Message from the Chairman

Wajax’s primary objective during 2019 was the continued execution of its growth strategy. Building on adjustments made in 2018 to increase focus on categories offering more resilient growth, the corporation again delivered stronger financial results – despite the more challenging market conditions which emerged as the year progressed. The corporation also advanced its major infrastructure initiatives, increased its financial flexibility and added to its ERS capabilities.

Board of Directors

Thomas M. Alford ▲n Director since 2014 Mr. Alford is President, Well Services of Precision Drilling Corporation.

Edward M. Barrett ●▲ Director since 2006 Mr. Barrett is Chairman and Co-Chief Executive Officer of Barrett Corporation.

Anne E. Bélec ●▲ Director since 2018 Ms. Bélec is the Co-Founder and Chief Executive Officer of Mosaic Group, LLC.

Douglas A. Carty ●n Director since 2009 Mr. Carty is a corporate director and the Chairman and Co-Founder of Switzer-Carty Transportation Inc.

Sylvia D. Chrominska ●▲ Director since 2015 Ms. Chrominska is a corporate director.

Robert P. Dexter

Director since 1988 Mr. Dexter is Chairman and Chief Executive Officer of Maritime Travel Inc. and the Chairman of the Board of Directors of the Corporation.

John C. Eby ●n Director since 2006 Mr. Eby is a corporate director and a Founder and the President of Developing Scholars.

A. Mark Foote

Director since 2012 Mr. Foote is President and Chief Executive Officer of the Corporation.

Alexander S. Taylor ▲n Director since 2009 Mr. Taylor is President, Nuclear of SNC-Lavalin Group Inc. It was another busy year at Wajax, with Mark and his team continuing to work diligently on the execution of the corporation’s growth strategy. Consistent with that focus, the majority of Wajax’s growth in 2019 again came from Targeted Growth categories – categories offering Wajax more resilient growth throughout the commodity cycle. Consolidated performance in these categories was strong and the corporation delivered record revenue and increased net earnings – despite weakening conditions in western Canada and a significant decline in the demand for construction equipment nationally. The corporation also continued to advance its major initiatives, such as its new ERP system and Customer Support Centres, each of which will help transform Wajax and the experience it provides to its customers. Steps taken during the year to increase the corporation’s financial flexibility, including the public offering of senior unsecured debentures completed in the fourth quarter, will help to ensure that the corporation has sufficient capital to pursue strategic acquisitions – such as the acquisition of NorthPoint Technical Services which closed in early January 2020. Last, but very certainly not least, Wajax employees achieved another record year in workplace safety through a continual focus on injury prevention. The health and safety of the Wajax team has become a fundamental aspect of the corporation’s culture. While continuing to monitor the pace of change at the corporation, the board shifted its attention during the year towards the changing market conditions and their impact. Although these conditions dampened the financial expectations we held at the outset of the year, the stronger financial results achieved in spite of them underscore the progress made in transforming Wajax since the strategic reorganization announced in 2016. As a board, we believe that these results also validate the corporation’s growth strategy and its emphasis on more resilient product categories and regional diversification. As a result, we remain very confident in that strategy and the direction of Wajax. Regrettably, Anne Bélec has advised that she will not be standing for re-election as a director of the corporation. On behalf of the board, I thank Anne for her contributions and wish her all the best as she takes on other challenges. As the important work continues, Wajax employees continue to show their mettle. On behalf of the board, I thank them for their energy and enthusiasm. Thank you as well to the corporation’s many loyal customers and suppliers for their continued support, and to my fellow directors for their counsel throughout the year.

Robert P. Dexter

Chairman of the Board

● Audit Committee ▲ Human Resources and Compensation Committee n Governance Committee