1Investor Day Presentation, November 22, 2019

2

DisclaimersThis presentation contains forward-looking statements (as such term is defined in Section 21E of the

Securities Exchange Act of 1934, as amended, or the Exchange Act) concerning operations, cash flows,

and financial position of Seaspan Corporation (“Seaspan”), including, in particular, the likelihood of its

success in developing and expanding its business. Statements that are predictive in nature, that depend

upon or refer to future events or conditions, or that include words such as “continue,” “expects,”

“anticipates,” “intends,” “plans,” “believes,” “estimates,” “projects,” “forecasts,” “will,” “may,” “potential,”

“should,” “guidance,” and similar expressions are forward-looking statements. These forward-looking

statements represent Seaspan’s estimates and assumptions only as of the date of this presentation and are

not intended to give any assurance as to future results. As a result, you are cautioned not to rely on any

forward-looking statements. Forward-looking statements appear in a number of places in this presentation.

Although these statements are based upon assumptions Seaspan believes to be reasonable based upon

available information, they are subject to risks and uncertainties. These risks and uncertainties include, but

are not limited to: future growth prospects and ability to expand Seaspan’s business; Seaspan’s

expectations as to impairments of its vessels, including the timing and amount of currently anticipated

impairments; the future valuation of Seaspan’s vessels and goodwill; potential acquisitions, vessel financing

arrangements and other investments, and Seaspan’s expected benefits from such transactions; future time

charters and vessel deliveries, including future long-term charters for certain existing vessels; estimated

future capital expenditures needed to preserve the operating capacity of Seaspan’s fleet including, its capital

base, and comply with regulatory standards, its expectations regarding future dry-docking and operating

expenses, including ship operating expense and general and administrative expenses; Seaspan’s

expectations about the availability of vessels to purchase, the time that it may take to construct new

vessels, the delivery dates of new vessels, the commencement of service of new vessels under long-term

time charter contracts and the useful lives of its vessels; availability of crew, number of off-hire days and

dry-docking requirements; general market conditions and shipping market trends, including charter rates,

increased technological innovation in competing vessels and other factors affecting supply and demand;

Seaspan’s financial condition and liquidity, including its ability to borrow and repay funds under its credit

facilities, to refinance its existing facilities and to obtain additional financing in the future to fund capital

expenditures, acquisitions and other general corporate activities; Seaspan’s continued ability to meet its

current liabilities as they become due; Seaspan’s ability to remediate any existing material weakness in its

internal controls over financial reporting; Seaspan’s continued ability to maintain, enter into or renew

primarily long-term, fixed-rate time charters with its existing customers or new customers; the potential for

early termination of long-term contracts and Seaspan’s potential inability to enter into, renew or replace

long-term contracts; the introduction of new accounting rules for leasing and exposure to currency exchange

rates and interest rate fluctuations; conditions inherent in the operation of ocean-going vessels, including

acts of piracy; acts of terrorism or government requisition of Seaspan’s containership during periods of war

or emergency; adequacy of Seaspan’s insurance to cover losses that result from the inherent operational

risks of the shipping industry; lack of diversity in Seaspan’s operations and in the type of vessels in its fleet;

conditions in the public equity market and the price of Seaspan’s shares; Seaspan’s ability to leverage to its

advantage its relationships and reputation in the containership industry; compliance with and changes in

governmental rules and regulations or actions taken by regulatory authorities, and the effect of

governmental regulations on Seaspan’s business; the financial condition of Seaspan’s customers, lenders,

refund guarantors and other counterparties and their ability to perform their obligations under their

agreements with us; Seaspan’s continued ability to meet specified restrictive covenants and other conditions

in its financing and lease arrangements, its debt instruments and its preferred shares; any economic

downturn in the global financial markets and export trade and increase in trade protectionism and potential

negative effects of any recurrence of such disruptions on Seaspan’s customers’ ability to charter Seaspan’s

vessels and pay for Seaspan’s services; some of Seaspan’s directors and investors may have separate

interest which may conflict with those of its shareholders and they may be difficult to replace given the anti-

takeover provisions in Seaspan’s organizational documents; taxation of Seaspan’s company and of

distributions to its shareholders; Seaspan’s exemption from tax on U.S. source international transportation

income; the ability to bring claims in China and the Marshall Islands, where the legal systems are not well-

developed; potential liability from future litigation; and other factors detailed from time to time in Seaspan’s

periodic reports.

Forward-looking statements in this presentation are estimates and assumptions reflecting the judgment of

senior management and involve known and unknown risks and uncertainties. These forward-looking

statements are based upon a number of assumptions and estimates that are inherently subject to significant

uncertainties and contingencies, many of which are beyond Seaspan’s control. Actual results may differ

materially from those expressed or implied by such forward-looking statements. Accordingly, these forward-

looking statements should be considered in light of various important factors listed above and including, but

not limited to, those set forth in “Item 3. Key Information—D. Risk Factors” in Seaspan’s Annual Report for

the year ended December 31, 2018 on Form 20-F filed on March 26, 2019, and the “Risk Factors” in

Reports on Form 6-K that are filed with the Securities and Exchange Commission, or the SEC, from time to

time relating to our quarterly financial results.

Seaspan does not intend to revise any forward-looking statements in order to reflect any change in

Seaspan’s expectations or events or circumstances that may subsequently arise. Seaspan expressly

disclaims any obligation to update or revise any of these forward-looking statements, whether because of

future events, new information, a change in Seaspan’s views or expectations, or otherwise. You should

carefully review and consider the various disclosures included in Seaspan’s Annual Report and in Seaspan’s

other filings made with the SEC, that attempt to advise interested parties of the risks and factors that may

affect Seaspan’s business, prospects and results of operations.

In this Investor Day Presentation, Seaspan relies on and refers to information and statistics regarding

industry data. Seaspan obtained this information and statistics from third-party sources believed to be

reliable. Seaspan has not independently verified the accuracy or completeness of any such third-party

information. This Investor Day Presentation includes non-GAAP forward-looking financial measures related

to a proposed business combination. Seaspan believes that these non-GAAP financial measures provide

useful information to management and investors regarding certain financial and business trends related to

the financial condition of the proposed acquired business and results of operations. Seaspan does not

provide a quantitative reconciliation of forward-looking Adjusted EBITDA for APR to the most directly

comparable GAAP measure because it is unable to predict with reasonable certainty the ultimate outcome

of certain significant items without unreasonable effort. These items include but are not limited to

depreciation, interest expense and certain one-time costs, as well as the finalization of acquisition

accounting treatment. These items could have a material impact on GAAP-reported results for the future

period.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or

a solicitation of any vote or approval. Atlas will file a registration statement that includes a preliminary proxy

statement/prospectus and other relevant documents in connection with the Proposed Reorganization.

SEASPAN’S SHAREHOLDERS ARE URGED TO CAREFULLY READ THE PRELIMINARY PROXY

STATEMENT/PROSPECTUS, WHEN FILED, AND THE DEFINITIVE PROXY

STATEMENT/PROSPECTUS, WHEN FILED AND MAILED, BECAUSE THEY WILL CONTAIN

IMPORTANT INFORMATION ABOUT THE PROPOSED REORGANIZATION. The definitive proxy

statement/prospectus will be mailed to the holders of Seaspan shares prior to the Special Meeting. In

addition, investors may obtain a free copy of the preliminary proxy statement/prospectus and other filings

containing information about Seaspan, Atlas and the Proposed Reorganization, from the SEC at the SEC’s

website at http://www.sec.gov after such documents have been filed with the SEC. In addition, after such

documents have been filed with the SEC, copies of the preliminary proxy statement/prospectus and other

filings containing information about Seaspan, Atlas and the Proposed Reorganization can be obtained

without charge by accessing them on Seaspan’s web site at http://www.seaspancorp.com or by contacting

Seaspan Investor Relations at +1-778-328-5340 or IR@seaspancorp.com.

David Sokol,

Chairman

Chairman Opening Remarks

4

Three Key Takeaways

Strengthen

Balance

Sheet &

Liquidity

De-leveraging of ~$800 million, lowest net debt to equity since 2007

Improving flexibility & reducing cost of capital

$1.5 billion portfolio financing program

Record cash flow from operations

Disciplined,

Return

Oriented Fleet

Growth

Continue to be best-in-class owner & operator of containerships

Deployed over $400 million into container shipping during 2019

Stable market provides fundamentals for further allocation

Diversify

Cash Flows

Acquisition of attractive niche power rental business

Diversification provides through-cycle deployment opportunities

Evolution to asset management

5

$1.0bn

$465mn

$5,996

1.10

$4.4bn

$541mn

Foundational Growth Over the Past Year

Revenue (TTM)

Cash Flow (TTM)4

20181 20191

1. As of September 30

2. Principal value of debt and leases outstanding; does not include operating leases

3. Cash plus undrawn committed credit facilities

4. Cash flow from operations; historical periods reclassified to conform to current presentation

5. Long-time injury frequency (LTIF) represents injuries per million man hours

Opex / day (TTM)

LTIF5

Financial

Performance

Operational

Improvements

Liquidity3

Balance

Sheet

Improvements

Total Debt2

$1.1bn

$805mn

$5,787

1.01

$3.6bn

$913mn

-18%

69%

12%

73%

-3%

-8%

6

World’s Largest

Containership Lessor

Mobile Power

Solution Lessor

Leading Maritime

Platform

Global Energy

Platform

Leading Asset Manager

Board Review

Q&A

8

Bing Chen,

President &

Chief Executive Officer

Strategic Update & Vision

9

Our Five Key Priorities

5

3

2

1

4

Consistent Operational Excellence

Creative Customer Partnerships

Solid Financial Strength

Quality Growth Opportunities

Disciplined Capital Allocation

Our Core Competencies Drive Sustainable Growth and Value Creation

10

Operational Excellence

Operational Excellence Is the Cornerstone of Our Business Model

LTIF / Safety

Vessel reliability

Port state control

compliance

Crew training & retention

Vessel Operating Chartering Technology

Industry-leading utilization

Management of all our

vessels

Fuel changeover (IMO

2020) for customers

Development of CDS

(Commercial Data

Services)

Implementation of ERP

systems (Netsuite,

GTreasury)

11

Customer Partnerships

Partnership Approach Drives Value…

Attractive and accretive vessel acquisitions for

our customers

Partnering on operational improvements

Scrubber solutions on 10 vessels

Enables Mutually Beneficial Innovation…

Innovative commercial structures

Mutually beneficial charter modification

agreement

Vessel modifications

Establishes New Partnerships…

New relationships with leading credit-worthy

customers (Arkas, KMTC, HMM)

First ever charter with Evergreen Marine

(relationships with top 8)

Geographic expansion of commercial team

Our Customers Are The Reason For Our Success

98.8% vessel utilization YTD

12

Financial Strength and Stability

Financial Flexibility

Flexible portfolio financing program ($1.5bn)

De-Leveraging

Reduction of $800mn in total debt

$227mn modification payment

Closed second tranche of Fairfax’s $1.0bn

investment

Lowest net debt / equity since 2007

Improving Liquidity Position

Improved cash balances

New credit facility

Long-Term Goal:

Investment Grade

Credit Rating

Transformational Year For Our Financial Strength and Stability

13

Growth Opportunities & Capital Allocation

Capital Allocation Criteria

Risk-adjusted returns

Strengthen balance sheet

Compelling strategic rationale

Meeting customers’ needs

Value creation for shareholders

Constantly Determining the Best Use of Our Capital

Newbuilding opportunities

Secondhand vessels

Re-writing capabilities

(charter modification)

Portfolio financing program

Containership-Related

Opportunity for accretive

corporate acquisitions; public

and private companies

CSET framework agreement

Special Projects / M&A Team

Acquisition of APR Energy

Non-Containership

De-leveraging

Improves cost of capital

“Right-sizing” the

balance sheet

Evaluating all capital

allocation decisions with the

same criteria

Other Capital Allocation

14

Building Upon Core Competencies for Growth

Our Vision is Sustainable Growth and Value Creation

Core Competencies + People / Processes / Systems

Growth in Container Shipping

Growth in Adjacent Maritime Industries

Growth in Ancillary

15

Competitive Advantages Position Seaspan Well

Manage full life cycle from design, construction,

operation, scrapping; ~4,600 employees

$4+ billion contracted future revenue

98% utilization since IPO

Long-term charters with 7 leading liners

(control ~80% of market)

Large, diverse, modern fleet

>70% of our fleet over 9k TEU1

Flexibility, >$900mn liquidity, de-leveraging,

strong foundational capital partners

Fully-Integrated Platform

Highly Predictable Business

Model

Entrenched Relationships

with Top-Quality Customers

Attractive Fleet Focused on

Growing Trades

Balance Sheet Flexibility

Our Unique Platform Well Positions Us for Sustainable Growth

1. TEU weighted; Pro Forma for previously announced vessel acquisitions

Q&A

17

Peter Curtis,

EVP and Chief Commercial

& Technical Officer

Torsten Pedersen,

EVP Ship Management

State of the Industry & Operations, Projects,

and Technology

18

Container Shipping – Infrastructure for Global Trade

Seaborne transportation largest and most efficient: ~90% of trade

Stable seaborne growth: doubled between 2000 and 2019

Container trade growth and stabilization: ~70mn TEU/year in 2000

to ~200mn today

Global GDP growth driven

Fundamental international trade growth, a means for globalization

Containerization penetration (cargo types and geography)

Global container industry infrastructure development

1. ClearSeas – 1 tonne of cargo on 1 litre of fuel

2. Clarksons Research – October 2019

Containerships are integral infrastructure for global trade

–

10

20

30

40

50

60

70

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

World Seaborne Trade (trillion tonne-miles)

World Seaborne Trade2

49km1

226km1

394 km1

19

136 146 151 158 166 169 176

187 194 200 208

–

50

100

150

200

250

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Mainlane E-W Non-Mainlane E-W North-South Intra-Regional

Demand – Global Container Trade Growth

1. Clarksons Research – October 2019

Broad-based growth supported by stabilizing environment

Seaborne Container Trade Volume Growth vs GDP1

–

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Seaborne Container Trade to GDP Growth Multiple 1x GDP Growth

Growth Phase Maturity and Stabilization

Container Market Volume Demand by Trade1

20

3.3%

0%

3%

6%

9%

12%

0

450

900

1,350

1,800

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Idle

%

TE

U (

00

0's

)

Total Idle TEU Idle Fleet as % of Total Fleet

0%

25%

50%

75%

1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

10.7%

Supply – Disciplined Management of Global Fleet

1. Clarksons Research – October 2019

2. Alphaliner Monthly Monitor – October 2019

Global Idle Containership Fleet (% TEU)1,2

Industry supply rationalization and

demand growth driving idle fleet

reduction

Idle vessels ~3.3% of the global

fleet2 significant improvement YOY

Idle tonnage primarily <3,000 TEU

Orderbook as % of Global Fleet1,2

Increased discipline on the part of

owners and capital providers

continues to temper supply

growth

Orderbook-to-fleet ratio

currently at 10.7%2; near all

time low

Normalization through discipline

Benefits of

discipline

Normalization of orderbook driven by forming of alliances and ordering discipline

21

Opportunities – Trade Route by Vessel Size

Idle

Other/Unassigned

Oceania Related

ME/ISC Related

Lat Am. Related

Intra-Far East

Intra-Europe

Far East to North Am.

Far East to Europe

Europe to North Am.

Africa Related

1. Alphaliner Monthly Monitor – October 2019

100-999 TEU

1,000-1,999 TEU

2,000-2,999 TEU

3,000-3,999 TEU

4,000-5,099 TEU

5,100-7,499 TEU

7,500-9,999 TEU

10,000-15,000 TEU

15,200-23,000 TEU

22

Improved Container Industry Fundamentals

1. Clarksons Research – September 2019

Stabilizing industry driven by robust demand drivers and improved ordering discipline

Industry dynamics characterized by rationalization and discipline

Volatility reduced: supply vs demand growth rate

Strong, stable demand: GDP-driven growth

Stabilizing and sustainability: new normal driven by consolidation

Stabilization of Supply & Demand

(15%)

(10%)

(5%)

–

5%

10%

15%

20%

–

5

10

15

20

25

30

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F 2020F

TE

U (

mill

ions)

Fleet Capacity (TEU) Throughput Growth Capacity Growth

23

Supply and Demand Balance Supporting Rates

1. Clarksons Research – October 2019

Historical Containership Asset Value1

Sale and purchase activity focused

on panamax

Asset values stabilized during

3Q19; depressed asset values

create opportunity for Seaspan

Charter Rate Improvement1

Rates improvement primarily

driven by high demand for larger

vessels, cascading of demand

downwards to smaller sizes

Support from limited number of

deliveries and low orderbook

Market stabilizing due to demand growth and supply discipline

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

(25%)

–

25%

50%

75%

100%

125%

150%

Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19

2,600 - 2,900 TEU 3,200 - 3,600 TEU 4500 TEU 8,500 - 9,100 TEU

(50%)

–

50%

100%

150%

200%

250%

Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19

2,500 TEU 3,500 TEU 4,400 TEU 9,000 TEU

24

Seaspan Efficiency & Environmental Efforts

SAVER Fleet Efficiency Improvements – Mods & Newbuild

Initiative has reduced carbon emissions >25% since roll out in 2012

Results in 9.2 million tons abatement since inception

SAVER new builds (10000 TEU & 14000 TEU) : ~1,250,000 tonnes annually

Modifications: ~325,000 tonnes annually

Container Loading Improvements

Work with customers on load planning - larger load achievements

Improved cargo securing arrangements – higher cargo weight capability

Improved class approvals – more containers and improved weight

capabilities

Operational Improvements

Work with customers on operational voyage execution – improved fuel

consumption

Improved trim evaluation through load planning and hydrodynamic analysis –

improved fuel consumption.

Driving efficiency gains through continuous improvement - Differentiation

World-class designs lead to fuel and

emission savings

Cargo care improvements with

significant efficiency gain

Operational excellence through best-

in-class operations

25

IMO 2020 Update – Vessel Preparedness

Scrubber Retrofits and Forecasted Spend Balanced Approach to IMO 2020

Scrubber Retrofits and HSFO availability

HSFO availability in major ports is not expected to

be a concern

Currently over 3,000 scrubbers in operation or on

order, 696 are on containerships

4.5% of containerships scrubber fitted1

5.7% of containerships pending scrubber fitting1

Recent increases in low / high Sulphur fuel spread creates

significant opportunities for Seaspan

1. Clarksons Research; as at October 29, 2019

Scrubber Program

Two customers have ordered five scrubbers each

Mutually beneficial arrangements formed

Ongoing discussions with other customers

Switch to Compliant Fuel

Tank cleaning on schedule; vessels expected to be

fully compliant by Jan 1, 2020 (97 vessels)

Ensuring cost-effective and seamless transition

Additional Opportunities

Providing innovative scrubber financing solutions

Solutions to capture/share fuel spread savings

218 193 203 214 225 234 241 247 253 259 266 271 277 280 281 282 284

247 277 262 246 233 210 196 189 183 188 185 178 171 168 168 169 168

465 470 464 460 458444 437 436 435 447 450 449 448 448 449 451 452

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2019 2020 2021 2022 2023

3.5% Fuel Spread

26

What does Operational Excellence Look Like?

Focus on technology / digital transformation underpins all operational goals and initiatives

Safety

Reliability

Cost

Industry leading LTIF

Safety initiatives and culture

Improvement in drydock management

Asset integrity driving asset life-cycle management

Safety initiatives and culture

Cost efficiency is our “license to operate”

Crew strategy driving cost advantages

Focus on procurement and inventory

27

Safety – Good Companies Do Things Right

First time in Seaspan’s history that LTIF is currently below 1.0

Safety Initiatives focused on safety culture

Safety Culture ORganizational Assessment (SCORA) implementation

Safety@Seaspan

Safety Flashes regularly sent to the fleet

Lost Time Injury Frequency (LTIF)

34

5743

31 2721

2.2

2.9

2.2

1.61.3

1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0

20

40

60

80

100

120

2014 2015 2016 2017 2018 3Q19

# L

ost T

ime

In

juri

es

(TT

M)

Monthly LTIF Average (TTM)

Safety culture drives operational improvements

28

Reliability – Delivering What We Promise

Improvements in Unscheduled Offhire (including off-charter)

Focus on cost controls and asset integrity

Adding culture to compliance

New maintenance strategy to drive cost improvements

Navigation improvement initiatives

1%0%

1% 0% 0%1%

0%1%

2% 2%

4%

7%

8%

2%

3%4%

2% 1% 1%2%

2%1%

0%

2014 2015 2016 2017 2018 2019

% o

f O

wn

ers

hip

Da

ys

29

6,537

6,890

6,287

5,746 5,884

5,787

2014 2015 2016 2017 2018 3Q19

Cost – “License to Operate”

($000s/ownership day)

Crewing Procurement Insurance Ship Management

Cost efficiency in top

quartile1

Digitalization, crew

composition and pay-for-

performance initiatives

Leveraging size and

scale

Joint procurement

consortia

Cost reduction and risk

management

Company-wide focus on

insurance cost

Current re-branding

initiative to drive costs

down

Cost ownership prevents

dis-economies of scale

Digitalization,

maintenance strategy,

inventory management

identified opportunities for

cost reduction

(LTM)

Industry Leading Opex

1. BCG annual industry benchmark

Sustainable Cost Efficiency

30

World Class Crewing

Increasing reserves, enabling agile relief arrangements and focus on best

performers

Focuses

Crewing Retention

Crewing Initiatives

Officer Recruitment

Training

Communication / Systems

Cost

E-learning and Virtual Classroom training pilot project’ further courses to be

conducted via virtual training

Mobile communication

Crew management software upgrade

Partnerships on victualling leverages scale

Tiering compensation system rewards experienced and high performing crew

88% 88% 88%88%

89%

92%93%

94% 94% 94% 95%95% 96% 96% 96% 96% 96% 96% 96% 96% 96%

Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19

31

Digitalization and the Way Forward

Digitalization projects with DNV-GL (cost focus) and Lloyds Register (safety focus)

Predictive maintenance model supported by sensor technology

Realizing benefits of scale through data collection / visualization of fleet data

Digitalization

Projects

Operations

Dashboard

Core

Operational

System

Overhaul

Upgrade of SSW core operational systems

to web-based solutions in Q4 2019

Enables use of mobile technology

Frames simplified and sustainable operating

model

Live data through Fleet Operations

Dashboard

Easy to access key data and transparency

on operational performance

Pro-active work flow for Fleet Management

Technology used to reduce cost and provide revenue opportunities

Enables tracking of vessel and vessel

manager performance

Enables analysis / insight creation

32

Theseus: Seaspan’s Business Intelligence Platform

Centralized source of data

Shared truth

Commercial Insights

Market Intelligence

Decision Tools

Operational Metrics

Data Management

Vision: Leverage scale and transform the shipping value chain through software and technology

33

Commercial Data Services (CDS) Overview

Commercial Data Services (CDS) is a proprietary cloud based-web application

hosted on Seaspan’s development portal

To improve the commercial management of Seaspan’s fleet, and allow a deeper

analysis of the containership market

Provide aggregated information, enhanced visualization, analytical tools, and

unique calculation methodologies

Aggregated source of live charter market information

Integrated platform for commercial and operations team

Source of industry, customer, and competitor data

Internal and external views on vessel valuation

Leverages Seaspan’s size,

scale, and relationships to build

industry-leading platform to

create value-added insights

What is CDS?

Key Benefits

Improved management of short-term fleet through empirically-based decision

making

Increased market intelligence through analytical tools and data visibility (i.e.

Residual Value Analysis)

Multi-metric tracking of Customers and Competitors to seek and identify

opportunities proactively

34

Commercial Data Services (CDS) Demonstration

35

Commercial Data Services (CDS) Demonstration

36

Commercial Data Services (CDS) Demonstration

Q&A

38

Ryan Courson,

Chief Financial Officer

Financial Performance &

Strategic Initiatives

39

Investment Thesis: Container Ships as Core Global Infrastructure

2

3

Containerization has Reached a Stage of Maturity

Historical growth: rapid growth from early 1990s

Fundamental structural changes support stability: demand growth in-line with stable seaborne trade growth,

supply side discipline due to fundamentally different competitive environment (consolidation)

Separating past vs present: industry entering a new normal marked by stability

Container Shipping Fits All the Boxes of Core Infrastructure

Core infrastructure: assets used in the movement and storage of goods, people, water, and energy

Fits the boxes: long-lived asset lives, minimal risk of obsolescence, serves global economy, and operates in

developed regulatory environment

Stabilizing / maturing industry landscape: demand driven by trade growth, supply at replacement levels

1Container Shipping Enables Global Trade

Seaborne trade enables global trade: seaborne trade is the most efficient mode of transportation

Container shipping transports valuable goods: containerships transport the majority of value of seaborne trade

Providing the pipes for global trade: similar to other accepted transportation infrastructure assets (tolls, bridges,

tunnels, airports) containerships are the necessary assets to transport things

40

0%

10%

20%

30%

40%

50%

60%

70%

–

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Ord

erb

oo

k a

s %

of G

lob

al F

lee

t (TE

U)

Tra

de

Gro

wth

as

Mu

ltip

le o

f G

DP

Gro

wth

Orderbook-to-Fleet Seaborne Trade to GDP Growth Multiple 1x GDP Growth

Industry Has Reached Maturity & Found Stability

Growth Maturity &

Stabilization

Global trade has reached maturity; container shipping has reached maturity

1. Clarksons Research – October 2019

1

1

41

Container shipping

1. Statista container shipping research

Long-lived assets

Asset class in maturity beyond

demand ramp-up phase

Serving demographically and

economically sound areas

Core Infrastructure

Now a stable environment:

Demand linked to GDP

Supply at replacement levels

But Does Seaspan Fit The Core Infrastructure Box?

Minimal risk of obsolescence

30 year life assets

Minimal maintenance capex (as % of value)

Containerships transport ~60%1 of value of

seaborne trade

More fuel efficient transport than rail, truck, aircraft

Serves global economy; not sensitive to

regional demand dynamics

Demand growth ~ global GDP growth

Developed regulatory environment Regulated by International Maritime

Organization - a UN agency

Role is to create a regulatory framework for the

shipping industry

42

578

227

500

(1,196)

(166) (76)

30-Sep-18 Cash Flow fromOperations

CharterModification

Fairfax Repayment of Debt& Preferred Shares

Dividends(Preferred +Common)

Other 30-Sep-19

Capital Allocation

1. Cash and cash equivalents; beginning 4Q18 balance; ending 3Q19 balance

2. Excludes $227mn charter modification payment; historical periods reclassified to conform to current presentation

3. Principal value of revolving and term loan credit facilities, capital leases, derivative liabilities, and preferred shares

Stable and sustainable annual cash flow from operations of over $500 million

4Q18 3Q19

Cash from

Operations

(excl. Charter

Modification)2

Fairfax

Investment

Charter

Modification

Repayment of

Debt & Preferred

Shares3Dividends

(Common &

Preferred)

Capex &

Other

Reduced total debt by ~$800mn

Increased unencumbered fleet by 13 vessels to 31

~$166mn returned to shareholders

$391mn1

$259mn1

Cash Flow Generation Capital Allocation

Stable cash flow generation of >$500mn

$227mn million charter modification payment received

$500mn investment by Fairfax

43

$1.0bn

$465mn

$4.4bn

$3.7bn

Dramatically Improved Credit Profile Over the Past Year

Revenue (TTM)

Cash Flow (TTM)5

20181 20191

1. As of September 30

2. Principal value of debt and leases outstanding; does not include operating leases

3. Principal value of revolving and secured credit facilities; does not include operating leases

4. Cash plus undrawn committed credit facilities

5. Cash flow from operations; historical periods reclassified to conform to current presentation

Financial

Performance

Secured Debt3

Balance

Sheet

Improvements

Total Debt2

$1.1bn

$805mn

$3.6bn

$3.0bn

-18%

-19%

+12%

+73%

18 vesselsUnencumbered Vessels 31 vessels +13

Credit accretion was important step before tapping unsecured markets

$541mnLiquidity4 $913mn +69%

44

Execution on Near-Term Capital Plan

1

Consolidate Secured CreditCreates a more efficient Seaspan capital structure3

4

Strengthen Balance Sheet Through

DeleveragingDeploy Free Cash Flow to decrease leverage by

~$1 billion from 2018 to 2022

2 Increase Unencumbered AssetsProvides more capital structure flexibility

Capital Plan Targets Scorecard

Portfolio Financing Program15+ secured credit facilities refinanced;

Consolidated into first-flexible program financing

31 unencumbered (from 18) Good level; future growth will be linked to:

i) % of larger fleet

ii) Greater access to unsecured debt

Reduced debt by ~$800mnAhead of expectations

Access Unsecured Credit MarketsForges path to investment grade

Continue to evaluate unsecured

credit marketsRestructuring provides opportunity for Seaspan to

access unsecured credit markets

45

Shipping Historically Undervalued by Credit Markets

1. FRED economic data; issue yields for peers based on floating reference rate (NIBOR) at time of issue plus spread

Note: Select Shipping Issuances (Norwegian Market) includes issuances by OCY, SFL, and MPC

Alpha for credit investors that understand Seaspan’s cash flow beta & path

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19

All

-In

Issu

e Y

ield

1

BBB Yield BB Yield B Yield Select Shipping Issuances (Norwegian Market)

Nov-19

46

Capital Plan Next Steps

Seaspan has dramatically improved its credit profile; unsecured credit is next step

Consolidate secured debt by establishing the Program (cleaning up the balance sheet)

Expand the Program asset base through refinancing of additional existing credit facilities

Reduce leverage and improve credit profile by pushing out and diversifying debt maturities

Access unsecured credit markets at attractive levels

Achieve investment grade rating and

refinance debt at lower cost

48

Transaction Overview

Transaction

Value

Consideration

Timing

Agreement to acquire 100% of APR Energy, a leading mobile power solutions provider

Total implied enterprise value of $750mn; $425mn expected equity value at closing

Approximately 5x 2020E EBITDA

All-stock transaction; approximately 38mn Atlas shares issued to sellers at $11.10 per share

Existing debt to be refinanced at closing of transaction

Post-closing debt of approximately $325mn

Approved by Board of Directors of each of Seaspan and APR

Signed acquisition agreement November 20, 2019

Transaction expected to close in Q1 2020; subject to closing Atlas reorganization

Subject to customary closing conditions, including receipt of applicable regulatory approvals

Achieves

Investment

Criteria

Attractive business model

Industry in which we are confident we can succeed

Strong risk adjusted ROIC

Runway for material capital deployment

49

Primary Mobile Power Use Cases

Use Case: 300MW gas

turbine solution to back

up hydro and bridge the

power gap until new

power plant constructed

(Uruguay)

Bridging Power

Long-Term Solutions

Use Case: Improved

technology to replace

aging infrastructure

(US Virgin Islands)

Strategic partnerships with OEMs for long-term RFPs

Grid Stabilization

Use Case: Peak

demand reliability

issues with renewable

power required fast

responding generators

to satisfy shortfalls

(Australia)

Structural need to balance intermittent generation

1-5 year contracts to support infrastructure development

Lack of funding to perpetuate supply/demand gap

30-60 day setup vs 3-5 years for traditional power plant

Typical contract structured as $/turbine/month lease (competitive rate based on local power prices)

Versatile assets with diverse set of use cases

Emergency Fast-Track Power

Use Case:

Emergency power

for hurricane relief

(Puerto Rico)

Mobilize operational power plant in under 3 weeks

Multi-fuel turbines enable use across the globe

50

APR Timeline

2004 2011 2012 2013 2014 2015 2016 2017 2018 2019

2016:

Taken private by Fairfax

Financial Holdings /

Albright Capital

2004:

APR Energy

established

(management buyout

from Alstom)

2011:

London Stock

Exchange Listing

2013:

Acquires GE’s

mobile turbine

business

2014:

Libya contract

issues affecting

business

2019:

Seaspan

acquires APR

Energy

Acquisition Timeline

Prior to take-private: Fairfax owned 18% of equity

2016: Owned 49% post take-private

2017: Acquired additional interest

2019: Owned 68% prior to acquisition

2019: Seaspan acquires 100% of APR Energy

New management

team on board

Asset utilization

materially improves

51

Historical Utilization

Fleet Utilization Turnaround under New Management Team1

Commercial Operations Revised personnel, processes, and controls

Enhanced through bid reviews, risk management, and

returns-oriented approach to new projects / extensions

Upgraded personnel and organization, diversified pipeline

Focus on business intelligence and enhanced deal closure

Improved leadership, personnel, processes and controls

Routinely delivering projects faster and on or below budget

Consolidated 12 global locations to two (JAX); improves

accountability, controls, maintenance and costs

“APR has grown to be the global leader in fast-track power. Over the last few

years, we have focused on improving processes, with a commitment to

operational excellence, speed, and discipline. Together, we have positioned

the company for its next phase of growth through a focus on commercial and

operational improvements”

Charles Ferry

Chief Executive Officer

30% 27% 28%

49%56% 52%

72%

91%

76% 75%82%

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

1. Installed capacity over owned capacity (includes gas turbines, diesel generators, and gas reciprocating engines)

52

APR Energy at a Glance

Globally Integrated and Diversified Attractive Fleet Strong Financial Profile

600+ global staff~400 plant operators

~200 corporate

#1Owns & operates the only mobile gas

turbine fleet in the world

4 yearsAverage turbine age

Supportive Capital Partners

14

10

1.3

850MWMobile Gas Turbines

Multiple sources of fuel, fast setup

time, space-efficient

~700MWDiesel generators / gas

reciprocating engines

Power Plants1

Countries1

GW installed2

Global Footprint

>2.3GWProjects in pipeline

~$300mn2020E Revenue

~$150mn2020E EBITDA

Over 5GW deployed since inception

1. Year-to-date

2. As at September 30, 2019

~2xNet Debt / 2020E EBITDA

53

Investment Thesis

1

2 Strong Strategic Rationale for Seaspan / Atlas

Diversified leasing platform: global leasing business with minimal correlation to container shipping

Relationships: Atlas team relationships expand opportunity set; transition focus toward full suite of energy services

Solid operational foundation: strong management team led by Chuck Ferry; platform spun out of Alstom & GE

Professional asset management: rigorous Atlas investment committee institutionalizes strategic capital allocation

and commercial decision making

Attractive Business Model with Strong Tailwinds

Medium-to-long-term contracted assets in a niche sub-market

Capital intensive business with opportunity for mid teens unlevered through cycle returns for prudent capital

allocators

Global macro tailwinds: growing emerging market demand for power, transition to alternative & distributed power

generation creates need for backup power, and power disruption from increasing incidences of natural disasters

Clear Financial Benefits

Attractive price: approximately 5x 2020E EBITDA; expected to be EPS accretive in first full year

Contracted cash flows: assets typically put on 1-5 year initial contracts; stable long-term average utilization

Unit economics imply unlevered free cash flow yields in high teens on incremental growth investing based

on economics of the initial contract; long-term utilization is a key driver of APR economics

Substantial pipeline; expected contract continuations for ~40% of capacity to 2024, with 2.3+ GW pipeline to

employ the remaining capacity

3

55

Pro Forma Structure for Atlas

Common Shares

Preferred Equity

Fairfax Notes

One Atlas common share will be issued for each Seaspan common share

New ticker for common shares (NYSE:ATCO)

One Atlas preferred share will be issued for each Seaspan preferred share of the corresponding

series

New ticker for preferred shares

Fairfax notes will remain at Seaspan

NYSE: ATCO

SSW

100%

Preferred Equity

Common Equity

APR

100%

Fairfax Notes

56

Credit improvements: access unsecured credit

markets at BB curve pricing

Capital allocation: additional capital

deployment into accretive containership

opportunities

Operational excellence: continued focus on

safety, reliability, cost

Technological innovation: progressing in-

house technology initiatives

2020 Focuses

Market Leading

Containership Lessor

Leading Mobile Power

Solution Lessor

Refinancing: refinance and recapitalize

company under flexible structure

Pipeline execution: conversion of existing

pipeline; expand customer network base through

Seaspan relationships

Expansion into longer-term projects: increase

focus on bids for longer-term contracts

People and processes: develop investment

committee, integrate intelligence/technology

platforms, align incentives

Investment committee: capital allocation

Shared services: develop best-in-class shared services function

Q&A

Prem Watsa

Fairfax Financial Holdings

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