Investor Presentation November 2010

Certain information in this presentation contains forward-looking statements based on management’s current expectations and assumptions regarding the business and anticipated financial results of the Fund. There is, however, no assurance forward-looking statements will materialize if known and unknown risks or uncertainties affect the Fund’s business or if management’s expectations and assumptions prove to be incorrect. In such circumstances, actual results of operations could differ materially from expectations and forward-looking statements.

You can find a discussion of risks and uncertainties pertaining to the Fund and its business and other factors that could cause financial results to fluctuate in our regulatory filings on SEDAR at www.sedar.com. The Fund assumes no obligation to publicly update or revise its forward-looking statements to reflect new information, events or circumstances.

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Mobile Equipment

49%

Industrial Components

29%

Power Systems

22%

109 Branches

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5% 8% 6%

Industrial/Commercial

Construction Forestry

Transportation

Mining

Oil Sands

Government and Utilities Other

Metal Processing

Conventional Oil & Gas

19%

9%

15%

7% 12%

10%

8%

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Revenue (Millions) Net Earnings Per Unit (Basic)

Q1 Q2 Q3

$264.0 $248.7

$234.6 $227.7

$272.3 $294.6

2009 2010

Q1 Q2 Q3

$0.56 $0.59

$0.41 $0.50

$0.74

$1.17

2009 2010

• Distributions for 2010

– Monthly = $0.15 ($1.80 Annualized)

– Special Monthly Distributions:

$0.20 for August, September and October

$0.40 for November

Third Quarter 2010

2005 2006 2007 2008 2009

$1,049

$1,207 $1,192 $1,214

$973

Revenue (Millions)

2005 2006 2007 2008 2009

$2.19

$4.31 $4.34 $4.57

$2.06

Net Earnings Per Unit ( Basic)

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Historical Financial Data

Conversion to corporation on January 1, 2011 approved at Annual General Meeting on May 7, 2010.

Intention is to minimize changes in regular monthly distributions/dividends in 2010 and upon conversion in 2011. Dependent on economy and earnings improvement.

Post conversion, Wajax will continue to pay out a high percentage of earnings as dividends.

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Wajax Industries

49%

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Hitachi

JCB LeTourneau

Hitachi

Tigercat

Hyster

Terex

Palfinger

Weldco

Crane/Utility

Forestry

Mining Construction Material Handling

30%

33%

19%

8% 10%

Crane & Utility

Mining / Oil Sands

Construction

Material

Handling

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Forestry

Antraquip

JCB Skid Steer

New Lines

Underground Mining Cranes

Phillips

Kobelco

Tadano

Line Extensions

Hitachi (190 - 240 MT)

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Kinecor

29%

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Bearings and

Power Transmission

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Process

Equipment

Hydraulic Components

and Systems

(SKF, NSK, Timken) (Cuno, Moyno) (Eaton, Aeroquip, Vickers)

Industrial /

Manufacturing

Forestry

Construction

Transportation

Mining

Food and

Beverage

Other

Metal

Processing

Conventional

Oil & Gas

20%

7%

16%

13% 12%

5%

8%

5% 14%

> 15,000 customers 15

Leverage technical capabilities by expanding higher margin engineering services.

Sales growth:

◦ Peacock products

◦ Private label Hy-Spec and National lines

Margin improvement through pricing initiatives.

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22%

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Electric Power

Generation

(MTU, GE Jenbacher, Kohler)

Mechanical

Drive Systems

(MTU, Allison)

On-Highway

(Detroit Diesel, MTU, Allison)

8%

12% 2%

Industrial/

Commercial

On-Highway

Transportation

Mining

Oil Sands

Other

Conventional

Oil & Gas

31%

32%

15%

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Develop national focus:

◦ Geographic and product line expansion

Power generation sales growth:

◦ Rental market expansion

◦ G/E and MTU product lines

Expand aftermarket programs in all sectors.

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Western Canada Resource Sector Opportunities

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14% 7% 12%

4% 8%

Industrial/Commercial

& Metal Processing Forestry

Construction Transportation

Other

Conventional

Oil & Gas

Oil Sands

Mining 12%

12%

31%

Hitachi Mining Shovels (120 – 800 MT)

Retail Value:

◦ $1.5M - $14M per unit

Applications:

◦ Oil sands

◦ Coal and hard rock

mining

Units in Operation: ~80

Parts and Service:

◦ Consumes 2X

equipment cost over

10 year life

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Hitachi Construction Excavators (20 – 90 MT)

Retail Value:

◦ $150K - $850K per unit

Applications:

◦ Oil sands infrastructure

◦ Conventional oil and gas

Units Delivered (5 yrs):

◦ Oil sands ~ 400

◦ Conventional oil and gas ~ 800

Parts and Service:

◦ Consumes 1X-2X equipment cost over 10 year life

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LeTourneau Wheel Loaders (17 – 33 cu. yd.)

Retail Value:

◦ $2M - $5M per unit

Applications:

◦ Coal

◦ Hard rock mining

Units in Operation: ~ 30

Parts and Service:

◦ Consumes 2X equipment cost over 10 year life

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Oil Sands Haul Truck Engines (320 – 400 ton)

MTU Engines in operation: ~ 70

Rebuild every 2.5 years over 10 year life

Rebuild price: $325K - $425K per unit

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Revenue:

◦ ~ $500K per unit

Estimated Market Size:

◦ 400 – 600 units

Wajax Revenue Source:

◦ Initial sale

◦ Ongoing repair and maintenance

Frac Pump Units

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