#1ryanmortgage INVESTOR PRESENTATION FEBRUARY 2023 AMUR CAPITAL A SIMPLER APPROACH TO INVESTING#2AMUR CAPITAL IMPORTANT DISCLOSURE ryanmortgage The following presentation is for discussion purposes only. It is intended to give potential investors a brief overview of Ryan Mortgage Income Fund Inc. ("Ryan"). Neither the information nor any opinion expressed in this document constitutes an offer to sell securities or financial instruments or provide any investment advice or service. The historic returns discussed in the document are not necessarily indicative of future returns. If a potential investor is interested in Ryan, he/she should review this product with their financial advisor prior to investing and request an Offering Memorandum and read it thoroughly prior to investing. All investments carry risk, including Ryan. There are risks associated with this investment which are outlined in greater detail in the Offering Memorandum, Subscription Agreement and Relationship Disclosure Document. The data in this presentation, including but not limited to, any guidance on future results, has not been audited and may be management's “most reasonable estimate". As discussed in this presentation, Ryan uses leverage to enhance its shareholder returns. As outlined in the Offering Memorandum, this leverage comes with increased risk to the shareholders. Two of the Directors of Ryan have a controlling and financial interest in Amur Financial Group ("AFG") and are directors of other companies that are subsidiaries and related to AFG. For more information on this relationship please see the Offering Memorandum and Relationship Disclosure Document. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation includes information, statements, beliefs and opinions that are forward-looking information and forward-looking statements under applicable Canadian securities laws (collectively, "forward-looking statements"), and that reflect current estimates, expectations and projections about future events. Forward-looking statements are often, but not always, identified by the words "believe", "expect", "anticipate", "intend", "estimate", "may" and other similar expressions or future or conditional verbs such as "will", "should", "would" and "could". While the information contained herein is believed to be accurate and reliable, neither of Ryan nor its affiliates, officers, directors, agents and representatives make any representation or warranty, expressed or implied, as to the accuracy of such forward-looking statements or any other written or oral information communicated in connection with this presentation, and Ryan, its affiliates, officers, directors, agents, representatives and advisors disclaim any responsibility or liability in connection therewith or arising therefrom. Ryan disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. The forward-looking statements may not be appropriate for other purposes. The forward-looking statements contained in these materials are expressly qualified by this cautionary statement. Although Ryan believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Ryan can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature such statements involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks that affect the operations of Ryan and the distributable cash generated by Ryan. These include, but are not limited to, (i) uncertainties associated with mortgage loans, including but not limited to costs of operation and financing and fluctuating demand for developed real estate; (ii) risks associated with mortgage loans, including but not limited to in respect of credit, liquidity, mortgage insurance, declines in property values, default, impaired loans, priority in the event of default and losses; (iii) competition in the mortgage loan industry; (iv) the impact of any changes in government regulations; (v) the effect of general economic conditions, local real estate markets, demand for leased premises, fluctuation in occupancy rates and operating expenses and various other facts; (vi) the availability of suitable investments and the amount of mortgages available; (vii) any changes in Canadian federal and provincial tax laws, proposals, other governmental policies or regulations and governmental, administrative or judicial interpretation of same; (viii) natural disasters, terrorist acts, health crises and other disruptions or dislocations; and (ix) loss of business and disruptions to our business plans and operations due to the ongoing coronavirus (COVID-19) global pandemic. The British Columbia Financial Services Authority ("BCFSA") regulates the mortgage brokering and lending activities of Mortgage Investment Corporations ("MICS") under the Mortgage Brokers Act (BC). The Registrar and the Mortgage Brokers Act do not regulate the capital raising and investment marketing activities of MICs which are subject to securities legislation and regulation. Amur Capital Management Corporation ("Amur Capital") is a selling party and a related entity, and is registered under the securities laws of the Provinces of British Columbia and Alberta to act as Ryan's exempt market dealer ("EMD") to sell its Preferred Shares in those jurisdictions pursuant to exemptions from the prospectus requirements. Intrynsyc Capital Corporation ("Intrynsyc") is a selling party and registered under the securities laws of the Province of Ontario to act as Ryan's exempt market dealer to sell its Preferred Shares in Ontario pursuant to exemptions from the prospectus requirements. If you are interested in purchasing Preferred Shares in Ryan please contact your financial advisor or Amur Capital Investor Relations to better understand the risks and your suitability for the product. There are restrictions on eligibility to purchase this product, contact your financial advisor or Amur Capital Investor Relations to learn more. 2#3AMUR CAPITAL ■ AMUR CAPITAL OVERVIEW ryanmortgage Amur Capital Management Corporation ("Amur Capital") is focused on providing investors with a simpler approach to investing Amur Capital is part of Amur Financial Group Inc. ("AFG") which has been operating in the Canadian mortgage lending industry for over 50 years and is one of the largest privately-held near-prime residential mortgage lenders in Canada with nearly $1 billion of assets under management Our investment alternatives provide both individual and institutional investors with access to residential mortgage funds that have demonstrated track records of delivering stable returns across a variety of risk/reward objectives Our vision is to be a leader in innovation, prudent governance and relentless pursuit of excellence for our stakeholders 3#4AMUR CAPITAL ryanmortgage THE AMUR FINANCIAL GROUP ECOSYSTEM О Ryan Mortgage Income Fund Inc. ("Ryan") is managed by AFG, a vertically-integrated mortgage originator, administrator and fund management firm that has underwritten over $3 billion of home equity loans through strong origination in every major population centre across Canada Mortgages originated by AFG are sold immediately and primarily to AFG's mortgage investment funds Mortgage Origination Nationally-recognized brands originating over $600M in mortgages annually Licensed to lend in British Columbia, Ontario, Alberta and Quebec The Amur Financial Group Ecosystem ○ Fund Management & Mortgage Administration Responsible for delivering annual returns in alignment with fund objectives across three risk/reward return profiles A dedicated team that administers and services in excess of 7,000 mortgages Investor Relations Registered Exempt Market Dealer ("EMD") with the BC Securities Commission and the Alberta Securities Commission Oversees all investor relations and capital raising activity Alpine Credits homeowners get approved Sequence Capital Private Mortgage Solutions ០៣ Mortgage Maestro о Comprised of over 20 team members Direct to consumer channel Broker to broker channel Full service brokerage AFG AMUR FINANCIAL GROUP Manchester INVESTMENTS ryanmortgage AMUR CAPITAL BLUESTRIPE#5AMUR CAPITAL ryanmortgage RYAN MORTGAGE INCOME FUND OVERVIEW Ryan was established in 1984 as a Mortgage Investment Corporation ("MIC") as per the Canadian Income Tax Act All MICs are "Flow Through Investments" in which 100% of profits are distributed annually to the participating shareholders All of Amur Capital's funds focus on Canadian residential mortgages ■ Ryan is the largest of the three funds offered by Amur Capital AMUR CAPITAL'S GROUP OF FUNDS1 Fund Fund Size Fund Objective % Portfolio in 1st/2nd Mortgages² Risk LTV Yield Target Profile Manchester Investments $218 Million Conservative 82% / 16% 47% 6.75% to 7.25% Medium Ryan Mortgage $648 Million Balanced 31% / 57% 53% 8.75% to 9.25% Medium Blue Stripe Financial $17 Million Growth 3%/79% 74% Over 12% High Notes: 1) As of December 31, 2022. 2) % of Portfolio by total dollar value of mortgage exposure. Each fund also includes a proportion of non first and second mortgages that make up the remaining balance of the fund. Manchester - 2%; Ryan - 12%; Blue Stripe - 18%. 5#6AMUR CAPITAL ryanmortgage RYAN MORTGAGE INCOME FUND INVESTMENT OBJECTIVES & POLICIES INVESTMENT OBJECTIVES ■ To earn the preferred shareholders a net return of 9.00% ■ Maintain a weighted average loan-to-value of less than 60% of the total mortgage portfolio (current loan-to-value is 52.5%) KEY INVESTMENT GUIDELINES* All investments must be secured by mortgages on Canadian real estate ■ The loan-to-value on each individual mortgage may not exceed 75% ■ All mortgages require a recent independent property appraisal prior to investing No more than 10% of the portfolio can be invested in commercial properties No individual mortgage can account for more than 2% of the portfolio * Unless otherwise approved by the Board of Directors. 1#7AMUR CAPITAL ryanmortgage RYAN MORTGAGE INCOME FUND ASSETS MANAGED & ANNUAL YIELD Over the past 10 years, Ryan has consistently provided its shareholders with a positive yield ranging from 9.05% to 9.92% 5 Year Average Yield: 9.57% 9.84% 9.70% _ 9.92% 9.79% 9.30% 9.15% 9.28% 9.05% 9.17% 9.15% $528 $446 $445 $369 $282 $225 $178 $128 $94 2013 2014 2015 2016 2017 Assets Managed ($M) $648 2018 2019 -Yield (%) 2020 2021 2022 Notes: From 2019 onwards, yield assumes reinvestment of all monthly dividends. Full details available in the OM and Audited Financial Statements. Return for 2020 is the annualized yield for the 13-months ended December 31, due to the fact Ryan's fiscal year end changed from Nov 30 to Dec 31 in 2020. 7#8AMUR CAPITAL ■ ryanmortgage MORTGAGE ORIGINATION STRATEGY Critical to any mortgage fund's success is its ability to source high quality loans. Most industry mortgage funds rely on its relationship with third- party mortgage brokers to source their mortgages. Ryan's strategy is unique in that it bypasses the "middle man" and lends directly to borrowers via its financial services providers Alpine Credits and Sequence Capital, which are part of AFG AFG has been involved in the private mortgage market since 1969 ○ ○ о Recognized brands with significant advertising budget focused exclusively on private mortgages Proprietary IT & business systems Over 120 employees in a central location allowing for economies of scale to administer a very large volume of loans "Geographically agnostic" marketing strategy - allowing AFG to shift markets based on current market conditions: • Advertising can be used in any province Loans officers are licensed in multiple provinces The relationships with Alpine and Sequence provide Ryan with a distinct competitive advantage over other private mortgage funds.#9AMUR CAPITAL ■ ■ ■ RISK MITIGATION – STRATEGY - Our proprietary business model allows us to manage a very large volume of mortgages (currently 5,156) Our preference is to invest in a lot of small loans rather than a few large loans - reducing our exposure per file On second mortgages, the fund managers tend to invest in smaller exposure loans With an average file mortgage value of $126,000 we have one of the lowest exposures per file in the industry MORTGAGE EXPOSURE ryanmortgage MORTGAGE SIZE % PORTFOLIO VALUE Position # Files Total Value LTV Average Exposure Average Yield 10% First Mortgages 864 Second Mortgages 3,870 Other TOTAL 422 5,156 $204 million $367 million $77 million $648 million 50.6% 53.7% 49.3% 52.5% $236,000 8.94% 26% $95,000 10.18% Less Than $100,000 ■ $100,000 to $500,000 64% $232,000 $126,000 11.39% Over $500,000 9.77%#10AMUR CAPITAL ☐ RISK MITIGATION – STRATEGY - We focus on residential real estate - in particular people's primary residence О All properties have an independent appraisal completed prior to funding Lower exposure and more liquid than commercial mortgages O Primary residence tends to be more than simply an asset (average ownership 12 years) ryanmortgage The Fund is geographically diversified across British Columbia, Alberta, Ontario and Quebec - reducing concentration risk in any one market Nearly 90% of the fund's mortgage maturities are less than one year 21% LENGTH OF HOME OWNERSHIP GEOGRAPHIC COMPOSITION 1% 9% 4% ■ Over 5 Years ON 3% 10% BC 2 to 5 Years 35% 55% AB Less than 2 Years QC 75% MORTGAGE MATURITY 11 Year or Less 1 to 2 Years 88% Over 2 Years 10#11AMUR CAPITAL KEY FUND PERFORMANCE METRICS ■ Ryan has incurred minimal loan losses and maintains a conservative loan loss provision ryanmortgage Year Portfolio Size Yield Loss Provision¹ Loss Provision as % of Portfolio Actual Losses Actual Losses Incurred Incurred¹ as % Portfolio 2013 $94 Million 9.30% $2,287,000 2.41% $99,000 0.14% 2014 $128 Million 9.15% $2,504,000 1.94% $64,000 0.07% 2015 $178 Million 9.05% $3,819,000 2.12% $681,000 0.53% 2016 $225 Million 9.28% $5,421,000 2.39% $861,000 0.48% 2017 $282 Million 9.70% $6,458,000 2.28% $451,000 0.20% 2018 $369 Million 9.84% $7,750,000 2.10% $1,292,000 0.44% 2019 $446 Million 9.92%3 $8,922,000 1.99% $1,015,000 0.28% 20202 $445 Million 9.79% 3,4 $9,455,000 1.84% $628,000 0.14% 2021 $528 Million 9.17%3 $9,652,000 1.80% $149,000 0.03% 2022 $648 Million 9.15%3 $10,601,000 1.65% $84,000 0.01% Loss Provision and Actual Losses Incurred are rounded to the nearest thousand. Fiscal year end prior to 2020 was Nov 30. From 2020 and onward, fiscal year end was revised to December 31. Assumes reinvestment of monthly dividends. Notes: 1) 2) 3) 4) Annualized yield for the 13-months ended December 31, 2020. 11#12AMUR CAPITAL CAPITAL STRUCTURE, REGULATORY & GOVERNANCE ■ There are approximately $485 million preferred shares outstanding (~1,700 accounts) ryanmortgage The Company has a very simple capital structure: (i) 1 Preferred Share = $1.00 = 1 Vote (ii) Preferred Shares receive 100% profits Leverage is employed with a $250 million operating line of credit provided from a syndicate of six chartered Canadian banks Management is subject to monthly bank compliance reports, quarterly board reviews, an annual bank audit and an annual financial statement audit (MNP LLP) REGULATORY OVERSIGHT Province Investors BC AB ON BC Securities Commission Alberta Securities Commission Ontario Securities Commission* Mortgage Lending Activities British Columbia Financial Services Authority Real Estate Council of Alberta Financial Services Regulatory Authority of Ontario * Amur Capital is not registered as an Exempt Market Dealer ("EMD") in Ontario. Amur Capital has engaged Intrynsyc Capital Corporation, which is registered under the securities laws of the Province of Ontario, to act as the EMD for Amur Capital's funds in Ontario. 12#13AMUR CAPITAL RYAN MORTGAGE INCOME FUND SUMMARY ryanmortgage Established: Type of Fund: Investment Focus: Taxation: Funds Under Management: Line of Credit: Most Recent Return: 5 Year Average Return: Capital Structure: Insider Holdings: 1984 Mortgage Investment Corporation (MIC) Canadian Residential Mortgages Flow Through Investment (taxes paid at the personal level as interest income) $648 million $250 million 9.15%* 9.68% 1 share $1.00 = 1 vote = 4.4% of total shares Data as of December 31, 2022. * Most Recent Return is December 31, 2022 unaudited yield. 13#14AMUR CAPITAL BOARD OF DIRECTORS ryanmortgage KURT WIPP, PRESIDENT & DIRECTOR Kurt has over 20 years of experience in finance, marketing and business operations including roles involving private equity investments, structured finance, capital allocation and investment banking. He holds an MBA from studies at the University of British Columbia and Universita Bocconi (Italy), a Joint Honors degree in Economics and Business from Simon Fraser University and has studied at various world class business schools including the Wharton School of Business, Columbia University, Chicago School of Business and the Oxford Said Business School (UK). BRENT WIPP, DIRECTOR Brent has been involved in the Western Canadian private mortgage market and consumer finance business since 1983 and has been on the board of each of Amur Capital's MICs as a director since their inception. He holds a mortgage broker's license in Alberta and British Columbia and received his Diploma of Technology from Selkirk College. KEVIN BUDD, DIRECTOR Kevin is President of Pacific Southshore Ventures & Monashee Capital. Kevin manages multiple investments in private business and provides M&A advisory and general corporate finance advisory. Prior to this, Mr. Budd was a Senior Officer and Vice President of Methanex Corporation whose responsibilities were leading transaction and capital markets activities. He holds an MBA from studies at the University of British Columbia and the London Business School (United Kingdom). He is a professional engineer and received an honors degree in Mechanical Engineering from Waterloo University. WADE NESMITH, DIRECTOR Wade co-founded Creation Capital Corp. in 2018 and led that company through its acquisition of Greenlane Biogas in 2019, with the resulting company, Greenlane Renewables Inc., being listed on the TSX Venture Exchange. Greenlane is now listed on the main board of the TSX and Wade chairs the company. Wade founded Primero Mining Corp. in 2008, acting as CEO until 2010 and Chairman until 2018. He was founding Board member of Westport Innovations Inc. and Silver Wheaton Corp. and was previously Superintendent of Brokers (Executive Director) of the British Columbia Securities Commission (1989-1992), and then a senior partner, specializing in securities law with Lang Michener LLP (now McMillan LLP) (1993 to 1998). He has been a director of more than 20 companies since 1993. Wade obtained his LLB from Osgoode Hall Law School. 14#15AMUR CAPITAL ryanmortgage For more information on Ryan Mortgage Income Fund Inc. and how to invest, please contact your financial advisor or Amur Capital Investor Relations: 1-866-888-4139 [email protected] 15#16AMUR CAPITAL ryanmortgage TERMINOLOGY MIC: Loan-to-Value: Mortgage Investment Corporation ("MIC") as defined by the Canadian Revenue Agency (CRA). Loan-to-value ("LTV") is the primary risk metric in the mortgage industry. It represents the total loans owing divided by the value of the property (at the time the mortgage was issued). For example, assume a client has a property worth $750k. The same client has a 1st mortgage of $300k and a 2nd mortgage of $100k. The LTVs would be as follows: Loss Provision: Annual Return: 1st Mortgage LTV: $300,000 $750,000 = 40.00% 2nd Mortgage LTV: ($300,000+ $100,000) = 53.33% $750,000 The annual amount of profit held back in order to protect the portfolio from future losses. Always net to shareholder (i.e. after our financial services fee). 16