YEAR INREVIEW

201837 YEARS OF PARTNERSHIP AND GROWTH

HIGHLIGHTS2018

TMT INDUSTRIESACQUISITIONS

ADD-ON ACQUISITIONS

DIVESTMENTS

Horizon Mailhot IndustriesNoble Foods

Nomade Transport (for GTI)Davies Supply Group (for Master)Kingsdown USA (for Kingsdown)

Zedbed (for Kingsdown)

ANOTHER YEAR OFEXCEPTIONAL

GROWTH

MONTREAL3400, rue de L’ÉclipseBureau 700Brossard, QuébecCANADA J4Z 0P3 T 450 651-5000

TORONTO181 Bay Street

Suite #IN200Toronto, Ontario

CANADA M5J 2T3T 416 536-2222

FirstlightOnStream

KDC/ONE

Matrix (for Nuvei)BMR (for Nuvei)

Vantage (for Nuvei)Beyond 1.0, 2.0, 3.0 (for Nuvei)

Clario (for Intelerad)

NOVACAP.CAinfo@novacap.ca

CVCA DEAL

OF THE YEARAWARD

PRIVATE EQUITY

IN 2018, NOVACAP TMT RECEIVED THE CVCA DEAL OF THE YEAR AWARD FOR ITS DIVESTMENT OF

CHEMICAL COMPUTING GROUP.

37 YEARS OF PARTNERSHIP AND GROWTH

NEW TEAM MEMBERS IN 2018

2018

2018 EXECUTIVE SUMMARY

For the first time in 37 years, NOVACAP’S M&A TRANSACTIONS EXCEEDED $2.5 BILLION. We added 3 new platform companies to our TMT and Industries portfolios, made 8 strategic add-on acquisitions to fuel further growth and successfully executed 3 divestments.

In 2018, we introduced our Financial Services team, a new investment sector to further expand our product offering. Our corporate and investment teams have continued to grow by adding 16 new employees in Montreal and Toronto.

Our strategy remains unchanged: Novacap will continue to build world-class companies, partner with the best entrepreneurs, and continue to generate superior returns. We wish to thank our investors for their continued confidence and their loyalty.

JACQUES FOISYChairman of the Board and Managing Partner, Industries

PASCAL TREMBLAYPresident and Managing Partner, TMT

GROWING STRONGER

Marcel LarochelleManaging Partner Before joining Novacap, Mr. Larochelle held various executive positions in the asset management industry, including President and CEO of UBS Global Asset Management (Canada) as well as Executive Vice President and CFO for Fiera Capital. He also assumed responsibility for the activities of Mercer Investment Consulting for Canada and Latin America. Following this, he launched Mercer’s investment management subsidiary in Canada and was President for the Americas.

FINANCIAL SERVICES

Alain MiquelonSenior PartnerFrom 2007 to 2016, Mr. Miquelon was a member of the executive committee of TMX Group, serving as President and CEO of Bourse de Montréal Inc. and Group Head of Derivatives and fixed income markets, after having served as CFO and Head of Strategic Planning of Bourse de Montréal Inc. Mr. Miquelon’s experience also includes senior leadership roles for Mediagrif Interactive, Memotec Communications Inc. and in the investment banking group of Scotia Bank.

INDUSTRIES TMT

CORPORATE (MANAGEMENT)

ANOTHER YEAR OFEXCEPTIONAL

GROWTH

Xavier FortinAnalystMr. Fortin worked at the Caisse de dépôt et placement du Québec. He holds a bachelor’s degree in Commerce with a double major in Finance and Accounting from McGill University.

Kevin ChanAssociateMr. Chan worked as a Senior Manager, Corporate Development & Investor Relations at Yellow Pages Group and a Senior Advisor, Corporate development at Domtar Corporation.

Victor LeblancAnalystMr. Leblanc studied at the John Molson School of business, then worked at Deloitte, the Caisse de dépôt et placement du Québec and in the Real Estate division of Loblaw Companies Ltd, always involved in audit and analysis.

Alexandre GouletAnalystMr. Goulet worked at BMO Capital Markets where he was involved in multiple transactions, including buy-side M&A and debt financings. He also worked at The Boston Consulting Group.

Herk YangAnalystMr. Yang completed internships in Egypt, Pakistan and the United States. He studied at the Sun Yat-sen University and the Wilfrid Laurier University where he received the Medal for Academic Excellence.

Christopher O’ConnorCorporate ControlerMr. O’Connor worked at Manulife and Raymond Chabot Grant Thornton. He is a member of the Quebec Order of Chartered Professional Accountants (CPA, CA) and a CFA charter holder.

Sean McKinnon Head of Business DevelopmentMr. McKinnon was a Vice President and Co-Head of the M&A Practice at BFL Canada. Sean also worked as a lawyer in the Business Law Group at a large global law firm, where his practice focused on mergers and acquisitions, corporate finance and securities law.

Marc TrépanierBusiness Psychologist, Human Resources DirectorMr. Trépanier held the position of Director of Organizational Development at André Filion and associates. Previously, he held various recruitment and change management positions in the financial services, technology consulting and computer engineering industries.

Ambekha SinghAdministrative AssistantMs. Singh worked in both the public and private sectors: H+K Strategies and before, the Ministry of Health and Long-Term Care Blended Models Unit.

Jonathan ValeriatiSenior Analyst Mr. Valeriati worked as an Associate at KPMG Corporate Finance focusing on mid-market M&A and financing. Prior to working at KPMG Corporate Finance, Jon was as an Accountant in the Private Enterprises Group at KPMG.

Katherine D’Onofrio AnalystMs. D’Onofrio worked at National Bank Financial Markets as an investment banking associate, where she was involved in M&A and financing transactions. Previously, she also completed internships in private equity at the Caisse de dépôt et placement du Québec.

Kristin SmithVice PresidentMs. Smith was a Director in the Communication Systems and Technologies group at KPMG Corporate Finance in Denver, Colorado where she provided M&A advisory services. She has held previous roles at GMB, a Denver-based investment bank, BMO and KPMG Corporate Finance Toronto. Kristin is a CPA, CFA and CBV.

François-Frédéric TougasAssociateMr. Tougas was Manager, Mergers and Acquisitions Transactional services at Deloitte Montreal and Vancouver.

Martin Arcand-DusseaultFinancial AnalystMr. Arcand-Dusseault was involved in audits for retail commerce and car dealerships. He is a CPA and he was also an intern at the corporate department of Metro before becoming an auditor at Faucher Daviault.