ONCAP approaches the private equity market with the orientation of a long-term owner of businesses, rather than as a portfolio manager focused on shorter term investment results. Each member of the ONCAP team has committed a significant amount of capital to ONCAP II, as has each senior member of the Onex investment team. We think and operate as business owners and are rewarded by the creation of value for all shareholders.

ONCAP focuses on strategic organic and acquisition growth opportunities as the primary driver for the creation of shareholder value. The level of financial leverage utilized by each operating company will be determined by the cash flow characteristics and the investment thesis for the business. ONCAP will ensure the capital structure does not inhibit growth.

ONCAP places a very high level of importance on developing a successful partnership with the management team at each of our operating companies. This partnership has two primary elements to it. First, we strongly encourage each member of the senior management team to invest personal capital in the business. This provides an alignment of interests with ONCAP as owners and gives them an opportunity to create wealth by building shareholder value. Second, ONCAP works very closely with senior management to develop and execute an investment thesis targeted at building significant shareholder value. ONCAP does not operate businesses but instead focuses on adding value in areas such as add-on acquisitions, financial structuring, strategic planning, improving financial and operating performance measurement and identifying and attracting experienced executives to serve as value added advisors to the business.

With each operating company, ONCAP works with the management team to build shareholder value over a long term ownership period. However, ONCAP and senior management will be responsive to market opportunities that offer the owners an opportunity to meet their shareholder value creation objective irrespective of the time frame.