Exhibit (c)(9) Presentation to the Special Committee of Directors Project Anchor October 5, 2022 STRICTLY PRIVATE AND CONFIDENTIAL

Table of Contents Section 1 Public Market Perspectives 4 Section 2 Financial Overview 10 Section 3 Preliminary Valuation Overview 19 Appendix Supplemental Preliminary Valuation Materials 30 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 2

Preliminary 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 Sep 30, 2022) September 26, 2022 (as of Aug 4, 2022) Proposal Proposal Share / Offer Price $11.57 $13.90 $14.45 $15.50 % Prem. (Disc.) to Unaffected Price (8/4/22) -- 20.1% 24.9% 34.0% (1) 6.6% 28.1% 33.2% 42.8% % Prem. (Disc.) to 30-day VWAP (1) (7.6%) 11.0% 15.4% 23.8% % Prem. (Disc.) to 90-day VWAP (1)(2) (29.1%) (14.8%) (11.5%) (5.0%) % Prem. (Disc.) to 52 Week High of $16.32 (3) 286 287 287 287 FDSO Implied Equity Value $3,311 $3,986 $4,147 $4,455 (4) (401) (401) (401) (401) (-) Cash (4) 5,714 5,714 5,714 5,714 (+) Total Debt (Excl. Operating Leases) Net Debt $5,314 $5,314 $5,314 $5,314 (4) 803 803 803 803 (+) Preferred Equity EBITDA Implied Aggregate Value $9,428 $10,102 $10,264 $10,572 Consensus Management 2022 1,114 1,098 AV / EBITDA LTM Adjusted EBITDA of $1,162MM 8.1x 8.7x 8.8x 9.1x 2023 1,236 1,416 (5) 8.5x 9.1x 9.2x 9.5x 2022E Consensus EBITDA of $1,114MM (5) 7.6x 8.2x 8.3x 8.6x 2023E Consensus EBITDA of $1,236MM Source: Company Filings, Management Forecast Update as of September 28, 2022, Capital IQ as of September 30, 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 282MM basic shares outstanding, 3.1MM RSU, 0.5MM PSUs, 8.0MM outstanding options and other dilutive securities as provided by Anchor management on October 3, 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 4. Cash, total debt and preferred equity balances as of June 30, 2022, per Company filings 5. Per Capital IQ as of September 30, 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; As of 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 Bing Chen appointed as Anchor signals to public its Graham Talbot appointed closing of $1Bn portfolio Consortium raises offer President and CEO, and intention to seek further 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 Revised Offer: $15.50 $15.00 10.0 Today: 2/28/2020 (3) Seaspan closes acquisition $13.90, +101% 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 Sep-22 Anchor Volume Key Development Earnings Beat Earnings Miss Source: Capital IQ, Bloomberg as of September 30, 2022 Notes: 1. Performance as of the unaffected date of August 4, 2022, the trading day before the proposed takeover announcement; VWAPs 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 3. Performance since August 4, 2017 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 5

Anchor Share Price Trading Ranges Anchor YTD Daily VWAP as of August 4, 2022 • Anchor has traded in Observations Count: 148 excess of the $15.50 revised Consortium offer price approximately 5% of 24.3% 25.0% the time YTD 20.0% 18.2% 16.2% 15.0% 12.8% 12.2% 10.8% 10.0% 5.4% 5.0% 0.0% Under $11.00- $12.00- $13.00- $14.00- $14.99- Over $11.00 $11.99 $12.99 $13.99 $14.99 $15.50 $15.50 Above Consortium Offer PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 6

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) 200.0 $13.90, +101% 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 Sep-22 (1) (2) Anchor Volume Containership Lessors Other Lessors S&P 500 Source: Capital IQ as of September 30, 2022 Notes: 1. Performance as of 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 7

Share Price Performance of Container Lessor Peers Performance Since The Unaffected Date Indexed to 100 as of August 4, 2022 140 130 $13.90 120 20.1% 110 $11.57 100 (6.9%) 90 (17.1%) (17.3%) 80 (20.3%) (24.1%) 70 04-Aug 09-Aug 14-Aug 19-Aug 24-Aug 29-Aug 03-Sep 08-Sep 13-Sep 18-Sep 23-Sep 28-Sep 30-Sep Anchor Costamare Danaos Global Ship Lease SFL Corporation Container Lessor Average Source: Capital IQ as of September 30, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 8

Anchor Broker Price Targets Recent Broker Price Targets Per Bloomberg (1) (2) Prior to Unaffected Date - Per Bloomberg as of 8/3 Today - Per Bloomberg as of 9/30 Broker Target Price Prem/(Disc) to Prem/(Disc) to Broker Target Price Prem/(Disc) to Prem/(Disc) to Broker Date Rec Date Rec (3) (3) (3) (3) ($) Current (%) Unaffected (%) ($) Current (%) Unaffected (%) Broker 1 2/8/2022 Buy $21.00 51.1% 81.5% 2/8/2022 Buy $21.00 51.1% 81.5% Broker 2 2/17/2022 Buy $20.00 43.9% 72.9% 2/17/2022 Buy $20.00 43.9% 72.9% Broker 3 7/19/2022 Buy $20.00 43.9% 72.9% 8/10/2022 Buy $18.00 29.5% 55.6% Broker 4 5/12/2022 Buy $17.00 22.3% 46.9% 8/10/2022 Hold $14.45 4.0% 24.9% Broker 5 7/18/2022 Hold $10.50 (24.5%) (9.2%) 8/10/2022 Hold $15.50 11.5% 34.0% Broker 6 5/12/2022 Hold $16.00 15.1% 38.3% Broker Target Price Median $18.50 33.1% 59.9% $18.00 29.5% 55.6% Broker Target Price Mean $17.42 25.3% 50.5% $17.79 28.0% 53.8% (4) Target Prices Median Post Consortium Offer $15.50 11.5% 34.0% (4) Target Prices Mean Post Consortium Offer $15.98 15.0% 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 $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Source: Bloomberg Notes: (6) Share Price 12M Target Price 1. Included broker data as of August 3, 2022 as some brokers published updates on August 4, 2022 following Consortium’s offer. As of August 3, 2022, 6 out of 8 broker Buy Hold Sell ($ / sh.) ($ / sh.) target prices were available in Bloomberg 2. As of September 30, 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 $13.90, based on market data as of September 30, 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 proposed transaction offer by the Consortium 5. Reflects broker data as of August 3, 2022 6. Reflects average of brokers’ 12M target price made available as of August 3, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 9

SECTION 2 Financial Overview 10

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 Update 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 11

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 Update as of September 28, 2022. Please refer to page 16 for additional information Notes: 1. EBITDA is burdened by operating lease expenses PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 12

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 Update as of September 28, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 13

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 September 30, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 14

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 Update 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 15

Overview of Changes to Management Base Case for Seaspan (1) Change in Charter Rate Forecast 2,500 TEU 4,500 TEU 10,000 TEU 12,000 TEU Long- Term 20.0% Increase 10.0% +2.5% +2.5% 0.0% +2.4% +1.9% (10.0%) (20.0%) (30.0%) (40.0%) (50.0%) 2023 2025 2027 2029 2031 2033 2035 2037 (1) Impact to Financials $MM, December Year End Q3 - Q4 2022E FY2023E FY2024E FY2025E FY2026E FY2027E FY2028E FY2029E FY2030E FY2031E FY2032E FY2033E FY2034E FY2035E FY2036E FY2037E Terminal Original Base Case Revenue 772 1,773 2,271 2,486 2,385 2,360 2,420 2,514 2,566 2,659 2,748 2,850 2,909 2,995 3,070 3,162 3,162 % Growth N.A. 16% 22% 9% (4%) (1%) 3% 4% 2% 3% 3% 4% 2% 3% 2% 3% EBITDA 538 1,292 1,776 1,966 1,867 1,820 1,854 1,921 1,951 2,016 2,086 2,158 2,205 2,283 2,352 2,407 2,407 % Margin 70% 73% 78% 79% 78% 77% 77% 76% 76% 76% 76% 76% 76% 76% 77% 76% 76% Capital Expenditures (1,311) (2,801) (2,498) (493) (720) (696) (754) (807) (987) (913) (1,194) (1,036) (1,376) (1,772) (1,821) (878) (1,500) Unlevered FCF (772) (1,505) (713) 1,479 1,157 1,141 1,104 1,133 988 1,146 949 1,161 890 698 751 1,693 907 Updated Base Case Revenue 772 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% 21% 8% (4%) (1%) 1% 4% 2% 4% 3% 4% 2% 3% 3% 3% EBITDA 538 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% Capital Expenditures (1,265) (2,756) (2,181) (493) (720) (698) (752) (807) (987) (913) (1,196) (1,034) (1,376) (1,772) (1,821) (880) (1,500) Unlevered FCF (727) (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 (+/-) Changes from Original Base Case Revenue -- 1 (17) (45) (39) (30) (60) (53) (49) (45) (41) (36) (34) (26) 6 16 16 EBITDA -- (0) (17) (45) (39) (30) (60) (53) (49) (45) (41) (37) (34) (27) 6 15 15 Capital Expenditures (45) (45) (317) -- -- 2 (2) -- -- -- 2 (2) -- -- -- 2 -- Unlevered FCF 45 45 300 (45) (39) (32) (57) (54) (50) (45) (43) (35) (34) (27) 5 12 15 Source: Management Forecasts Notes: 1. Original base case based on Management Forecast as of August 16, 2022; Updated base case based on Management Forecast Update as of September 28, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 16

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 o 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 17

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 18

SECTION 3 Preliminary Valuation Overview 19

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% 12.5% 23.3% EBITDA Growth ('19-’21) 17.0% 30.6% 22.2% 4.6% 22.7% EBITDA Growth ('21-’23) 14.9% 20.3% 27.8% 12.4% 36.3% 2023E EBITDA Margin 72.9% 68.2% 78.5% 67.4% 71.9% Other Others 5% 4% 4% 7% 5% 8% 6% 5% 6% 5% 6% 22% 6% 31% 24% 28% 5% 11% 6% 9% 10% 6% 8% Key Customers 12% 15% 54% 9% 7% 12% 17% 9% 18% 13% 16% 29% 13% 15% 15% Container Tanker 16% Energy Car Carrier Dry Bulk Source: Latest company disclosures, including investor presentations, annual reports, and investor days; Clarksons; Capital IQ for forward growth and EBITDA estimates 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 20

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) 9.8x Current 8.4x 4.0x 9.8x Change 0.6x (0.3x) (0.4x) 9.0x Since 8% (8%) (4%) Unaffected 8.4x 6.0x 4.0x 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 September 30, 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 September 30, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 21

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 As of (3) 7.8x 10.5x 5.2x Unaffected 10.5x (3) Current 8.4x 10.5x 4.7x Change 0.6x (0.1x) (0.6x) 9.0x Since 8% (1%) (12%) Unaffected 8.4x 6.0x 4.7x 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 September 30, 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 proposed takeover 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 September 30, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 22

Preliminary 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, $8,675 $11,600 Perpetuity Growth Rate of 0.0% - 2.0%, WACC of 7.2% - 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 ($1,051MM): 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 Update as of September 2022 Notes: 1. Values rounded to nearest $25MM 2. Valuation as of June 30, 2022 3. EBITDA is burdened by operating lease expenses PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 23

Preliminary 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, $575 $775 LTM Terminal Multiple of 5.0x - 6.5x, WACC of 8.7% - 10.0% (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 $550 $725 AV / LTM EBITDA ($111MM): 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 2022 Notes: 1. Values rounded to nearest $25MM 2. Valuation as of June 30, 2022 3. EBITDA is burdened by operating lease expenses PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 24

Preliminary 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: $8,682MM - $11,603MM PGR / Terminal $11.00 $21.50 9,275 12,375 APR Implied Agg. Value Range: $582MM - $766MM Multiple Method Comparable Companies Analysis Seaspan Implied Agg. Value Range: $9,046MM - $10,338MM AV / 2023E EBITDA $12.50 $17.25 9,675 11,075 APR Implied Agg. Value Range: $617MM - $741MM Precedent Transactions Analysis Seaspan Implied Agg. Value Range: $8,405MM - $9,455MM AV / LTM EBITDA $10.00 $14.25 8,950 10,175 APR Implied Agg. Value Range: $553MM - $718MM Consolidated Basis Comparable Companies Analysis Management Case - AV / 2022E EBITDA ($1,098MM): 8.0x - 9.0x AV / 2022E EBITDA $9.25 $13.25 8,775 9,875 Street Consensus - AV / 2022E EBITDA ($1,114MM): 8.0x - 9.0x AV / 2022E EBITDA 8,900 10,025 $9.75 $13.75 Management Case - AV / 2023E EBITDA ($1,416MM): 7.0x - 8.0x AV / 2023E EBITDA $13.25 $18.00 9,900 11,325 Street Consensus - AV / 2023E EBITDA ($1,236MM): 7.0x - 8.0x AV / 2023E EBITDA 8,650 9,875 $8.75 $13.25 Precedent Transactions Analysis AV / LTM EBITDA ($1,162MM): 8.0x - 9.0x AV / LTM EBITDA 9,300 10,450 $11.00 $15.00 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: Management Forecast Update as of September 2022, Company Filings, Capital IQ as of September 30, 2022, Broker Reports, Bloomberg Notes: 1. Balance sheet items as of June 30, 2022; net debt includes $5,714MM total debt (excluding operating leases), $401MM cash and cash 2. Share price rounded to the nearest $0.25 with exception of 52-Week Trading Range equivalents, and $803MM of preferred stock; basic share count of 282MM, 3.1MM RSU, 0.5MM PSUs, 8.0MM outstanding options and 3. Assumes mid-year discounting convention and June 30, 2022 valuation date; Seaspan valuation based on 15.5-year DCF; other dilutive securities as provided by Anchor management on October 3, 2022. Assumes no dilution from exchangeable notes from APR valuation based on 4.5-year DCF $13.01 to $17.85 due to hedging from associated capped call; for share prices above $17.85, assumes additional dilution from 4. Based on 6 brokers as of August 4, 2022 (unaffected date) 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 25

Anchor Discounted Cash Flow Analysis | Valuation Update Bridge (1) Anchor Implied DCF Value per Share $ / share; (+/-) $ / share variance Implied DCF Share Price (+/-) $ / Share Price Variance from (Midpoint Used for Illustrative Purposes) 09/02/22 Presentation DCF Valuation Presented to Special $16.43 (2) Committee on 09/02/22 (3) Exclusion of 4 Vessels ($0.81) (at 08/31/2022 Cost of Capital) (3) New Industry Charter Rates and Other $1.36 (at 08/31/2022 Cost of Capital) (4) Market Update to Cost of Capital ($1.58) (2) (5) DCF Valuation as of 10/04/22 $15.40 ($1.03) Source: Management Forecast Update as of September 2022, Company Filings, Capital IQ as of September 30, 2022, Broker Reports, Bloomberg Notes: 1. Balance sheet items as of June 30, 2022; net debt includes $5,714MM total debt (excluding operating leases), $401MM cash 2. Assumes mid-year discounting convention and June 30, 2022 valuation date; Seaspan valuation based on 15.5-year DCF; and cash equivalents, and $803MM of preferred stock; basic share count of 282MM, 3.1MM RSU, 0.5MM PSUs, 8.0MM APR valuation based on 4.5-year DCF outstanding options and other dilutive securities as provided by Anchor management on October 3, 2022. Assumes no dilution 3. Based on Management Forecast as of September 28, 2022 from exchangeable notes from $13.01 to $17.85 due to hedging from associated capped call; for share prices above $17.85, 4. Anchor Cost of Capital calculated as of September 30, 2022 assumes additional dilution from exchangeable notes due to net share settlement 5. Implied DCF midpoint value per share reflects Seaspan aggregate value at 1.0% PGR and 7.6% WACC and APR aggregate value at 5.8x terminal exit multiple and 9.3% WACC PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 26

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 ($1,007) $2,319 Industry Charter (20%) / (22%) (15%) / (22%) (10%) / (10%) (2) Fleet ($3.46) $7.63 Rates (%) Utilization Contracted Utilization / ($1,075) (2) 97.0% / 95.0% 98.9% / 98.9% Spot Utilization Rates (%) ($3.69) Vessel Useful Life Conventional Vessels / ($763) 23 years / 25 years 25 years / 30 years (2) LNG Vessels (Years) ($2.61) Cost of ($309) Newbuild Base Year Capex $117MM $111MM (2) ($1.05) ($MM) Scrap Value ($47) (2) Residual Value $300 / LWT $350 / LWT ($ / LWT) ($0.16) (3) ($81) APR 70% Utilization Turbine Utilization Rate 70% 75% ($0.28) (3) APR 50% Utilization Turbine Utilization Rate 50% 75% ($402) ($1.37) Downside Sensitivity Upside Sensitivity Source: Management Forecast Update as of September 2022 Notes: 1. Balance sheet items as of June 30, 2022; net debt includes $5,714MM total debt (excluding operating leases), $401MM cash and cash equivalents, and $803MM of preferred stock; basic share count of 282MM, 3.1MM RSU, 0.5MM PSUs, 8.0MM outstanding options and other dilutive securities as provided by Anchor management on October 3, 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 9.3% 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 27

Illustrative Discounted Equity Value Analysis | Consolidated Company AV / EBITDA Multiple; Based on Seaspan Management Forecast as of September 2022 and APR Management Forecast as of August 2022 (1)(2)(3) (1)(2)(3) Present Value of Future Stock Price Including Value of Dividends Future Implied Stock Price Including Value of Dividends $ $ $30.00 $30.00 $28.77 $28.46 9.0x $24.59 $24.47 $23.78 $25.00 $25.00 8.3x $21.96 $21.28 $20.92 9.0x 8.0x $20.18 $22.63 $21.77 $20.00 $20.00 $18.37 $18.08 $17.14 8.3x $19.35 $16.37 8.0x $14.87 $16.84 $16.63 $14.01 $15.00 $15.00 $15.77 7.0x $11.54 $11.77 $11.17 7.0x $10.00 $10.00 12/31/2022 12/31/2023 12/31/2024 12/31/2022 12/31/2023 12/31/2024 Present Value of Future Stock Price (Incl. Value of Dividends) Calculation Future Implied Stock Price (Incl. Value of Dividends) Calculation 12/31/2022 12/31/2023 12/31/2024 12/31/2022 12/31/2023 12/31/2024 NTM EBITDA 1,416 1,899 2,066 NTM EBITDA 1,416 1,899 2,066 (x) Midpoint AV / EBITDA Mult. 8.3x 8.3x 8.3x (x) Midpoint AV / EBITDA Mult. 8.3x 8.3x 8.3x Aggregate Value 11,751 15,762 17,151 Aggregate Value 11,751 15,762 17,151 (-) Net Debt (5,810) (8,000) (9,758) (-) Net Debt (5,810) (8,000) (9,758) (-) Preferred Equity (803) (803) (803) (-) Preferred Equity (803) (803) (803) Equity Value 5,138 6,959 6,591 Equity Value 5,138 6,959 6,591 (4) (4) 288 293 293 288 293 293 (÷) FDSO (÷) FDSO Implied Share Price $17.83 $23.72 $22.53 Implied Share Price (Ex-Div.) $17.83 $23.72 $22.53 (2) (3) 0.95 0.85 0.77 $0.25 $0.75 $1.25 (x) Discount Factor (+) Cumulative Dividends PV of Implied Share Price $16.90 $20.23 $17.28 Implied Share Price (Incl. Div.) $18.08 $24.47 $23.78 (+) PV of Dividends $0.24 $0.69 $1.10 Source: Management Forecast Update as of September 2022, Company Filings PV of Share Price (Incl. Div.) $17.14 $20.92 $18.37 Notes: 3. Analysis assumes Anchor continues to pay out dividends to common shareholders at payout of $0.50 per share annually 1. Represents future value using NTM multiple applied to EBITDA; includes impact of cumulative future value of dividends 4. Assumes basic share count of 282MM, 3.1MM RSU, 0.5MM PSUs, 8.0MM outstanding options and other dilutive securities as 2. Valuation date of June 30, 2022. Represents future value as of specified date based on NTM multiple applied to EBITDA, provided by Anchor management on August 19, 2022. Assumes no dilution from exchangeable notes from $13.01 to $17.85 discounted back to June 30, 2022 at a cost of equity of 11.2% assuming end of year convention for Equity Value and mid-year due to hedging from associated capped call; for share prices above $17.85, assumes additional dilution from exchangeable convention for dividends notes due to net share settlement PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 28

Illustrative Valuation Matrix | Consolidated Company (1) Based on Seaspan Management Forecast as of September 2022 and APR Management Forecast as of August 2022 $MM, Unless Otherwise Noted Prem. / (Disc.) to Implied DCF (4) Implied Premium / (Discount) to AV / Revenue AV / EBITDA Share Price 52-Week 30-Day 60-Day Share Unaffected Equity Agg. 2022E 2023E 2022E 2023E Low Midpoint High (2) (3) (3) Price (8.4.2022) Value Value High VWAP VWAP $13.90 $11.57 $16.32 $10.85 $11.80 1,632 1,979 1,098 1,416 $11.00 $15.40 $21.44 0.0% (29.1%) 6.6% (2.0%) 3,311 9,428 5.8x 4.8x 8.6x 6.7x 5.1% (24.9%) (46.0%) $11.57 $9.59 (17.1%) (41.2%) (11.6%) (18.7%) 2,742 8,859 5.4x 4.5x 8.1x 6.3x (12.8%) (37.7%) (55.3%) $9.99 (13.6%) (38.8%) (7.9%) (15.4%) 2,857 8,974 5.5x 4.5x 8.2x 6.3x (9.2%) (35.1%) (53.4%) $13.90 20.1% (14.8%) 28.1% 17.8% 3,986 10,102 6.2x 5.1x 9.2x 7.1x 26.3% (9.8%) (35.2%) $14.45 24.9% (11.5%) 33.2% 22.4% 4,147 10,264 6.3x 5.2x 9.3x 7.2x 31.3% (6.2%) (32.6%) $15.50 34.0% (5.0%) 42.8% 31.3% 4,455 10,572 6.5x 5.3x 9.6x 7.5x 40.9% 0.6% (27.7%) 38.3% (2.0%) 47.4% 35.5% 4,602 10,718 6.6x 5.4x 9.8x 7.6x 45.4% 3.9% (25.4%) $16.00 $16.50 42.6% 1.1% 52.0% 39.8% 4,749 10,865 6.7x 5.5x 9.9x 7.7x 49.9% 7.1% (23.0%) $17.00 46.9% 4.2% 56.7% 44.0% 4,896 11,012 6.7x 5.6x 10.0x 7.8x 54.5% 10.4% (20.7%) $17.50 51.3% 7.2% 61.3% 48.3% 5,042 11,159 6.8x 5.6x 10.2x 7.9x 59.0% 13.6% (18.4%) Source: Management Forecast Update as September 2022, Company Filings, Capital IQ as of September 30, 2022 Notes: 1. Balance sheet items as of June 30, 2022; net debt includes $5,714MM total debt (excluding operating leases), $401MM cash and cash equivalents, and $803MM of preferred stock; basic share count of 282MM, 3.1MM RSU, 0.5MM PSUs, 8.0MM outstanding options and other dilutive securities as provided by Anchor management on October 3, 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. Based on 52-week closing price range (as of unaffected date of August 4, 2022) 3. Represents premium to 30-Day and 60-Day VWAP as of unaffected date of August 4, 2022 4. Implied DCF midpoint value per share reflects Seaspan aggregate value at 1.0% PGR and 7.6% WACC and APR aggregate value at 5.8x terminal exit multiple and 9.3% WACC PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 29 Illustrative Anchor Share Price Illustrative Anchor Share Price 09/26/22 08/04/22 adjusted for (17.1%) container lessor adjusted for (13.6%) S&P 500 Offer Offer Current Unaffected average trading since Aug 4, 2022 trading since Aug 4, 2022 Price Price Price Price

APPENDIX Supplemental Preliminary Valuation Materials 30

Summary of Changes to Analysis Since September 2, 2022 Special Committee Meeting § Updated Seaspan Charter Rate Forecast per Anchor Management § Removal of four 7,700 TEU Dual-Fuel LNG vessels from Seaspan § Updated delivery date of ONE Freedom vessel to October 12, 2022 § Updated Seaspan and APR cost of capital to reflect risk-free rate as of September 30, 2022 § Updated share count for incremental 8,161 shares § Updated 2022E and 2023E consensus estimates PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 31

Seaspan Comparable Companies Market Data As Of September 30, 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%) 3,311 9,427 8.5x 7.6x 5.8x 7.3x 6.5x 5.2x Containership Lessors Costamare Inc. 8.95 (50.3%) 1,112 3,241 4.2x 4.2x 4.4x 2.4x 2.3x 2.2x Danaos Corporation 55.68 (48.2%) 1,145 1,585 2.0x 2.2x 2.0x 1.9x 2.1x 2.0x Global Ship Lease, Inc. 15.78 (47.4%) 603 1,506 3.6x 3.4x 3.4x 2.1x 1.9x 1.8x SFL Corporation Ltd. 9.11 (21.5%) 1,155 3,373 7.8x 7.8x 6.7x 7.1x 8.2x 5.6x Containership Lessors Mean 4.4x 4.4x 4.1x 3.4x 3.6x 2.9x Containership Lessors Median 3.9x 3.8x 3.9x 2.2x 2.2x 2.1x Other Lessors AerCap Holdings N.V. 42.33 (40.7%) 10,539 57,723 9.8x 9.6x 7.5x 5.9x 5.1x 4.0x GATX Corporation 85.15 (33.3%) 3,037 8,848 10.1x 9.5x na 14.3x 13.0x na Triton International Limited 54.73 (24.3%) 3,427 12,569 7.4x 7.7x na 4.9x 5.2x na Textainer Group Holdings Limited 26.86 (35.9%) 1,274 7,096 9.5x 9.7x 9.6x 4.4x 4.7x 4.9x Other Lessors Mean 9.2x 9.1x 8.6x 7.4x 7.0x 4.4x Other Lessors Median 9.7x 9.6x 8.6x 5.4x 5.1x 4.4x Source: Capital IQ Notes: 1. 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 32

APR Comparable Companies Market Data As Of September 30, 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%) 3,311 9,427 8.5x 7.6x 5.8x 7.3x 6.5x 5.2x Specialty Rental WillScot Mobile Mini Holdings Corp. 40.33 (7.7%) 8,780 11,786 12.8x 11.6x 11.0x 29.6x 23.2x 17.6x McGrath RentCorp 83.86 (8.2%) 2,077 2,518 9.2x 8.8x 7.9x 19.3x 18.3x 15.2x Specialty Rental Mean 11.0x 10.2x 9.5x 24.5x 20.7x 16.4x Specialty Rental Median 11.0x 10.2x 9.5x 24.5x 20.7x 16.4x General Rental United Rentals, Inc. 270.12 (34.9%) 19,018 28,771 5.3x 5.0x 4.7x 8.6x 8.0x 7.1x Ashtead Group plc 45.53 (37.8%) 19,987 27,147 7.5x 6.5x 6.0x 14.6x 11.3x 10.4x H&E Equipment Services, Inc. 28.34 (44.1%) 1,038 2,009 4.2x 3.8x 3.5x 10.2x 8.4x 7.3x Herc Holdings Inc. 103.88 (48.9%) 3,192 5,660 4.7x 4.0x 3.7x 8.9x 7.3x 6.7x General Rental Mean 5.4x 4.8x 4.5x 10.6x 8.8x 7.9x General Rental Median 5.0x 4.5x 4.2x 9.5x 8.2x 7.2x Source: Capital IQ Notes: 1. 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 33

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 34

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 35

Seaspan DCF Valuation | Based on Management Case 15.50 Year DCF | Perpetuity Growth Method with Illustrative PGR Range of 0.0% – 2.0% Key Assumptions: Discounted Cash Flow Summary – 15.50 Year Model Based on Perpetuity Growth Method $MM, Unless Otherwise Stated • Preliminary valuation date of June 30, 2022 Perpetuity Growth Rate 0.0% 1.0% 2.0% • Seaspan management forecast as of September 28, 2022 Discount Rate 7.2% 7.6% 7.9% 7.2% 7.6% 7.9% 7.2% 7.6% 7.9% • Illustrative WACC range of 7.2% to 7.9% PV of Cash Flows 5,322 5,143 4,970 5,322 5,143 4,970 5,322 5,143 4,970 • Assume no cash taxes paid at Seaspan, per Anchor mgmt. PV of Terminal Value 4,458 4,064 3,713 5,224 4,729 4,292 6,282 5,631 5,067 • Assumes terminal year capex of Seaspan Aggregate Value 9,780 9,207 8,682 10,546 9,871 9,262 11,603 10,774 10,037 $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 Q3 - Q4 2022E FY2023E FY2024E FY2025E FY2026E FY2027E FY2028E FY2029E FY2030E FY2031E FY2032E FY2033E FY2034E FY2035E FY2036E FY2037E Terminal Revenue 772 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% 21% 8% (4%) (1%) 1% 4% 2% 4% 3% 4% 2% 3% 3% 3% EBITDA 538 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 (238) (544) (702) (757) (772) (800) (824) (862) (891) (922) (935) (968) (996) (1,013) (1,001) (991) (1,500) (-) Tax Expense -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- % Tax Rate -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- NOPAT 300 749 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% 29% (+) Depreciation & Amortization 238 544 702 757 772 800 824 862 891 922 935 968 996 1,013 1,001 991 1,500 (-) Capital Expenditures (1,265) (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 0 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 (727) (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 Update as of September 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 36

APR DCF Valuation | Based on Management Case 4.50 Year DCF | Terminal Exit Multiple Method with Illustrative Multiple Range of 5.0x – 6.5x Key Assumptions: Discounted Cash Flow Summary – 4.50 Year Model Based on Terminal Exit Method $MM, Unless Otherwise Stated • Preliminary valuation date of June 30, 2022 LTM EBITDA Exit Multiple 5.0x 5.8x 6.5x • APR management forecast Discount Rate 8.7% 9.3% 10.0% 8.7% 9.3% 10.0% 8.7% 9.3% 10.0% as of August 30, 2022 PV of Cash Flows 114 111 108 114 111 108 114 111 108 • Tax rate of 25% as per management guidance PV of Terminal Value 502 488 475 577 561 546 652 634 617 • Illustrative WACC range of APR Aggregate Value 615 599 582 691 672 654 766 745 725 8.7% to 10.0% • Assumes mid-year discounting convention APR Unlevered Free Cash Flow Summary $MM Management Base Case $MM, December Year End Q3 - Q4 2022E FY2023E FY2024E FY2025E FY2026E Terminal Revenue 54 205 225 232 232 232 % Growth N.A. 90% 9% 3% -- EBITDA 21 123 141 146 146 146 % Margin 39% 60% 62% 63% 63% 63% (-) Depreciation & Amortization (21) (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 21 54 61 60 61 (-) Capital Expenditures (11) (157) (112) (29) (29) (-/+) Increase/Decrease in NWC -- -- -- -- -- Unlevered FCF 10 (51) 9 96 96 Source: Management Forecast as of August 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 37

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 09/30/2022 3.8% 3.8% 3.8% Predicted Beta Seaspan Peer Levered Beta 1.22 1.22 1.22 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 5.5% 5.5% 5.5% Tax Rate (t) Per Anchor Management -- -- -- Post-tax Cost of Debt (KD) 5.5% 5.5% 5.5% Debt / Total Capitalization Seaspan Capital Structure 58.1% 58.1% 58.1% Preferred / Total Capitalization Seaspan Capital Structure 8.2% 8.2% 8.2% (1) Common Equity / Total Capitalization 33.7% 33.7% 33.7% Seaspan Capital Structure WACC KE * E/(D+P+E) + KP * P/(D+P+E) + KD * (1-t) * D/(D+P+E) 7.6% 7.2% 7.9% Source: Company Filings, Capital IQ as of September 30, 2022 Notes: 1. Based on unaffected Anchor share price as of August 4, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 38

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 09/30/2022 3.8% 3.8% 3.8% Predicted Beta APR Peer Levered Beta 1.22 1.22 1.22 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 11.8% 10.8% 12.8% Pre-tax Cost of Debt (KD) Based on Indicative Cost of Debt 5.5% 5.5% 5.5% Tax Rate (t) Per Anchor Management 25.0% 25.0% 25.0% Post-tax Cost of Debt (KD) 4.1% 4.1% 4.1% Debt / Total Capitalization Average of Peers 32.4% 32.4% 32.4% Common Equity / Total Capitalization Average of Peers 67.6% 67.6% 67.6% WACC KE * E/(D+P+E) + KD * (1-t) * D/(D+P+E) 9.3% 8.7% 10.0% Source: Company Filings, Capital IQ as of September 30, 2022 PROJECT ANCHOR STRICTLY PRIVATE AND CONFIDENTIAL 39

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