#1Investor Presentation February 9h, 2021 ALGOMA CORPO CENTRAL RATION#22 Disclaimer GOD ALGOR RAL-NO ENTR This presentation does not constitute an offer or invitation to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. The information contained in this presentation has been prepared by Algoma Central Corporation (the "Company") and contains information pertaining to the business and operations of the Company. The information contained in this presentation: (a) is provided as at the date hereof, is subject to change without notice, and is based on publicly available information; (b) does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate an investment in the Company; (c) is not to be considered as a recommendation by the Company that any person make an investment in the Company; and (d) is for information purposes only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell or issue, or subscribe for any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Where any opinion or belief is expressed in this presentation, it is based on certain assumptions and limitations and is an expression of present opinion or belief only. Any third party information has not been independently verified. While the Company may not have verified the third party information, it believes that it obtained the information from reliable sources and has no reason to believe it is not accurate in all material respects. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. The Company disclaims and excludes all liability (to the extent permitted bylaw), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information in this presentation, its accuracy, completeness or by reason of reliance by any person on any of it. This presentation should not be construed as legal, financial or tax advice to any individual, as each individual's circumstances are different. Readers should consult with their own professional advisors regarding their particular circumstances and the Company assumes no liability for any consequences to the investor of any investment in the Company's securities. A prospective investor is not entitled to rely on parts of the information contained in this presentation to the exclusion of others. The Company has not authorized anyone to provide prospective investors with additional or different information. This presentation does not contain all of the information that would normally appear in a prospectus under applicable Canadian and United States securities laws. The delivery of this presentation, at any time, does not imply that the information contained in the presentation is correct as of anytime subsequent to the date set forth on the cover page of the presentation or the date at which such information is expressed to be stated, as applicable. The securities of the Company are not and will not be registered under the Securities Act or the securities laws of any state of the United States and may not be offered and sold in the United States or to, or for the account or benefit of, U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. Any public offering of securities in the United States requires the filing of a registration statement under the Securities Act by the issuer of such securities containing detailed information about the issuer and its management, as well as the issuer's financial statements. Your Marine Carrier of Choice T#3Disclaimer (cont'd) RAL-NO ENTR ATION FONTY-COM Any information in this presentation demonstrating or implying the historical performance of the Company or any other entity addressed in this presentation is intended only to illustrate past performance of such entities and are not necessarily indicative of future performance of the Company or such entities. An investment in the Company may have tax consequences to the investor. INDUSTRY INFORMATION This presentation also contains or references certain market, industry and peer group data which is based upon information from independent industry publications, market research, analyst reports and surveys and other publicly available sources. Although the Company believes these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of data, the voluntary nature of the data gathering process and other inherent limitations and uncertainties. The Company has not independently verified any of the data from third party sources referred to in this presentation and accordingly, the accuracy and completeness of such data is not guaranteed. NON-GAAP MEASURES This presentation contains certain financial performance measures that are not recognized or defined under IFRS ("Non-GAAP Measures"). As a result, this data may not be comparable to data presented by other companies. The Company believes that these Non-GAAP Measures are useful indicators of performance and are specifically used by management to assess the current and future performance of the Company. Non-GAAP Measures should be considered together with other financial information prepared in accordance with IFRS to enable investors to evaluate the Company's performance and prospects in a manner similar to the Company's management. Accordingly, these Non-GAAP Measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. FORWARD-LOOKING STATEMENTS To the extent any forward-looking statement in this presentation constitutes “future-oriented financial information" or "financial outlooks" within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks set out above under the heading "Forward Looking Information". The Company's actual financial position and results of operations may differ materially from management's current expectations and, as a result, the Company's revenue and expenses. 3 ALL AMOUNTS IN C$ MILLIONS, UNLESS OTHERWISE NOTED Your Marine Carrier of Choice T#4Today's Presenters 4 Gregg Ruhl President & Chief Executive Officer Peter D. Winkley Chief Financial Officer RAL-NOT ENTR Your Marine Carrier of Choice T#5Table of Contents 1 Executive Summary 2 Company Overview 3 Company Attributes RAL-NOT ENTR 5 Your Marine Carrier of Choice T#6Executive Summary Section I INNOVATOR#7Company in a Nutshell 7 Algoma Central Corporation ("Algoma" or the "Company") is a leading provider of maritime transportation services within the Great Lakes - St. Lawrence Waterway as well as other specialized markets internationally - The Company serves as a critical link in the supply chains of its large industrial customers, who it supports through long-term contractual arrangements A leader in the shipment of bulk commodities, such as grain, ore, steel, salt, cement and petroleum products - Algoma has a long operating history, with over 70 years of uninterrupted profitability, and has been listed on the TSX since 1959 (TSX: ALC) - For the LTM period ended 09/30/20, Algoma generated revenue of $560million and Adj. Basic EPS of $1.21 Your Marine Carrier of Choice T#8Algoma Central - Provider of Critical Maritime Infrastructure ■ Incorporated in 1899 as the Algoma Central Railway Company, Algoma Central Corporation ("Algoma" or the "Company") owns and operates the largest fleet of dry and liquid bulk carriers on the Great Lakes - St. Lawrence Waterway - Leader in the shipment of bulk commodities in the Great Lakes and specialized markets internationally Provides maritime transportation services that are a core, necessary component of its customers' supply chains High barriers to entry protect Algoma's market leadership position Ownership interest and management of approximately 83 vessels Large, modern and well-maintained fleet with a replacement value of $2bn, of which $1.3bn is related to the Company's core domestic specialized fleet Long operating track record with over 70 years of uninterrupted profitability ■ LTM results (1): Revenue of $560million and Adj. Basic EPS of $1.21 ■Listed on the TSX since 1959 (TSX: ALC) ■ Headquartered in: St. Catharines, Ontario, Canada with ~1,500 employees Business Unit Summary CY2019 EBITDA Breakdown by Business Unit 31% 12% 36% 21% Domestic Dry-Bulk Domestic Product Tankers Ocean Self-Unloaders Global Short Sea Shipping ALGOM CORP ENTRAL Great Lakes, St. Lawrence Waterway, and Atlantic Canada Domestic Dry-Bulk ■ Versatile fleet of dry-bulk vessels comprised of both self-unloading carriers and gearless bulkers Domestic Product Tankers ■ Safe and reliable transportation services for liquid petroleum products with a fleet of tanker vessels International Niche Markets / Trades Ocean Self-Unloaders Transport of dry-bulk commodities centered in North and South America with a unique fleet of ocean-going self- unloading vessels Global Short Sea Shipping ■Three 50% JVs with NovaMarine; includes specialized cement carriers, short sea mini bulkers, and deep sea bulkers 8 (1) LTM figures at Sept. 30, 2020. Source: Company filings Your Marine Carrier of Choice T#9Simplified Business Segment Structure 6 Algoma Central Corporation 100% 50% 100% RAL-NOT ENTR Domestic Product Tankers Ocean Self-Unloaders Global Short Sea Shipping (JV Interests) Investment Properties 100% 100% Domestic Dry-Bulk Core Marine Businesses Investments and Non-Core Businesses Source: Company materials. Your Marine Carrier of Choice T#10Company Overview Section II#11The Great Lakes - St. Lawrence Seaway is a Critical Regional Transportation Corridor By the Numbers $6 trillion annual economic output 30% combined Canadian-U.S. economic activity +50 million jobs 230 million metric tons of cargo delivered each year through the corridor Connects more than 110 port cities and towns N 0 95,000 square miles of navigable waters 16 total U.S. and Canadian Seaway locks TACORITE HARBOR SILVER MAY TWO HARDS Ports ARATHON CRON BAY THUNDER BAY Lake Superior HOUGHTONMANOCK WICHICOTIN ONTARIO QUEBEC ON ONOGAN SUF BAR ASHLAND MINNESOTA FRESQUE ISL MARQUETTE WUNSING PORT INLAHD BREVORT STONE CANA HINDWALE WISCONSIN МАНЖЕТЕ GREEN BAY MANITOWOC FORT WASHINGTON WILWAUKE MAUBERAN Lake Michigan ПИКАСО CALUMET BLINGTON INDIANA HO SALT STE MARIE THESSALON CEDARALLE LICENS DRU WMICND CHENOVCE FRESQUIS CHARLEVISE ALLA TRAVERSERITY PORT GYPSUM SERPENTHWAROWA MELORUN BAY Lake Huron CWEN SOUND PARRY SOUND MELAND ONTARIO FRANKFORT MANISTEE LUCINGRON SAGE MICHIGAN WUSKEGON GRANDHAVEN HOLLAND ST. JOSEPH НАЛОСИ BEACH PORT HURON MARYSVILLE ST.CLAM HANNE CITY DETROIT VER ROLICE WIND ECCSE GODERICH SRL ROWANEL OSHAW TORONTO PORT CREDIT CLARKSON HAMILTON BATH FACTORY CARDINAL JOHNSTOWN Lake Ontario WELLAND CANALTONAWANDA PORT COLORINEUFFALD COUR HIGH PORT DOVER PORT LAVISTION DOGSVLLE TRENTON TOLEDO PORT STAN Lake Erie MARBLEHEAD SANDUSKY URON CLEVELAND THORG CONNEAUT HAR DIR ROCHESTER OSWEGO PENNSYLVANIA ILLINOIS INDIANA OHIO ОЧЕВЕС СЛУ TROS VIERES RECUR FORE CONTRECOEUR слоестави WALLEYFIELD NEW YORK OD ALGOR SEPTLES FORT CURTIER E St. Lawrence River BA-COMEAN RAL-NOL ENTR The Great Lakes is one of the world's largest trade economies and is a vital deep draft waterborne transportation link for moving goods between North America's heartland and international markets Source: The St. Lawrence Seaway Mgmt. Corp., Saint Lawrence Seaway Development Corp. and Chamber of Marine Commerce. 11 Your Marine Carrier of Choice T#12The Evolution of a Leading Regional Infrastructure Company Algoma Today (2020+) RAL-NOL CENTR Building a Maritime Infrastructure Platform (2000 - 2019) Well-capitalized and entrenched with customers Long-term investments in asset base Great Lakes fleet renewal largely complete - Expanded domestic product tanker fleet Growing with its customers Great Lakes Heritage (1899-1990s) Incorporated originally as a railway; acquired four vessels exporting ore in exchange for land concessions ■Marine business becomes largest unit by 1973 ■ Railway sold in 1995 ■Consolidator in Great Lakes market in the 1980s and 1990s ■ Achieves leading market share in the Great Lakes ■ Selective and strategic expansion into niche markets/trades with similar characteristics Self-unloaders in the America's through pool with CSL - - Acquires Canadian flag tanker fleet of Imperial Oil Establishes JVs in global short sea shipping ■ Divesture of legacy real estate assets to focus on core maritime infrastructure business ■ Returning capital to shareholders 12 Continuously evaluating and strategically positioning Algoma's asset base to maintain a leadership position within defensible, regulated trades with a strong cash flow profile Your Marine Carrier of Choice T#13Not Just Another Shipping Company - Why Algoma is Different Business Model # of Market Participants Assets Employment | I GOMA CORP CENTRAL RATION Provider of service and assets necessary for customers' supply chains Limited Typical International Shipping Company * Asset provider (just steel) × Commoditized * Highly fragmented RAL-NOV ENTR Specialized to suit trading regions and commodities transported Long-term focus with strong earnings visibility COA business with network efficiencies providing customer retention advantage Standardized × Typically spot or short-term oriented with earnings volatility Barriers to Entry High; relationships, scale, regulations and specialized vessels Limited; mainly capital 13 Your Marine Carrier of Choice T#14Unique and Unmatched Aspects of Algoma's Self-Unloader Fleet - Creating Barriers to Competition 1 Long-Term Solution Provider Longer-term contractual arrangements on the back of long-term relationships; "stickiness of trade" Significant scale (e.g. numerous ships) required to provide efficient and reliable service that customers need ■Contracts of Affreightment (COA's) with multiple customers within book of business create complimentary trading efficiencies FORTY-COM 2 Necessary Link in Supply Chain Versatile fleet with various sizes of self-unloaders able to navigate the Great Lakes and other specific coastal and river markets Ability to access many import facilities that have shore-side receiving facilities only designed for self-unloaders (i.e. a regular dry-bulk ship cannot compete) 14 Algoma's unique industrial shipping capabilities position it as a best-in-class maritime infrastructure provider with compelling barriers to competition Your Marine Carrier of Choice T#15Business Unit Overview GOD ALGOR ATION TRAL NO ENTR Commodities Transported Contract Terms Fleet Overview Great Lakes, St. Lawrence Waterways, and Atlantic Canada Domestic Dry-Bulk Dry-bulk products including iron ore, grain, salt and stone aggregates Primarily long-term contracts of affreightment and several time charters ■Freight rate agreements include a mechanism to pass fuel cost changes through to customers and a CPI adjustment ■Contract terms generally vary between 3 and 7 years 11 self-unloading bulk carriers and 8 gearless bulk carriers (1) Domestic Product Tankers Primarily semi-refined products between refineries, which are essential in keeping the facilities operational ■ Also transport refined products such as gasoline, kerosene and jet fuel Long-term time charter based services agreements where rates are set for each ship on $ per-day basis Base time charter rates are subject to a CPI adjustment 8 double-hull product tankers; charter additional capacity to meet demand International Niche Markets / Trades Ocean Self-Unloaders ■ Coal, crushed aggregates for construction, gypsum for wallboard, iron ore and salt for winter road safety Primarily contracts of affreightment Longer term, up to 10 years ■Fuel cost (bunkering) adjustment clauses 8 ocean self-unloaders commercially managed as part of the 18 vessel CSL International Pool Global Short Sea Shipping ■ Diverse set of dry-bulk commodities in support of agricultural, cement, construction, energy and steel industries worldwide ■Specialized cement fleet carries powdered cement for use in construction/infrastructure projects Longer term time charters and COAS in specialized cement space with long-standing customer relationships in regional short sea markets In the short sea mini bulker space, shorter term COA's and charters (1-yr or less) in regional markets with long- term customers Consists of three JV's with 50% interest in specialized global fleets 17 pneumatic cement carriers - 18 mini-bulkers(2) 4 deep-sea bulkers ■"Asset-light" optionality, which is not available domestically % EBITDA (CY 2019) 36% Compass ArcelorMittal Minerals Key Customers Cargill (Ugs) United States Steel GB Li LA LAFARGE RICHARDSON (1) One bulk carrier is owned by a third party. 15 (2) Manage additional ships for other owners. 21% Esso Imperial Oil (owned -70% by Exon) IRVING 31% National Gypsum. POLARIS MATERIALS GP Martin Variotta Georgia-Pacific 12% CEMEX enel H LafargeHolcim HEIDELBERG Rio Tinto Your Marine Carrier of Choice T#16Specialized Asset Base - A Necessary Link in Supply Chains of Customers Lakes Self-Unloader Lakes Gearless Bulker Domestic Product Tanker Ocean Self-Unloader Specialized Cement Carrier ENTR WOW.CORPO ATION Short & Deep Sea Mini-Bulker SCER MARLEEN SIDE MARLEE Key Features Principal Trades Size: 23-37,000 dwt Discharge cargo using on-board equipment; does not require port infrastructure Can discharge directly to stockpiles or storage facilities ■ Cargo in holds emptied onto conveyor belt and out on a mounted boom Size: 31-39,000 dwt Maximum size that can effectively navigate the Great Lakes region (max LOA of 740 ft) ■ Size: 11-18,500 dwt ■ Size: 45-76,000 dwt ■ ■ IMO II ice-class product tankers Smaller size vessels, well-suited to needs of regional trade ■ Specialized crews that meet qualifications required ■Inter-refinery movement of partially refined products ■ Purpose built to maximize cargo capacity through Seaway (dry bulk only) Canadian flagged vessels that require Canadian crews ■ Pilots required to navigate Great Lakes waterways; Algoma has its own Road salt, aggregates and other construction materials Iron ore and coal for steelmaking Grain for domestic milling Grains from Lakehead to elevators on the lower St. Lawrence for transshipment to global markets Iron ore from U.S. mid-west to the Gulf of St. Lawrence ports for export Cargoes include a variety of refined petroleum products and can also include crude oil The vessels are capable of and occasionally carry non-petroleum based chemicals Larger, specialized vessels offering exceptional versatility and efficiency Can operate and discharge cargo in any accessible waterway Reduces infrastructure and labour requirements Competitive solution that results in customer stickiness Commodities moved include aggregates, stone, gypsum, and thermal coal Construction products into US, Caribbean markets, and Canada Coal into same markets ex-US Size: 4-15,000 dwt (1) Utilize a specialized pneumatic pump system to load and discharge cement powder in an efficient and environmentally responsible manner ■ Largest and youngest fleet of pneumatic cement carriers in the world ■ Generally smaller and well suited to regional or hub-and- spoke trades Great Lakes, St. Lawrence River and East Coast South East Asia; Mediterranean; Caribbean and Baltic Other Global markets Size: 6-15,000 dwt ■ Generally equipped with cranes and grabs for unloading and designed to maximize cargo capacity in ports with draft and other port/dock restrictions 2 of 6 contracted new build vessels have been delivered (remainder through end of 2021), which will provide significant speed, capacity and fuel efficiency advantages versus competing assets Vessels trade principally in Europe and on East Coast of North and South America Also support agricultural, energy, construction and steel industries worldwide 16 (1) One cement carrier with a capacity of 27,000 dwt. Your Marine Carrier of Choice T#17Long-Term, Sustained Investments in the Asset Base - - - 1 Domestic Dry-Bulk Renewal - $435 million since 2009 Fleet renewal largely complete with eight new Equinox class vessels delivered over the last decade Significantly reduced the average fleet age by approximately 30 years Improved safety, ergonomic and crew comfort innovations to drive employee engagement and other efficiencies Environmental benefits with better fuel efficiency resulting in 40% less greenhouse gases per tonne- kilometre of cargo carried Numerous technological improvements to increase vessel speed, capacity and overall efficiency A 650' Equinox Class self-unloader was delivered on September 29th, 2020 and in service in November 2020 In addition, a 740' gearless bulker is currently under construction and is expected to be delivered in Q2 of 2021 2 Domestic Product Tanker Fleet Expansion - $39 million in last 2 years Acquired two vessels in December 2018 and April 2019 to meet increased demand Increased revenue days of fleet by over 30% - Significantly reduced the average fleet age - - 3 Increased Ocean Self-Unloader Pool Ownership – US$224 million (2015 to 2019) 17 Acquired the interest of Oldendorff in the CSL Pool in 2019, increasing participation stake to 40% Increased the ocean going self-unloader fleet over the last five years from two to eight vessels operating in the Pool ALGOMA EQUINOX ST CATHARINES IMO 9613827 ALGOGONDO RAL-NOT ENTR Your Marine Carrier of Choice T#18Operational Excellence Supported by Leading Safety Track Record Algoma Central is committed to injury prevention and continuously innovates operational improvements to drive a safe, efficient and sustainable working environment Algoma Central's Safety Management Culture Defined worker safety practices and programs with the goal of ensuring all employees return home safely Safety Management ■Certified to various global industry healthy and safety standards ■ Safety Management practices include: - - - Hazard identification Review of leading incident indicators Senior management incident review Off-the-job safety protocols ■ Successful navigation of COVID-19 through established industry partnerships Safety Training & Drills ■ Part of Algoma's daily operations for prevention, mitigation and incident response ■ Closely monitors all regulatory requirements to ensure safety and training meets and exceeds industry standards - ■ Supplemental programs include: Marine Medic certifications Professional development of piloting officers through ship handling training Safety In Partnerships ■ Algoma strives to align health and safety efforts with its business partners ■ Dedication to a safe working environment extends beyond its employees and includes: Customers - Contractors Suppliers Labour unions Regulators Navigating through COVID-19 is a testament to the Company's successful partnerships 18 Safety Indicators Lost Time Injuries -O-LTIS / 200k hrs 48 41 34 29 26 20 21 20 18 18 17 15 2.7 2.4 2.0 1.5 1.7 1.2 1.3 1.4 1.4 1.5 1.5 1.1 2008 2009 2010 2011 ☐2012 2013 2014 2015 2016 2017 2018 2019 Your Marine Carrier of Choice T#19Company Attributes Section III 127 P2#20Key Company Attributes $ RAL-NOT ENTR 1 A Leader in the Great Lakes Market 2 Core Component of North American Transportation Infrastructure 3 Compelling Cash Flow Profile 20 20 H Ө 4 Highly Defensible Business 5 Diversified Revenue, Large Customers and Stable End Markets 6 Experienced Workforce with Deep Industry Knowledge and Expertise Your Marine Carrier of Choice T#21A Leader in the Great Lakes Market ENTR RAL-NOU ONLY-COM Proven track record and reputation as a leading Great Lakes provider that continuously delivers a high quality, reliable service to its customers 1 Hard-to-Replicate Brand, Asset Base and Business Model Largest operator in the Great Lakes St. Lawrence Waterway - ■ Strong reputation and best-in- class commercial experience ■ A compelling contracted business model predicated on management's market intelligence and long-term customer relationships Large, modern and well- maintained fleet with a replacement value of up to $2bn, of which $1.3bn is related to the Company's unique, core domestic specialized fleet 24 21 3 ALGOMA CENTRAL CORPO نسا 2 Sticky, Long-Term Relationships with Blue- Chip Customers Trusted and critical supply chain partner to numerous blue-chip companies Scale and track record provides ability to serve largest and most demanding customers Relationship history with top customers span multi- decades ■Revenues driven primarily through multi-year contracts, allowing for a strong base of contracted cash flows Mutually beneficial partnerships reinforce defensible market position Safety and Operational Excellence ■Service delivery is underpinned by a rigorous approach to safety, security and environmental protection Compliance and risk management are key differentiators in the industry and are critical for operators to do business with blue-chip customers Your Marine Carrier of Choice T#22Core Component Of Regional Infrastructure - No Efficient Alternatives Exist Transportation Criteria(1) RAL-NOL ENTR OUTY CO Decision Points Physical Constraints Economic Considerations Other Factors Infra Availability Load Capacity Price Haul Distance Transport Speed Safety Fuel Emissions | Shipping Mid High Low High Low High Low Rail Low Mid Mid High Mid Mid Low Truck Low Low High Low High Mid High Pipeline Low High Low High Mid Low N/A Undesirable Desirable 11.9 14.2 CO2 grams per metric ton/km 75.5 1 Distance (km) 1 metric ton of cargo 35 travels on 1 liter of fuel Ship Rail Truck Cargo Volume 301 (0° 243 213 OR 946 Benefits of Maritime Shipping Increases safety, reliability and economies of scale Reduces fuel use minimizes environmental impact Reduces traffic congestion > Reduces highway infrastructure costs Improves workplace safety Reduces noise and pollution Shipping is the preferred mode for transporting key commodities across the Great Lakes and St. Lawrence Seaway, primarily because it is a safe, environmentally-friendly and economical mode of transport (1) All criteria classifications are relative. 222 22 Your Marine Carrier of Choice T#23Compelling Cash Flow Profile Proven track record of generating stable operating cash flow for over two decades Compelling business model delivers an attractive cash flow profile Critical infrastructure partner Significant barriers to entry Long-term customer relationships Favorable contract terms including: minimum volume commitments, price escalation clauses typically tied to inflation rates and fuel cost adjustments that are passed through directly to the customer Operational Excellence Attractive Margins 23 23 ALGOMA CENTRAL RATIONS CORPO High Quality Counterparties ENTR Modest Leverage Long Useful Life Assets Source: Company filings Your Marine Carrier of Choice T#24Multiple Defensive Attributes Protect Algoma's Market Leadership Position Significant Scale and Operating Expertise ✓ Only a limited number of independent operators have the safety record, geographic footprint, fleet size and logistics expertise of Algoma in transporting grains, iron ore, stone, cement, and refined products Transportation of key commodities requires expertise, routine inspections and code compliance ✓ Scale required to provide customers with highly responsive and reliable network, particularly for COA business ✓ Replacement value of up to $2bn, of which $1.3bn is related to the Company's unique, core domestic fleet Regulatory Restrictions Significant regulation of the domestic waterways transportation industry in both Canada and the US, namely by the Coasting Trade Act and the Jones Act The Coasting Trade Act protects Canadian ship owners from unfair competition from countries that have lower wages or lower standards of safety, by forcing such foreign ship owners to obtain a coasting trade license before being allowed to use foreign vessels in Canadian waters ✓ Additional barriers including emissions and marine pilotage regulations Entrenched Customer Base ✓ Algoma enjoys stable and longstanding relationships with a large and diversified set of high quality customers, many of which have utilized the Company's services for decades and demand long-term experience and safety records ✓ Earned a trusted reputation among its customers due to its commitment to and track record of consistent service, safety and environmental stewardship ✓ Core to the supply chain of regional refineries, providing many intermediate/"semi-refined" products necessary for refineries to maintain operations ✓ Customers with investment in shore-side cargo handling designed for self-unloaders Specialized Fleet Requirements Locks of the Welland Canal and the St. Lawrence Seaway constrain the size ships that can transit the Waterway - ~10% of oceangoing ships capable of transiting the locks in the system Vessels in the Great Lakes St. Lawrence Seaway must be operational in an array of different weather and wave conditions, as the river system is highly seasonal and freezes over the winter ✓ Large customers require shore-side unloading flexibility and efficiency that Algoma's fleet of self-unloaders provides ✓ Pilots required to navigate the Great Lakes waterways; Algoma's officers ability to serve as pilots is a competitive advantage 24 24 Your Marine Carrier of Choice T#25Diversified Revenue, Large Customers and Stable End Markets RAL-NOT ENTR Iron Ore Uses: Domestic steel production, export Fertilizers Uses: Domestic agricultural production, export Limestone and cement Uses: Construction of buildings, roads, bridges Salt (Road Salt) Uses: Keeps icy roads safe during winter months 2019 Domestic Dry Bulk Revenue Breakdown (36% of CY 2019 EBITDA) Construction Grain (wheat, barley, soy bean, corn, canola) Uses: Domestic food production, export Petroleum Products Uses: Supply gas stations and provide heating for homes throughout the region 2019 Ocean Self-Unloader Revenue Breakdown (31% of CY 2019 EBITDA) Gypsum 12% Commentary The customer, geographic and operational diversity of the Company mitigates negative economic impact to the sectors in which it operates - The Company operates in industrial trades located in leading, developed countries across the globe Does not trade in countries with high geopolitical risk Trusted provider of shipping services for the key players in the steel, mineral, refined products, and iron ore industries - Significant partner to the U.S. construction and infrastructure end-markets 30-40 customers make up 90% of the Great Lakes market; not a lot of movement of customers Select Key Customers - Large, well-entrenched customer base many of whom are investment grade-rated ArcelorMittal Cargill Compass Minerals Esso Imperial Oil LAFARGE ARGE 18% Iron & Steel GP Salt 47% Coal Georgia-Pacific 20% 32% Aggregates 56% HEIDELBERG IRVING Agriculture (Grain) 15% A Martin Mariettc Rio Tinto National Gypsum (USS) 25 Source: Company materials. RICHARDSON Your Marine Carrier of Choice T#26Senior Management Team with Strong Commercial Knowledge and Valuable Customer Relationships Algoma's Executive Team Gregg Ruhl President and Chief Executive Officer Joined Algoma: 2015 Industry Experience: 32 years J. Wesley Newton Senior Vice-President, Corp. Dev. and General Counsel Joined Algoma: 2011 Industry Experience: 9 years Jeffrey M. DeRosario Vice-President, Commercial Joined Algoma: 2013 Industry Experience: 7 years GOM RAL-NOT CENTR F-CORP Brad Tiffin Senior Vice-President, Operations and Technical Joined Algoma: 1991 Industry Experience: 32 years Steve Wright Vice-President, Engineering Joined Algoma: 1983 Industry Experience: 35 years Peter D. Winkley Chief Financial Officer Joined Algoma: 2010 Industry Experience: 10 years Christopher A. L. Lazarz Vice-President, Corporate Finance Joined Algoma: 2011 Industry Experience: 9 years Mario Battista Vice-President, Finance and Process Innovation Joined Algoma: 2003 Industry Experience: 23 years Algoma Benefits From a Highly Skilled, Engaged and Trained Workforce Employs 1,500+ people across the globe Employer of choice Industry leading employee retention Heavily invested in training and continuous improvement initiatives Approximately 60% of its employee base has an average tenure of more than 5+ years 26 Source: Company website. Your Marine Carrier of Choice T#27Legal and Regulatory Considerations Coasting Trade Act --Kala NAS RAL-NOL ENTR CORP FONTY-COM ■ Per the Act, foreign or non-duty paid vessels are prohibited from engaging in any form of coasting trade activities in Canadian waters, or between Canadian ports unless they obtain a so-called coasting trade license prior to starting the operations In order to obtain a coasting trade license, there must be no Canadian flag vessel capacity available pursuant to a public application process involving known Canadian ship-owners and union stakeholders ■ The Act protects Canadian ship owners from unfair competition from countries that have lower wages or lower standards of safety, by forcing such foreign ship owners (and Canadian ship owners of non-Canadian flagged vessels ("foreign vessels") to obtain a coasting trade license before being allowed to use foreign vessels in Canadian waters The Act also requires Canadian operators and crews (no work-permitting process available for foreign crew to work on a Canadian ship), although does not require vessels to be constructed in Canada ■ Emission Control Areas (ECA's or Sulfur Emission Control Areas) are sea areas in which stricter controls were established to minimize airborne emissions from ships as defined by Annex VI of the 1997 MARPOL Protocol The established areas are: Baltic Sea area, North Sea area, North American area and United States Caribbean Sea area - Vessels are required to limit SOx to 0.1% (v.s. 0.5% required by the IMO in international waters) In order to meet these emissions regulations, vessel operators are required to use a low sulfur fuel or install a scrubber to remove sulfur from exhaust emissions Emissions Regulation SEAWAY WRENCE SEAL PILOTS BTS ASSOCIATION ST. LAW St. 1962 Great Lakes Marine Pilotage ■ All vessels are required to hire a pilot from the applicable pilotage authority, or if they are Canadian or US flag operators, are permitted to have a certified self-pilot employed by the company onboard There is a limited pool of highly skilled, knowledgeable and qualified pilots to hire from - Algoma has developed a strong pool of internal self-pilots which provide it with a competitive advantage in the marketplace 27 Your Marine Carrier of Choice T#28Competitive Dynamics - Consolidated Markets with Rational Competitive Dynamics Commentary ■ Algoma owns and operates the largest fleet of dry and liquid bulk carriers on the Great Lakes - St. Lawrence Waterway Increasingly difficult for smaller and undercapitalized operators to compete due to aging fleets, inability to serve large customers and difficulty in meeting stringent operating requirements Because of the extreme industry vetting requirements, no new operator of meaningful scale has entered the market in several decades High initial capital costs, long construction lead time and inability to obtain complimentary long- term contracts are all major deterrents for new operators Fleet renewal options are being developed but no incremental capacity is expected Access to qualified crew (particularly senior officers with piloting certificates) is a key success factor Vessel Type Domestic Dry-Bulk Landscape Full Size Self-Unloaders 6 FORTY-CO LOWER LAKES TOWING LTD. CANADA STEAMSHIP LINES 10 0 River Class Self-Unloaders 3+1(1) 0 6 Coastal Self-Unloaders 2 2 0 Gearless Bulkers Vessel Type Product Tankers ATBs (1) Croatian River-Class Algoma Intrepid Fall 2020, replacing the Algoma Enterprise. 28 (2) Bulker #8 - Captain Henry Jackman, could be incremental or replacement depending on market conditions. 8+1(2) 5 2 Domestic Product Tankers Landscape ENTR ATION Petro NAV Woodward MCA MCKEIL McASPHALT 9 5 0 2 0 0 0 2 0 Your Marine Carrier of Choice T#29Thank You ALGOMA CORPOR · CENTRAL PATION