INVESTOR PRESENTATIONSeptember 2020

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 - $692 millionMarket capitalization - $450 millionAverage mortgage yield - 8.55%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, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017

Mortgages receivable $675 $727 $683 $627

Foreclosed properties 16 16 17 1

Total assets $692 $744 $700 $628

Bank debt and BAs $97 $123 $148 $144

Convertibledebenture $125 $154 $157 126

Other liabilities 7 11 8 9

Total liabilities $229 $288 $313 279

Shareholders’ equity 463 456 387 349

Total liabilities andequity $692 $744 $700 $628

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June 2020 June 2019 Year 2019 Year 2018

6 months 6 months 12 months 12 months

millions millions millions millions

Total revenues $33.3 $32.3 $66.2 $58.3

Financing costs 7.5 8.7 17.2 15.3

Mortgage servicing and management fees 3.5 3.4 7.0 6.3

General and administrative 0.6 0.5 1.1 1.1

Impairment loss - - 0.8 -

Provision for mortgage losses 2.0 0.8 1.5 1.8

Expenses 13.6 13.4 27.6 24.5

Net income $19.7 $18.9 $38.6 $33.8

Earnings per common share – basic $0.47 $0.49 $0.97 $0.95

EXCELLENT OPERATING RESULTS

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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 + $0.06 = $0.96• 2020: $0.90 rate, plus special

RRSP, TFSA, etc. eligible.

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Monthly dividends and annual special

To b

e de

term

ined

$0.70

$0.75

$0.80

$0.85

$0.90

$0.95

$1.00

2013 2014 2015 2016 2017 2018 2019 2020

STRONG AND CONSISTENT RETURNS

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0%

2%

4%

6%

8%

10%

12%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2 2020

Rat

e

Atrium Mortgage Investment Corporation - Return on Equity

5-year Government of Canada bond

1-year Government of Canada treasury bill – 0.74%

Q2 2020 – 8.6%

Q2 2020 – 0.75%

MOVEMENT IN AVERAGE MORTGAGE RATE

Inte

rest

Rat

e %

0

1

2

3

4

5

6

7

8

9

10

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Q22020

Atrium MIC 5 year Canada bond yields Difference

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PRIME BASED LOANSPERCENTAGE OF PORTFOLIO

Q4 2017 – Q2 2020

9

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

8.00%

8.10%

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 Q3 2019 Q4 2019 Q1 2020 Q2 2020

% p

rim

e ba

sed

mor

tgag

es

Wei

ghte

d av

erag

e m

ortg

age

inte

rest

rat

e

% 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%

59.5%59.00%

50%

55%

60%

65%

70%

75%

2012 2013 2014 2015 2016 2017 2018 2019 Q2 2020

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 1.20%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 Cliffside Capital Ltd. Former CFO of Greenwin Properties and ResREIT. Former director of Pure Multi-Family REIT

EXPERTISE OF INDEPENDENT DIRECTORS

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LENDING TEAMEXPERIENCE + GEOGRAPHIC DIVERSIFICATION

6 originators, many with up to 30 years of lending experience

Originator has 25 years of lending experience

Geographic diversification reduces risk13

GEOGRAPHIC PORTFOLIO DIVERSIFICATION

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June 30, 2020

GTA69.6%

Non-GTA Ontario3.4%

Alberta 2.3%

British Columbia24.7%

MAINTAIN LOW RISK PORTFOLIO MORTGAGE PORTFOLIO PROFILE

June 30, 2020

85%

15%

First mortgages Other ranks 75%

94%

6%

15

Mortgage rank Loan-to-value: 59.0%

ONTARIO PORTFOLIO

Commercial21.4%

House & apartment

8.4%Condo Corps.

0.5%Low Rise

30.0%

Mid Rise 17.0%

High Rise22.7%

Ontario Portfolio : $496,763,000

PROPERTY TYPEQ2 2020

LOCATIONQ2 2020

GTA96.8%

Hamilton1.9%

Ottawa0.9%

Other0.3%

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COMMERCIAL REAL ESTATEGreater Toronto Area- Vacancy Rates

Rat

e 6.8%

2.7%2.0%

1.5%

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 2019 2020

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MONTHLY NEW HOME SALES:GTA

2018 2019 2020

Low Rise: 9,523

High Rise: 26,948 High Rise: 10,381

TOTAL: 36,471

Low Rise: 7,779

TOTAL: 18,160

High Rise: 21,330

Low Rise: 3,831

TOTAL: 25,161

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As at July 2020

RESIDENTIAL REAL ESTATE Greater Toronto Area- Home Prices

Source: Altus Group19

B.C. PORTFOLIO

B.C. Portfolio : $167,755,000

PROPERTY TYPEQ2 2020

LOCATIONQ1 2020

Mixed Use and Commercial8.0%

Low Rise 18.2%

Mid Rise 34.6%

High Rise34.4%

House & Apartment

4.8%

Greater Vancouver

100%

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Loan Example #1

DescriptionAcquisition financing for a site in downtown

Toronto that is proposed for a purpose-built rental projectProperty

A 12,594 square foot site proposed for a9-storey building containing a GFA of 52,600 square feetLoan

$6.21 million first mortgage

Interest rate7.70% per annum

Term24 months

Loan-to-Purchase Price60.0% of purchase price

GuaranteePersonal guarantees for 50% of the loan

PURPOSE BUILT RENTAL PROJECT

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Loan Example #2

DescriptionFirst mortgage on a site zoned for a 10-storey

midrise project which is 65% presoldProperty

A 4.06 acre parcel of land located in OakvilleLoan

$12.8 million first mortgage with two facilities:

1. $7.25 million loan 2. $5.6 million letters of credit

Interest rate7.75% per annum for the loan facility

Term18 months

Loan-to-Purchase Price69.8% of appraised value

GuaranteeCorporate and personal guarantees for 50%

of the loan

MID-RISE RESIDENTIAL DEVELOPMENT

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B.C. Loan Example

DescriptionFinancing to assist with the purchase,

renovation and re-leasing of a mixed use apartment and retail building Property

A 4,323 square foot site in downtown Vancouver, BC.Loan

$3 million first mortgage

Interest rate7.75% per annum

Term18 months

Loan-to-Purchase Price69.2%

GuaranteeJoint and several guarantees for 100% of the

loan

EXISTING MIXED USE

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Loan Example #3

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

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 averageat June 30, 2020

ATRIUM VERSUS THE TSX COMPOSITETOTAL RETURN SINCE ATRIUM LISTED

100

120

140

160

180

200

220

240

September 4,2012

December31, 2012

December31, 2013

December31, 2014

December31, 2015

December31, 2016

December31, 2017

December31, 2018

December31, 2019

June 30,2020

Common Shares ($)

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

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ATRIUM VERSUS THE TSX COMPOSITECUMULATIVE TOTAL RETURN

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0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q22020

Atrium

TSX

Steady growth and superior returns

Slide Number 1FORWARD-LOOKING STATEMENTSCanada’s Premier Non-Bank LenderSlide Number 4Slide Number 5Slide Number 6Slide Number 7MOVEMENT IN �AVERAGE MORTGAGE RATE�PRIME BASED LOANS�PERCENTAGE OF PORTFOLIO�Q4 2017 – Q2 2020�Slide Number 10Slide Number 11Slide Number 12Slide Number 13Slide Number 14Slide Number 15ONTARIO PORTFOLIOCOMMERCIAL REAL ESTATE�Greater Toronto Area- Vacancy Rates�MONTHLY NEW HOME SALES:�GTASlide Number 19B.C. PORTFOLIOSlide Number 21Slide Number 22Slide Number 23Slide Number 24Slide Number 25Slide Number 26Slide Number 27Slide Number 28