Altus expects to take up 2.84 million shares in SIB

Executive Summary

• Altus Group announced preliminary results for its Substantial Issuer Bid (SIB) to repurchase and cancel common shares, expecting to purchase ~2.85 million shares at $57 per share.
• The transaction represents an aggregate purchase price of approximately $162.43 million, equating to ~6.59% of the company's issued and outstanding shares on a non-diluted basis.
• All validly tendered shares will be purchased without proration since total tenders fell below the $350 million maximum limit, resulting in an expected post-transaction share count of ~40.38 million.

Key Details

• Transaction Type: Substantial Issuer Bid (SIB) for cancellation of common shares.
• Maximum Aggregate Purchase Price: $350 million.
• Purchase Price Range: $50 to $57 per share.
• Preliminary Shares to be Purchased: ~2,849,643 shares.
• Preliminary Purchase Price: $57 per share.
• Aggregate Purchase Price: ~$162.43 million.
• Percentage of Outstanding Shares: ~6.59% (net of escrowed shares, non-diluted basis).
• Validly Tendered Shares: ~6,561,903 shares (including ~60,000 shares via notices of guaranteed delivery).
• Proration Status: None required; all validly deposited and not withdrawn shares will be purchased.
• Proportionate Tenders: ~255,611 shares anticipated to be purchased to maintain shareholders' pre-SIB ownership percentages.
• Post-Transaction Share Count: ~40,377,617 shares issued and outstanding (net of 79,328 escrowed shares).
• Expiration Date & Time: 5 p.m. Toronto time on Thursday, Jan. 8, 2026.
• Insider Participation: None; no directors or executive officers participated in the SIB.
• Depositary: TSX Trust Company.
• Verification & Payment: Preliminary figures remain subject to depositary verification; final results and payment will follow the offer terms and applicable law.
• Reference Documents: Offer to purchase and issuer bid circular dated Nov. 26, 2025, plus related letter of transmittal and notice of guaranteed delivery filed on SEDAR+.