Capital Markets Overview

Capital Markets Overview ARE.TSX Statistics Analyst Coverage Firm Analyst Telephone $17.04 Price as of January 4, 2022 60.3 Million 4.2% ATB Capital Chris Murray (647) 776-8246 Dividend Yield BMO Capital Markets Devin Dodge (416) 359-6774 | Shares Outstanding 0.5 Million ($5.3 Million) Avg. Daily Share Volume (3 months TSX & ATS) ~$1.0 Billion Market Capitalization $15.95 / $22.28 52 Week Low/High Desjardins Securities Industrial Alliance Securities Canaccord Genuity Yuri Lynk (514) 844-3708 CIBC Capital Markets Jacob Bout (416) 956-6766 Benoit Poirier (514) 281-8653 Naji Baydoun (514) 375-2904 Laurentian Bank Securities Troy Sun (416) 399-7635 National Bank Financial Maxim Sytchev (416) 869-6517 Paradigm Capital Corey Hammill (416) 361-0754 $0.70 $0.64 $0.58 Raymond James Frederic Bastien (604) 659-8232 $0.50 $0.50 $0.46 $0.40 $0.36 RBC Dominion Securities Sabahat Khan (416) 842-7880 $0.32 $0.28 $0.20 Stifel GMP lan Gillies (416) 943-6108 TD Securities Michael Tupholme (416) 307-9389 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 10 Buy Outperform Recommendations ACCON Annual Dividend History 3 Hold / Sector Perform Recommendation $22.50 Average Target Price 23

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