 Convertible Debentures Outstanding $100.0 Current Fixed Charge Ratio 1.36:1.00(2) Fixed Charge Covenant 1.00:1.00 Tangible Net Worth (TNW) TNW Covenant $554.4(2) $450.0 (1) This covenant includes a maximum funded debt to contracted EBITDA of 2.5:1, which can be increased temporarily to 3.0:1 up to March 30, 2021. (2) Calculated as of September 30, 2020. ALARIS EQUITY PARTNERS COME TRUST 17 18 9#10DISTRIBUTION HISTORY AND SUSTAINABILITY • • Since 2008 Alaris has provided consistent dividend income through its monthly dividend, and now, through trust distributions. Annualized Distribution History $1.70 $1.60 $1.50 $1.40 $1.30 In March 2020, Alaris made the decision to change its dividend from monthly to quarterly. The first payment of such quarterly dividend was in July. The new annualized dividend for the July payment was changed to $1.16 per share ($0.29 per quarter). This was a reduction of 30% from the previous annualized dividend of $1.65. Alaris announced the conversion to an income trust on September 1, 2020. At that time Alaris raised the quarterly distributions to $0.31 per quarter ($1.24 annually). This was a 7% increase compared to the previous dividend paid and was done to reflect the difference in taxation of a trust distribution vs a corporate dividend. Alaris estimates its Annualized Payout Ratio to be less than 75% at the current level of trust distributions. The new distribution rate not only reflects what we expect to be a short-term cash flow disruption associated with the COVID-19 pandemic, but moving forward it will allow us to achieve our long- term payout ratio objectives as well as being able to internally fund a portion of our annual deployment once our cash flow streams from our partners normalize. Since inception, Alaris has paid over 140 consecutive monthly dividends/distributions totaling more than $16 per share/unit and over $450 million gross. If you were to have invested $100,000 at the IPO price of $12 per share in 2008 you would have received a cumulative total of $140,590 in dividends/distributions (bottom right table) and your initial investment would be worth $121,750 on Dec 7, 2020 (based on closing price of $14.61) for a total return of $262,340. ALARIS EQUITAINE COST $1.20 $1.10 $1.00 $0,90 $0.80 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $ $100,000 investment at IPO of $12 per share SCALABLE MODEL 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 1 employee to the monitoring team. Alaris' model is highly scalable Revenue Growth vs Operating Expenses $120 $110 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 ALARIS EQUITY PARTNERS COME TRUST 2008 2009 2010 2011 2012 2013 2014 ■Revenue SG&A 2015 2016 2017 2018 2019 19 20 10#11RECENT FINANCIAL RESULTS Three months ended Sept 30, 2020 vs same period 2019: • • • 21.8% decrease in revenue from Partners to $23.4 million 22.3% decrease in Normalized EBITDA to $20.1 million 50.2% decrease in net cash from operating activities to $10.0 million 27.0% decrease in distributions declared to $11.1 million. Per Unit Highlights: Nine months ended Sept 30, 2020 vs same period 2019: 7.6% decrease in revenue from Partners to $77.6 million 21.5% decrease in Normalized EBITDA to $58.7 million 12.0% decrease in net cash from operating activities to $50.2 million 19.4% decrease in distributions declared to $36.5 million Per Unit Highlights: • 19.5% decrease in revenue from Partners to $0.66 • 7.3% decrease in revenue from Partners to $2.16 • 19.7% decrease in Normalized EBITDA to $0.57 • 20.1% decrease in Normalized EBITDA to $1.63 • 49.1% decrease in net cash from operating activities to $0.28 • 24.8% decrease in distributions declared at $0.31 • 10.9% decrease in net cash from operating activities to $1.39 18.2% decrease in distributions declared at $1.0125 ALARIS EQUINS HISTORIC FINANCIAL SUMMARY (millions CAD$) Revenue % change SG&A % change Normalized EBITDA % change Net cash from ops % change Dividends 19% 2015A 2016A 2017A 2018A 2019A $82.80 $100.04 $ 89.07 $100.08 $115.97 21% -11% 12% 16% $ 7.90 $ 9.17 $ 8.06 $ 12.13 $ 10.72 50% -12% 3% 16% -12% $71.40 $81.84 $ 76.98 $ 80.81 $100.94 24% 15% -6% 5% 25% $ 55.90 $73.30 $ 67.25 $ 78.31 $ 74.78 12% 31% -8% 16% -5% $52.60 $58.84 $ 59.03 $ 59.20 $ 60.37 % change 18% 12% 0% 0% 2% Payout ratio 94% 80% 88% 76% 81% Shares outstanding (millions) 33.96 36.34 36.45 36.50 36.71 ALARIS EQUITY PARTNERS COME TRUST 21 22 11#12TRACK RECORD OF PER SHARE GROWTH 5 year CAGR 7% 5 year CAGR 8% 5 year CAGR 5% 5 year CAGR 2% $2.44 $2.44 $2.75 $2.74 $3.17 $2.10 $2.25 $2.11 $2.21 $2.76 $1.65 $2.02 $1.85 $2.15 Partner revenue Normalized EBITDA 2015 2016 2017 2018 2019 ALARIS EQUITAINERS COST CORPORATE INFORMATION BOARD OF DIRECTORS COMMITTEES $2.04 $1.57 $1.62 $1.62 $1.62 Net cash from ops Dividend AUDITORS KPMG, LLP Jay Ripley, Chairman Transaction (Chair), Compensation and Audit Mitch Shier, Director Corporate Governance (Chair), Compensation and Transaction BANKING SYNDICATE Bank of Montreal (co-lead) HSBC Bank Canada (co-lead) Mary Ritchie, Director Audit (Chair) and Corporate Governance ANALYST Bob Bertram, Director Compensation (Chair), Corporate COVERAGE CIBC World Markets, Scott Fromson Governance and Transaction Sophia Langlois, Director Audit Steve King, Director Acumen Capital Finance Partners, Trevor Reynolds Cormark Securities Inc., Jeff Fenwick Desjardins Securities, Gary Ho National Bank Financial, Zachary Evershed RBC Capital Markets, Scott Robertson Scotia Capital, Phil Hardie Stifel GMP, Anoop Prihar ALARIS EQUITY PARTNERS COME TRUST 24 $1.65 23 12#13APPENDICES 25 Business Services: IT Consulting and Staffing Total Alaris Capital Injected ($000's) US$38.0 (4 tranches) Financial Services: Mortgage Origination (home equity) $50.0 (preferred units) $20.0 (common equity) APPENDIX A: SUMMARY OF PARTNERS (MILLIONS $) ACCSCIENT LLC Industry AMUR FINANCIAL GROUP INC BODY CONTOUR CENTERS (DBA SONO BELLO) CEC Industrials: Electrical CCCOMM Consumer Discretionary: Sprint mobile retailer US$19.2 (4 tranches) DNT CONSTRUCTION Industrials: Civil Construction Services US$68.0 Consumer Discretionary: Cosmetic Surgery Contractor Services US$66.0 (2 tranches) $16.1 (preferred units) $0.90 (common equity) Use of Proceeds Annualized Distribution to Alaris ($000's) Recapitalization and growth capital US$5.57 Partial Liquidity Partial Liquidity Partial Liquidity Growth capital MBO of majority holder(s) US$9.40 Annual Reset Metric Distribution Collar Partner Since Percentage change in gross profit +/- 5% per year June 2017 $6.50 (pref. distribution) $0.40 common dividends year to date Percentage change in gross revenue +/- 6% per year June 2019 Percentage change in same clinic sales +/- 6% per year Sept 2018 Percentage change in gross sales +/- 5% per year June 2020 Percentage change in net revenue +/- 6% per year January 2017 Percentage change in gross revenue +/- 6% per year June 2015 US$2.40 US$2.69 (currently not paying distribution) US$11.65 Note 1: See the "Private Company Partner Update" section of the Management Discussion and Analysis for the period ended Sept 30, 2020 for more information related to capital contributed, annualized distributions and earnings coverage ratios. ALARIS EQUITY PARTNERS INCOME TRUST 26 13#14APPENDIX A: SUMMARY OF PARTNERS (CONT) (MILLIONS $) Industry Fleet Advantage Business Services: Fleet Management GR FEDERAL RESOURCES. Industrials: Distributor of Products to Federal and Local GW GLOBALWIDE MEDIA Business Services: Digital Marketing Solutions HERITAGE RESTORATION, INC. Industrials: Masonry Restoration, Waterproofing and Coating Repair US$15.0 Agencies Total Alaris Capital Injected ($000's) US$10.0 US$67.0 (3 tranches) US$101.0 (2 tranches) Use of Proceeds Growth capital and partial liquidity US$1.48 MBO of Equity Sponsor MBO of Equity Sponsor MBO US$10.69 US$12.63 Annualized Kimco SERVICES Business Services: Commercial Janitorial and Hospitality Services US$34.2 (3 tranches) MBO of parent company US$2.53 US$4.43 LMS REINONING STEEL Industrials: Rebar Fabrication & Installation $59.8 (4 tranches) Estate planning and growth $7.44 Distribution to Alaris ($000's) Annual Reset Metric revenue Percentage change in net Percentage change in gross revenue Percentage change in gross revenue in gross profit Percentage change Percentage change in net revenue Percentage change in gross profit Distribution Collar +/- 6% per year +/- 6% per year +/-8% per year +/- 6% per year +/- 6% per year No collar Partner Since June 2018 June 2015 November 2018 January 2018 June 2014 April 2007 Note 1: See the "Private Company Partner Update" section of the Management Discussion and Analysis for the period ended Sept 30, 2020 for more information related to capital contributed, annualized distributions and earnings coverage ratios. ALARIS EQUINO APPENDIX A: SUMMARY OF PARTNERS (CONT) (MILLIONS $) Industry Total Alaris Capital Injected ($000's) Use of Proceeds MyDyer PROVIDENCE Business Services: Apparel Design, Engineering and Sourcing Services US$30.0 PF GROWTH PARTNERS Consumer Discretionary: Health and Fitness Clubs SCR Industrials: Mining Services Stride Consulting Industry: IT Consulting ②unify Business Services: IT Consulting US$25.0(3) MBO of majority owner by minority Estate planning and growth capital US$75.2 (preferred)(2) US$17.3 (common) Estate planning and growth $40.0 US$6.0 Estate planning and growth capital Growth capital and partial liquidity US$9.9 (Began deferring distributions in Q2-20) Annualized Distribution to Alaris ($000's) Annual Reset Metric US$4.49 (currently not paying distributions) Percentage change in same customer sales Percentage change in same club sales (currently paying $4.2 million per year) Percentage change in gross revenue Percentage change in gross revenue US$3.3 Percentage change in gross revenue $6.21 US$0.84 Distribution Collar Partner Since +/- 5% per year April 2016 +/- 5% per year November 2014 +/- 6% per year May 2013 +/- 6% per year November 2019 +/- 5% per year October 2016 (1) See the "Private Company Partner Update" section of the Management Discussion and Analysis for the period ended Sept 30, 2020 for more information related to capital contributed, annualized distributions and earnings coverage ratios. (2) Alaris originally invested US$40 million into PF Growth Partners. PFGP and Alaris recently completed a transaction that saw Alaris invest an additional US$60.2 million and roll over existing units valued at US$27.8 million for a total investment of US$88.0 million. Since then, Alaris provided an additional $4.5 million. (3) Alaris originally invested US$18 million into Unify. In Dec 2018 Unify redeemed the redeemable units at par for $6 million. In Dec 2019 Unify had a follow-on contribution of US$10.5 million and rolled over existing units valued at US$14.5 million for a total investment of US$25.0 million.. ALARIS EQUITY PARTNERS INCOME TRUST 27 28 14#15APPENDIX B: OFFERING HISTORY The following table summaries the equity offerings Alaris has completed since its public listing in November 2008. Date of Announcement Shares Issued Gross Price on Proceeds Closing Issue Price (000's) ($000's) Date Closed Date 30-Sep-09 $ 6.00 2,300 $ 13,800 22-Oct-09 $ 7.75 27-Apr-10 $ 9.00 2,080 $ 18,720 18-May-10 $ 9.24 29-Nov-10 $ 10.50 2,477 $ 21-Nov-11 $ 16.25 2,465 $ 26,009 40,050 13-Jun-12 $ 19.50 18-Dec-12 $ 22.00 25-Jun-13 $ 30.90 6-Jun-14 $ 26.70 25-Jun-15 $ 30.50 18-Nov-20 $ 13.75 Totals 2,515 $ 49,043 2,461 $ 54,142 3,427 $ 105,894 3,274 $ 87,418 3,772 $ 115,035 3,347 $ 46,014 28,117 $ 556,126 26-Dec-10 $ 12-Dec-11 $ 16.80 27-Jun-12 $ 20.77 11-Jan-13 $ 25.36 16-Jul-13 $ 32.91 25-Jun-14 $ 29.36 16-Jul-15 $ 31.29 8-Dec-20 $ 14.61 11.46 ALARIS EQUINO NON-IFRS MEASURES The terms EBITDA, Normalized EBITDA and Payout Ratio are financial measures used in this presentation hat are not standard measures under International Financial Reporting Standards (IFRS). The Trust's method of calculating EBITDA, Normalized EBITDA and Payout Ratio may differ from the methods used by other issuers. Therefore, the Trust's EBITDA, Normalized EBITDA and Payout Ratio may not be comparable to similar measures presented by other issuers. EBITDA refers to net earnings (loss) determined in accordance with IFRS, before depreciation and amortization, net of gain or loss on disposal of capital assets, interest expense and income tax expense. EBITDA is used by management and many investors to determine the ability of an issuer to generate cash from operations. Management believes EBITDA is a useful supplemental measure from which to determine the Trust's ability to generate cash available for debt service, working capital, capital expenditures, income taxes and distributions. The Trust provides a reconciliation of net income to EBITDA in its quarterly and annual management discussion and analysis. Normalized EBITDA refers to EBITDA excluding items that are non-recurring in nature, such as gains associated with the reduction of interest in one partner and an impairment loss in another with which the Trust has transacted. Management deems non-recurring charges to be unusual and/or infrequent charges that the Trust incurs outside of its common day-to-day operations. Adding back these non-recurring charges allows management to better assess EBITDA from ongoing operations. Payout Ratio: The term "payout ratio" is a financial measure used in this presentation that is not a standard measure under International Financial Reporting Standards. Actual Payout ratio means Alaris' total distributions paid over a fiscal year divided by its net cash from operating activities over that same period. Annualized Payout Ratio means Aláris total annualized distribution per unit expected to be paid over the next twelve months divided by the estimated net cash from operating activities per unit Alaris expects to generate over the same twelve month period (after giving effect to the impact of all information disclosed to date). Run Rate Payout Ratio: refers to Alaris' total distribution per unit expected to be paid over the next twelve months divided by the estimated net cash from operating activities per unit Alaris expects to generate over the same twelve month period (after giving effect to the impact of all information disclosed as of the date of this report). Earnings Coverage Ratio refers to the Normalized EBITDA of a Partner divided by such Partner's sum of debt servicing (interest and principal), unfunded maintenance capital expenditures and distributions to Alaris. IRR 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, Normalized EBITDA and Payout Ratio 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 December 7, 2020 unless otherwise stated. ALARIS EQUITY PARTNERS COME TRUST 29 30 15#16ALARIS EQUITY PARTNERS INCOME TRUST HEAD OFFICE Suite 250, 333 24th Avenue SW Calgary, Alberta T2S 3E6 Phone: 403.228.0873 Fax: 403.228.0906 Website: www.alarisequitypartners.com 16