Ms. Camilla Bartosiewicz reports

ALTUS GROUP ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has approved its notice of intention to renew its normal course issuer bid for its common shares as appropriate opportunities arise from time to time. Altus's NCIB will be made in accordance with the policies of the TSX. Altus may purchase its common shares during the period from Feb. 8, 2024, to Feb. 7, 2025.

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 1,376,034 common shares, representing approximately 3 per cent of its issued and outstanding common shares as at Jan. 24, 2024. There were 45,907,657 common shares outstanding as at Jan. 24, 2024. The average daily trading volume through the facilities of the TSX during the 26-week period ended Dec. 31, 2023, was 83,879 common shares. Daily purchases will be limited to 20,969 common shares, representing 25 per cent 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 finance the NCIB purchases from its existing cash balance.

Under its previous NCIB, which commenced on Feb. 8, 2023, and expires on Feb. 7, 2024, Altus obtained approval from the TSX to purchase up to 1,364,718 common shares. As of Jan. 24, 2024, Altus had purchased an aggregate of 105,400 common shares for cancellation under an NCIB in the past 12 months at a weighted-average price of approximately $43.58 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 that would allow for the purchase of its common shares, subject to certain trading limits, at times when Altus ordinarily would not be active in the market due to its own internal trading blackout 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 mergers and acquisitions. 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 financing growth.

About Altus Group Ltd.

Altus is a leading provider of asset and fund intelligence for commercial real estate. It delivers intelligence as a service to its global client base through a connected platform of industry-leading technology, advanced analytics and advisory services. Trusted by the largest CRE leaders, it has capabilities to help commercial real estate investors, developers, proprietors, lenders and advisers manage risks and improve performance returns throughout the asset and fund life cycle. Altus is a global company headquartered in Toronto with approximately 3,000 employees across North America, Europe, the Middle East and Africa, and Asia Pacific.

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