CONNECTING THE GLOBAL REAL ESTATE MARKETPLACE TSX: AIF

May 2017

Investor Presentation

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altusgroup.com

Forward Looking Statements

Certain information in this presentation may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in

this presentation, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes information that relates to,

among other things, objectives, strategies and intentions, and future financial and operating performance and prospects. Generally, forward-looking information can be

identified by use of words such as “may”, “will”, “expect”, “believe”, “plan”, “would”, “could” and other similar terminology. All of the forward-looking information in this

presentation is qualified by this cautionary statement. Forward-looking information includes, but is not limited to, the discussion of Altus Group’s business and operating

initiatives; its expectations of future performance for its various business units and its consolidated financial results; and its expectations with respect to cash flows and

its level of liquidity.

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 Altus Group 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 were identified and were applied by Altus Group

in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: the successful execution of Altus

Group’s business strategies; consistent and stable economic conditions or conditions in the financial markets; consistent and stable legislation in the various countries

in which Altus Group operates; no disruptive changes in the technology environment; the opportunity to acquire accretive businesses; the successful integration of Altus

Group’s businesses; and the continued availability of qualified professionals.

Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause Altus Group’s 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.

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 contained herein is current as of the date of this presentation and, except as required under applicable law, Altus Group does not undertake

to update or revise it to reflect new events or circumstances. Additionally, Altus Group undertakes no obligation to comment on analyses, expectations or statements

made by third parties in respect of Altus Group, its financial or operating results, or its securities. Please consult Altus Group’s most recent regulatory filings on SEDAR

for more information on the Company’s forward-looking statements.

Altus Group uses certain non-IFRS measures (such as Adjusted EBITDA and Adjusted EPS), and as indicators of financial performance. Readers are cautioned that

they are not defined performance measures 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. We believe that these measures are useful supplemental measures that may assist investors in

assessing an investment in our shares and provide more insight into our performance.

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Altus Group at a Glance

Helping clients maximize the value of their real estate assets & portfolios through:

C O N N E C T I N G T H E G L O B A L C O M M E R I C A L R E A L E S T A T E M A R K E T P L A C E

Software & data solutions for CRE

investment management

Independent technology-enabled CRE

professional services

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Uniquely Positioned Market Leader

First to Market Advantage

• US institutional client benchmarking & attribution analysis

• Voyanta global data solution

• Risk analytics

Global Blue Chip Client Base

• Unmatched client base in CRE industry

• Relationships with top 50 CRE firms

• +5,500 ARGUS software clients

• 23/24 open-end ODCE funds use our benchmarking & attribution

analysis data platforms

Global Scale

• 75 offices in all major markets

• 54% of revenues outside of Canada

Altus Analytics Existing Market Standards

• ARGUS industry standard (for property & portfolio analysis)

• Benchmarking & attribution analysis standard for US open-end funds

• Market data leader in Canada

• Solutions heavily embedded in workflows

Depth in Expert Services

• One of 3 largest Property Tax advisors globally

• World renowned economic consulting

• Leading provider of valuations & independent research

• Global cost consulting expertise

• Market leading Geomatics services in Western Canada

• RICS global certification

Strong Financial Profile

• Solid balance sheet with strong cash generation

• Extended financial flexibility with Real Matters investment

• Growing recurring revenues

• Solid revenue and Adjusted EBITDA growth

The Altus Advantage

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Connecting the Global CRE Market

Collect Property Data in the Cloud

Understand How Assets Stack Up

APPRAISAL MANAGEMENT

Make Informed Decisions

COST CONSULTING PROPERTY TAX

Tax Analytics Platform

ALTUS CLIENT PLATFORM

Single point of contact / view of assets – on a common web & data warehouse platform Data

Flo

w

5

Evaluate & Manage

Development Opportunities

Optimize Property Tax &

Expense Management

Gain Data-Driven Insight

VALUATION ADVISORY

Canadian Market Data

Providing Data for Visibility and Insight to Global CRE Market

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Growing Altus Analytics Revenues

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

2013 2014 2015 2016

Geomatics CRE Consulting Altus Analytics

74% of Altus Analytics are Recurring

$182 M

$194 M $223 M $247 M

$71 M

$91 M

$126 M

$151 M

$324 M

$370 M

$416 M

$443 M

$45 M $71 M

$85 M $67 M

Revenues (

C$ M

) Q1 2017

Revenue

y/y

Growth

Altus Analytics $39.2 M 6.8%

CRE Consulting $57.7 M (1.2%)

Geomatics $12.6 M 6.5%

Consolidated $109.2 2.4%

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The Institutionalization of Commercial Real Estate

Sources: (1) Cornell research, 2016; (2) Savills research, 2016 ; (3) Prequin report, 2016; (4) IREI report, 2016 (based on survey of 194 real estate investment managers around the world who control nearly $2.8 trillion

of real estate assets); (5) IDC report, 2016; (4) Prequin report, 2016.

Real estate investment allocation expected to reach 10.3% in 2017

(up from 9.6% in 2015).1

Global, investible commercial real estate market estimated to have

reached $19 trillion in 2015.2

Pension funds are leading institutional investors in invested real estate

assets.3

Majority of invested real estate assets (based on AUM) are in North

America & Europe.4

CRE continues to lag other industries in “big data & analytics”

spending.5

47%

37%

6% 4% 1%

5%

0%

10%

20%

30%

40%

50%

North

America

Europe Asia Australia Latin

America

Other

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Information Services Model

Leveraging data to deliver

insights and outcomes Transaction processing efficiency is no longer a differentiator – customers demand insights

Labor arbitrage and economies of scale are disappearing – clients demand better outcomes

Source: Wells Fargo Securities

Moving Towards Analytics Applications & Services R

ep

res

en

tati

ve

Co

mp

an

ies

FINANCIAL TECHNOLOGY &

TRANSACTION PROCESSING STRATEGIC OUTSOURCING INFORMATION SERVICES

Characteristics

• Business models characterized by high margins, operating leverage, low capex and strong free cash flow

• Proliferation of data and low computing costs driving demand for Big Data Analytics

• Strong demand for proprietary data supported by predictive analytics embedded in workflows

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Altus Analytics Growth Drivers

• Same customer revenue growth by:

- Converting legacy DCF & ValCap users to ARGUS Enterprise (AE)

~5,500 software clients

+2,500 clients using AE (as at end of Q1 2017)

- Adding more seats, upselling on new modules & cross selling

• New client wins (driven by new products & roadmap enhancements)

• Geographic expansion powered by global CRE companies - significant

opportunity for new sales in untapped Europe/EMEA & Asia markets

• Customers adding more assets on platform & increasing frequency of valuations (pricing based on # of assets on platform and frequency of valuations)

• New client additions (open-end funds) & growing demand from “other” client types: closed-end funds, pension funds, private equity, REITS, etc.

• Expanded target market from new data analytics capabilities (attribution & risk analysis)

• New market opportunity for appraisal management in Europe, driven by new AIFMD regulation (first to market advantage)

ARGUS Software Appraisal Management

Same Customer

Sales

New Clients & New Users

New Geographies

New Verticals &

Applications

Increasing upselling and cross selling

– more licenses/seats, more assets on

our platforms, etc.

Expanding into new geographies – most

penetrated in North America with a lot of

upside in Europe & Asia

Adding more clients and increasing penetration

with new client types

Adding more functionality with new

applications/ product roadmap enhancements

to expand target market & access new

markets users

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Altus Analytics Growth Strategy

SET THE STANDARD GLOBALLY

Wave 1 Wave 2 Wave 3

North America DCF Upgrade

80% Committed

Focus on Mid Market

UK ValCap Upgrade

Continental Europe

Go Global

Enterprise Agreements

UPSELL

Same Client Application Sale & SME

60% Repeat Business

INNOVATE

New Applications & Partnerships ARGUS in the Cloud Data Monetization

New Markets & Applications (ex. Debt Markets)

Upgrade Sale Enterprise Sale Global Solution

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Technology-Enabled Expert Services

Modernization Through Technology

• Leading provider of independent CRE advisory services

• Services provide access to robust CRE data

• Unparalleled insights and efficiencies provided by Altus

Analytics

• Pursuing investments in technology to leverage extensive

proprietary databases, drive internal efficiencies & enhance

client value

• Tax analytics platform for benchmarking and client

management

• Historical valuation and construction cost benchmarking

platforms

• Future potential for benchmark & index products

• Cross selling with Altus Analytics

• Property tax market consolidation opportunity in US & UK

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Financial Strength

Strong Cash Generation

Prudent Financial

Management

Strong Financial Growth

Financial Flexibility

40% YoY increase to $67.2 m in cash from operating activities in 2016

Increasing recurring revenue from global blue chip client base

DSO as at March 31, 2017 was 74 days compared to71 days in March 31, 2016

8% 5-year Revenue CAGR up to 2016

14% 5-year Adj. EBITDA CAGR up to 2016

Altus Analytics recurring revenues grew 23.5% YoY in 2016

17.3% YoY growth in Adjusted EPS in 2016

$38.9 M cash position

$138.7 M bank debt

1.76x bank funded debt to EBITDA ratio

~14% equity investment in Real Matters

As at March 31, 2017

Strong Shareholder

Returns

60% share price increase in 2016 & 63% TSR

$22.3 M paid in dividends in 2016 (including DRIP)

altusgroup.com

For investor inquiries, please contact:

Camilla Bartosiewicz

Vice President, Investor Relations

camilla.bartosiewicz@altusgroup.com

416-641-9773

CONNECTING THE GLOBAL REAL ESTATE MARKETPLACE TSX: AIF

Appendix

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Capital Markets Stats

SECURITY SYMBOLS TSX: AIF,

MARKET CAPITALIZATION $1.2 Billion

SHARES OUTSTANDING 38.6 M

RECENT SHARE PRICE $30.95 (May 9)

52-WEEK RANGE $33.50 / $19.48

3-MTH AVG. TRADING VOLUME ~100,000

QUARTERLY DIVIDEND $0.15 per share (2% yield)

ADJUSTED EPS $1.15 per share (2016)

OWNERSHIP ~70% Institutions &

~10% Employees

Included in the S&P/TSX Composite

Index and the S&P/TSX Dividend Index

ANALYST COVERAGE

BMO, Stephen MacLeod

Canaccord, Yuri Lynk

Cormark, Maggie MacDougall

CIBC, Stephanie Price

GMP, Deepak Kaushal

National Bank, Richard Tse

RBC, Paul Treiber

TD, Daniel Chan

$16

$18

$20

$22

$24

$26

$28

$30

$32

$34

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

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Financial Performance By Business Segment

In thousands of Cdn. dollars Q1 2017 Q1 2016 % change 2016 2015 % change

ALTUS ANALYTICS

Recurring (data & software subscriptions, maintenance) 29,174 27,665 5.5% 111,928 90,735 23.4%

Non-recurring (licenses & services) 10,010 9,019 11.0% 39,552 35,236 12.2%

Revenues 39,184 36,684 6.8% 151,480 125,971 20.2%

Adjusted EBITDA 12,665 8,807 43.8% 40,987 30,294 35.3%

Adjusted EBITDA Margin 32.3% 24.0% 27.1% 24.0%

COMMERCIAL REAL ESTATE CONSULTING

Property Tax 33,212 35,746 (7.1%) 151,155 133,890 12.9%

Valuation & Cost Advisory 24,514 22,683 8.1% 96,109 90,283 6.5%

Revenues 57,726 58,429 (1.2%) 247,264 224,173 10.3%

Property Tax 4,221 7,941 (46.8%) 40,091 27,868 43.9%

Valuation & Cost Advisory 2,889 2,486 16.2% 12,059 10,432 15.6%

Adjusted EBITDA 7,110 10,427 (31.8%) 52,150 38,300 36.2%

Adjusted EBITDA Margin 12.3% 17.8% 21.1% 17.1%

GEOMATICS

Revenues 12,592 11,827 6.5% 45,082 67,199 (32.9%)

Adjusted EBITDA 1,246 (644) 293.5% (868) 10,062 (108.6%)

Adjusted EBITDA Margin 9.9% (5.4%) (1.9%) 15.0%

CONSOLIDATED

Revenues 109,207 106,688 2.4% 442,891 416,413 6.4%

Adjusted EBITDA 13,283 12,393 7.2% 74,088 63,382 16.9%

Adjusted EBITDA Margin 12.2% 11.6% 16.7% 15.2%

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Business Segment Performance INVESTOR RELATIONS

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

2014 2015 2016

Altus Analytics CRE Consulting Geomatics

Evolving Financial Profile

$194 M

$223 M

$247 M

$85 M

$67 M $45 M

$370 M

$416 M $443 M

$151 M

$91 M

$126 M

Reve

nu

es (

C$ M

)

$151.5 20.2%

$41.0 35.3%

27.1%

2016 YoY Chg.

Revenue

Adj. EBITDA

Margin

$247.3 10.3%

$52.2 36.2%

21.1%

ALTUS ANALYTICS

Revenue

Adj. EBITDA

Margin

$45.1 -32.9%

-$0.9 -108.6%

1.9%

Revenue

Adj. EBITDA

Margin

CRE CONSULTING

GEOMATICS

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Revenue Streams

ALTUS ANALYTICS

• ARGUS software tools for CRE portfolio & investment

management - for asset valuation, portfolio management,

budgeting, forecasting, sensitivity analysis, data

management, etc.

• Industry valuation/ transactions standard (ARGUS Enterprise & DCF)

• Global footprint

• First to market advantage in CRE data management

• Appraisal management advisory with data analytics tools -

attribution analysis, benchmarking, risk analysis

• US industry standard in fund valuation data (used by 22/23 NCREIF

open-end index funds)

• First to market in Europe

• Canadian market data subscription products (RealNet, Altus

InSite, HPI) • Largest CRE data provider in Canada

EXPERT SERVICES

• Property Tax management & administration services - tax

assessment reviews, appeals & negotiations, expert witness

services, etc.

• Cross-border capability

• Canadian & UK market leader

• One of top 5 providers in US

• Valuation & advisory services – valuations/appraisals, due

diligence, market research, economic consulting, etc.

• Independence

• Canadian market leader in valuations & independent market

research

• Cost consulting and project management services -

construction feasibility studies, budgeting, cost planning, risk

management, loan monitoring, etc.

• Canadian market leader & dominant position with developer market

• Strong presence in Asia Pacific

• Geomatics technical services - field & construction surveys,

3D scanning, internet mapping • Market leader in geomatics services in Western Canada

74% of Altus

Analytics Revenues

are Recurring Recurring revenues include

data & software subscriptions

& maintenance revenues

Non-recurring includes

licenses and services

Pricing for services is

based on a fixed fee or

time and materials fee

basis, and for a significant

number of projects in

Property Tax, on a

contingency basis

Competitive Strengths:

Competitive Strengths:

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Management Committee

DAVE GURNSEY

President,

Geomatics

ALEX PROBYN

President, Property

Tax, UK

TERRY BISHOP

President, Property

Tax, Canada

MICHAEL COMMONS

Senior Executive Vice

President, Cost

Consulting, N.A.

NIALL MCSWEENEY

Senior Director,

Cost Consulting,

Asia Pacific

ROBERT COURTEAU

Chief Executive Officer

LIANA TURRIN

General Counsel and

Corporate Secretary

ANGELO BARTOLINI

Chief Financial Officer

JIM DERBYSHIRE

Global President,

Property Tax

COLIN JOHNSTON

President, Research,

Valuation & Advisory

Canada

TRISH BALL

Chief Human

Resources Officer

NAREN CHANDE

Senior Executive Vice

President, Cost

Consulting, N.A.

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Board of Directors

RAYMOND MIKULICH, CHAIRMAN

Mr. Mikulich currently serves as the Managing Partner and Chief Investment Officer for Ridgeline Capital Group, LLC, a real estate investment

and asset management company, and the Chief Executive Officer of HomeLPC, LLC, a real estate investment company based in New York, NY.

He was head of Apollo Global Real Estate North America. Mr. Mikulich was a member of the investment committee and the co-head of the Real

Estate Private Equity Group of Lehman Brothers and the Group Head of Global Real Estate Investment Banking at Lehman Brothers. He has

served as a Trustee of the Urban Land Institute, on the Board of The Real Estate Roundtable, as a member of the Advisory Board of the National

Association of Real Estate Investment Trusts (NAREIT) as well as numerous other industry organizations.

ROBERT COURTEAU, CEO

Mr. Courteau is Chief Executive Officer of Altus Group. An accomplished senior executive, Mr. Courteau has extensive experience in leading new

business initiatives and achieving growth objectives with some of the world’s foremost companies. He was a corporate executive with SAP AG, a

global market leader in enterprise application software, including roles as the President, North America and Global Chief Operating Officer. He

has been an active board member of numerous North American not-for-profit organizations and has served on boards of several publicly-traded

companies. Mr. Courteau holds a Bachelor of Commerce degree from Concordia University and was awarded an Honorary Doctor of Laws

degree from Concordia University in 2011. In recognition of his commitment to education and endorsement of international standards and

regulation, he was awarded an Honorary Fellowship with RICS (FRICS) in 2014.

CARL FARRELL

Mr. Farrell is the Executive Vice President & Chief Revenue Officer for SAS Institute, the leader in business analytics software and the largest

independent vendor in the business intelligence market. Mr. Farrell has over 30 years of global experience in the software and related services

industry and has held executive positions at Vignette Corporation, Idiom Technologies, JD Edwards and JBA Plc.

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Board of Directors

ERIC W. SLAVENS

Mr. Slavens currently serves on the boards of NexGen Financial Corporation, an asset management company, Effort Trust Company, a financial

services, real estate and asset management company, and Titanium Corporation Inc., an oil sands services and technology company. He is a

Fellow of the Chartered Professional Accountants of Ontario. Mr. Slavens was a partner of PricewaterhouseCoopers LLP for 30 years, serving

most recently as the National Leader, IPO Services. Mr. Slavens has a Bachelor of Commerce from the University of Toronto and is a graduate of

the Directors’ Education Program co-sponsored by Rotman School of Management and the Institute of Corporate Directors.

DIANE MacDIARMID

Ms. MacDiarmid is President, MacDiarmid & Company, a strategy and organizational effectiveness consulting firm. Previously she was Executive

Vice President, Corporate Resources with Bentall Kennedy LP, a North American real estate investment and services company. Prior to joining

Bentall Kennedy, Ms. MacDiarmid was President of Oliver Wyman Delta Canada. Earlier in her career she worked in financial services, consulting

engineering and the oil industry. Ms. MacDiarmid holds a Master of Business Administration from the Schulich School, York University, Toronto

and a Bachelor of Applied Science (Civil Engineering) from Queen’s University, Kingston, Ontario. She is a member of the boards of Morneau

Shepell and Altus Group and is past chair of the board of AMREF (African Medical and Research Foundation) Canada.

TONY GAFFNEY

Mr. Gaffney was formerly Chief Executive Officer of Aon Hewitt Canada, a human capital and management consulting company. Previously, he

was Managing Partner, Toronto, of Accenture Inc. Mr. Gaffney has served as President and Chief Executive Officer of BCE Emergis, a publicly-

traded company, and Bell Nexxia. Mr. Gaffney has also held international leadership positions with SHL Systemhouse Inc. and MCI Corp. He

currently sits on the boards of President’s Choice Bank, Canada’s Walk of Fame and Bishop Strachan School. Mr. Gaffney holds a Bachelor of

Engineering (B.A.I) degree and M.A. from Trinity College in Dublin, Ireland. He is also a graduate of the Rotman Corporate Directors program

(ICD.D).

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Board of Directors

JANET WOODRUFF

Ms. Woodruff is an experienced corporate director and senior executive with over 30 years of business experience in the energy, transportation

and health sectors, including her most recent role as acting Chief Executive Officer of Transportation Investment Corporation, a B.C. Crown

Corporation. Ms. Woodruff currently serves on the boards and audit committees of Capstone Infrastructure Corporation and FortisBC Inc. Ms.

Woodruff is a member of the Institute of Corporate Directors, holding the ICD.D designation, and is a Fellow Chartered Accountant of British

Columbia. She earned her Honours Bachelor of Science from the University of Western Ontario and her Master of Business Administration

degree from York University.

ANGELA BROWN

Ms. Brown is an experienced executive with more than 25 years in the payments industry, including merchant acquiring, consumer and

commercial payment products, payment processing and merchant acceptance. Ms. Brown currently serves as President and Chief Executive

Officer of Moneris Solutions Corporation. Prior to joining Moneris, Ms. Brown was Group Executive, Enterprise Development, Merchants &

Acceptance, for MasterCard Worldwide. She was responsible for cultivating MasterCard’s relationship with merchants, creating new merchant

value propositions and expanding the reach of MasterCard’s network. Previously, Ms. Brown spent 13 years at the Canadian Imperial Bank of

Commerce within the ATM and Cards divisions. Ms. Brown graduated with a Master’s degree in Business Administration from the Schulich School

of Business at York University in Toronto.