WAJAX INCOME FUND

October 22, 2009

Raymond James

48 Hours in Edmonton Presentation

Forward Looking Statements

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.

Wajax Distribution Businesses

Industrial Components

52%

Mobile Equipment

Power Systems

27% 21%

Locations

Over 110 Branches

2008 Consolidated Revenue

Revenue by Market

17%

14%

13%

11%10%

10%

9%

6%4% 6%

Industrial/Commercial

ForestryConstruction

Transportation

MiningOil Sands

Government and Utilities Other

Metal Processing

Conventional Oil & Gas

* Based on 2008 Wajax Income Fund Consolidated Revenue

Consolidated

Revenue and Earnings

2004 2005 2006 2007 2008

$871

$1,049

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

(Revenue - Millions)

2004 2005 2006 2007 2008

$1.12

$2.19

$4.31 $4.34 $4.57

(Net Earnings Per Unit - Basic)

(Revenue - Millions)

Q2 YTD 2009 Consolidated

Revenue and Earnings

2008 2009

$2.29

$1.15

(Net Earnings Per Unit - Basic)

Monthly distributions of $0.15 per unit.

2008 2009

$596.9

$495.5

Actions Taken in 2009

SG&A cost reductions ~ $23 million for 2009

– 13% reduction in overall workforce

– Salary freeze at 2008 levels

Cash preservation measures

– Strict controls on working capital

– Reduction in monthly distributions from

$0.36 to $0.15 per unit

Western Canada Estimated Consolidated Revenue by Industry *

12%8%

24%

21%

12%

10%6% 7%

Industrial/Commercial

& Metal ProcessingForestry

ConstructionTransportation

Other

* Based on 2008 Western Canada Consolidated Revenue

Conventional Oil & Gas

Oil Sands

Mining

Western Canada – Key Product Offering

Mining, Oil Sands and Conventional Oil & Gas

Mobile Equipment

Hitachi Mining Shovels (120 – 800 MT)

Retail Value:

– $1.5M - $15M per unit

Applications:

– Oil sands, coal and hard rock

mining

– Overburden removal, mine

infrastructure

Units in Operation: ~80

Parts and Service:

– Consumes 2X equipment

cost over 10 year life

Western Canada – Key Product Offering

Mining, Oil Sands and Conventional Oil & Gas

Mobile Equipment

Hitachi Construction Excavators (20 – 90 MT)

Retail Value:

– $150K - $850K per unit

Applications:

– Oil sands infrastructure

– Conventional oil & gas site prep,

road building and pipelines

Units Delivered (5 yrs):

– Oil sands ~ 400

– Conventional oil and gas ~ 800

Parts and Service:

– Consumes 1X-2X equipment

cost over 10 year life

Western Canada – Key Product Offering

Mining, Oil Sands and Conventional Oil & Gas

Mobile Equipment

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

Retail Value:

– $2.0M - $5.5M per unit

Applications:

– Coal and hard rock mining

– Overburden removal

– Loading and stockpiling

Units in Operation: ~ 30

Parts and Service:

– Consumes 2X equipment

cost over 10 year life

Western Canada – Key Product Offering

Mining, Oil Sands and Conventional Oil & Gas

Mobile Equipment

Weldco Beales Stiff Boom Cranes (20 - 40 tons)

Wajax Revenue Source:

– Initial sale configuration and

installation

– Mandatory inspection and

repairs

Retail Value:

– $250K - $350K per unit

Applications:

– Oil field hauling

Units Delivered: ~ 120

Western Canada – Key Product Offering

Mining, Oil Sands and Conventional Oil & Gas

Power Systems

Oil sands haul truck engines (320 – 400 ton)

MTU Engines in Operation: ~ 70

Power Systems Revenue

Sources:

– Ongoing parts sales

– Scheduled engine rebuilds

every 2.5 years over 10 year

life

– Rebuild price: $325K - $425K

per unit

Western Canada – Key Product Offering

Mining, Oil Sands and Conventional Oil & Gas

Retail Value: ~ $500K per unit

Market Size: 400 – 450 units

Estimated Market Share: >40%

Wajax Revenue Source:

– Initial sale

– Ongoing repair and

maintenance

Power Systems & Industrial ComponentsPower packages and hydraulic systems for oil field frac pump units