INVESTOR PRESENTATIONAugust 2019

FORWARD-LOOKING STATEMENTS

This presentation contains certain statements that may be forward-looking statements. Allstatements in this document, other than statements of historical fact, that address events ordevelopments that Atrium Mortgage Investment Corporation expects to occur, are forwardlooking statements. Forward looking statements are statements that are not historical factsand may be identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”,“estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”,“would”, “may”, “could” or “should” occur.

Although Atrium believes the expectations expressed in such forward-looking statements arebased upon reasonable assumptions, such statements are not guarantees of futureperformance and actual results may differ materially from those in the forward- lookingstatements. Factors that could cause the actual results to differ materially from those inforward looking statements include: failure to successfully negotiate or subsequently closetransactions, adverse results from mortgage investments and general economic, market orbusiness conditions. Investors are cautioned that any such statements are not guarantees offuture performance and actual results may differ materially from those projected in theforward-looking statements. Forward looking statements are based on the beliefs, estimatesand opinions of Atrium’s management on the date the statements are made. Atriumundertakes no obligation to update these forward-looking statements in the event thatmanagement’s beliefs, estimates or opinions, or other factors, change.

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CANADA’S PREMIER NON-BANK LENDER

ATRIUM MORTGAGE INVESTMENT CORPORATION

Non-bank lender, founded in 2001Assets - $751 millionMarket capitalization - $539 millionAverage mortgage yield - 8.81%Diversified, high quality mortgagesFocus on shareholder value: Safe portfolio Steady returns Minimize expenses Maximize distributions to shareholders

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FINANCIAL STRENGTH AND STABILITY

$ millions June 30, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016

Mortgages receivable $734 $683 $627 $531

Foreclosed properties 17 17 1 1

Total assets $751 $700 $628 $532

Bank debt and BAs $162 $148 $144 $ 145

Convertibledebenture $156 $157 126 101

Other liabilities 8 8 9 7

Total liabilities $326 $313 279 253

Shareholders’ equity 425 387 349 279

Total liabilities andequity $751 $700 $628 $532

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June 30, 2019 June 30,2018 Year 2018 Year 2017

6 months 6 months 12 months 12 months

Millions millions millions millions

Mortgage interest and fees $32.5 $28.0 $58.3 $50.4

Financing costs 8.7 7.1 15.3 12.7

Mortgage servicing and management fees 3.4 3.1 6.3 5.5

General and administrative 0.7 0.6 1.1 1.2

Loss provision 0.8 0.7 1.8 1.9

Expenses 13.6 11.5 24.5 21.3

Net income $18.9 $16.5 $33.8 $29.1

Earnings per common share – basic $0.49 $0.48 $0.95 $0.95

EXCELLENT OPERATING RESULTS

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$0.70

$0.75

$0.80

$0.85

$0.90

$0.95

$1.00

2013 2014 2015 2016 2017 2018 2019

FINANCIAL OVERVIEW

Objective: preserve capital and focus on steady, safe return to shareholders.

Monthly dividends + special annually• 2013: $0.80 rate + $0.05 = $0.85

• 2014: $0.82 rate + $0.07 = $0.89

• 2015: $0.84 rate + $0.09 = $0.93• 2016: $0.86 rate + $0.10 = $0.96

• 2017: $0.88 rate + $0.04 = $0.92

• 2018: $0.90 rate + $0.04 = $0.94• 2019: $0.90 rate, plus special

DRIP at 2% discount.RRSP, TFSA, etc. eligible.

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Monthly dividends and annual special

To b

e de

term

ined

STRONG AND CONSISTENT RETURNS

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0%

2%

4%

6%

8%

10%

12%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q2 2019

Rate

Atrium Mortgage Investment Corporation - Return on Equity

5-year Government of Canada bond

1-year Government of Canada treasury bill - 1.7%

Q2 2019 - 9.3%

Q2 2019 – 1.45%

MOVEMENT IN AVERAGE MORTGAGE RATE

Inte

rest

Rat

e %

0

1

2

3

4

5

6

7

8

9

10

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Atrium MIC 5 year Canada bond yields Difference

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PRIME BASED LOANSPERCENTAGE OF PORTFOLIO

Q4 2017 – Q2 2019

9

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

8.20%

8.30%

8.40%

8.50%

8.60%

8.70%

8.80%

8.90%

9.00%

Q4 2017 Q1 2018 Q2 2108 Q3 2018 Q4 2018 Q1 2019 Q2 2019

% p

rime

base

d m

ortg

ages

Wei

ghte

d av

erag

e m

ortg

age

inte

rest

rate

% prime based mortgages Weighted average mortgage interest rate

MAINTAIN LOW RISK PORTFOLIO PORTFOLIO LOAN TO VALUE

MICs are lenders, not owners

66.6%

64.1% 64.3% 64.7%

62.7%61.5% 61.1%

60.3%

50%

55%

60%

65%

70%

75%

2012 2013 2014 2015 2016 2017 2018 Q2 2019

Since going public in 2012

Loa

n-to

-Val

ue

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ATRIUM MIC

Management fee0.85%

on mortgages(not on idle cash)

Performance fee None

Total expenses 1.10%of assets

LOW RUNNING COSTS

Lowest management fee: 0.85% plus HST

Other costs under 0.20% No performance fee

Underwriters in two offices knowledgeable about local markets

Lowest management fee amongst our peers

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Mark L. Silver, Chair President of Optus Capital Corporation and founding partner and past CEO of Universal Energy.

Robert H. DeGasperis President of Metrus Properties and DG Group, family owned and operated real estate companies.

Peter P. Cohos President and founder of Copez Properties Ltd., a Calgary-based real estate investment company.

Andrew Grant President of PCI Group, a major developer in British Columbia.

Nancy H.O. Lockhart Director of George Weston Limited and Choice Properties REIT.

Maurice (Maish) Kagan

Director of Pure Multi-Family REIT, Kew Media Group and Cliffside Capital Ltd. Former CFO of GreenwinProperties and ResREIT.

EXPERTISE OF INDEPENDENT DIRECTORS

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LENDING TEAMEXPERIENCE + GEOGRAPHIC DIVERSIFICATION

5 originators, many with up to 25 years of lending experience

Originator has 25 years of lending experience

Geographic diversification reduces risk13

GEOGRAPHIC PORTFOLIO DIVERSIFICATION

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June 30, 2019

GTA66.8%

Non-GTA Ontario3.4%

Alberta 2.0%

British Columbia27.8%

ONTARIO PORTFOLIO

Commercial17.6%

Single Family10.3%

Condo Corps.0.6%

Low Rise34.5%

Mid Rise 16.9%

High Rise20.3%

Ontario Portfolio : $516,738,859

PROPERTY TYPEQ2 2019

LOCATIONQ2 2019

GTA96.3%

Hamilton2.2%

Ottawa1.1%

Other0.4%

MAINTAIN LOW RISK PORTFOLIO ONTARIO PROFILE

June 30, 2019

82%

18%

First mortgages Other ranks <75% >75%

86%

14%

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Mortgage rank Loan-to-value: 64.6%

COMMERCIAL REAL ESTATEGreater Toronto Area- Vacancy Rates

Rat

e

7.6%

2.7%

1.6%1.1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

15%

Office - Overall Office - Downtown Industrial Apartment

2014 2015 2016 2017 2018

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MONTHLY NEW HOME SALES:GTA

20182016 2017

Low Rise: 19,574

High Rise: 21,991 High Rise: 29,132

TOTAL: 41,565

Low Rise: 18,365

TOTAL: 47,497

High Rise: 21,330

Low Rise: 3,831

TOTAL: 25,161

RESIDENTIAL REAL ESTATE Greater Toronto Area- Home Prices

Source: Altus Group

UNSOLD INVENTORY Greater Toronto Area

Source: Altus Group

Loan Example #1

DescriptionAcquisition financing of an historic bank

building for re-leasing and possibly re-positioning Property

A single storey commercial building totaling 8,250 square feet. 4 parking stalls at rear of siteLoan

$4.9 million subordinate tranche of a $8.3 million 1st mortgageInterest rate

9.50% per annumTerm

24 monthsLoan-to-value

64.5% of appraised value

GuaranteeCorporate and Personal guarantees for 100%

of the loan

COMMERCIAL LEASE UP AND REPOSITIONING

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Loan Example #2

DescriptionAcquisition financing for an assembly of 10

detached homes on Lawrence Avenue WestProperty

Two blocks of townhouses with a combined GFA of 70,000 square feetLoan

$9.9 million first mortgage

Interest rate8.00% per annum

Term24 months

Loan-to-value66.0% on an ‘as is’ appraised basis

GuaranteePersonal guarantees for 25% of the loan

MULTI-RESIDENTIAL ACQUISITION

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B.C. PORTFOLIO

B.C. Portfolio : $204,239,514

PROPERTY TYPEQ2 2019

LOCATIONQ2 2019

Mixed Use and Commercial16.3%

Low Rise 15.0%

Mid Rise 26.1%

High Rise38.6%

House & Apt. 3.9%

Greater Vancouver

100%

METRO VANCOUVER COMMERCIAL MARKET

RESIDENTIAL REAL ESTATE NEW HOME MARKET - SALES

Source: Urban Analytics

14,035

20,280

17,54117,58515,317

RESIDENTIAL REAL ESTATE NEW HOME MARKET - INVENTORY

Source: Urban Analytics

B.C. Loan Example

DescriptionAcquisition financing of two adjacent

industrial properties for redevelopment Property

Two single storey industrial buildings totalling 32,247 sq. ft. leasable area on a 38,594 sq. ft. site. Loan

$13.5 million

Interest rateGreater of 8% or Prime + 4.05% per annum

Term12 months

Loan-to-Purchase Price67.5%

Loan-to-value45.0%

GuaranteeCorporate and Personal guarantees for 100%

of the loan

INDUSTRIAL REPOSITIONING

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0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

RBC TD Scotiabank BMO CIBC CWB Equitable Bank Atrium MIC

BETA OF ATRIUM MIC VS. BANKS

Beta is a measure of the volatility of a security in comparison to the stock market as a whole.

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5-year average

ATRIUM VERSUS THE TSX COMPOSITETOTAL RETURN SINCE ATRIUM LISTED

100

120

140

160

180

200

220

September 4,2012

December 31,2012

December 31,2013

December 31,2014

December 31,2015

December 31,2016

December 31,2017

December 31,2018

June 30, 2019

Common Shares ($)

S&P/TSX Composite Total Return Index ($)

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ATRIUM VERSUS THE TSX COMPOSITECUMULATIVE TOTAL RETURN

30

0

50

100

150

200

250

300

350

400

450

500

550

600

650

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q22019

Atrium

TSX

Steady growth and superior returns

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