Exhibit (c)(11) Presentation to the Special Committee of Directors Project Anchor October 31, 2022 STRICTLY PRIVATE AND CONFIDENTIAL

Table of Contents Section 1 Public Market Perspectives 4 Section 2 Financial Overview 9 Section 3 Valuation Overview 17 Appendix Supplemental Valuation Materials 26 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 2

Overview of Consortium Proposal $MM, unless otherwise stated • US $15.50 / share offer price based on Consortium Unaffected Share Aug 4, 2022 Sept 26, 2022 proposal received on Current Share Price Price Consortium Consortium (as of Oct 28, 2022) September 26, 2022 (as of Aug 4, 2022) Proposal Proposal Share / Offer Price $11.57 $14.80 $14.45 $15.50 • Represents Consortium’s “final and best offer” as % Prem. (Disc.) to Unaffected Price (8/4/22) -- 27.9% 24.9% 34.0% indicated in September 26, (1) % Prem. (Disc.) to 30-day VWAP 6.6% 36.4% 33.2% 42.8% 2022 Consortium Proposal (1) % Prem. (Disc.) to 90-day VWAP (7.6%) 18.2% 15.4% 23.8% (1)(2) (29.1%) (9.3%) (11.5%) (5.0%) % Prem. (Disc.) to 52 Week High of $16.32 (3) 285 286 286 286 FDSO Implied Equity Value $3,299 $4,234 $4,132 $4,439 (4) (594) (594) (594) (594) (-) Cash (4) 6,210 6,210 6,210 6,210 (+) Total Debt (Excl. Operating Leases) Net Debt $5,616 $5,616 $5,616 $5,616 (4) (+) Preferred Equity 803 803 803 803 EBITDA Implied Aggregate Value $9,718 $10,653 $10,551 $10,858 Consensus Management 2022 1,114 1,098 AV / EBITDA 2023 1,236 1,416 LTM Adjusted EBITDA of $1,131MM 8.6x 9.4x 9.3x 9.6x (5) 8.7x 9.6x 9.5x 9.8x 2022E Consensus EBITDA of $1,114MM (5) 7.9x 8.6x 8.5x 8.8x 2023E Consensus EBITDA of $1,236MM Source: Company Filings, Management Forecast as of September 28, 2022, Capital IQ as of October 28, 2022, Bloomberg Notes: 1. Based on market data as of unaffected date (August 4, 2022) 2. Based on 52 week closing price range 3. Includes 281.3MM basic shares outstanding, 0.7MM holdback shares, 2.0MM RSUs, 0.5MM PSUs, 8.0MM outstanding options and other dilutive securities as provided by Anchor management on October 30, 2022. Assumes no dilution from exchangeable notes from $13.01 to $17.85 due to hedging from associated capped call 4. Cash, total debt and preferred equity balances as of September 30, 2022 per Anchor management 5. Per Capital IQ as of October 28, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 3

SECTION 1 Public Market Perspectives 4

Share Price Performance Over Time Offer Premium / Anchor’s Share Price Performance Over Time $ Amount (2) (Discount) US$ / Share; Since August 4, 2017; 5 Years Prior to Unaffected Date MM Unaffected Share Price $11.57 34.0% 3/30/2022 (1) $24.00 16.0 Fairfax notifies Anchor of its 30-Day VWAP $10.85 42.8% intention to exercise (1) 90-Day VWAP $12.52 23.8% warrants to purchase 25MM (1) shares 52-Week High $16.32 (5.0%) 5/16/2019 $21.00 14.0 1/8/2018 3/23/2021 Seaspan announces 1/11/2021 9/26/2022 Anchor signals to public its Bing Chen appointed as Graham Talbot appointed closing of $1Bn portfolio Consortium raises offer intention to seek further President and CEO, and as CFO after prior CFO financing program from $14.45 to $15.50 given a board seat acquisition opportunities resigns $18.00 12.0 3/14/2018 11/21/2019 Seaspan acquires GCI Seaspan announces definitive bid to acquire APR Energy for $750MM Consortium Offer: $15.50 $15.00 10.0 Today: 2/28/2020 (3) Seaspan closes acquisition $14.80, +114% of APR Energy and 5/31/2018 rebrands as Anchor Seaspan announces $12.00 8.0 additional Fairfax Financial (1) Unaffected : investment (3) $11.57, +67% 9/1/2021 Seaspan announces 8/4/2022 order option for five $9.00 6.0 A consortium formed by Fairfax, the 7,000 dual-fuel LNG Washington Family, David Sokol, newbuild vessels and Ocean Network Express announces bid for remaining 32% $6.93 common stake in Anchor not owned by consortium members $6.00 4.0 $3.00 2.0 $0.00 0.0 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Oct-22 Anchor Volume Key Development Earnings Beat Earnings Miss Source: Capital IQ, Bloomberg as of October 28, 2022 Notes: 1. Performance since the unaffected date of August 4, 2022, the trading day before the initial Consortium proposal; VWAP figures represent the number of trading days prior to the unaffected date; 52-week high falls within the 52 week period ending August 4, 2022 2. Based on Consortium offer price of $15.50 per share 3. Performance since August 4, 2017 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 5

Anchor’s Share Price Performance vs. Select Peers (1) Performance Over Time Anchor Share Price Performance vs. Select Peers and the S&P 500 1-Year 3-Year 5-Year Indexed to 100 as of August 4, 2017; 5 Years Prior to Unaffected Date MM Anchor (12%) 20% 67% (2) 300.0 16.0 10% 153% 86% Cont. Lessors (3) 5% 66% 53% Other Lessors S&P 500 (6%) 42% 68% 14.0 250.0 12.0 Today: (4) $14.80, +114% 200.0 10.0 (1) Unaffected : (4) $11.57, +67% 150.0 8.0 6.0 100.0 $6.93 4.0 50.0 2.0 0.0 0.0 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Oct-22 (1) (2) Anchor Volume Containership Lessors Other Lessors S&P 500 Source: Capital IQ as of October 28, 2022 Notes: 1. Performance since the unaffected date of August 4, 2022, the trading day before the proposed takeover announcement 2. Containership lessors include Costamare, Danaos, Global Ship Lease and SFL Corporation 3. Other lessors include GATX, AerCap, Triton, and Textainer 4. Performance since August 4, 2017 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 6

Share Price Performance of Container Lessor Peers Performance Since The Unaffected Date Indexed to 100 as of August 4, 2022 140 130 $14.80 27.9% 120 110 2.8% $11.57 100 (9.5%) 90 (11.4%) (17.5%) 80 (21.5%) 70 04-Aug 14-Aug 24-Aug 03-Sep 13-Sep 23-Sep 03-Oct 13-Oct 23-Oct 30 28 -S -Oc ept Anchor Costamare Danaos Global Ship Lease SFL Corporation Container Lessor Average Source: Capital IQ as of October 28, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 7

Anchor Broker Price Targets Recent Broker Price Targets Per Bloomberg (2) (1) Prior to Unaffected Date - Per Bloomberg as of 8/3 Today - Per Bloomberg as of 10/28 Broker Target Prem/(Disc) to Prem/(Disc) to Broker Target Prem/(Disc) to Prem/(Disc) to Broker Date Rec Broker Date Rec (3) (3) (3) (3) Price ($) Current (%) Unaffected (%) Price ($) Current (%) Unaffected (%) Broker 1 2/8/2022 Buy $21.00 41.9% 81.5% Broker 1 2/8/2022 Buy $21.00 41.9% 81.5% Broker 2 2/17/2022 Buy $20.00 35.1% 72.9% Broker 2 2/17/2022 Buy $20.00 35.1% 72.9% Broker 3 7/19/2022 Buy $20.00 35.1% 72.9% Broker 3 10/5/2022 Buy $18.00 21.6% 55.6% Broker 4 5/12/2022 Buy $17.00 14.9% 46.9% Broker 4 8/10/2022 Hold $14.45 (2.4%) 24.9% Broker 5 7/18/2022 Hold $10.50 (29.1%) (9.2%) Broker 5 9/26/2022 Hold $15.50 4.7% 34.0% Broker 6 5/12/2022 Hold $16.00 8.1% 38.3% Broker Target Price Median $18.50 25.0% 59.9% $18.00 21.6% 55.6% Broker Target Price Mean $17.42 17.7% 50.5% $17.79 20.2% 53.8% (4) Target Prices Median Post Consortium Offer $15.50 4.7% 34.0% (4) Target Prices Mean Post Consortium Offer $15.98 8.0% 38.1% (5) Recent Broker Commentary Evolution of Broker Recommendations for Anchor $20 11% 11% 13% 14% 14% 14% • Continually encouraged by management’s ability to build a highly contracted $18 $16 business model 43% 43% 43% 43% 43% 50% 50% 50% 50% 15.20 33% 33% 57% 57% 57% 29% 29% 29% $14 38% 67% 67% • Recognize Anchor’s young asset fleet and ongoing optimization efforts $12 11.82 $10 • Concerns over further deterioration in the market and the sustainability of $8 elevated spot market activities $6 57% 57% 57% 57% 57% 57% 57% 57% 56% 56% 50% 50% 50% 50% 50% 43% 43% 43% $4 33% 33% $2 $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Source: Bloomberg Notes: (6) Share Price 12M Target Price 1. Included broker data as of August 3, 2022 as some brokers published updates on August 4, 2022 following Consortium’s initial proposal. As of August 3, 2022, 6 out of 8 Buy Hold Sell ($ / sh.) ($ / sh.) broker target prices were available in Bloomberg 2. As of October 28, 2022, 5 out of 7 broker target prices were available in Bloomberg and 2 other brokers’ target prices were not available 3. Current share price of $14.80, based on market data as of October 28, 2022; unaffected share price of $11.57, based on market data as of August 4, 2022 4. Reflects mean and median target prices of brokers who provide a 12-month price target dated after the August 4, 2022 initial proposal by the Consortium 5. Reflects broker data as of August 3, 2022 6. Reflects average of brokers’ 12-month target price made available as of August 3, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 8

SECTION 2 Financial Overview 9

Key Forecast Assumptions | Seaspan Model (Management Case) § 25 years for conventional ships Vessel Useful Life § 30 years for LNG ships § Industry charter rate curve at 15% discount for existing fleet and newbuild fleet; curve inflated by quarterly inflation beginning in Q2 2024 § Industry charter rate curve at 22% discount for replacement fleet 12k TEU vessels (1) Rates § Assumes IHS global inflation forecasts from 2022-2037 (average inflation of 2.7% through period) § 25% premium applied to industry charter rates for LNG dual-fuel vessels § Assumes 12k TEU vessel class are purchased to grow tonnage by global real GDP growth starting in 2026 through 2035 § Assumes following IHS global real GDP growth rates: Replacement Fleet Year 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E Growth % 3.0% 2.9% 2.8% 2.8% 2.8% 2.7% 2.7% 2.6% 2.6% 2.6% 2.5% 2.5% § Contracted utilization: 98.9% Utilization Rate § Spot utilization: 98.9% § $/LWT = $350 in 2021, inflated thereafter Residual Value § Assumes purchase obligations and options exercised by charterer; all other vessels scrapped § 2022 ship G&A budget inflation inflated through 2024; grown at 1.1% of revenue thereafter SG&A § Q4 2022 budget Corp G&A inflated by quarterly inflation thereafter § Days’ sales outstanding: 7 days§ Days’ payable outstanding: 85 days Working Capital§ Prepaid expenses: 35 days§ Other long-term liabilities: 17 days § Lease receivables: 3 days§ Deferred revenue liability: 5 days § Drydocking capex every five years (four times per lifetime) Capex Assumptions § Newbuild capex: purchase prices based on set contracts in place for 74 newbuild ships Taxes§ 0% effective tax rate Depreciation§ Straight-line depreciation; 5-year useful life for drydocking depreciation § Four 7,700 TEU Dual-Fuel LNG vessels removed from August Management Forecast Overview of Model § Acceleration of delivery date of ONE Freedom to October 12, 2022 Updates § Updated charter rates Source: Management Forecast as of September 28, 2022 Notes 1. Charter Rate data provided by Company Management as of September 28, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 10

Financial Summary | Seaspan Segment Management Forecast as of September 2022 Revenue $MM % Growth: NA 19% 4% 16% 27% 8% (4%) (1%) 1% 4% 2% 4% 4% 4% 2% 3% 4% 3% 3,178 3,076 2,969 2,875 2,814 2,707 2,614 2,517 2,460 2,441 2,346 2,361 2,330 2,253 1,774 1,524 1,460 1,223 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E (1) EBITDA $MM % Margin: 65% 67% 69% 73% 78% 79% 78% 77% 76% 76% 76% 75% 76% 75% 75% 76% 77% 76% 2,422 2,357 2,256 2,170 2,122 2,045 1,971 1,921 1,901 1,829 1,867 1,790 1,795 1,759 1,292 1,056 978 796 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E Capex $MM % Margin: 69% 115% 122% 155% 97% 20% 31% 30% 32% 33% 39% 35% 44% 37% 48% 60% 59% 28% 2,756 2,181 1,859 1,821 1,772 1,679 1,376 1,196 1,034 987 913 880 848 807 752 720 698 493 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E Source: Management Forecast as of September 28, 2022 Notes: 1. EBITDA is burdened by operating lease expenses PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 11

Comparison of Recontracting Rates Change in Rate Forecast Since 8/30/2022 2,500 TEU Rate / Day 4,500 TEU Rate / Day 10,000 TEU Rate / Day 12,000 TEU Rate / Day Change / % Change / % Change / % Change / % (1) (2) (1) (2) (1) (2) (1) (2) Old Rate New Rate Change Old Rate New Rate Change Old Rate New Rate Change Old Rate New Rate Change (6.2) (7.9) 10.0 8.9 3Q 2022 74.5 68.3 102.0 94.1 155.4 165.4 154.1 163.0 (8.3%) (7.8%) 6.4% 5.8% (23.7) (37.1) (1.8) (2.0) 4Q 2022 57.5 33.7 78.7 41.6 123.8 122.0 122.4 120.4 (41.3%) (47.2%) (1.5%) (1.6%) (10.7) (16.1) 6.5 8.5 1H 2023 40.1 29.4 51.6 35.6 89.7 96.2 84.3 92.8 (26.6%) (31.1%) 7.2% 10.1% (7.6) (11.4) (9.6) (10.2) 2H 2023 34.0 26.4 43.4 31.9 89.7 80.1 84.3 74.1 (22.3%) (26.4%) (10.7%) (12.1%) 0.2 0.2 1.1 0.8 1H 2024 15.4 15.6 20.4 20.7 46.2 47.3 42.4 43.2 1.1% 1.1% 2.4% 1.9% 0.3 0.4 1.1 0.8 2H 2024 13.6 13.9 17.9 18.4 46.7 47.8 42.8 43.6 2.5% 2.5% 2.4% 1.9% 0.4 0.5 1.1 0.8 2025 13.8 14.2 18.3 18.7 47.6 48.7 43.7 44.5 2.5% 2.5% 2.4% 1.9% 0.4 0.5 1.2 0.8 2026 14.2 14.5 18.7 19.2 48.8 50.0 44.8 45.6 2.5% 2.5% 2.4% 1.9% 0.4 0.5 1.2 0.9 2027 14.5 14.9 19.2 19.7 50.1 51.3 46.0 46.8 2.5% 2.5% 2.4% 1.9% Notes: 1. Old rate based on Management Forecast as of August 30, 2022; New rate based on Management Forecast as of September 28, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 12

Utilization Rate Benchmarking (1) Seaspan Utilization Rate vs. Select Peers Utilization Rate (%); Since Q1 2013 100% 99.9% 99.4% 98.3% 98% 96% 95.5% 94% 92% 90% 88% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 '13 '13 '13 '13 '14 '14 '14 '14 '15 '15 '15 '15 '16 '16 '16 '16 '17 '17 '17 '17 '18 '18 '18 '18 '19 '19 '19 '19 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Global Ship Lease Seaspan Costamare Danaos Seaspan Yearly Utilization Rate 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD Seaspan Average Yearly 98.0% 99.0% 98.5% 96.0% 95.7% 97.9% 98.9% 98.4% 98.7% 98.4% Utilization Rate Source: Company Filings Notes: 1. Costamare data available on an annual basis through 2021, and averages were implied on a quarterly basis. No public data available for SFL. Latest publicly available data as of October 28, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 13

Projected Seaspan Revenue and Revenue Less Opex Breakdown Over the Forecast Period (1) Revenue Breakdown $MM per year 3,076 3,178 2,969 2,875 2,814 2,707 2,614 2,517 2,460 2,441 2,346 2,361 2,330 2,253 806 989 1,208 584 678 463 373 272 201 65 343 133 1,774 41 606 1,524 859 11 1,095 1,260 1,331 1,385 1,468 1,491 1,519 1,675 1,800 2,212 1,781 2,098 1,763 1,740 1,524 1,406 1,133 1,000 914 855 775 738 678 488 287 189 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Existing and Newbuild Fleet – Contracted Existing and Newbuild Fleet – Spot Growth Fleet - Spot Relative Split Existing and Newbuild 100% 99% 98% 86% 74% 60% 48% 41% 36% 33% 29% 26% 24% 16% 9% 6% Fleet – Contracted Existing and Newbuild 0% 1% 2% 14% 26% 37% 46% 51% 53% 53% 54% 53% 53% 56% 59% 56% Fleet – Spot Replacement Fleet - 0% 0% 0% 0% 0% 3% 6% 8% 11% 14% 17% 21% 24% 27% 32% 38% Spot (1) Revenue Less OpEx Breakdown $MM per year 2,527 2,460 2,356 2,267 2,216 2,137 2,060 2,014 1,988 1,952 1,889 1,908 1,870 1,876 761 932 621 453 523 360 246 212 291 29 158 52 104 1,482 443 1,259 634 8 817 949 1,012 1,057 1,129 1,148 1,175 1,319 1,432 1,860 1,768 1,406 1,473 1,465 1,259 1,184 955 845 763 712 647 615 569 416 267 189 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Existing and Newbuild Fleet – Contracted Existing and Newbuild Fleet – Spot Growth Fleet - Spot Relative Split Existing and Newbuild 100% 99% 98% 88% 77% 63% 51% 43% 38% 35% 30% 28% 25% 18% 11% 7% Fleet – Contracted Existing and Newbuild 0% 1% 2% 12% 23% 34% 44% 49% 51% 51% 53% 52% 52% 56% 58% 56% Fleet – Spot Replacement Fleet – 0% 0% 0% 0% 0% 3% 6% 8% 11% 14% 17% 20% 23% 26% 31% 37% Spot Source: Management Forecast as of September 28, 2022 Notes 1. Revenue less OpEx does not include the impact of dry-docking expenses PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 14

Key Forecast Assumptions | APR Model (Management Case) § 30 existing units § New fleet of 13 units fully online by 2024 Fleet o Assumes 62% deployment in 2023 with 100% thereafter § Average price per month of $600K and contract length of 24 months New Fleet Deployment 2022 2023 2024 2025 2026 Spend Profile - 61.5% 38.5% - - New Fleet Deployment Active New Turbines - 8 5 - - In-Service Date - 1/1/2023 4/1/2024 - - % of Year - 100% 75% 100% 100% § 75% projected utilization § Average of 2 mobilization for existing fleet and 1 mobilization for new fleet Utilization / Mobilization o 4 units per mobilization for existing and new fleet § Between February 2022 and May 2022, 14 out of 30 units were decommissioned out of Argentina § Annual G&A expense of $47MM through forecast period; includes ~$5MM of allocated G&A expense due to shared services § Average operating lease expense of $3MM for existing fleet and $1.5MM for new fleet per annum Costs § Average mobilization cost per unit of $1.6MM for new and existing fleet; average demobilization cost per unit of $1.6MM for new and existing fleet § 455MW required for new fleet at cost of $485K per MW Capital Requirements § Proceeds from diesel sale of $11MM in 2023 Source: Management Forecast as of August 30, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 15

Financial Summary | APR Segment Management Forecast as of August 2022 Revenue $MM % Growth: NA (6%) (42%) 90% 10% 3% 0% 232 232 225 205 198 186 108 2020A 2021A 2022E 2023E 2024E 2025E 2026E (1) EBITDA $MM % Margin: 64% 73% 39% 60% 62% 63% 63% 146 146 141 136 127 123 42 2020A 2021A 2022E 2023E 2024E 2025E 2026E Capex $MM % Margin: 9% 16% 20% 77% 50% 12% 12% 157 112 30 29 29 22 18 2020A 2021A 2022E 2023E 2024E 2025E 2026E Source: Management Forecast as of August 30, 2022 Notes: 1. EBITDA is burdened by operating lease expenses PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 16

SECTION 3 Valuation Overview 17

Seaspan Benchmarking Vs. Peers (1) 34 Containerships, 76 Containerships Fleet Size (including newbuilds) 194 Containerships 77 Containerships 18 Tanker, 2 Energy, 6 Car Carriers, 65 Containerships 45 Dry Bulk 15 Dry Bulk (2) Age of Fleet (years) 4.9 11.1 13.3 10.9 14.9 Total TEU (000s) (including ~2,000 643 485 320 342 newbuilds) Average TEU Vessel (000s) 10.3 8.5 6.3 9.4 5.3 (including newbuilds) Newbuild TEU (000s) 847 85.4 46 n/a n/a Avg. Newbuild TEU Vessel (000s) 12.1 14.2 7.7 n/a n/a Vessel Utilization (%) 98.3% 99.3% 99.9% n.m. 95.5% % of Fleet under Long Term 99.6% 95.0% 80.0% 83.0% n.m. Contracts Average Length of Remaining 7.9 4.0 3.6 6.5 2.6 Contracts Gross Contracted Cash Flow and (2) 18.9 3.3 2.3 3.7 1.9 Backlog (3) Vessel Daily Opex $6,766 $5,896 $5,986 n.m. $6,707 Revenue Growth ('19-’21) 13.6% 28.8% 24.2% 5.7% 23.7% Revenue Growth ('21-’23) 10.2% 19.3% 15.8% 13.3% 24.9% EBITDA Growth ('19-’21) 17.0% 30.6% 22.2% 4.6% 22.7% EBITDA Growth ('21-’23) 14.9% 20.3% 27.8% 13.6% 38.7% 2023E EBITDA Margin 72.9% 68.2% 78.5% 67.8% 72.7% Other Others 5% 4% 7% 4% 5% 8% 6% 5% 6% 5% 6% 22% 6% 31% 11% 24% 28% 5% 6% 9% 10% 6% 8% 12% 54% Key Customers 15% 9% 7% 12% 17% 9% 18% 16% 13% 29% 13% 15% 15% Container Tanker Energy Car Carrier 16% Dry Bulk Source: Latest company disclosures, including investor presentations, annual reports, and investor days; Clarksons; Capital IQ for forward growth and EBITDA estimates as of October 28, 2022 Notes: 1. Seaspan data as of latest corporate development model 2. Average Age of Fleet and Gross Contracted Cash Flow and Backlog for Seaspan includes newbuilds 3. Based on FY2021 reported daily opex PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 18

Seaspan Peer Trading Multiples (1) AV / NTM EBITDA Last 10 Years; x (2) 15.0x AV / NTM EBITDA Performance Over Time Cont. Other Average Anchor Lessors Lessors 10Y 8.3x 7.9x 8.9x 5Y 7.5x 6.9x 8.7x 12.0x 3Y 7.6x 5.9x 8.9x As of (3) 7.8x 4.3x 10.2x Unaffected (3) 10.2x Current 8.8x 4.1x 10.2x Change 1.0x (0.2x) (0.0x) 9.0x Since 13% (6%) (0.1%) 8.8x Unaffected 6.0x 4.1x 3.0x 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 C A ont nchor ainership Les Cont sor aisnership Les Ostor her s LessorO s ther Lessor As nchor Source: Capital IQ, Thomson Consensus Estimates Notes: 1. Market data as of October 28, 2022. Containership Lessors include Costamare, Danaos, Global Ship Lease, and SFL Corporation; Other Lessors include Aercap, GATX, Triton, and Textainer; Triton data shown post listing on July 12, 2017 2. Represents 10-year, 5-year, and 3-year average of the median over the period prior to August 4, 2022 (Anchor’s unaffected trading date) 3. Unaffected date of August 4, 2022; today’s market data as of October 28, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 19

APR Peer Trading Multiples (1) AV / NTM EBITDA Last 10 Years; x (2) 15.0x AV / NTM EBITDA Performance Over Time Specialty General Average Anchor Rental Rental 10Y 8.3x 8.1x 5.8x 5Y 7.5x 9.5x 5.7x 12.0x 3Y 7.6x 9.8x 5.8x 11.4x As of (3) 7.8x 10.5x 5.2x Unaffected (3) Current 8.8x 11.4x 5.0x Change 1.0x 0.9x (0.2x) 9.0x Since 13% 8% (3%) 8.8x Unaffected 6.0x 5.0x 3.0x 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Anchor SpecialS ty pecialty RG ent ener al al Gener Anal chor Rental Source: Capital IQ, Thomson Consensus Estimates Notes: 1. Market data as of October 28, 2022. Specialty Rental includes WillScot Mobile and McGrath Rental; General Rental includes United Rentals, Ashtead Group, H&E Equipment, and Herc Holdings; Herc Holdings data shown post listing on July 1, 2016, WillScot Mobile data shown post listing on November 30, 2018. Anchor data as of August 4, 2022, reflecting the unaffected trading day before the initial Consortium proposal 2. Represents 10-year, 5-year, and 3-year average of the median over the period prior to August 4, 2022 (Anchor’s unaffected trading date) 3. Unaffected date of August 4, 2022; today’s market data as of October 28, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 20

Standalone Valuation Summary | Seaspan Segment Based on Seaspan Management Forecast as of September 2022 (1) Implied Aggregate Value ($MM) (2) Discounted Cash Flow Analysis Financial Projections through 2037, Perpetuity Growth Rate of 0.0% - 2.0%, $9,250 $12,100 WACC of 7.3% - 7.9% (3) Comparable Companies Analysis $8,450 $9,500 AV / 2022E EBITDA ($1,056MM): 8.0x - 9.0x $9,050 $10,350 AV / 2023E EBITDA ($1,292MM): 7.0x - 8.0x (3) Precedent Transactions Analysis $8,400 $9,450 AV / LTM EBITDA ($1,050MM): 8.0x - 9.0x $6,000 $8,000 $10,000 $12,000 $14,000 AV / 2023E EBITDA ($1,292MM) 4.6x 6.2x 7.7x 9.3x 10.8x Source: Management Forecast as of September 28, 2022 Notes: 1. Values rounded to nearest $25MM 2. Valuation as of September 30, 2022 3. EBITDA is burdened by operating lease expenses PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 21

Standalone Valuation Summary | APR Segment Based on APR Management Forecast as of August 2022 (1) Implied Aggregate Value ($MM) (2) Discounted Cash Flow Analysis Financial Projections through 2026, LTM Terminal Multiple of 5.0x - 6.5x, $600 $775 WACC of 8.8% - 10.2% (3) Comparable Companies Analysis $250 $300 AV / 2022E EBITDA ($42MM): 6.0x - 7.0x AV / 2023E EBITDA ($123MM): 5.0x - 6.0x $625 $750 (3) Precedent Transactions Analysis $425 $525 AV / LTM EBITDA ($83MM): 5.0x - 6.5x $0 $250 $500 $750 $1,000 AV / 2023E EBITDA ($123MM) -- 2.0x 4.0x 6.1x 8.1x Source: Management Forecast as of August 30, 2022 Notes: 1. Values rounded to nearest $25MM 2. Valuation as of September 30, 2022 3. EBITDA is burdened by operating lease expenses PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 22

Anchor Valuation Summary | Consolidated Based on Seaspan and APR Management Forecast, Unless Noted Otherwise (1) Summary Valuation $ / Share, Unless Otherwise Noted (2) Methodology Valuation Implied Share Price ($ / Share) Total Agg. Value ($MM) Rounded to nearest $0.25 Rounded to nearest $25MM Sum-of-the-Parts Basis Low High Unaffected Price: $11.57 09/26/22 Offer Price: $15.50 (3) Discounted Cash Flow Analysis Seaspan Implied Agg. Value Range: $9,251MM - $12,097MM PGR / Terminal 9,850 12,875 $12.00 $22.25 APR Implied Agg. Value Range: $588MM - $773MM Multiple Method Comparable Companies Analysis Seaspan Implied Agg. Value Range: $9,046MM - $10,338MM AV / 2023E EBITDA $11.50 $16.25 9,675 11,075 APR Implied Agg. Value Range: $617MM - $741MM Precedent Transactions Analysis Seaspan Implied Agg. Value Range: $8,399MM - $9,449MM AV / LTM EBITDA $8.50 $12.50 8,800 9,975 APR Implied Agg. Value Range: $413MM - $536MM Consolidated Basis Comparable Companies Analysis Management Case - AV / 2022E EBITDA ($1,098MM): 8.0x - 9.0x AV / 2022E EBITDA $8.25 $12.25 8,775 9,875 Street Consensus - AV / 2022E EBITDA ($1,114MM): 8.0x - 9.0x AV / 2022E EBITDA 8,900 10,025 $8.75 $12.75 Management Case - AV / 2023E EBITDA ($1,416MM): 7.0x - 8.0x AV / 2023E EBITDA $12.25 $17.00 9,900 11,325 Street Consensus - AV / 2023E EBITDA ($1,236MM): 7.0x - 8.0x AV / 2023E EBITDA 8,650 9,875 $7.75 $12.25 Precedent Transactions Analysis AV / LTM EBITDA ($1,131MM): 8.0x - 9.0x AV / LTM EBITDA $9.25 $13.25 9,050 10,175 Reference Only (4) Sellside Analyst Price Targets (Undiscounted) $10.50 $21.00 (5) 52-Week Trading Range $10.25 $16.32 $0 $5 $10 $15 $20 $25 $30 Source: Seaspan Management Forecast as of September 28, 2022, APR Management Forecast as of August 30, 2022, Company Filings, Capital IQ as of October 28, 2022, Broker Reports, Bloomberg Notes: 1. Balance sheet items as of September 30, 2022; net debt includes $6,210MM total debt (excluding operating leases), $594MM cash and 2. Share price rounded to the nearest $0.25 with exception of 52-Week Trading Range cash equivalents, and $803MM of preferred stock; basic share count of 281.3MM, 0.7MM holdback shares, 2.0MM RSUs, 0.5MM 3. Assumes mid-year discounting convention and September 30, 2022 valuation date; Seaspan valuation based on 15.25-year DCF; PSUs, 8.0MM outstanding options and other dilutive securities as provided by Anchor management on October 30, 2022. Assumes no APR valuation based on 4.25-year DCF dilution from exchangeable notes from $13.01 to $17.85 due to hedging from associated capped call; for share prices above $17.85, 4. Based on 6 brokers as of August 4, 2022 (unaffected date) assumes additional dilution from exchangeable notes due to net share settlement 5. Based on 52-week closing price range (as of unaffected date of August 4, 2022) PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 23

Illustrative DCF Sensitivity Analysis Based on Seaspan Management Forecast as of September 2022 and APR Management Forecast as of August 2022 (1) Scenario Implied Agg. Value Impact ($MM) Input Impacted Downside Base Case Upside Implied Share Price Impact ($MM) Discount to Existing Fleet / Growth Industry Charter Rates (20%) / (22%) (15%) / (22%) (10%) / (10%) ($1,018) $2,342 Fleet (2) $7.69 ($3.49) (%) Utilization Contracted Utilization / 97.0% / 95.0% 98.9% / 98.9% ($1,081) (2) Spot Utilization Rates (%) ($3.71) Vessel Useful Life Conventional Vessels / 23 years / 25 years 25 years / 30 years ($773) (2) LNG Vessels (Years) ($2.64) Cost of Newbuild Base Year Capex $117MM $111MM ($313) (2) ($MM) ($1.07) Scrap Value Residual Value $300 / LWT $350 / LWT ($47) (2) ($ / LWT) ($0.16) Cost Inflation Increase Increase to Cost Inflation ($1,018) 100 bps 0 bps (2) per Annum of 100 bps ($3.49) APR 70% 70% 75% ($87) Turbine Utilization Rate (3) Utilization ($1.17) APR 50% Turbine Utilization Rate 50% 75% ($408) (3) Utilization ($2.27) Source: Management Forecast as of September 2022 Downside Sensitivity Upside Sensitivity Notes: 1. Balance sheet items as of September 30, 2022; net debt includes $6,210MM total debt (excluding operating leases), $594MM cash and cash equivalents, and $803MM of preferred stock; basic share count of 281.3MM, 0.7MM holdback shares, 2.0MM RSUs, 0.5MM PSUs, 8.0MM outstanding options and other dilutive securities as provided by Anchor management on October 30, 2022. Assumes no dilution from exchangeable notes from $13.01 to $17.85 due to hedging from associated capped call; for share prices above $17.85, assumes additional dilution from exchangeable notes due to net share settlement 2. For Seaspan sensitivities, APR Aggregate Value held constant at the midpoint WACC of 9.5% and midpoint exit multiple of 5.8x 3. For APR sensitivities, Seaspan Aggregate Value held constant at the midpoint WACC of 7.6% and midpoint PGR of 1.0% PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 24

Illustrative Discounted Equity Value Analysis | Consolidated AV / EBITDA Multiple; Based on Seaspan Management Forecast as of September 2022 and APR Management Forecast as of August 2022 (1)(2)(3)(4) (1)(2)(3)(4) Present Value of Future Stock Price Including Value of Dividends Future Implied Stock Price Including Value of Dividends $ $ $30.00 $30.00 $28.87 $28.55 9.0x $25.32 $24.55 $25.00 $25.00 $23.86 8.3x $22.60 $21.36 $21.54 9.0x 8.0x $20.79 $22.70 $21.84 $20.00 $20.00 $18.90 $18.14 8.3x $17.66 $19.92 $16.43 8.0x $17.32 $14.92 $16.69 $16.25 $14.43 $15.00 $15.00 7.0x $11.81 $11.88 $11.51 7.0x $10.00 $10.00 12/31/2022 12/31/2023 12/31/2024 12/31/2022 12/31/2023 12/31/2024 Source: Seaspan Management Forecast as of September 28, 2022, APR Management Forecast as of August 30, 2022, Company Filings Notes: 1. Represents future value using NTM multiple applied to EBITDA; includes impact of cumulative future value of dividends. 3. Analysis assumes Anchor continues to pay out dividends to common shareholders at payout of $0.50 per share annually Calculation based on NTM EBITDA multiplied by AV / EBITDA multiple, less net debt and preferred equity to arrive at equity 4. Assumes basic share count of 281.3MM, 0.7MM holdback shares, 2.0MM RSUs, 0.5MM PSUs, 8.0MM outstanding options and value. Divided by FDSO and discounted back to September 30, 2022. Illustrative analysis is not indicative of future trading other dilutive securities as provided by Anchor management on October 30, 2022. Assumes no dilution from exchangeable 2. Valuation date of September 30, 2022. Represents future value as of specified date based on NTM multiple applied to EBITDA, notes from $13.01 to $17.85 due to hedging from associated capped call; for share prices above $17.85, assumes additional discounted back to September 30, 2022 at a cost of equity of 11.2% assuming end of year convention for Equity Value and mid- dilution from exchangeable notes due to net share settlement year convention for dividends PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 25

APPENDIX Supplemental Valuation Materials 26

Summary of Changes to Analysis Since October 5, 2022 Special Committee Meeting § Updated Seaspan and APR cost of capital to market date o Seaspan WACC range of 7.3% – 7.9% from prior Seaspan WACC range 7.2% – 7.9% o APR WACC range of 8.8% – 10.2% from prior APR WACC range of 8.7% – 10.0% § Updated valuation date to September 30, 2022 o Cash flows discounted to September 30, 2022; excluding Q3 2022 cash flows o Q4 2022 capex increased by $77MM, including a portion of Q3 2022 capex that shifted to Q4 2022 § Updated balance sheet as of September 30, 2022 o Cash balance updated to $594MM from prior balance of $401MM (as of June 30, 2022) o Debt balance (excl. operating leases) updated to $6,210MM from prior balance of $5,714MM (as of June 30, 2022) § Updated LTM EBITDA as of September 30, 2022 o LTM Seaspan EBITDA of $1,050MM from prior $1,051MM (as of June 30, 2022) o LTM APR EBITDA of $83MM from prior $111MM (as of June 30, 2022) PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 27

Seaspan Comparable Companies Market Data As Of October 28, 2022 Agg. Val. / EBITDA Price / Earnings Share Price % of 52-Week High Equity Value Agg. Val. Company Name ($) (%) ($MM) ($MM) 2022E 2023E 2024E 2022E 2023E 2024E (1) Anchor 11.57 (29.8%) 3,299 9,718 8.7x 7.9x 5.9x 7.6x 7.3x 5.9x Containership Lessors Costamare Inc. 9.27 (48.5%) 1,152 3,281 4.3x 4.3x 4.4x 2.5x 2.4x 2.3x Danaos Corporation 57.61 (46.4%) 1,184 1,627 2.1x 2.2x 2.1x 2.0x 2.2x 2.1x Global Ship Lease, Inc. 17.28 (42.4%) 661 1,564 3.8x 3.4x 2.8x 2.3x 1.9x 1.4x SFL Corporation Ltd. 10.05 (13.3%) 1,275 3,493 8.6x 7.9x 7.2x 9.5x 9.0x 6.2x Containership Lessors Mean 4.7x 4.5x 4.1x 4.1x 3.9x 3.0x Containership Lessors Median 4.0x 3.8x 3.6x 2.4x 2.3x 2.2x Other Lessors AerCap Holdings N.V. 53.09 (25.6%) 13,218 60,401 10.6x 10.5x 7.7x 7.4x 6.7x 6.3x GATX Corporation 102.43 (19.7%) 3,659 9,432 10.7x 10.2x 10.2x 17.2x 15.8x 15.2x Triton International Limited 60.50 (16.4%) 3,788 12,931 7.6x 8.0x na 5.4x 5.7x na Textainer Group Holdings Limited 29.57 (29.4%) 1,404 7,226 9.7x 9.8x 9.8x 4.9x 5.1x 5.4x Other Lessors Mean 9.7x 9.6x 9.2x 8.7x 8.3x 8.9x Other Lessors Median 10.2x 10.0x 9.8x 6.4x 6.2x 6.3x Source: Capital IQ Notes: 1. Share price as of the unaffected date of August 4, 2022, reflecting the unaffected trading day before the proposed takeover announcement; EBITDA and earnings projections based off Capital IQ PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 28

APR Comparable Companies Market Data As Of October 28, 2022 Agg. Val. / EBITDA Price / Earnings Share Price % of 52-Week High Equity Value Agg. Val. Company Name ($) (%) ($MM) ($MM) 2022E 2023E 2024E 2022E 2023E 2024E (1) Anchor 11.57 (29.8%) 3,299 9,718 8.7x 7.9x 5.9x 7.6x 7.3x 5.9x Specialty Rental WillScot Mobile Mini Holdings Corp. 42.78 (3.1%) 9,315 12,321 13.4x 12.4x 11.4x 31.9x 24.8x 17.2x McGrath RentCorp 96.56 (0.4%) 2,394 2,812 10.3x 9.8x 8.9x 22.2x 21.0x 17.5x Specialty Rental Mean 11.9x 11.1x 10.1x 27.1x 22.9x 17.3x Specialty Rental Median 11.9x 11.1x 10.1x 27.1x 22.9x 17.3x General Rental United Rentals, Inc. 309.59 (25.4%) 21,588 31,422 5.7x 5.4x 5.2x 9.8x 9.2x 8.2x Ashtead Group plc 52.09 (31.6%) 22,840 30,556 8.5x 7.2x 6.7x 16.1x 12.3x 11.3x H&E Equipment Services, Inc. 36.78 (27.4%) 1,356 2,387 5.0x 4.5x 4.2x 13.2x 11.0x 9.4x Herc Holdings Inc. 114.15 (43.8%) 3,433 6,149 5.0x 4.3x 4.1x 10.0x 8.3x 7.8x General Rental Mean 6.1x 5.3x 5.0x 12.3x 10.2x 9.2x General Rental Median 5.4x 4.9x 4.7x 11.6x 10.1x 8.8x Source: Capital IQ Notes: 1. Share price as of the unaffected date of August 4, 2022, reflecting the unaffected trading day before the proposed takeover announcement; EBITDA and earnings projections based off Capital IQ PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 29

Maritime Precedent Transactions AV / LTM EBITDA Multiples (2) 9.4x x 9.2x Median: 8.4x (1) 8.4x 8.4x Mean: 8.3x 6.3x 10/4/2021 9/13/2021 3/8/2021 2/22/2021 1/13/2021 (3) (4) Target Teekay LNG Ocean Yield Hoegh LNG GasLog Golar LNG Partners Acquirer Stonepeak KKR MSIP / LHC Blackrock New Fortress Energy (5) (6)(7) (8) Price per Share $17.00 $4.75 $2.76 $5.80 $3.55 Premium to Spot ~8% ~26% ~36% ~17% ~27% Transaction Value $6.2Bn (100%) $2.3Bn (100%) $2.1Bn (100%) $4.4Bn (100%) $1.9Bn (100%) 63 (VLCCs, Tankers, Carriers, Number of Vessels 47 LNG | 30 LPG (JV) 6 LNGCs | 6 FSRUs 33 LNGCs 6 LNGCs | 1 FLNG LEGs) % Fleet Contracted 98% 94% 67% 52% 33% Avg. Contract Length ~10 Years ~8 Years 8+ Years ~3 Years Not Disclosed Charter Counterparty Investment Grade & High Yield High Yield Investment Grade & High Yield Investment Grade & High Yield Investment Grade Credit Source: Company Filings, Company Information, MergerMarket, Capital IQ, Refinitiv, Press Releases Notes: 5. Assumes a conversion of ~8.63 NOK per 1 USD as of September 13, 2021. Multiple reflects reported EBITDA adjusted for 1. Enterprise value includes Hybrid Capital. LTM EBITDA adjusted for finance lease effects as of Q2 2021 finance lease effects 2. Aggregate value includes non-controlling interest based on market value of public unitholders’ ownership in GLOP as of 6. Assumes a conversion of ~8.51 NOK per 1 USD as of March 8, 2021 February 19, 2021 7. Transaction for 50.40% stake in Hoegh LNG Holdings Ltd. 3. Hoegh LNG includes Hoegh LNG Holding and Hoegh LNG Partners; 8. Transaction for 45% stake in GasLog Ltd. 4. GasLog includes GasLog Ltd and GasLog Partners PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 30

General and Specialty Rental Precedent Transactions General Rental Precedent Transactions Specialty Rental Precedent Transactions AV / LTM Adj. EBITDA (x) AV / LTM Adj. EBITDA (x) 12.0x 12.0x 11.3x 10.4x 9.1x 9.0x 9.0x 7.8x 6.7x 6.7x 6.2x (1) 5.9x 6.0x 6.0x 5.5x 3.0x 3.0x 0.0x 0.0x NES / Neff / BlueLine / Target / APR Energy / Baker APR Energy / Mobile Aggreko / General URI URI URI Fairfax Corp / Seaspan Mini / TDR & Finance / Acquirer: Holdings URI WillScot I Squared URI Date Jan-17 Aug-17 Sep-18 Oct-15 Jul-18 Nov-19 Mar-20 Mar-21 Apr-21 Announced: Deal Value ($Bn): 1.0 1.3 2.1 0.8 0.7 0.8 2.8 3.2 1.0 Notes: Greater Relevance Transaction 1. Based on FY2020 EBITDA of $127MM due to unavailability of LTM EBITDA PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 31

Seaspan DCF Valuation | Based on Management Case 15.25 Year DCF | Perpetuity Growth Method with Illustrative PGR Range of 0.0% – 2.0% Discounted Cash Flow Summary – 15.25 Year Model Based on Perpetuity Growth Method Key Assumptions: $MM, Unless Otherwise Stated • Valuation date of September 30, 2022 • Seaspan Management Forecast as of Perpetuity Growth Rate 0.0% 1.0% 2.0% September 28, 2022 Discount Rate 7.3% 7.6% 7.9% 7.3% 7.6% 7.9% 7.3% 7.6% 7.9% • Illustrative WACC range of 7.3% to 7.9% PV of Cash Flows 5,818 5,650 5,487 5,818 5,650 5,487 5,818 5,650 5,487 • Assume no cash taxes paid at Seaspan, per Anchor mgmt. PV of Terminal Value 4,469 4,097 3,764 5,230 4,763 4,349 6,279 5,667 5,132 • Assumes terminal year capex of Seaspan Aggregate Value 10,287 9,747 9,251 11,049 10,414 9,836 12,097 11,317 10,619 $1.5Bn, per Anchor mgmt. • Terminal year D&A equal to capex • Assumes mid-year discounting convention Seaspan Unlevered Free Cash Flow Summary $MM Management Base Case $MM, December Year End Q4 2022E FY2023E FY2024E FY2025E FY2026E FY2027E FY2028E FY2029E FY2030E FY2031E FY2032E FY2033E FY2034E FY2035E FY2036E FY2037E Terminal Revenue 385 1,774 2,253 2,441 2,346 2,330 2,361 2,460 2,517 2,614 2,707 2,814 2,875 2,969 3,076 3,178 3,178 % Growth N.A. 16% 27% 8% (4%) (1%) 1% 4% 2% 4% 4% 4% 2% 3% 4% 3% EBITDA 270 1,292 1,759 1,921 1,829 1,790 1,795 1,867 1,901 1,971 2,045 2,122 2,170 2,256 2,357 2,422 2,422 % Margin 70% 73% 78% 79% 78% 77% 76% 76% 76% 75% 76% 75% 75% 76% 77% 76% 76% (-) Depreciation & Amortization (121) (544) (702) (757) (772) (800) (824) (862) (891) (922) (935) (968) (996) (1,013) (1,001) (991) (1,500) (-) Tax Expense -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- % Tax Rate -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- NOPAT 149 749 1,057 1,164 1,056 990 971 1,005 1,010 1,048 1,110 1,154 1,175 1,243 1,357 1,430 922 % Margin 39% 42% 47% 48% 45% 42% 41% 41% 40% 40% 41% 41% 41% 42% 44% 45% (+) Depreciation & Amortization 121 544 702 757 772 800 824 862 891 922 935 968 996 1,013 1,001 991 1,500 (-) Capital Expenditures (566) (2,756) (2,181) (493) (720) (698) (752) (807) (987) (913) (1,196) (1,034) (1,376) (1,772) (1,821) (880) (1,500) (-/+) Increase/Decrease in NWC (1) 4 10 7 3 4 5 4 3 3 3 4 2 (2) 0 8 -- (+) Residual Value -- -- -- -- 7 14 -- 14 22 40 54 35 59 189 220 156 -- Unlevered FCF (297) (1,460) (413) 1,434 1,118 1,109 1,047 1,079 939 1,100 906 1,126 856 671 757 1,706 922 Source: Management Forecast as of September 28, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 32

APR DCF Valuation | Based on Management Case 4.25 Year DCF | Terminal Exit Multiple Method with Illustrative Multiple Range of 5.0x – 6.5x Key Assumptions: Discounted Cash Flow Summary – 4.25 Year Model Based on Terminal Exit Method $MM, Unless Otherwise Stated • Valuation date of September 30, 2022 LTM EBITDA Exit Multiple 5.00x 5.75x 6.50x • APR Management Forecast Discount Rate 8.8% 9.5% 10.2% 8.8% 9.5% 10.2% 8.8% 9.5% 10.2% as of August 30, 2022 PV of Cash Flows 110 108 105 110 108 105 110 108 105 • Tax rate of 25% as per management guidance PV of Terminal Value 509 496 483 586 570 556 662 645 628 • Illustrative WACC range of APR Aggregate Value 620 604 588 696 678 660 773 752 733 8.8% to 10.2% • Assumes mid-year discounting convention APR Unlevered Free Cash Flow Summary $MM Management Base Case $MM, December Year End Q4 2022E FY2023E FY2024E FY2025E FY2026E Terminal Revenue 27 205 225 232 232 232 % Growth N.A. 90% 10% 3% -- EBITDA 10 123 141 146 146 146 % Margin 39% 60% 62% 63% 63% 63% (-) Depreciation & Amortization (10) (54) (61) (60) (61) (-) Tax Expense (0) (17) (20) (21) (21) % Tax Rate 25% 25% 25% 25% 25% NOPAT 0 52 60 64 64 % Margin 0% 25% 26% 28% 27% (+) Depreciation & Amortization 10 54 61 60 61 (-) Capital Expenditures (6) (157) (112) (29) (29) (-/+) Increase/Decrease in NWC -- -- -- -- -- Unlevered FCF 5 (51) 9 96 96 Source: Management Forecast as of August 30, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 33

Seaspan Weighted Average Cost of Capital Seaspan Weighted Average Cost of Capital WACC Calculation Assumption Notes Base Low High Market Risk Premium (MRP) Morgan Stanley Estimated Market Risk Premium 6.0% 6.0% 6.0% Risk Free Rate (Rf) Spot Rate on 10-Year U.S. Treasury as of 10/28/2022 4.0% 4.0% 4.0% Predicted Beta Seaspan Peer Levered Beta 1.20 1.20 1.20 Sensitivity Adjustment +/- 1.0% from Base (1.0%) 1.0% Cost of Equity (KE) Calculated Using the Capital Asset Pricing Model 11.2% 10.2% 12.2% Cost of Preferred (KP) Current Reported Weighted Average Cost of Preferred 7.6% 7.6% 7.6% Pre-tax Cost of Debt (KD) Based on Indicative Cost of Debt 5.7% 5.7% 5.7% Tax Rate (t) Per Anchor Management -- -- -- Post-tax Cost of Debt (KD) 5.7% 5.7% 5.7% (1) Debt / Total Capitalization 60.2% 60.2% 60.2% Seaspan Capital Structure (1) Preferred / Total Capitalization 7.8% 7.8% 7.8% Seaspan Capital Structure (1) Common Equity / Total Capitalization Seaspan Capital Structure 32.0% 32.0% 32.0% WACC KE * E/(D+P+E) + KP * P/(D+P+E) + KD * (1-t) * D/(D+P+E) 7.6% 7.3% 7.9% Source: Company Filings, Capital IQ as of October 28, 2022 Notes: 1. Based on unaffected Anchor share price as of August 4, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 34

APR Weighted Average Cost of Capital APR Weighted Average Cost of Capital WACC Calculation Assumption Notes Base Low High Market Risk Premium (MRP) Morgan Stanley Estimated Market Risk Premium 6.0% 6.0% 6.0% Risk Free Rate (Rf) Spot Rate on 10-Year U.S. Treasury as of 10/28/2022 4.0% 4.0% 4.0% Predicted Beta APR Peer Levered Beta 1.20 1.20 1.20 Size Premium Adjustment Size Premia - Duff & Phelps 0.7% 0.7% 0.7% Sensitivity Adjustment +/- 1.0% from Base (1.0%) 1.0% Cost of Equity (KE) Calculated Using the Capital Asset Pricing Model 11.9% 10.9% 12.9% Pre-tax Cost of Debt (KD) Based on Indicative Cost of Debt 5.7% 5.7% 5.7% Tax Rate (t) Per Anchor Management 25.0% 25.0% 25.0% Post-tax Cost of Debt (KD) 4.3% 4.3% 4.3% Debt / Total Capitalization Average of Peers 31.5% 31.5% 31.5% Common Equity / Total Capitalization Average of Peers 68.5% 68.5% 68.5% WACC KE * E/(D+P+E) + KD * (1-t) * D/(D+P+E) 9.5% 8.8% 10.2% Source: Company Filings, Capital IQ as of October 28, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 35

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