Shareholder Presentation August 11, 2020 Nasdaq: MMAC - PowerPoint PPT Presentation

Shareholder Presentation August 11, 2020 Nasdaq: MMAC www.mmacapitalholdings.com 3600 O’Donnell Street, Suite 600, Baltimore, MD 21224 (443) 263-2900

Disclaimer • This presentation and any related oral statements contain forward-looking statements intended to qualify for the safe harbor contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” ”may,” “plan,” “potential,” “project,” “see,” “seek,” “should,” “will,” “would,” and similar words or expressions and are made in connection with discussions of future events and future operating or financial performance. • Forward-looking statements reflect our management’s expectations at the date of this presentation regarding future conditions, events or results. They are not guarantees of future performance. By their nature, forward-looking statements are subject to risks and uncertainties, including the uncertain impact of the COVID-19 pandemic. Our actual results and financial condition may differ materially from what is anticipated by the forward-looking statements. There are many factors that could cause actual conditions, events or results to differ from those anticipated by the forward-looking statements contained in this presentation. Readers are cautioned not to place undue reliance on forward-looking statements in this presentation or that we may make from time to time, and to consider carefully the factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the Securities and Exchange Commission (“SEC EC”) on March 13, 2020 and Part II, Item 1A. “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, which was filed with the SEC on August 10, 2020. We do not undertake to update any forward-looking statements included in this presentation. 2 MMA Capital Holdings, Inc.

Mission MMA Capital H Holdings gs, I Inc. ( (“MMAC”) f ”) focuses on infrastr tructu ture-rel elated ed investm tments ts that ge t generate te positi tive environmental a and s social i impacts ts and deliv liver at attractiv ive risk-adjusted t total r retu turns t to our s shareholders. 3 MMA Capital Holdings, Inc.

MMAC Introduction MMAC i is currentl ntly f focus cused o d on inv nvesti ting ng i in d debt a bt associ ciated w d with i th inf nfrastructur ructure, i incl cludi ding ng re rene newabl ble e ene nergy p pro rojects cts, which w we b believe ve w will g generate ate a attractive ve r risk-adj djus usted to d tota tal re retur turns ns to to our s shareho holde ders. We generally invest in renewable energy investments through joint ventures (the “Solar V Ventures”) with a capital partner in which we are a 50% investor member. However, we may periodically have a minority economic interest as a result of non-pro rata capital contributions made by our capital partner. At June 30, 2020, we had an approximately 44% minority economic interest in two of these joint ventures. (1) Common shareholders’ equity (“ Book ook V Value ” or “BV BV ”) excluding deferred tax assets (“ Adjust sted B Book V Value ” or “ ABV BV ”) and Adjusted Book Value per share are financial measures that are determined other than in accordance with generally accepted accounting principles in the United States of America (“ GAAP ”). These non-GAAP financial measures are used to show the amount of our net worth in the aggregate and on a per-share basis, without giving effect to changes in Book Value due to the partial release of our deferred tax asset (“ DTA ”) valuation allowance as of June 30, 2020 and December 31, 2019. Refer to Slide 19 for a reconciliation of these non-GAAP financial measures to the most directly comparable historical measures determined under GAAP. Past performance is not indicative of future results. 4 MMA Capital Holdings, Inc.

Impact of the COVID-19 Pandemic • The long-term impact of COVID-19 on our operational and financial performance will depend on future developments, including the duration, spread and intensity of COVID-19, all of which are uncertain and difficult to predict. • The Company’s 80% ownership interest in a joint venture, which owns a mixed-use town center development, was determined to be other-than-temporarily impaired during the second quarter of 2020 given the impacts of the downturn in the economy stemming from COVID-19. This investment was written down to its fair value at June 30, 2020, and the Company recognized a related $9.0 million impairment loss in the second quarter of 2020. • As of June 30, 2020, the construction and development of renewable energy projects that have been financed through loans made by the Solar Ventures were generally on schedule and all loans made by the Solar Ventures were assessed to be adequately secured and were expected to be repaid in full. • During the second quarter of 2020, market yields associated with certain funded loans at the Solar Ventures decreased, which resulted in an increase in the overall fair value of the loan portfolio and the recognition of the Company’s allocable share of related unrealized gains of $3.9 million. • Origination volume at the Solar Ventures during the second quarter of 2020 was generally comparable to the dollar amount of loans originated during the second quarter of 2019, while origination volume during the first six months of 2020 exceeded the dollar amount of loan originations made during the first six months of 2019. • Given deteriorating macro-economic conditions, uncertainty in the financial markets and our dependence on a functioning renewable energy finance market to facilitate the timely repayment of the Solar Ventures’ loans, we will continue to closely monitor loan performance and expected sources of repayment. • Given the uncertainty of the long-term impacts of COVID-19 on the Company’s business, it is reasonably possible that, within the next 12 months, additional reduction to the carrying values of certain of the Company’s assets that is material to its financial statements could be recognized. 5 MMA Capital Holdings, Inc.

2Q20 Key Updates  BV decreased $3.2 million from March 31, 2020 to $274.5 million, and BV per share decreased $0.58 from March 31, 2020 FINANCI CIAL R RESULTS to $47.24  This decrease was substantially driven by a $9.0 million impairment charge recognized on an equity investment in a joint venture, which was largely offset by the impact of strong returns on renewable energy investments  BV includes $57.3 million of net DTAs at June 30, 2020  ABV decreased $1.1 million from March 31, 2020 to $217.2 million, and ABV per share decreased $0.22 from March 31, 2020 to $37.37  The Company recognized $3.6 million of net fair value gains in 2Q20  Grew investments in renewable energy from $345.9 million to $364.4 million in 2Q20 HI HIGHL HLIGHTS  Growth was funded by recycled equity, reinvestment of income and proceeds derived from 2Q20 financing transactions  The Company generated an unlevered net return on investment from our renewable energy investments, as measured on INVES ESTMEN ENT an annualized twelve-month trailing basis, of 11.8% for the six months ended June 30, 2020, as compared to 10.7% for the PORTFOLIO OV O OVERVIEW six months ended June 30, 2019  Most of these investments were made through the Solar Ventures, which closed $247.5 million of loan commitments across 12 loans during the quarter  At June 30, 2020, the underlying loans funded through the Solar Ventures had an aggregate unpaid principal balance (“UPB PB”) and fair value (“FV FV”) of $758.5 million, weighted-average (“WA WA”) maturity of 7 months and a WA coupon of 9.5%  As of June 30, 2020, the Company had debt with a UPB of $238.6 million, which had a carrying value of $245.5 million, an CAPIT ITALIZ IZATIO ION estimated FV of $187.8 million and a WA effective interest rate of 4.1%  In 2Q20, the Company increased capitalization by $32.8 million by leveraging our land development project and our tax-exempt infrastructure bond  Based on carrying value, as of June 30, 2020, senior debt to BV was 0.55x and total debt to BV was 0.89x, while senior debt to ABV was 0.70x and total debt to ABV was 1.13x 6 MMA Capital Holdings, Inc.

Strategic Focus Over the years, MMAC has shifted its focus from affordable housing and real estate assets to debt associated with infrastructure including renewable energy projects. In 2Q20, MMAC increased its capital invested in renewable energy investments to $349.3 million at June 30, 2020. (1) This amount includes net income not distributed from the Solar Ventures. 7 MMA Capital Holdings, Inc.