MCAN Mortgage : 2022 Q2 Investor Presentation

Investor Presentation

August 9, 2022

Forward Looking Information

This presentation may contain forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the business and anticipated financial performance of MCAN Mortgage Corporation d/b/a MCAN Financial Group and its subsidiaries (the 'Company'). These statements are based on current expectations and are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include legislative or regulatory developments, competition, technology changes, global market activity, interest rates, changes in government and economic policy, general economic conditions in geographic areas where MCAN operates and the impact of, and responses to, COVID-19. Often, but not always, forward-looking information can be identified by the use of words such as "may," "believe," "will," "anticipate," "expect," "planned," "estimate," "project," "future," and variations of these or similar words or other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters.

The Company cautions readers not to place undue reliance on forward-looking statements when making decisions, as many risks and uncertainties could cause actual results, performance or achievements to be materially different from any future results, including those described in the Company's annual information form, management's discussion and analysis and other documents filed under the Company's profile on SEDAR at www.sedar.com. Certain statements included in this presentation may also be considered a "financial outlook" for purposes of applicable Canadian securities laws. The Company presents its outlook to assist shareholders in understanding management's assumptions and expectations on how the future will impact financial performance of the Company, and as such, these statements may not be appropriate for purposes other than this presentation. The Company does not undertake to update any forward-looking statements, whether oral or written, except as required by securities laws.

Non-GAAP and Other Financial Measures

This investor presentation references a number of non-GAAP and other financial measures and ratios to assess the Company's performance such as return on average shareholders' equity, net corporate mortgage spread income, net securitized mortgage spread income, and total shareholder return. These measures are not calculated in accordance with International Financial Reporting Standards ("IFRS"), are not defined by IFRS and do not have standardized meanings that would ensure consistency and comparability between companies using these measures. These metrics are considered to be non-GAAP and other financial measures and are defined and reconciled to the most directly comparable IFRS measure in the "Non-GAAP and Other Financial Measures" section of the Company's Q2 2022 MD&A available on SEDAR at www.sedar.com, which section is incorporated herein by reference.

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Invested in

Canadian

Communities

Our shareholders benefit from MCAN's investment in Canadian communities. MCAN offers exclusive access to a range of unique financing and investment opportunities for institutional and retail investors, originators and individuals across Canada that enables them to participate in Canadian real estate markets through:

• homeownership through mortgages
• our real estate expertise in construction lending and REIT investing
• access to private investment funds that are focused on lending and developing in our communities
• our ownership interest in MCAP, Canada's largest privately-owned

mortgage financing company	3

Our vision is to be the preferred mortgage lender and investor within our chosen real estate markets in Canada.

Our mission every day is to provide sustainable growth and returns for all our stakeholders

• through relationship-drivenmortgage lending and investing;
• by delivering quality work through an expert, engaged and committed team;
• with dedication to excellence in service of our clients, our colleagues and our community.

Our embedded culture

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MCAN's Business Model

Uniquely structured as flow-through Mortgage Investment Corporation ("MIC1")

• not taxed at the corporate level
• distribute all taxable earnings annually
• 67% of non-consolidated tax assets required to be held in residential mortgages and cash

Federally Regulated Financial Institution since 1991

• strong governance and risk management practices throughout the company
• lower cost of liability funding vs MIC peers
• experience managing the business through many housing and real estate cycles

LONG TERM OBJECTIVES

• Sustained 10% average annual growth of assets
• Sustained 13-15%

ROE

• Sustained and prudent dividend growth

1MCAN is a Mortgage Investment Corporation ("MIC") under the Income Tax Act (Canada). A MIC is a flow-through vehicle that is able to deduct from income for tax

purposes dividends paid within 90 days of year-end. The Company expects to pay sufficient dividends to ensure that it is not subject to income taxes in the MIC entity.5 MCAN would be subject to tax at a statutory tax rate of 38% to the extent that it does not pay sufficient dividends to eliminate its taxable income.