MLC Millennium & Copthorne Hotels Plc

Mount Logan Capital Inc. (NEO: MLC) (“Mount Logan,” “our,” “we,” or the “Company”) today announced that it has entered into a definitive agreement (the “Purchase Agreement”) with Ovation Partners (“Ovation”), an Austin, TX based specialty-finance focused asset manager, for the management of Ovation’s alternative income platform which is focused on investments in commercial lending, real estate lending, consumer finance and litigation finance. As part of the proposed transaction, Mount Logan Management (“ML Management”) is expected to become the investment adviser to the platform.

In conjunction with the closing of this transaction, which remains subject to the satisfaction of the applicable closing conditions, Mount Logan expects to establish an office in Austin, TX and retain the existing Ovation team, further bolstering its presence in the United States and adding a roster of talented and dedicated professionals to its team.

Transaction Highlights

• Further develops Mount Logan’s retail business, opening new distribution relationships for current funds, and scales the current sales infrastructure
• Expands the scope of Mount Logan’s capabilities with deal-origination synergies for other Mount Logan managed funds
• Bolsters Mount Logan’s permanent and semi-permanent asset base, a core part of Mount Logan’s strategy
• The transaction is expected to close in the first half of 2023 and is subject to the satisfaction of the applicable closing conditions
• Expect to retain existing Ovation team to ensure a seamless transition

Ted Goldthorpe, Chief Executive Officer and Chairman of Mount Logan, noted, “Ovation adds both strategic and financial benefits for Mount Logan. This transaction is consistent with our strategy of growing semi-permanent third-party capital and will expand our retail strategy and add incremental investment capabilities. The Company will benefit from meaningful, low volatility, recurring asset management fee streams. We believe the proposed transaction will be immediately accretive for Mount Logan. We welcome the Ovation team to Mount Logan.”

Mike Rovner, Managing Partner of Ovation added, “This transaction combines Mount Logan's substantial operational scale with the successful track record that Ovation has built over the past decade. Ovation's platform will continue to benefit from our robust underwriting and management capabilities while gaining access to a comprehensive investment sourcing network and a seasoned capital raising team. The Mount Logan and Ovation teams are a natural fit with prior deal sharing and co-investment experience. We look forward to integrating our teams and working together for the benefit of our investors.”

About Mount Logan Capital Inc.

Mount Logan Capital Inc. is an alternative asset management and insurance solutions company that is focused on public and private debt securities in the North American market and the reinsurance of annuity products primarily through its wholly-owned subsidiaries Mount Logan Management LLC and Ability Insurance Company. The Company also actively sources, evaluates, underwrites, manages, monitors and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.

About Ovation

Ovation Partners is an investment manager offering diversified portfolios of private credit investments within the specialty finance market. Formed in 2011, Ovation has deployed more than $1.9B into specialty finance and real estate assets believed to have been largely ignored by traditional banks and asset managers. Ovation seeks to preserve principal and provide income distributions.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Forward-looking statements can be identified by the expressions "seeks", "expects", "believes", "estimates", "will", "target" and similar expressions. The forward-looking statements are not historical facts but reflect the current expectations of the Company regarding future results or events and are based on information currently available to it. Certain material factors and assumptions were applied in providing these forward-looking statements. The forward-looking statements discussed in this release include, but are not limited to, statements relating to the Company’s business strategy, model, approach and future activities; portfolio composition and size, asset management activities and related income, capital raising activities, future credit opportunities of the Company, portfolio realizations, the protection of stakeholder value and the expansion of the Company’s loan portfolio, including through the potential transaction with Ovation. All forward-looking statements in this press release are qualified by these cautionary statements. The Company believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, the Company can give no assurance that the actual results or developments will be realized by certain specified dates or at all. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including that the expected synergies of the potential transaction with Ovation may not be realized as expected; the risk that the Company may not be successful in integrating the acquired business without significant use of the Company’s resources and management’s attention; the risk that the acquired business may require a significant investment of capital and other resources in order to expand and grow the business; the Company has a limited operating history with respect to an asset management oriented business model and the matters discussed under "Risks Factors" in the most recently filed annual information form and management discussion and analysis for the Company. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. These forward-looking statements are made as of the date of this press release.

This press release is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this release is not, and under no circumstances is it to be construed as, an offer to sell or an offer to purchase any securities in the Company or in any fund or other investment vehicle. This press release is not intended for U.S. persons. The Company’s shares are not registered under the U.S. Securities Act of 1933, as amended, and the Company is not registered under the U.S. Investment Company Act of 1940 (the “1940 Act”). U.S. persons are not permitted to purchase the Company’s shares absent an applicable exemption from registration under each of these Acts. In addition, the number of investors in the United States, or which are U.S. persons or purchasing for the account or benefit of U.S. persons, will be limited to such number as is required to comply with an available exemption from the registration requirements of the 1940 Act.

1As of December 31st, 2022.

For additional information, please contact:

Jason RoosChief Financial OfficerJason.Roos@mountlogancapital.ca

Mount Logan Capital Inc.365 Bay Street, Suite 800Toronto, ON M5H 2V1