amazon.com s first webpage: 1999

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2 Disclaimer This webinar video is meant to be an educational guide only, which must be tempered by the investment experience and independent decision-making process of the reader. Angel Publishing is not liable for the suitability or future investment performance of any securities or strategies discussed. Please note that we are not a registered investment firm or broker/dealer. Only a registered broker or investment advisor may advise you individually on the suitability and performance of your portfolio or specific investments. Readers are advised that the material contained herein should be used solely for informational purposes. As a publisher of a financial newsletter of general and regular circulation, we cannot tender individual investment advice. We urge you to always conduct your own research and due diligence and obtain professional advice before making any investment decision. We will not be liable for any loss or damage caused by a reader's reliance on information obtained in this or on our web sites. Our readers are solely responsible for their own investment decisions. Historical investment return examples given are hypothetical, and not to be taken as representative of any individual's actual trading experience.

3 amazon.com s first webpage: 1999 Jeff Bezos

4 Home of the First Walmart: 1962 Sam Walton

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6 Company Date Invested $10,000 grew to May 15, 1997 $4,248,300 August 25, 1972 $18,350,000 Right now!???? Through Jul. 07, 2016

7 3 Great Jockeys

8 Sticking with the Best In 1919, at age 19, Eddie began his work with the Chicago White Sox, who went to the World Series that year. The next year, he switched to the Brooklyn Dodgers, and they too won their league title, but our hero smelled trouble ahead. Changing boroughs, he joined the Yankees in 1921, and they promptly won their first pennant in history. Eddie Bennett

9 Sticking with the Best What does that have to do with management? It s simple: To be a winner, work with winners. Eddie understood that how he lugged bats was unimportant; what counted was hooking up with the best performers on the playing field. I ve learned from Eddie. -Warren Buffett Letter to shareholders 2002 Eddie Bennett

10 Criteria for Selecting a Great Jockey! Decades long market beating returns Management aligned with shareholders Long term investors Shareholder oriented

11 Jockey #1

12 Onex Corp. (TSE:OCX) Gerald Schwartz, founder & CEO % voting control Toronto, Ontario, CN 480 acquisitions, $53 billion Management team: 130 years of investing experience Worked at Onex 23 years on average One of the oldest & most successful private equity firms.

13 Management Aligned with Shareholders Largest shareholder: 17% of outstanding shares Mgmt. required to reinvest 25% of distributions in Onex shares Until they own at least 1 million shares and hold until retirement

14 Objective for Shareholders Onex s business objective is to create long-term value for shareholders and to have that value reflected in our share price. Our strategies to deliver this value are concentrated on (i) acquiring and building industryleading businesses and (ii) managing and growing other investors capital in private equity and debt investing strategies.

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17 Onex Partners/ONCAP Value-oriented acquisitions of leading business (North America) Carve-outs of subsidiaries and mission-critical supply divisions from multinational corporations Cost reduction and operational restructurings Platforms for add-on acquisitions Acquire controlling position

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19 Return on Onex Shares 1.9x S&P x S&P x S&P x S&P 500

20 Knocking it Out of the Park Company Investment Date Investment Sold Value Realized EnSource Energy Jan C$18 million Dec C$37 million 2x CMC Electronics Apr C$112 million Mar C$475 million 4x Armtek Aug C$36 million Jul C$76 million 2x WIS International Mar C$30 million Jan C$243 million 8x Futuremed Health Care Feb C$25 million Jan C$100 million 4x Canadian Sec. Registration Apr C$29 million Mar C$99 million 3x CSI Global Education Jan C$25 million Nov C$146 million 6x Mister Car Wash Apr $52 million Aug $421 million 8x BSN Sports Aug $57 million Jun $241 million 4x Caliber Collision Centerers Oct $58 million Nov $193 million 3x Return

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23 Criteria Check Company Great Jockey Excellent Returns Aligned with Shareholders Long Term Investors Shareholder Oriented Onex Corp. X X X X X

24 Jockey #2

25 Nexeo Solutions Holdings, LLC. (Nasdaq: NXEO) Wilbur L.Ross, Chairman & Chief Strategy Officer Specializes in restructuring failed companies King of Bankruptcy Forbes: Net worth $2.9 billion Management: combined history of over 70 years in private equity

26 WL Ross & Co. History

27 Disciplined Investor Well positioned within industry, going through period of dislocation Offers opportunities to consolidation or growth Has a complex structure Companies underperforming their peak potential Has hidden value not recognized by the market

28 During Euro-debt crises, bought Bank of Ireland shares in 2011 the country s largest by assets. Real estate collapse caused bad loans to soar. WL Ross & Co. and three other investors paid 10 cents per share for 35% stake. June 2014, WL Ross sold remaining shares for 26.5 cents per share. Total return in three years: 300% return.

29 March 2016 WL Ross Holdings acquired Nexeo Solutions Top plastics and 3rd largest chemicals distributor by revenue in NA Using Nexeo as a base for acquiring other assets in the fragmented chemical-distribution industry

30 Criteria Check Company Great Jockey Excellent Returns Aligned with Shareholders Long Term Investors Shareholder Oriented Onex Corp. X X X X X WLRoss Holding Co. X X X X X

31 Jockey #3

32 (NYSE:CSWI) Spun off from Capital Southwest Corp (Oct. 2015) Capital Southwest Corp (CSWC) founded 1961 Joseph Armes, Chairman & CEO (former CEO of CSWC) Objectives: capital appreciation though long term investments in private companies. Market Cap: $535 million Joseph Armes, Chairman & CEO

33 Apr Oct Nasdaq-Listed

34 Benefits of Spin-Off Better allocation of capital More aggressive financing policy (which couldn t do under CSWC structure) Unlock shareholder value Management more focused Opportunity to improve efficiency of collection of businesses

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36 Portfolio of Private Companies Company Year Acquired Cost Value x Invested Capital The RectorSeal Corp 1969 $52,600 $358,200,000 6,810x The Whitmore Manufacturing Co $1,600,000 $89,000,000 56x Balco, Inc $624,920 $5,100,000 8x CapStar Holdings Corp $4,703,619 $10,871, x Source: SEC 10K as of March 2015

37 Investment Criteria Companies with Positive and Sustainable Cash Flow Excellent Management Companies having competitive advantages Appropriate Risk-Adjusted Returns Focus on companies located in the United States

38 Criteria Check Company Great Jockey Excellent Returns Aligned with Shareholders Long Term Investors Shareholder Oriented Onex Corp. X X X X X Nexeo Solutions X X X X X CSW Industrials X X X X X

39 3 Retirement Making Stocks to Buy Now Company Jockey Ticker Current Price Onex Corp. Gerald Schwartz TSE: OCX C$77 Nexeo Solutions Wilbur Ross NXEO $8.70 CSW Industrials Joseph Armes CSWI $34

40 Conclusion Invest with great jockeys Buy the stocks at fair valuation Hold and enjoy the ride