180 Degree Capital (TURN) Investor Update summary

Strategic transformation and business combination rationale

• Transitioned from illiquid venture investments to a liquid, value-focused public company strategy, achieving a 253% gross total return and 16% IRR since 2017, outperforming benchmarks.

• Reduced expenses by over half, exited costly offices, and converted to a closed-end fund, prioritizing shareholder value.

• Completed transformation to 99% liquid assets and cash, positioning for scale and strategic growth.

• Proposed all-stock merger with Mount Logan Capital Inc. creates a Nasdaq-listed company with two business segments, a pro forma equity value of $113.6M at close, and aims to shift valuation from NAV-based to operating metrics.

• Shareholders to receive full NAV value in the combined company, with no forced liquidation of assets.

Mount Logan Capital Inc. platform and merger benefits

• Mount Logan manages $2.4 billion AUM, focusing on private credit and insurance, with a strong management team and operational leverage via BC Partners.

• The combined entity will benefit from predictable fee revenue, a robust balance sheet, and a pipeline of growth opportunities.

• Merger enables expansion into private solutions for public companies, leveraging both teams' relationships and expertise.

• Mount Logan’s BDC merger (Logan Ridge and Portman Ridge) creates economies of scale and increased fee income for the platform.

• Combined company expected to pay quarterly dividends, a first for 180 Degree shareholders since 2001, with a policy of 23 consecutive quarters of dividends since 2019.

Financial impact and valuation

• As of June 30, 2025, combined book value estimated at $150 million, with 180 Degree shareholders’ stake worth about $60 million or $6 per share.

• Combined platform will have $2.4B+ in AUM, $24.5M in annual cash fees, and a regulated insurance business with $1.05B in investment assets.

• Illustrative guidance shows potential for the merged company to trade at 1x book value, with significant upside compared to industry peers trading at higher multiples.

• Pro forma FRE estimated at $13.5M for FY25 and SRE at $8.3M for TTM Q1 2025, supporting potential value re-rating.

• Mount Logan’s Q1 2025 book value increase to $103 million attributed to reversal of IFRS 17 adoption loss under U.S. GAAP, aligning with U.S. asset manager peers.