#10100101 010 Altus Group Investor presentation Market leading software, data analytics and service solutions for the commercial real estate industry TSX: AIF | November 2021#2Forward Looking Statements & Non-GAAP/Non-IFRS Disclosures Altus Group Certain information in this presentation may constitute "forward-looking information" within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes, but is not limited to, the discussion of our business and our objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and our expectations of the business, its operations, financial performance and condition. Generally, forward-looking information can be identified by use of words such as "believe, "expect", "anticipate", "estimate", "intend", "may", "will", "would", "could", "should", "continue", "plan", "goal", "objective", "remain" and other similar expressions and the negative of such expressions, although not all forward-looking information contain these identifying words. All of the forward-looking information in this press release is qualified by this cautionary statement. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward- looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and applied in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: our ability to meet its "Revenue" and "Adjusted EBITDA" targets, including assumptions on Altus Analytics Bookings growth, subscription and maintenance renewal rates, client retention rates, growth in its Data Solutions and Appraisal Management businesses, assumptions on the Argus Software revenue model, license sales, cloud conversion (including timing and rate), the 2021 post-acquisition financial results of Reonomy being in line with historical results, expected revenue, cost, and cost avoidance synergies will be realized, and assumptions on other Altus Analytics contributors, expenses, operating leverage, and foreign exchange; engagement and product pipeline opportunities in Altus Analytics will result in associated definitive agreements; settlement volumes in the Property Tax business will occur on a timely basis and that assessment authorities will process appeals in a manner consistent with expectations; the successful execution of our business strategies; consistent and stable economic conditions or conditions in the financial markets; consistent and stable legislation in the various countries in which we operate; no disruptive changes in the technology environment; the opportunity to acquire accretive businesses and the absence of negative financial and other impacts resulting from strategic investments or acquisitions on short terms results; the successful integration of acquired businesses; and the continued availability of qualified professionals. Projections may also be impacted by macroeconomic factors, in addition to other factors not controllable by the Company. We have also made certain macroeconomic and general industry assumptions in the preparation of such forward-looking information. We believe that the expectations reflected in forward-looking information are based upon reasonable assumptions; however, we can give no assurance that actual results will be consistent with the forward-looking information. Not all factors which affect the forward-looking information are known, and actual results may vary from the projected results in a material respect, and may be above or below the forward-looking information presented in a material respect. The COVID-19 pandemic has cast additional uncertainty on each of these factors and assumptions. There can be no assurance that they will continue to be valid. Given the rapid pace of change with respect to the COVID-19 pandemic, it is difficult to make further assumptions about these matters. The duration, extent and severity of the impact the COVID-19 pandemic, including measures to prevent its spread, will have on our business is uncertain and difficult to predict at this time. As of the date of this press release, many of our offices and clients remain subject to limitations and restrictions set to reduce the spread of COVID-19, and a significant portion of our employees continue to work remotely. Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information include, but are not limited to: the general state of the economy; the COVID-19 pandemic; currency; our financial performance; our financial targets; the commercial real estate market; industry competition; our acquisitions; our cloud subscriptions transition; software renewals; professional talent; third party information; enterprise transactions; new product introductions; technological change; intellectual property; technology strategy; information technology governance and security; our product pipeline; property tax appeals; legislative and regulatory changes; fixed-price and contingency engagements; appraisal and appraisal management mandates; the Canadian multi-residential market; customer concentration and the loss of material clients; interest rates; credit; income tax matters; health and safety hazards; our contractual obligations; legal proceedings; our insurance limits; our ability to meet the solvency requirements necessary to make dividend payments; leverage and financial covenants; our share price; our capital investments; and the issuance of additional common shares, as well as those described in our annual publicly filed documents, including the Annual Information Form for the year ended December 31, 2020 (which are available on SEDAR at www.sedar.com). In addition, in respect of the June 13, 2021 cybersecurity incident, while we have implemented our cybersecurity and business continuity protocols and adopted additional measures to enhance the security of our IT systems to help detect and prevent future attempts or incidents of malicious activity, we are subject to a number of risks and uncertainties in connection with the incident. Such risks and uncertainties include, but are not limited to: the outcome of the ongoing investigation into the incident; costs related to the investigation and any potential liabilities, regulatory investigation or lawsuit resulting from the incident; costs related to and the effectiveness of our mitigation and remediation efforts; our ability to recover proceeds under our insurance policies; and the potential loss of customer and other stakeholder confidence in our ability to protect their information, and the potential adverse financial impact such loss of confidence may have on our business. Given these risks, uncertainties and other factors, investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management's current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although we have attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, we do not undertake to update or revise it to reflect new events or circumstances. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, our financial or operating results, or our securities. Certain information in this presentation may be considered as "financial outlook" within the meaning of applicable securities legislation including the revenue and Adjusted EBITDA guidance. The purpose of this financial outlook is to provide readers with disclosure regarding Altus Group's reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes. Altus Group uses certain non-IFRS measures as indicators of financial performance. Readers are cautioned that they are not defined performance measures, and do not have any standardized meaning under IFRS and may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to financial measures as reported by those entities. Please refer to the disclosure documents filed by the Company with the securities regulatory authorities at sedar.com. All currency throughout this presentation are in Canadian dollars unless otherwise expressly stated. altusgroup.com 2#3Investment Highlights Mission critical products & services that are in non-discretionary demand and embedded in daily workflows Highly recurring, repeatable & economically insulated revenue streams Altus Group Global CRE industry leadership with exceptionally strong competitive moats Global bluechip customer base with industry leading client & software retention Strong track record of growing revenues, earnings & free cash flows Long & global growth runway supported by sturdy demand trends altusgroup.com 13#4Altus Group Snapshot Software, data, analytics and services for the global commercial real estate industry Altus Group Enables Clients to: MAXIMIZE THE VALUE Altus Group S $561M $99M $1.67 $72M of CRE assets & investments through: Altus Analytics Cloud-based platform solution that provides data-driven visibility to enhance performance of CRE assets 2020 revenues 2020 adjusted EBITDA 2020 adjusted EPS 2020 cash from operations CRE Consulting ~50 2,600+ 10k+ 50k+ Independent technology- enabled CRE professional services offices employees globally software customers service customers Capabilities for the Valuation & Management of Risk for CRE Assets altusgroup.com 4#5Solid Market Fundamentals Pressure Points Affecting CRE Modernization altusgroup.com Altus Group Accelerated Transactions 陶 iXii Increased Risk & Regulatory Pressures Disruptive Business Models Institutionalization & Globalization of CRE Challenging Status Quo • Increasing complexity ⚫ Heightened need for transparency • Modernization of jobs, functions and workflows Accelerating Digital Transformation in CRE • Historical limited investment (lags other established industries) • Technology & data as proven competitive differentiators • Significant influx of "PropTech" start ups for point solutions • Increasing demand for ERP platforms Globalization Increased Transparency Complexity Adds Need for Outsourced Expertise • Sustained trend for outsourcing by expertise • Reflects limited historic investments in back office functions & war on talent in CRE industry LO 5#6Market Leading Capabilities for the Valuation & Management of Risk for CRE Assets Altus Group Enhancing the decision making across the CRE value chain through the use of technology, data, analytics & services Dispose Plan Report Solutions for All Stages of the CRE Asset Life Raise Capital altusgroup.com Value Operate Build/ Buy CRE CONSULTING ALTUS ANALYTICS Software Appraisal Management Data Solutions . . Global Mission critical software tools for CRE portfolio & . asset and investment management ARGUS Enterprise (AE) flagship product Finance Active debt management solutions for treasury and investment management US Valuation management advisory with proprietary data analytics tools for performance benchmarking & attribution analysis North America Market data and analytics tools - Altus Data Studio, Strato Dem Analytics, Reonomy Developing capabilities: cover data automation, asset scoring, decision optimization & predictive analytics Property Tax Canada, US, UK Property tax management & administration services - tax assessment reviews, appeals & negotiations, expert witness services, etc. Valuation Advisory Canada Valuations/appraisals, due diligence, market research, economic consulting, etc. Cost Advisory Canada / Asia Pacific Cost consulting and project management services - feasibility studies, budgeting, cost planning, risk management, loan monitoring, etc. 6#7Financially Attractive Growth Businesses ✓ Industry leadership with core CRE offerings ✓ Revenue stability across economic cycles ✓ High degree of recurring & repeatable revenue streams altusgroup.com ALTUS ANALYTICS Software Global Appraisal Management US REVENUE MODEL (2020): ~82% Over Time Revenues Altus Group Data Solutions Property Tax Valuation Advisory Cost Advisory North America Canada, US, UK Canada Canada/Asia Pacific Predominately cloud- • 3-5 yr contracts, . based subscription contracts 95% software retention rate* priced per CRE asset on platform Subscription- based • Very high client renewals Very high client renewals FINANCIAL PROFILE: FY2021 guidance: $250-$252M in revenue & $39 - $41M in Adjusted EBITDA YTD Over Time revenues of $148 M, up 19% y/y Aspirational goal to reach $400 M in revenues by end of 2023 *for flagship Argus Enterprise software product, maintenance retention in Q3, 2021 CRE CONSULTING Highly Repeatable Revenues ~80% contingency- • based fees & time Predominately Predominately fixed fee, multi- fixed fee and materials year • Very high client renewals Very high client renewals Very high client renewals FY2021 guidance: $371-$374 M in revenue & $101 - $104 M in Adjusted EBITDA Property Tax-growing revenues, top tier margin profile Valuation & Cost Advisory - stable revenue & earnings contribution 7#8Altus Analytics ■Property Tax ■ Valuation & Cost Economically Insulated, Recurring & Repeatable Revenues Streams Steady Revenue Growth Since IPO in 2005 Revenue Split by Segment Altus Group Revenue Split by Geography $621 - $626M $600 $561M $526M $500 $467M $113 $430M $111 $398M Asia Pacific 5% $400 $107 $350M $102 $96 $245 $300 $90 $213 Altus Analytics 36% Property Tax Europe 24% Canada 33% $177 2020 2020 44% $159 $151 $200 $134 $100 $126 $151 $169 $183 $202 $204 Valuation & Cost 20% US 38% $0 2015 2016 2017 2018 2019 2020 2021 Guidance 10% 13% 5% 5-yr rev. CAGR Altus Property Valuations (2016 to 2020) Analytics Tax & Cost 5-yr adj. EBITDA 23% 27% Margin Avg. Margin Margin 12% Margin Robust geographic and revenue stream diversification altusgroup.com Consolidated revenues exclude Geomatics' revenues; Geomatics was reflected as Discontinued Operations starting Q1 2020 8#92021 Strategic Priorities Altus Group Disciplined business strategy to strengthen business, maximize operational efficiencies, and grow market position ARGUS Enterprise Cloud Adoption Accelerate the global adoption of ARGUS cloud and increase the proliferation of applications across clients' workflows and the CRE value chain Debt Adjacency Expand into the CRE debt markets through a combination of organic and acquisitive initiatives 眉 www. Data Strategy Expand data capabilities and develop new areas of opportunities Property Tax Growth Continue to build market leadership in Property Tax Corporate Alignment Enhance go-to-market strategies across the Company altusgroup.com 9#10Financial Strength Stable Cash Generation Steady and Profitable Growth Strong Balance Sheet Altus Group Steady Shareholder Returns $72.3 M in cash from operating activities in 2020 • Stable base of recurring (Over Time) and repeatable revenues • High degree of revenue stability through varying CRE economic cycles ⚫ 10% 5-Yr Revenue CAGR 13% 5-Yr Adj. EBITDA CAGR (while investing) Consolidated 6.7% topline & 16.8% Adjusted EBITDA growth in 2020 CAGR from 2016-2020 $66.4 M cash position $246.9 M bank debt 2.05x funded debt to EBITDA ratio As at Sept. 30, 2021 Factoring in the Nov. 12th acquisition of Reonomy, funded debt to Adjusted EBITDA leverage ratio is expected to increase to approx. 3.0x. 3-Year 40% TSR (2018-2020) $24.4 M paid in dividends in 2020 (including DRIP) $0.15 per share quarterly dividend (~1% yield) altusgroup.com 10#11Capital Allocation Framework With a significant market opportunity ahead, we are focused on maximizing our growth prospects Altus Group Free Cash Flow Priorities altusgroup.com KEY CONSIDERATIONS: Will it accelerate and support our strategy? Provision of optimum capital structure OPTIONS: • Invest in Acquisitions • Invest in Altus Return to Stakeholders: Repay Debt • Focus on AA and Property Tax Bolt-on/strategic acquisitions Investments in innovation & people, tied to revenue growth Low capex requirement, under $10m/yr Pay Dividend Buy Back Stock • Leverage target: >2x funded debt to EBITDA ratio (4x capacity) $0.15 per share paid quarterly - no near-term plans to change No formal buyback program in place (opportunistic buys to be considered in the future) 11#12Sustainable Value Creation for All Stakeholders Environment Stewardship Incorporating envirnomental practices in our operations to minimize environmental impact € Data Privacy & Cybersecurity As our cloud & data-driven offersings scale and the complexity of our cybsecurity increases, so do our efforts to help protect the privacy of the client data entrusted to us Corporate Governance Committed to maintaining high standards of governance that exceed regulatory compliance 01 10 02 2 ESG 06 03 Pillars 05 04 Please visit altusgroup.com to download our 2020 Sustainability Report altusgroup.com Human Capital Management HR strategy focused on talent attraction, retention, development and employee well being Altus Group Diversity, Equity & Inclusion DEI strategy to foster inclusive workplace culture and to recruit, engage and retain a diverse employee base Corporate Philanthropy Making a positive impact in the communities where our employees live and work 12#13Altus Group Altus Analytics Market leading software and data analytics solutions for CRE asset valuations & risk performance analysis 13#14Altus Analytics at a Glance Market leader in software and data analytics solutions for CRE asset valuations & risk performance analysis ARGUS Software solutions are mission critical and are the property valuation standard in key CRE markets • Finance Active market-leading debt management SaaS solutions for treasury and investment management • Appraisal Management solutions are the standard for CRE fund valuations with robust data analytics functionality for performance reviews Altus Group • Market-leading CRE data and data analytics tools - Altus Data Studio, StratoDem Analytics, Reonomy (expanding capabilities to cover data automation, asset scoring, decision optimization & predictive analytics) . Serving CRE portfolio owners, managers and investors, CRE funds, and related industry participants (service providers, brokers, developers, etc.) Strong business moats: Trusted by the World's Largest CRE Firms Prevailing Industry Standards Multi-Country Global Capability Full CRE Asset Management Platform Mission Critical Solutions 105+ COUNTRIES 36% OF CONSOLIDATED ALTUS REVENUES ~1,100 +10,000 95% EMPLOYEES SOFTWARE CUSTOMERS AE SOFTWARE RETENTION* International, 19% $204M 82% REVENUES IN 2020 OVER TIME REVENUES 10% 5-YR REVENUE CAGR (up to 2020) 23% 5-YR ADJUSTED EBITDA MARGIN AVG (up to 2020) altusgroup.com *for flagship Argus Enterprise software product, maintenance retention in Q3 2021 GEOGRAPHIC REVENUE SPLIT (2020) North America, 81% 14#15Solutions for Valuation & Risk Management of CRE Assets, Portfolios & Funds ARGUS Enterprise ARGUS ValueInsight ARGUS Taliance ARGUS Voyanta ARGUS Acquire Commercial property valuation and asset management (valuation standard) End-to-end valuation management workflow & analytics platform Real estate fund and alternative investment management Data aggregation, validation & reporting Acquisition deals and pipeline management SOFTWARE ARGUS Developer Property development pro forma and management ARGUS Estate Master Property development feasibility and management DATA ANALYTICS altusgroup.com ARGUS Cloud solutions ARGUS CLOUD ARGUS API ARGUS Connector ARGUS Cloud Warehouse An integrated cloud platform that provides visibility to enhance performance of CRE investments Supported by software consulting & Appraisal Management advisory for fund valuation Finance Active DataBridge Attribution Altus Data Studio Strato Dem Analytics Reonomy Debt management solutions for treasury and investment management Fairways Debt Verifino Optim Debt S-Kompass CRE fund benchmarking for Appraisal Management clients (valuation benchmarking standard) CRE portfolio/asset attribution analysis tools for Appraisal Management clients Cdn. market data & visualization tools Economic and demographic data to build predictive analytic models Al-powered data platform to connect disparate property information 15 Altus Group#16Multiple Avenues & Long TAM for Sustained Growth altusgroup.com 03 63 Data Solutions Appraisal Management Solutions 01 Software 02 80 KEY DRIVERS OF GROWTH: Altus Data Studio ✓ StratoDem Analytics Platform ✓ Reonomy Platform BOLSTERED BY: Altus Group • Acceleration of multi- product/global platform deals ✓ Existing client expansion • Expansion in market ✓ New client additions ✓ Geographic expansion ✓ Cross-sell, up-sell (seats, functionality, products) ✓ New customer growth ✓ Geographic expansion ✓ Product innovation ✓ ARGUS Enterprise Cloud transition • adjacencies - debt (acquired Finance Active) Untapped data opportunity - new features & products with data-driven insights (expanding capabilities to cover data automation, asset scoring, decision optimization & predictive analytics) 16#17ARGUS Software - Market Leading Vertical Software with Deep Moats ARGUS Enterprise* Altus Group Leading CRE asset and portfolio management software that helps manage property valuations, investments, portfolios and budgeting to help increase productivity and drive business efficiencies Market Standard Mission Critical Deeply Entrenched Growing • • Market standard for the valuation of CRE assets in North America and the UK AE valuation methodology as the common currency for CRE transactions The only global asset and investment management solution with multi-country valuation capabilities altusgroup.com • Mission critical for clients • Embedded in key client workflows Sits in the middle of all major CRE transactions • Network effect in industry . Trusted by the industry for 30+ yrs Consistent mid-90s gross retention Trusted by the world's largest CRE companies & market participants Global usage in over 105+ countries, taught in 200+ schools worldwide Attractive financial profile & growth potential Transitioning to recurring revenue model to drive "Rule of 40" performance Long global growth runway 17#18ARGUS Enterprise: Successfully Executing on Transition to Cloud Subscriptions Transformation investments & model transition are behind us Altus Group Delivered Cloud Platform Launched ARGUS Cloud (November) Full Shift to Subscriptions • • Discontinued perpetual deals, full shift to subscription pricing AE 13 enhanced with cloud features & APIs Finished the year with +1K AE cloud customers & 14% of AE users contracted on cloud 82% of total revenues were Over Time Majority of AE Users Expected to be on the Cloud Target to migrate majority of AE users from on-premise to cloud 2019 2020 2021 2022 2023 2018 altusgroup.com • Initiated Transition to Cloud Subscriptions Launched cloud-enabled AE 12 (July) In July discontinued perpetual deals for new customers (flexibility maintained for existing clients) Began migrating customers from on-premise to cloud Accelerating AE Cloud Adoption Continued migration of on-premise AE users to cloud platform • Evolving GTM strategies for SaaS model 2,000+ AE customers on the cloud platform, 29% of users contracted on the cloud as at Q3, 2021 18#19Appraisal Management & Data Analytics Solutions Market leading valuation management solution that provides efficiency and transparency throughout the valuation process, supported by a proprietary technology platform that enables clients to make data-driven decisions to achieve superior results An end-to-end valuation management solution for institutional CRE funds ✓ Largest provider of fund valuation solutions and market standard in the US 5. ✓ ✓ Driven by highly-skilled practitioners, proprietary data analytics tools and proven process governance Report ✓ Trusted advisor with leading market position across N.A. CRE funds Helping clients leverage industry and market data to improve decision-making and optimize performance against benchmarks from top performing investors We support the CRE institutional fund process: Acquire assets/portfolio altusgroup.com Onboard operations Daily Quarterly Asset Valuation Annual Altus Group 1. Intake 2. Administer Process 2. Benchmark Performance 3. Review Appraisals Dispose assets/portfolio 19#20Appraisal Management & Data Analytics Solutions Workflows: automated workflow communication model that provides clients with "one stop" monitoring and dashboard view of entire appraisal process (ARGUS ValueInsight) Representing: Altus Group Cloud-based Valuation Management Platform Attribution: detailed attribution analysis on CRE portfolios/assets to explain specific property-level drivers of portfolio results, including attribution by property type and geography Benchmarking: CRE fund benchmarking, comparing performance to industry benchmarks NCREIF NFI-ODCE and other NCREIF indices (DataBridge) 140+ INSTITUTIONAL CLIENTS 24/26 ODCE FUNDS (source for NCREIF Index) 190+ $750B+ CRE FUNDS (8 funds >$10B AUM, 25+ debt funds) COMBINED ASSET VALUE 11,000+ INSTITUTIONAL PROPERTIES Key tailwind trends: . • Reporting: robust reporting and expert advisory that offers clients deep insights into their CRE portfolios As at end of 2020 CRE funds increasingly outsourcing appraisal process to independent third-party to determine market values and affirm internal estimates of property values Heightened need for data analytics & transparency, internally to aid decision making with market data, and externally for investors to evaluate fund performance • Rising frequency of valuations (historically annually, moving to quarterly/monthly/daily) for risk mitigation and increased transparency • Growth in CRE funds due to robust demand for alternative real estate sectors altusgroup.com 20 20#21Market-Leading Data & Data Analytics Solutions Altus Data Studio Unmatched data and insight into real estate development and investment activity across Canada, including new housing developments, commercial property investments, office and industrial property sales and leasing, national housing market activity, consumer home buying intelligence Strato Dem Analytics Integrating local demographic and economic datasets to generate predictive models and analytical tools that enable clients to better understand the factors influencing the market and build more accurate models and forecasts 500+ Clients 47K+ Users 115K+ Commercial sales records 11.5K+ New home project records 5K+ Office building records 42K+ Industrial building records Altus Group Reonomy US CRE data platform to connect disparate property information, leveraging artificial intelligence and machine learning technologies to empower real estate industry professionals with data-driven insights and solutions to gain comprehensive market knowledge, discover opportunities, and automate workflows Industry-leading collection of insights across: Tax parcels 52M+ 38M+ Commercial properties accounting for nearly all of the commercial inventory in the US altusgroup.com 21#22Expanding Data & Data Analytics Capabilities On a journey to deliver expertise, intelligence & technology to expand value to our customers through data automation, asset scoring, decision optimization & predictive analytics Evolution of Altus' Data & Data Analytics Capabilities: 2004-2010 Descriptive What happened? HINDSIGHT Altus Group 2021 Where we are today Altus Group Diagnostic Predictive Why did it happen? What will happen next? Prescriptive Make it happen INSIGHT StratoDem Analytics™ FORESIGHT reonomy Our Approach: Altus Group Combine Altus data and analytical capabilities with the market leading position of our ARGUS software & Appraisal Management solutions to create the next generation of advanced analytics and predictive models in the real estate market Leverage data technologies and data science to create useful insights that can drive faster decision making for real estate professionals, uncover hidden opportunities, and manage risks Reduce the amount of data manipulation, querying, and repetitive data behaviours by automating manual processes, organizing data for use in ARGUS, and by leveraging predictive analytics and scores to remove the need for redundant processes Work collaboratively with clients, leveraging our trusted relationships, to assist them in their digital transformation process 2021 acquisitions of Strato Dem Analytics & Reonomy are foundational to, and accelerate, Altus' innovation and data strategy to solve key CRE challenges with real-time data-driven insights, predictive analytics and alert capabilities altusgroup.com 222 22#23Multiple Paths to Aspirational $400 Million Revenue Goal by End of 2023 Altus Group $204 M in 2020 18% Non-Recurring (primarily software services) 82% Over Time -30% subscription & maintenance -50% Appraisal Management & Data Solutions Software Appraisal Management & Data Solutions Key Drivers of Growth: Key assumption: double-digit organic revenue growth, sustained mid 90's% retention Key drivers of growth: 。 Wallet share expansion from existing customers (steady contributor to 2/3 of software sales) – existing customers adding more seats, functionality, new products 。 New client additions, including geographic expansion in continental Europe & Asia Pacific 。 Acceleration of higher ACV platform deals (multi product/global deals) 。 Acceleration of AE cloud adoption: - Higher value AE cloud sales (~20% premium to legacy on premise sale price) - Monetizing "maintenance" to "cloud subscription" conversion (~40% price uplift) - Overall higher lifetime economic contract value (scaling effect of subscription model) - New incremental revenues from upselling new cloud applications (i.e. API connectors) 。 Expansion into market adjacencies in debt & data-driven insights (organic & by acquisition) – including the acquisitions of Finance Active, StratoDem Analytics and Reonomy Key assumption: double-digit organic revenue growth Key drivers of growth: о Growth with existing customers (adding more assets to our platform, launching new funds) о New customer growth, including international expansion in Europe & Asia Pacific, new client types (i.e. deeper penetration with debt funds) altusgroup.com 23 23#24Altus Group Property Tax Steady revenue growth, top tier margin profile, long growth runway 24#25Global Property Tax Business at a Glance Altus Group The leader in solving complex property tax appeals for clients and developing solutions to increase value for their CRE assets • Property tax is typically the largest cost in CRE property ownership after debt-service . Realty tax regimes vary significantly between jurisdictions requiring regional and asset specific expertise . Given the magnitude and complexity of this expense, property managers and owners are increasingly seeking outsourced professional expertise to manage this cost & appeal process Key drivers of success: Market Share Leadership Consultant Expertise Data Leverage Maximized Client Savings Repeatability via Digitization 3 KEY CRE COUNTRIES ~800 EMPLOYEES WORLDWIDE ~50K CLIENTS WORLDWIDE 44% $245M 13% OF CONSOLIDATED ALTUS REVENUES REVENUES IN 2020 5-YR REVENUE CAGR (2016-2020) 8-15% AVG. CLIENT TAX REDUCTIONS FROM ASSESSED VALUE (N.A.) 27% -80% 5-YR ADJUSTED EBITDA MARGIN AVERAGE CONTINGENCY- BASED REVENES altusgroup.com Canada, 29% GEOGRAPHIC REVENUE SPLIT (2020) US, 27% UK, 43% 25 25#26Our Competitive Advantages PEOPLE CLIENTS DATA SCALE Best talent in the industry Global bluechip client base Comprehensive database on key markets Global reach, national scale, regional expertise RESULTS $ Exceptional track record of best client outcomes Access to Altus talent key value proposition for clients ~760 Property Tax professionals worldwide Unmatched industry, market and asset specific knowledge Relationships with 8K+ clients across NA and 42K+ in the UK Strong client loyalty & retention between cycles Relationships with largest CRE companies Altus proprietary data key factor in successful client outcomes Digital transformation agenda to drive tech- enabled service delivery and a highly-efficient operating model Leadership in key markets One of largest national property tax providers in each market in which we operate Global operating model for most attractive property tax CRE markets US, Canada, UK Strong track record of success rates on appeals Material client savings achieved on complex appeals 8-15% avg. client tax reductions from assessed value (NA) altusgroup.com Altus Group 26#27Market Share Leadership • Helping clients reduce their property tax burdens (one of the highest operating costs in CRE) • Highly specialized services that require deep asset specific and jurisdictional knowledge Altus Group • ✓ Three distinctly complex markets in one global entity: Canada Each province has separate assessment cycle (vary from 1-5 years) Property tax is assessed at provincial and municipal level ✓ Target customers are landlords and single occupants (typically large CRE portfolio holders) Focused on major accounts (higher value, lower volume) US ✓ Independent state (50) and county (+15K) assessment cycles Property tax is assessed at the county or city levels Target customers are landlords, owners and tenants ✓ Focused on industry & specialty in target asset classes UK One national cycle - currently a 6-year assessment cycle for property values Centralized assessments by the Valuation Office Agency (VOA) ✓ Target customers are property occupiers High-volume model MARKET SHARE* LEADERS: ~60% market share (largest national provider) One of top 5 largest providers, single digit market share (fragmented market) ~20% market share (SMB leader) altusgroup.com *Market share estimates based on total volume of appeals filed. 27 27#28Enhancing Revenue Growth, Predictability & Margin Expansion Steady Revenue Growth, Top Tier Margin Profile, Long Growth Runway Maximizing success rates Leveraging Altus expertise & data to maximize savings for clients, of which we receive a % of savings (strengthens client retention) a Leveraging pricing power Moving to higher contingency contracts, drives higher margins & leverages fixed cost base Altus Group 28 28 Growing market share Increasing volume & value of appeals, selectively pursuing appeals Model supported by organic growth initiatives & financially accretive acquisitions Driving digital transformation Increasing operational productivity, revenue repeatability and smart correlations for business development altusgroup.com#29Digital transformation opportunity Organize & leverage internal data and implement technology to: Enhance client offering & experience altusgroup.com Ō Automate repeatable activities Identify high- margin business opportunities Re-design internal processes Platform for Insight and Data Altus Group Enhance employee experience & productivity 29 29#30altusgroup.com CRE Consulting: Valuation & Cost Advisory & 骨 Altus Group Leveraging Industry Leading Position Stable growth profile through economic cycles with upside from tech-enablement Diversified, high-quality client base with strong client loyalty Proprietary data driving valuable client insights Healthy industry fundamentals 30 30#31Sell-Side Analyst Coverage: altusgroup.com Investor Relations: Camilla. [email protected] BMO CANACCORD CORMARK CIBC NATIONAL BANK RBC SCOTIA TD Stephen MacLeod Yuri Lynk Gavin Fairweather Stephanie Price Richard Tse Paul Treiber Paul Steep Daniel Chan Capital Markets Stats: Altus Group TSX: AIF MARKET CAPITALIZATION SHARES OUTSTANDING RECENT SHARE PRICE 52-WEEK RANGE 3-MTH AVG. TRADING VOLUME QUARTERLY DIVIDEND ADJUSTED EPS OWNERSHIP ~$2.65 Billion 41.2 M $64.40 (Nov. 10) +31% YTD $47.10 $68.17 ~80K $0.15 per share (~1% yield) $1.67 per share (2020) ~90% Institutional