Altus Group announces renewal of normal course issuer bid

Under the NCIB and subject to the market price of its common shares and other considerations, over the next 12 months Altus may purchase for cancellation up to 1,364,718 common shares, representing approximately 3% of its issued and outstanding common shares as at January 31, 2023. There were 45,490,587 common shares outstanding as of January 31, 2023. The average daily trading volume through the facilities of the TSX during the 26-week period ending January 31, 2023 was 71,734 common shares. Daily purchases will be limited to 17,933 common shares, representing 25% of the average daily trading volume, other than block purchase exemptions. Purchases may be made on the open market through the facilities of the TSX and/or alternative Canadian trading systems at the market price at the time of acquisition, as well as by other means as may be permitted by TSX rules and applicable securities laws. Any tendered shares taken up and paid for by Altus will be cancelled. The Company plans to fund the NCIB purchases from its existing cash balance.

Under its previous NCIB which commenced on February 8, 2022 and expires on February 7, 2023, Altus obtained approval from the TSX to purchase up to 1,345,142 common shares. As of January 31, 2023, Altus had purchased an aggregate of 155,400 common shares for cancellation under an NCIB in the past 12 months at a weighted average price of approximately $48.54 per common share. All repurchases under an NCIB within the past 12 months were conducted through the facilities of the TSX and/or alternative Canadian trading systems.

The Company intends to enter into an automatic share purchase plan with a designated broker in relation to the NCIB following the end of its current blackout period that would allow for the purchase of its common shares, subject to certain trading parameters, at times when Altus ordinarily would not be active in the market due to its own internal trading black-out period, insider trading rules or otherwise. Any such plan entered into with a broker will be adopted in accordance with applicable Canadian securities law. Outside of these periods, common shares will be repurchased in accordance with management’s discretion and in compliance with applicable law.

The Company is renewing the NCIB because it believes that it provides flexibility around its capital allocation investments, particularly during periods when its common shares may trade in a price range that does not adequately reflect their underlying value based on the Company’s business and strong financial position. As a result, to maximize shareholder value, Altus believes that an investment in its outstanding common shares may represent an attractive use of available funds while continuing to balance other growth investments, including investing in operations and in potential M&A. Decisions regarding the amount and timing of future purchases of common shares will be based on market conditions, share price and other factors and will be at management’s discretion. The Company's Board of Directors will regularly review the NCIB in connection with a balanced capital allocation strategy focused primarily on funding growth.