MCAN Mortgage : 2024 Q1 Investor Presentation

Investor Presentation

May 6, 2024

Forward Looking Information

This presentation may contain forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the business and anticipated financial performance of MCAN Mortgage Corporation d/b/a MCAN Financial Group and its subsidiaries (the "Company"). These statements are based on current expectations and are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include legislative or regulatory developments, competition, technology changes, global market activity, interest rates, changes in government and economic policy, general economic conditions in geographic areas where MCAN operates and the impact of, and responses to, a pandemic. Often, but not always, forward-looking information can be identified by the use of words such as "may," "believe," "will," "anticipate," "expect," "planned," "estimate," "project," "future," and variations of these or similar words or other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters.

The Company cautions readers not to place undue reliance on forward-looking statements when making decisions, as many risks and uncertainties could cause actual results,

performance or achievements to be materially different from any future results, including those described in the Company's annual information form, management's discussion and analysis and other documents filed under the Company's profile on SEDAR+ at www.sedarplus.ca. Certain statements included in this presentation may also be considered a "financial outlook" for purposes of applicable Canadian securities laws. The Company presents its outlook to assist shareholders in understanding management's assumptions

and expectations on how the future will impact financial performance of the Company, and as such, these statements may not be appropriate for purposes other than this presentation. The Company does not undertake to update any forward-looking statements, whether oral or written, except as required by securities laws.

Non-GAAP and Other Financial Measures

This investor presentation references a number of non-GAAP and other financial measures and ratios to assess the Company's performance such as return on average shareholders' equity, spread of corporate mortgages over term deposit interest and expenses, net corporate mortgage spread income, and book value per common share. These measures are not calculated in accordance with International Financial Reporting Standards ("IFRS"), are not defined by IFRS and do not have standardized meanings that would ensure consistency and comparability between companies using these measures. These metrics are considered to be non-GAAP and other financial measures and are defined and reconciled to the most directly comparable IFRS measure in the "Non-GAAP and Other Financial Measures" section of the Company's Q1 2024 MD&A available on SEDAR+ at www.sedarplus.ca, which section is incorporated herein by reference.

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MCAN Financial Group

Residential lending exclusively	Real estate and residential	CDIC-insured investment
with mortgage professionals.	construction-based financing and	solutions.
	investments.

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INVESTING IN COMMUNITIES AND HOMES FOR CANADIANS

How we invest

• homeownership through mortgage lending.
• residential construction lending for borrowers building homes.
• a portfolio of managed long-term REIT investments.
• private investment funds focused on lending and developing homes.
• our ownership interest in MCAP, privately owned and Canada's largest mortgage financing company.

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Our Vision is to be the preferred mortgage lender and investor within our chosen real estate markets in Canada.

Our Mission every day is to deliver sustainable growth and value for our stakeholders through:

• relationship-drivenmortgage lending and investing.
• quality work from an expert, engaged and committed team.
• dedication to excellence in service of our clients, our colleagues, and our community.

MCAN at-a-glance: March 31, 2024

$4.9B

$595M

$23.2M

$21.9M

17.09%

Total Assets

(+3% from December 31, 2023)

Market Capitalization

(+6% from December 31, 2023)

Net Income

(Flat from Q1 2023)

Net Corporate Mortgage Spread Income1

(+4% from Q1 2023)

Return on Average

Shareholders' Equity1

1 Considered to be a non-GAAP and other financial measure. For further details, refer to the "Non-GAAP and Other Financial Measures" section of this investor presentation. Non-GAAP and other financial measures and ratios used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by

other issuers.	6

MCAN's Business Model

MCAN is Canada's largest Mortgage Investment Corporation ("MIC") and the only MIC that is federally regulated

Uniquely structured as a flow-through MIC1

• not taxed at the corporate level
• distributes all taxable earnings annually
• 67% of non-consolidated tax assets required to be held in residential mortgages and cash

Federally Regulated Financial Institution since 1991

• strong governance and risk management practices throughout the company
• lower cost of liability funding vs MIC peers
• experience managing the business through many housing and real estate cycles

LONG TERM OBJECTIVES

• Sustained 10% average annual growth of assets
• Sustained 13-15%

ROE

• Sustained and prudent dividend growth

1MCAN is a Mortgage Investment Corporation ("MIC") under the Income Tax Act (Canada). A MIC is a flow-through vehicle that is able to deduct from income for tax purposes

dividends paid within 90 days of year-end. The Company expects to pay sufficient dividends to ensure that it is not subject to income taxes in the MIC entity. MCAN would be 7 subject to tax at a statutory tax rate of 38% to the extent that it does not pay sufficient dividends to eliminate its taxable income.

MCAN Value Proposition

We differentiate ourselves from MIC peers with:

1. A lower risk profile; and
2. Higher returns driven by lower funding costs.

We differentiate ourselves from OSFI-regulated peers with:

1. A focus on real estate lending and investing, including our construction and other investment portfolio.

Unique Business Model				Investment Portfolio a		Seasoned		Consistent and
	Attractive Financial			Management Team
with Strong			Source of Nascent			Attractive Dividend
	Profile & Growth			with Industry Track
Fundamentals			Value			Income
				Record

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MCAN Value Proposition

Unique Business

Model with Strong Fundamentals

• $4.9 billion of total assets, including $2.4 billion corporate mortgage portfolio, $2.1 billion securitized mortgage portfolio and meaningful corporate investments
• 100% owned origination platform (MCAN Home), deep third-party originator and broker relationships, strong construction and commercial book and diverse investments portfolio
• Lower risk profile than peer MICs with access to low-cost deposit funding, efficient management of balance sheet and business processes and the securitization market
• • As an OSFI-regulated entity, have strong risk management and governance practices

Attractive	• Long term average corporate asset growth above 10% target
Financial Profile &	• 2024 Q1 return on average shareholders' equity1 of 17.09%
Growth	• ~14% average 10 year return on average shareholders' equity1

Data presented at March 31, 2024
1 Considered to be a non-GAAP and other financial measure. For further details, refer to the "Non-GAAP and Other Financial Measures" section of this investor presentation. Non-GAAP and other financial	9
measures and ratios used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers.

MCAN Value Proposition

Investment Portfolio

a Source of Nascent Value

Seasoned

Management Team

with Industry Track Record

Consistent and

Attractive Dividend

Income

• ~14% ownership in MCAP, Canada's largest independent mortgage finance company (majority owned by CDPQ), generates substantial income and represents a source of growth
• Unique opportunity for investors to participate in top tier private real estate investment vehicles
• Managed portfolio of REIT securities held for current return and capital appreciation
• Driven management team with significant experience in leadership positions at marquee companies across Canadian financial services and real estate sectors
• Track record of managing higher growth businesses with diversified capital structures
• History of recurring regular dividends:
• • Current quarterly dividend of $0.39 per share
• Dividend yield of approximately 9.6%1 and 10-year total shareholder return of approximately 12.4%1 (annualized)

Data presented at March 31, 2024

1 Based on closing price of MCAN common shares on the TSX of $15.73 on March 31, 2024

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