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1 Investor Presentation CONNECTING THE GLOBAL REAL ESTATE MARKETPLACE TSX: AIF March 2018
2 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. 2
3 Altus Group at a Glance 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 Helping clients maximize the value of their real estate assets & portfolios through: Software & data solutions for CRE investment management Independent technology-enabled CRE professional services 3
4 Uniquely Positioned Market Leader Established Market Leader Leading provider of independent advisory services, software and data solutions to the global commercial real estate (CRE) industry Global Scale Headquartered in Canada, with 75 offices & 2,500+ employees in major markets across North America, Europe & Asia Pacific Unmatched Global Blue Chip Client Base Serving the world s largest CRE industry participants Depth in Expert Services Trusted CRE advisor in property tax management, valuations, market research, development cost consulting & project management, and geometrics services Leading market share in CRE consulting practices Market Standard Software & Data Solutions Heavily embedded in customers daily workflows Market standard software solutions for global CRE property and portfolio analysis Market standard for investment performance benchmarking & attribution analysis standard for US CRE institutional investors Leading provider of Canadian real estate market data Strong Financial Profile Solid balance sheet with strong cash generation Extended financial flexibility with Real Matters investment Strong track record of profitable growth 4
5 Data Flow Connecting the Global CRE Market Providing Data for Visibility and Insight to Global CRE Market Understand How Assets Stack Up APPRAISAL MANAGEMENT Make Informed Decisions Collect Property Data in the Cloud ALTUS CLIENT PLATFORM Single point of contact / view of assets on a common web & data warehouse platform Evaluate & Manage Development Opportunities COST CONSULTING Optimize Property Tax & Expense Management PROPERTY TAX Tax Analytics Platform Gain Data-Driven Insight VALUATION ADVISORY Canadian Market Data 5 5
6 Revenues (C$ M) Evolving Financial Profile Growing Altus Analytics Revenues $600 $500 $400 $300 $85 M $370 M $85 M $194 M $67 M $416 M $67 M $223 M $443 M $45 M $247 M $478 M $49 M $260 M $200 $100 $91 M $126 M $151 M $169 M $ Altus Analytics CRE Consulting Geomatics 6
7 The Institutionalization of Commercial Real Estate Real estate investment allocation expected to reach 10.3% in 2017 (up from 9.6% in 2015). 1 Pension funds are leading institutional investors in invested real estate assets. 3 Global, investible commercial real estate market estimated to have reached $19 trillion in 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 50% 47% 40% 37% 30% 20% 10% 0% North America 6% 4% 1% Europe Asia Australia Latin America 5% Other 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,
8 Representative Companies Information Services Model Moving Towards Analytics Applications & 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 FINANCIAL TECHNOLOGY & TRANSACTION PROCESSING Labor arbitrage and economies of scale are disappearing clients demand better outcomes INFORMATION SERVICES Leveraging data to deliver insights and outcomes STRATEGIC OUTSOURCING Transaction processing efficiency is no longer a differentiator customers demand insights 8 Source: Wells Fargo Securities
9 Altus Analytics Growth Drivers ARGUS Software Appraisal Management Same customer revenue growth by: - Adding more seats, upselling on new modules & cross selling - Ongoing conversion from legacy DCF & ValCap products to ARGUS Enterprise (AE) +3,500 clients using AE 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) Increasing upselling and cross selling more licenses/seats, more assets on our platforms, etc. Same Customer Sales New Clients & New Users Adding more clients and increasing penetration with new client types Expanding into new geographies most penetrated in North America with a lot of upside in Europe & Asia New Geographies New Verticals & Applications Adding more functionality with new applications/ product roadmap enhancements to expand target market & access new markets users 9
10 Altus Analytics Growth Strategy SET THE STANDARD GLOBALLY Wave 1 Wave 2 Wave 3 North America DCF Upgrade Committed; Deployment Ongoing UK ValCap Upgrade UK & Continental Europe Go Global Enterprise Agreements UPSELL Same Client Application Sale & SME Strong re-purchase rates from current AE customers (adding more seats and/or functionality) Upgrade Sale Enterprise Sale Global Solution INNOVATE New Applications & Partnerships ARGUS in the Cloud Data Monetization New Markets & Applications (ex. Debt Markets) 10
11 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 (Nov acquisition of CVS doubled our UK practice) 11
12 Financial Strength Strong Cash Generation Prudent Financial Management Strong Financial Growth Financial Flexibility Strong Shareholder Returns Increasing recurring revenue from global blue chip client base DSO as at Dec. 31, 2017 was 70 days compared to 74 days at end of % 5-year Revenue CAGR up to % 5-year Adj. EBITDA CAGR up to 2017 $28.1 M cash position $150.4 M bank debt 1.84x bank funded debt to EBITDA ratio 19% share price increase in 2017 & 21% TSR $23.1 M declared in dividends in 2017 (including DRIP) As at Dec. 31,
13 CONNECTING THE GLOBAL REAL ESTATE MARKETPLACE TSX: AIF Appendix For investor inquiries, please contact: Ali Mahdavi Investor Relations
14 Capital Markets Stats Included in S&P/TSX Composite Index SECURITY SYMBOLS MARKET CAPITALIZATION SHARES OUTSTANDING TSX: AIF $1.2 Billion 38.6 M RECENT SHARE PRICE $31.40 (Feb. 28) 52-WEEK RANGE $37.89 / $ MTH AVG. TRADING VOLUME ~130,000 QUARTERLY DIVIDEND $0.15 per share (1.9% yield) ADJUSTED EPS $1.13 per share (2017) OWNERSHIP ~70% Institutions & ~10% Employees ANALYST COVERAGE BMO, Stephen MacLeod Canaccord, Yuri Lynk Cormark, Maggie MacDougall CIBC, Stephanie Price GMP, Deepak Kaushal National Bank, Richard Tse RBC, Paul Treiber Scotia, Paul Steep TD, Daniel Chan 14
15 Financial Performance By Business Segment In thousands of Cdn. dollars Q Q % change FY 2017 FY 2016 % change ALTUS ANALYTICS Recurring (data & software subscriptions, maintenance) 29,994 29, % 117, , % Non-recurring (licenses & services) 11,956 13,120 (8.9%) 51,458 39, % Revenues 41,900 42,235 (0.8%) 169, , % Adjusted EBITDA 7,165 11,818 (39.4%) 48,412 40, % Adjusted EBITDA Margin 17.1% 28.0% 28.6% 27.1% COMMERCIAL REAL ESTATE CONSULTING Property Tax 41,972 36, % 158, , % Valuation & Cost Advisory 27,433 25, % 102,511 96, % Revenues 69,405 61, % 261, , % Property Tax 5,064 4, % 40,346 40, % Valuation & Cost Advisory 2,794 2, % 12,039 12,059 (0.2%) Adjusted EBITDA 7,858 6, % 52,385 52, % Adjusted EBITDA Margin 11.3% 10.5% 20.1% 21.1% GEOMATICS Revenues 11,589 11, % 48,536 45, % Adjusted EBITDA (82.7%) 3,493 (868) 502.4% Adjusted EBITDA Margin 0.3% 1.6% 7.2% (1.9%) CONSOLIDATED Revenues 122, , % 478, , % Adjusted EBITDA 20,367 22,120 (7.9%) 82,220 74, % Adjusted EBITDA Margin 16.6% 19.2% 17.2% 16.7% 15
16 Revenue Streams ALTUS ANALYTICS ARGUS software tools for CRE portfolio & investment management - for asset valuation, portfolio management, budgeting, forecasting, sensitivity analysis, data management, etc. Appraisal management advisory with data analytics tools - attribution analysis, benchmarking, risk analysis Canadian market data subscription products (RealNet, Altus InSite, HPI) EXPERT SERVICES Property Tax management & administration services - tax assessment reviews, appeals & negotiations, expert witness services, etc. Valuation & advisory services valuations/appraisals, due diligence, market research, economic consulting, etc. Cost consulting and project management services - construction feasibility studies, budgeting, cost planning, risk management, loan monitoring, etc. Geomatics technical services - field & construction surveys, 3D scanning, internet mapping Competitive Strengths: Industry valuation/ transactions standard (ARGUS Enterprise & DCF) Global footprint First to market advantage in CRE data management US industry standard in fund valuation data (used by 22/23 NCREIF open-end index funds) First to market in Europe Largest CRE data provider in Canada Competitive Strengths: Cross-border capability Canadian & UK market leader One of top 5 providers in US Independence Canadian market leader in valuations & independent market research Canadian market leader & dominant position with developer market Strong presence in Asia Pacific Market leader in geomatics services in Western Canada ~70% 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 16
17 Management Committee ROBERT COURTEAU CARL FARRELL ANGELO BARTOLINI LIANA TURRIN COLIN JOHNSTON TERRY BISHOP MICHAEL COMMONS CEO President CFO General Counsel and Corporate Secretary President, RVA Canada President, Property Tax, Canada President, Cost Consulting, N.A. ED ORLIK CIO TRISH BALL Chief Human Resources Officer ALEX PROBYN President, Property Tax, UK NIALL MCSWEENEY Senior Director, Cost Consulting, Asia Pacific MITCH ETTINGER President, Geomatics JIM DERBYSHIRE Global President, Property Tax 17
18 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 In recognition of his commitment to education and endorsement of international standards and regulation, he was awarded an Honorary Fellowship with RICS (FRICS) in CARL FARRELL, PRESIDENT Mr. Farrell is President of Altus Group. He is a seasoned technology executive with over 30 years of extensive global experience in the software, data and professional services industry. Mr. Farrell most recently served as the Executive Vice President & Chief Revenue Officer for SAS Institute, the global leader in the business analytics market. During his 15-year tenure with SAS, he held responsibilities for sales, professional services, marketing and overall global operations. Previously, Mr. Farrell held executive positions at Vignette Corporation, Idiom Technologies, JD Edwards and JBA Plc. 18
19 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 publiclytraded 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). 19
20 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. 20
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