Mount Logan Capital : May 11, 2023 — Mount Logan Capital Inc. Reports March 2023 Interim Results; Declares Shareholder Distribution

FOR IMMEDIATE RELEASE

Mount Logan Capital Inc.

Announces First Quarter 2023 Financial Results

Increases MYGA Volumes Quarter-over-Quarter, Increases Insurance Net Investment Income Year-over-Year,

Successfully Transitions to IFRS 17

Declares Quarterly Distribution of C$0.02 Per Common Share in the Second Quarter of 2023, Marking the

Fifteenth Consecutive Quarter of a Shareholder Distribution

TORONTO, May 11, 2023 - Mount Logan Capital Inc. (NEO: MLC) (the "Company" or "Mount Logan") announced today its financial results for the quarter ended March 31, 2023. All amounts are stated in United States dollars, unless otherwise indicated. The financial results have been adjusted for the adoption of IFRS 17 Insurance Contracts ("IFRS 17") which became effective January 1, 2023. IFRS 17 is effective for years beginning as of January 1, 2023, and has been applied retrospectively with a transition date of January 1, 2022. IFRS 17 does not impact the underlying economics of the business, nor does it impact the Company's business strategies.

First Quarter 2023 Highlights

• Continued to enter into new flow agreements for existing MYGA contracts, contributing to higher total assets in the insurance segment.
• Total net investment income for the insurance segment of the Company was $20.2 million, an increase of $9.3 million as compared to $10.9 million for the first quarter of 2022. The increase is largely due to interest received from MYGA securities acquired since the corresponding period in the prior fiscal year.
• Achieved 9.0%1 yield on the insurance investment portfolio, up 1.27% when compared to the fourth quarter of 2022 and up 4.0% when compared to the first quarter 2022. This is supported by capital deployment into higher yielding, floating rate opportunities coupled with the rise in underlying rates.
• Successful adoption of IFRS 17 effective January 1, 2023. IFRS 17 improves the accounting methodology related to insurance contracts, and it changes the principles of the recognition of insurance contract earnings of the insurance segment of the Company. IFRS 17 does not impact the underlying economics of the business, nor does it impact the Company's business strategies.
• Fee Related Earnings ("FRE") for the asset management segment of the Company was $1.4 million for the three months ended March 31, 2022, a decrease of $0.6 million as compared to $2.0 million in the corresponding period in the prior year.

1The yield is calculated based on the net investment income divided by the average of investments in financial assets for the current and prior period, and then is annualized.

Subsequent Events

• Closed the first step of the previously announced Ovation transaction pursuant to an amendment to the definitive agreement ("Amendment") on May 2, 2023 ("Amendment Date"). Until the final closing of the transaction, Ovation will remain the adviser of the alternative income platform, which is focused on investments in commercial lending, real estate lending, consumer finance and litigation finance. Certain employees of Ovation received and accepted offers for full time employment with ML Management (as defined below) effective as of the Amendment Date. Remaining employees of Ovation are expected to transition to ML Management upon the final closing of the transaction expected to occur in July 2023. Concurrent with the Amendment, a wholly owned subsidiary of Mount Logan upsized its existing credit facility by $4.5 million. Mount Logan will begin earning revenues from this acquisition immediately.
• Declared a shareholder distribution in the amount of C$0.02 per common share for the second quarter of 2023, payable on May 31, 2023 to shareholders of record at the close of business on May 18, 2023. This cash dividend marks the fifteenth consecutive quarter of the Company issuing a C$0.02 distribution to its shareholders. This dividend is designated by the Company as an eligible dividend for the purpose of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.
• The Company is pleased to announce the appointment of David Allen as a director of the Company. Mr. Allen is a Senior Advisor to Grant Thornton, a global tax, audit, accounting and advisory firm and a Senior Advisor and Board member of CBRE Investment Management, a real estate investment management firm. Mr. Allen has over 25 years of experience in deal origination, financings, mergers and acquisitions, valuations and restructurings, and previously held senior advisory positions with portfolio companies of private equity firms Trilantic Capital Partners, Warburg Pincus LLC, and previously served as a Senior Advisor to the credit platform of BC Partners Advisors L.P. Prior to working with BC Partners Advisors L.P., Mr. Allen was an Operating Partner at Apollo Global Management, responsible for the origination and structuring of assets supporting its future insurance operations. Mr. Allen received his Bachelor of Sciences, Industrial and Labor Economics, from Cornell University.
• Chief Executive Officer, Ted Goldthorpe, and Co-Presidents Matthias Ederer and Henry Wang, will receive no salary or bonuses of any kind for the 2023 fiscal year as a testament to management's commitment to and belief in Mount Logan's long-termvalue creation potential. Instead, their compensation will be 100% equity-basedcompensation granted pursuant to the Company's security-basedcompensation arrangements that vest vests over time for services rendered.

Management Commentary

• Ted Goldthorpe, Chief Executive Officer and Chairman of Mount Logan stated, "As we begin 2023, we are making progress on our growth objectives across both the asset management and insurance solutions verticals. Despite market volatility and slower primary market activity, we opportunistically deployed capital in opportunities and saw stable performance across our managed portfolios. We announced the completion of the first step of the Ovation transaction after quarter-end, which will drive incremental fee-related earnings for the business in the future. On the insurance solutions side, Ability continued to progress on its reinsurance activities of fixed annuities, helping grow total assets of the platform. We also recently completed the transition to IFRS 17 for insurance contract accounting, which contributed to an increase in expenses during the first quarter, but is an important milestone for our platform. I am grateful to our team for their commitment to the platform, which enabled Mount Logan's transformation over

these past months and years. I am excited to update our shareholders in the second quarter on additional progress we are making on growing fee-related earnings, increasing assets at the insurance company and further expanding Mount Logan's capabilities.

Selected Financial Highlights

• Total net revenue for the asset management segment of the Company was $1.8 million for the three months ended March 31, 2023, compared with $2.6 million in the corresponding period in the prior year. The decrease in revenue was largely driven by decreased management and servicing fees. Management and servicing fees decreased $0.4 million for the three months ended March 31, 2023, from the corresponding period in the prior year, primarily due to the net economic loss attributable to the Company's service agreement with Sierra Crest Investment Management LLC. Interest income and dividend income decreased $107 million for the three months ended March 31, 2023, from the corresponding period in the prior year due to the transfer of assets to Ability during fiscal 2022 as a result of the Company's continued expansion of its focus from a lending-orientedcredit platform to an alternative asset management platform.
• Total revenue for the insurance segment of the Company of $10.2 million, a decrease of $7.2 million as compared to $17.4 million for the fourth quarter of 2022 and an increase of $25 million as compared to $(14.8) million for the first quarter of 2022. The decrease quarter-over-quarter is primarily as a result of an overall decrease in net investment income, net gains from investment activities and realized and unrealized gains on embedded derivatives - funds withheld.
• Reported net (loss) income available to holders of common shares for the three months ended March 31, 2023, was $(29.5) million. This compares to reported net income of $22.9 million for the three months ended March 31, 2022. This decrease in reported net income was primarily due to adoption of IFRS 17 for insurance contracts.
• Adjusted net (loss) income available to holders of common shares for the three months ended March 31, 2023, was $(28.8) million. This compares to reported adjusted net income of $23.5 million for the three months ended March 31, 2022. Adjusted net income (loss) in the current and prior year periods excludes transaction costs, acquisition- related costs (including integration costs), and amortization of acquisition-related intangible assets for the asset management segment and certain market-related impacts and experience-related items for the insurance segment. This decrease in reported adjusted net income reflects the impact of the adoption of IFRS 17 for insurance contracts.
• Total Capital as at March 31, 2023, our total capital was $78.0 million, an decrease of $30.0 million from December 31, 2022. Total capital consists of debt obligations and total shareholders' equity.
• Basic Earnings per share ("EPS") was $(1.33) for the three months ended March 31, 2023, a decrease of $(1.54) from $0.21 for the three months ended December 31, 2022. The decrease in EPS across basic and adjusted presentation, as discussed below, is largely due to the adoption of IFRS 17 for insurance contracts applied retrospectively from January 1, 2022.
• Adjusted basic EPS was $(1.30) for the quarter ended March 31, 2023, a decrease of $(1.54) from $0.24 for the three months ended December 31, 2022.

Results of Operations by Segment

($ in Thousands)

1. Certain comparative figures have been reclassified to conform with the current year's presentation, including the reclassification of "Net realized and unrealized gain (loss)" to "Revenue".
2. Transaction costs are related to business acquisitions and strategic initiatives transacted by the Company.
3. Acquisition integration costs are consulting and administration services fees related to integrating a business into the Company. Acquisition integration costs are recorded in general, administrative and other expenses.
4. Non-cashitems include amortization of acquisition-related intangible assets and impairment of goodwill, if any.
5. Insurance Revenue item is presented net of insurance service expenses and net expenses from reinsurance contracts held.

Asset Management

Total Revenue - Asset Management

($ in Thousands)

Fee Related Earnings ("FRE")

Fee related earnings ("FRE") is a non-IFRS financial measure used to assess the asset management segment's generation of profits from revenues that are measured and received on a recurring basis and are not dependent on future realization events. The Company calculates FRE, and reconciles FRE to net income from its asset management activities, as follows:

($ in Thousands)

1. Includes add-back of management fees paid to ML Management. On October 29, 2021, the Company completed the acquisition of Ability and ML Management has been engaged as an investment adviser for a portion of Ability's assets.
2. Represents net for asset income management operating segment.