Investor Presentaiton

Multiple 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

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