Mount Logan Capital : March 2023 Investor Presentation

Investor Presentation

March 2023

Important Information

Disclaimer & Forward-Looking Statements

This presentation contains certain "forward-looking statements" and certain "forward-looking information" as defined under applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements in this presentation include, but are not limited to, statements relating to the future activities of Mount Logan Capital Inc. ("MLC", "Mount Logan" or the "Company"), performance of Ability Insurance Company ("Ability"), the assets under management ("AUM") and fee income expected to be derived from Ability, the benefits of Ability to the Company and its shareholders and the policyholders of Ability, the use by the Company of Ability as a platform to grow its business, future acquisition plans and availability of targets at attractive valuations, statements regarding the Company's potential future value and growth, Mount Logan's plans to decrease Ability's long-term care exposure and replace and grow assets by focusing the business on attractive annuity products, the recurring asset management fees to be derived from Logan Ridge Finance Corp. ("Logan Ridge"), the use by the Company of Logan Ridge as a platform to grow its asset management business, synergies to be achieved with Logan Ridge, the expectation of more stable net asset value and better trading multiples for Logan Ridge as a result of ML Management's investment strategy, ML Management's overall business strategy, model and approach to investment activities including as they relate to scaling Logan Ridge via strategic transactions, and the positioning of Logan Ridge within the Company's overall business strategy, the payment of future dividends, statements relating to the future growth, capital raising and lending of Crown Private Credit Partners Inc. ("CPCP") and any change in earnings potential for the Company as a result of any growth of CPCP, the expected increase in fee related earnings following the completion of the Ability Transaction, growth in fees will be derived from investment management activities of Sierra Crest Investment Management LLC ("SCIM"), statements relating to the potential benefits of registration of ML Management with the United States Securities and Exchange Commission, statements regarding the growth of the collateralized loan obligation ("CLO") industry and the Company's ability capitalize on the market opportunity presented thereby including the launch of new CLOs, statements relating to the Company's continued transition to an asset-light business model, the completion of the acquisition of Ovation Partners and any expected benefits of the transaction, and statements relating to the business and future activities of the Company.

Forward-looking statements are based on the beliefs of the Company's management, as well as on assumptions and other factors, which management believes to be reasonable based on information available at the time such information was given. Such assumptions include, but are not limited to, opportunities for Ability to build on its annuity reinsurance business will be available and the annuity reinsurance industry will continue to grow, market demand for insurance solutions and asset management will continue to increase, the ability of Mount Logan to scale asset and liability origination, Logan Ridge's ability to secure a flexible credit facility on more favourable terms than currently exists, Logan Ridge paying a regular and consistent dividend, SCIM remaining the investment adviser of Credit Income Fund following each two year renewal period and the Company will continue to receive the net economic benefit derived by SCIM under the Alt-CIF Advisory Agreement (as hereinafter defined), the Company will continue to benefit from its minority stake in SCIM, assumptions regarding general economic conditions; industry conditions; currency fluctuations and hedging; competition from other industry participants; stock market volatility; interest rate risk; the creditworthiness of and/or defaults by borrowers; the illiquidity of loans; continued lack of regulation in the business of lending from sources other than commercial banks; continued operation of key systems; the ability of borrowers to service their debt; continuing constraints on bank lending to mid-market companies; future capital needs and potential dilution to shareholders; retention of key personnel; conflicts of interest and adequate management thereof; solvency of borrower clients; limited loan prepayment; and effective use of leverage; and the strength of proposed and existing relationships with financing and sourcing partners, including BC Partners. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified below and in MLC's periodic filings with Canadian securities regulators. MLC undertakes no obligation to update forward-looking statements except as required by applicable law. Such forward-looking statements represents management's best judgment based on information currently available. No forward-looking statements can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including that that Ability may not generate recurring asset management fees or strategically benefit the Company as expected, the expected synergies by combining the business of Mount Logan with the business of Ability may not be realized as expected, the risk that the Company may not be successful in integrating the business of Ability without significant use of the Company's resources and management's attention, Logan Ridge may not generate recurring asset management fees or strategically benefit the Company as expected, the risk that ML Management's current plans for Logan Ridge are dependent on ML Management's current relationship with BC Partners and the nature of such relationship may change from time to time, Logan Ridge may not be able to refinance its existing debt on more favourable terms, theexpected synergies associated Logan Ridge to be achieved may not materialize, the investment advisory agreement in respect of Logan Ridge is subject to approval every year following its initial two-year term by Logan Ridge's board of directors, including a majority of its independent directors, and such approvals may not be obtained, the Company may not be able to identify and complete strategic acquisitions through Logan Ridge in order to scale the business, the risk that CPCP does not scale and grow its business in a way that provides a significant benefit to the Company, the Alt-CIF Advisory Agreement is subject to approval every two years and such approval may not be obtained, the CLO industry may not grow and develop as expected by the Company, the Company may not be able to capitalize on any growth within the CLO industry, the Company has a limited operating history with respect to an asset-light business model and the matters discussed under "Risks Factors" in the most recently filed annual information form and management discussion and analysis for the Company.

This presentation is not, and under no circumstances is it to be construed as, a prospectus or an advertisement, and the communication of this presentation is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase securities of the Company. This presentation is not intended for U.S. persons. The Company's shares are not registered under the U.S. Securities Act of 1933 and the Company is not registered under the U.S. Investment Company Act of 1940. U.S. persons are not permitted to purchase the Company's shares absent an applicable exemption from registration under each of these Acts.

To the extent any forward-looking statements in this presentation constitutes "future-oriented financial information" or "financial outlook" within the meaning of applicable Canadian securities laws, such information is being provided solely to enable a reader to assess the Company's financial condition and its operational history and experience in the asset management and insurance industries. Future-oriented financial information and financial outlook, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks set out above. The Company's results of operations and earnings may differ materially from management's current expectations. Such information is presented for illustrative purposes only and may not be an indication of the Company's actual results of operations or earnings. Readers are cautioned that forward-looking information containing future-oriented financial information or financial outlook may not be appropriate for any other purpose, including investment decisions. No representation or warranty of any kind is or can be made with respect to the accuracy or completeness of, and no representation or warranty should be inferred from the Company's projections or the assumptions underlying them.

This presentation contains information obtained by the Company from third parties, including but not limited to market and industry data. Market and industry data is subject to variations and cannot be verified with complete certainty due to limits on the availability and reliability of raw data at any particular point in time, the voluntary nature of the data gathering process or other limitations and uncertainties inherent in any statistical survey. Accordingly, the accuracy and completeness of this data are not guaranteed. The Company believes such information to be accurate but has not independently verified any of the data from third party sources referred to in this presentation or ascertained the underlying assumptions relied upon by such sources. To the extent such information was obtained from third party sources, there is a risk that the assumptions made and conclusions drawn by the Company based on such representations are not accurate. References in this presentation to research reports or to articles and publications should not be construed as depicting the complete findings of the entire referenced report or article.

The information presented herein is for illustrative purposes only. The performance metrics included herein are for historical reference only and there can be no assurance that the Company or ML Management and any investments or actions made by the Company or ML Management will perform as anticipated or that the Company or MLC Management will have access to the number and type of investment opportunities shown herein herein.

All amounts in this presentation are in United States dollars unless otherwise indicated.

Executive Summary

Mount Logan Capital Inc. ("Mount Logan", "MLC", or the "Company") is a publicly-listed (NEO:MLC) Canada-based alternative asset management company focused on investing in and actively managing credit investment opportunities in North America.

MLC Business Model

2022+

•  Synergistic asset management and insurance solutions model

•  Asset management business priced based on FRE multiple

•  Insurance business valued on P/B basis

Volume

AUM(1): ~$2.6 bln

500,000

400,000

300,000

200,000

100,000

0

Oct-2018

Jan-2019

Apr-2019

Jul-2019

Oct-2019

Jan-2020

Apr-2020

Jul-2020

Oct-2020

Jan-2021

Apr-2021

Jul-2021

Oct-2021

Jan-2022

Apr-2022

Jul-2022

Oct-2022

Jan-2023

EPS (Basic) (1): $0.82

EPS (Diluted) (1): $0.81

Following a number of strategic M&A transactions, Mount Logan is now positioned for significant growth in its diversified and stable asset management platform focused on credit and insurance

• (1) As of December 31, 2022

• (2) As of March 30, 2023

Mount Logan Capital History

2020 - Early 2021

Oct 2018Aug 2021

Oct 2021

Jan 2023 +

•  Owned and managed a portfolio of loans

•  Primarily interest + dividend income

•  Transition towards an asset light model with MLC's subsidiary, Mount Logan Management, being registered as an investment advisor in the U.S. and multiple acquisitions of management contracts

•  Significant growth in management fees and wind-down of balance sheet investments

•  Entered into a credit facility with a large US-based asset manager to support the growth of the business

Other Notable Events:

•  Synergistic asset manager and insurance solutions model

•  New, growing permanent capital base

•  Insurance business transitioned away from long-term care and towards annuities, signing $250m MYGA reinsurance agreements

July 2021: MLC acquires minority stake in Crown Private Credit Partners, a Canadian private credit manager

September 2022: MLC seeds Opportunistic Credit Interval Fund ("OCIF"), managed by Mount Logan Management

Why Mount Logan

Strong Leadership & Support

• • Founded in 2018 and led by Ted Goldthorpe, the management team has the track record, experience and pedigree of having worked at leading firms (Apollo, Goldman Sachs, & BC Partners) and through multiple credit cycles

• • MLC leverages best practices and operational excellence of BC Partners ($40bn+ alternative asset manager) via strategic servicing agreement

Compelling Combination of Stability & Growth

• • MLC has stable assets supported by permanent capital in the asset management business and predictable liabilities in the insurance business. The Company has the unique ability to harvest its predictable and stable asset management cash flows to further grow its retail and insurance businesses

• • Acquisitions in the asset management space (available at <10x FRE), growth of the retail business, and scaling the insurance Business are all expected to contribute meaningfully to growth

Uniquely Positioned versus Peers

• • While larger peers (Blackstone, Ares, Brookfield, KKR, Apollo, etc.) dominate funds flow, MLC is in the unique position to grow by pursuing opportunities that don't move the needle for these larger peers

• • MLC has a differentiated platform that sets it apart from other publicly-traded financials companies with respect to not only its ability to rapidly scale, but also its risk profile in an otherwise highly correlated sector

Attractive Valuation

• • Larger peers valued on Fee Related Earnings (FRE) multiples of ~20x, versus MLC trading at mid-single digits on FRE

• • Increased scale and earnings growth should help narrow the valuation gap over time

Valuing MLC as the sum of the parts at 10x FRE for the Asset Management business and at 0.5x BV for the Insurance business implies MLC is undervalued relative to its peers