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Investor Presentation November 2016 Investor Presentation Page 1

General You are advised to read this disclaimer carefully before reading, accessing or making any other use of the information included herewith. These materials are not an offer or the solicitation of an offer to purchase any securities or make any investment. This presentation includes information about Tricon Capital Group Inc. and its subsidiaries and investees (together, the “Company”) as of September 30, 2016, unless otherwise stated. All dollar amounts are expressed in U.S. Dollars unless otherwise stated. The Company measures the success of its business in part by employing several key performance indicators that are not recognized under IFRS. These indicators should not be considered an alternative to IFRS financial measures, such as net income. As non-IFRS financial measures do not have standardized definitions prescribed by IFRS, they are less likely to be comparable with other issuers or peer companies. A description of the non-IFRS measures used by the Company in measuring its performance is included in its Management Discussion and Analysis available on the Company’s website at www.triconcapital.com and on SEDAR at www.sedar.com. This presentation may contain information and statistics regarding the markets in which the Company and its investees operate. Some of this information has been obtained from market research, publicly available information and industry publications. This information has been obtained from sources believed to be reliable, but the accuracy or completeness of such information has not been independently verified by the Company and cannot be guaranteed. Forward-Looking Statements This presentation may contain forward-looking statements and information relating to expected future events and the Company’s financial and operating results and projections, including statements regarding the Company’s growth and investment opportunities and the performance goals and expectations of its investees, including, in particular, targeted returns, that involve risks and uncertainties. Such forward-looking information is typically indicated by the use of words such as “will”, “may”, “expects” or “intends”. The forward-looking statements and information contained in this presentation include statements regarding expected or targeted investment returns and performance including project timing; the ability of the Company to generate fee income from investments; the ability to attract third-party investment; the timing and availability of new investment opportunities; and expectations for the overall growth in the business. These statements are based on management’s current expectations, intentions and assumptions which management believes to be reasonable having regard to its understanding of prevailing market conditions and the current terms on which investment opportunities may be available. Projected returns are based in part on projected cash flows for incomplete projects. Numerous factors, many of which are not in the Company’s control, and including known and unknown risks, general and local market conditions and general economic conditions (such as prevailing interest rates and rates of inflation) may cause actual investment performance to differ from current projections. Accordingly, although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information. If known or unknown risks materialize, or if any of the assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from management expectations as projected in such forward-looking statements. Examples of such risks are described in the Company’s continuous disclosure materials from time-to-time, as available on SEDAR at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Investor Presentation Page 2

About Tricon Capital Group (TSX: TCN) All figures in U.S. dollars unless otherwise indicated PRINCIPAL INVESTOR and ASSET MANAGER focused on the North American residential real estate industry $3.1 Billion Total Assets Under Management Founded in 1988 and listed on the TSX in 2010 Headquartered in Toronto with a Regional Office in San Francisco Share Price (November 15) C$8.93 Quarterly Dividend (Yield %) C$0.065 (2.9%) Basic Shares Outstanding 113 Million Market Capitalization C$1,005 Million Enterprise Value C$1,281 Million Tricon’s Future Headquarters in Toronto Data presented as at September 30, 2016, except where otherwise noted. Tricon’s Future Headquarters in Toronto Foreign exchange rate as at September 30, 2016 – C$1.31: US$1.00. Investor Presentation Page 3 Investor Presentation Page 3

Investments with a Residential Focus Multi-family rental Single-family Manufactured housing Equity-type financing for land communities land lease rental development and homebuilding Rental Income Rental Income Rental Income Rental Income Investment Income Investment Income Investment Income Investment Income Fee Income Fee Income Fee Income Fee Income Investor Presentation Page 4 Investor Presentation Page 4

Evolution of the Home Single Family Retirement Affordable Luxury Equity-Type Financing for Land Development and Homebuilding Multi-Family Rental Affordable Housing Single-Family Rental Manufactured Housing Communities Land Lease Age 20 50 70 30 40 60 Investor Presentation Page 5

A Vast Residential Market Opportunity 2,365 Units/Lots 7,682 Rental Homes 2,644 Pads 1,339+ Rental Units Sold in 2015 Under Development U.S. Residential Multi-Family Rental 1 Housing Starts Single-Family Rental Manufactured Housing Real Estate 1.0M Units/Yr 15M Homes 9M Units 24M Units 133M Units Canadian Residential Multi-Family Rental 1 Housing Starts Single-Family Rental Manufactured Housing Real Estate 0.2M Units/Yr 1M Homes 3M Units 13M Units 0.2M Units Source: U.S. Census, StatsCan & National Association of Realtors 1. Multi-family rental reflects all apartment buildings in the U.S and Canada; U.S. includes 7 million units considered to be institutional quality (i.e. in structures with 20+ units) Investor Presentation Page 6

Focus on Fundamentals Tricon views population growth and job growth as key drivers of housing demand • Tricon’s U.S. investments are focused on eight sunbelt states where we see the most attractive prospects for housing demand. In Nevada • Six of these markets are expected to have the di highest absolute population growth from 2000 to a 2030. California n North Carolina • Six of these markets rank within the top 10 states a Arizona Projected State for employment growth in 2015. South Population Growth Carolina (2000 – 2030) Georgia Texas Greater than 10M 3M – 10M Florida 1M – 3M 0M – 1M Less than 0M California Arizona Texas Florida Georgia Nevada South North National Carolina Carolina (in millions of U.S. dollars, except for percentages) Population (Growth ’16 – ’21) 39.0 (4.4%) 6.9 (6.2%) 27.6 (8.4%) 20.1 (6.6%) 10.2 (5.2%) 2.9 (7.4%) 4.9 (5.9%) 10.2 (5.9%) 323.6 (4.2%) Household (Growth ’16 – ‘21) 14.2 (3.9%) 2.5 (5.9%) 9.7 (8.1%) 7.9 (6.2%) 3.8 (4.9%) 1.1 (6.7%) 1.9 (5.8%) 4.0 (5.6%) 121.8 (4.0%) Employment (Growth ‘12-’15) 16.4 (8.8%) 2.6 (7.5%) 12.0 (9.8%) 8.2 (9.7%) 4.4 (8.7%) 1.3 (9.8%) 2.1 (8.0%) 4.3 (8.0%) 144.2 (6.0%) Investor Presentation Page 7

AUM at a Glance $3.1 billion Assets Under Management (AUM) Tricon currently manages $3.1 billion of AUM, including $1.2 billion on behalf of third-party investors and $1.9 billion of principal investments and co- 2016 YTD % of AUM 1 investments funded with our own balance sheet. Tricon’s investments Revenue Revenue encompass four complimentary housing verticals and are primarily focused on the U.S. sunbelt. $1,504M $17.5M 19% Third Canada $1,233M $46.6M 52% Party Principal 12% 40% 60% $99M $3.4M 4% U.S. 88% $261M $3.3M 4% THP TAH 49% Private Funds $18.8M 21% 40% - & Advisory Total $3,097M $89.6M TLR 8% TLC 3% Investor Presentation Page 8 (1) Any differences are due to rounding.

Strong Year-Over-Year AUM Growth Total AUM Third Party AUM $3,097 25% $1.2 billion Annual AUM growth in new third-party equity capital raised since $2,523 since 2010 IPO, nearly all for land and homebuilding $2,189 7% $1,768 Annual third-party AUM growth since 2010 $1,121 $1,177 $1,239 $1,121 $950 $928 $928 $921 $857 $857 $ Millions $ Millions 2010 2011 2012 2013 2014 2015 Q3 2016 2010 2011 2012 2013 2014 2015 Q3 2016 Investor Presentation Page 9 Past performance is not necessarily indicative of future performance. There can be no assurance that historical rates of growth will continue.