Investor Presentaiton

Competitive 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

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