Investing in Communities I n v e s t o r P r e s e n t a t i o n | J a n u a r y 2 0 1 8

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 30th , 2017, unless otherwise stated. These materials should also be reviewed in conjunction with the Company’s Financial Statements and Management Discussion and Analysis for the periods ending September 30th , 2017. 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 and cash flow; the ability of the Company to generate fee income from investments and the quantum of these fees; the ability to attract third-party investment; the timing and availability of new investment opportunities, future net income from investments; expectations for the overall growth in the business; the availability and quantum of debt reduction opportunities and the Company’s ability to avail itself of them; the timing and opportunity to divest of assets and investments and the impact of such divestiture on Company debt; and the intention to refinance TAH debt. 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 and performance fees 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 and fee income 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.

2

Data presented as at September 30th, 2017, except where otherwise noted. 3

All figures in U.S. dollars unless otherwise indicated

Total Assets Under Management $4.7 Billion (C$5.8 billion)

Founded 1988

Listed (TSX) 2010

Headquarters Toronto

Regional Offices

San Francisco

Share Price (December 29, 2017) C$11.55

Quarterly Dividend (Annualized yield %) C$0.065 (2.3%)

Basic Shares Outstanding 134 Million

Market Capitalization C$1.6 Billion

Enterprise Value C$2.0 Billion

Tricon Capital Group

TSX: TCN

Principal investor and asset manager focused on the North American residential real estate industry

Orange County Houston

Vistancia West Phoenix, AZ

Multi-Family Rental

SH

AR

E P

RIC

E

$5

$10

$15

4

Investments with a Residential Focus Founded in 1988, Tricon has evolved into a diversified housing platform spanning a range of demographics, lifestyles, affordability and ownership/ rentership options.

INITIAL PUBLIC OFFERING

2010

12% annualized total return since IPO in 2010

24% annualized total return since entering SFR in 2012

Outperformed TSX Index, Real Estate sub-index and Financials sub-index total return since 2010

Single-Family Rental

2012

Manufactured Housing Communities Land Lease

2014

Land Development and Homebuilding / Master Planned Communities 1988

2015

TRICON AUM U.S. vs CANADA

A Vast Residential Market Opportunity

Source: U.S. Census, StatsCan & National Association of Realtors, John Burns Real Estate Consulting 5

Housing is a major component of the economy, representing 3-4% of GDP and ~20% of personal spending in the U.S.

133M residential units

in the U.S.

13M residential units

in Canada

16M single-family

rentals in the U.S.

1.2M annual housing

starts in the U.S.

Canada 9%

U.S. 91%

BC AB

ON

CA NV

AZ

TX

IN

FL

GA SC NC

THP

TAH

TLR

TLC

Millennials represent the largest demographic cohort in the U.S. today and are expected to be a key driver of near-term household formation.

The Great Millennial Demographic Shift

Source: John Burns Real Estate Consulting and Goldman Sachs; annual pace of household formation is as of Q3/17. 6

Key U.S. Demographic Cohorts

In millions

Gen X 61M

Millennials (1980-2000)

92M Baby Boomers

80M

Women’s median age at first marriage

Catalyst to Household Formation

Women’s median age at first child birth

Women’s median age at first child birth +5 years (start of full-time school)

26.5 YRS

27.4 YRS

31.5 YRS

52M MILLENNIALS TO GO

57M MILLENNIALS TO GO

75M MILLENNIALS TO GO

440,000 Owners Annual Pace of U.S. Household Formation: 750,000 Renters

PRINCIPAL VS. 3RD PARTY AUM

26% 3RD PARTY

74% PRINCIPAL

Tricon currently manages $4.7 billion of AUM, including $1.2 billion on behalf of third-party investors and $3.4 billion of principal investments and co-investments funded with our own balance sheet1. Tricon invests across four complimentary housing verticals with a geographic focus on the U.S. sunbelt.

AUM at a Glance

7

$4.7B AUM

MANUFACTURED HOUSING

7% MULTI-FAMILY RENTAL

60% SINGLE-FAMILY RENTAL

LAND & HOMEBUILDING / MASTER PLANNED COMMUNITIES

30%

3%

1. Any differences due to rounding

$4.76 $5.23

$6.09 $6.47 $6.75

C$5.06

C$6.07

C$8.43 C$8.69

C$8.42

Solid Financial Performance

Past performance is not necessarily indicative of future performance. There can be no assurance that historical rates of growth will continue. 8

$1.8

$2.2

$2.7

$3.0

$4.7

AUM

30% CAGR

$66

$98

$109 $115

$173

Adjusted EBITDA

20% CAGR

Book Value per Share

$ Billions

15% CAGR In C$ dollars Principal

Third-Party To 2016

$ Millions

Q3 2017 HIGHLIGHTS THP generated investment income of $4.7 million this quarter. The year-to-date investment income translates to a 9.3% annualized net return on invested capital, which is in line with our expectation of 9-11% for the full year.

TAH reported a 158% year-over-year increase in NOI following the full quarter inclusion of the Silver Bay acquisition, and strong operational performance including portfolio occupancy of 96.1%, rent growth of 4.6% and NOI margin of 59.9% (61.6% ex hurricane impact)

TAH also reported year-over-year same-home NOI growth of 12% driven by revenue growth of 11%, an occupancy increase of 230 bps blended rent growth of 4.6%, and NOI margin of 58.6%.

TLC achieved a 49% increase in NOI and a 72% increase in Core FFO year-over-year.

Tricon’s Senior Management Team

9

TAH INCLUDING SILVER BAY ACQUISITION 390 Johnson 105

Investment Team & Tricon Development Group 19

Finance, Tax and Accounting Team 44

Orange County / Local Field Offices Houston Toronto / San Francisco

Evelyne Dubé Managing Director,

Private Funds

Kevin Baldrige President TAH

Douglas Quesnel Chief Accounting Officer

Wojtek Nowak Director, Corporate Finance

& Investor Relations

Sandra Pereira Senior Vice President, Head of Tax Services

Andrew Joyner Director

David Mark Director, Finance

Alexandra Blum Chief Marketing Officer

Wissam Francis EVP & Chief Financial Officer

David Berman Executive Chairman

& Co-Founder

Jonathan Ellenzweig

Managing Director

David Veneziano EVP & General Counsel

Geoff Matus Director & Co-Founder

Andy Carmody Managing Director

Gary Berman Director, President & CEO

Enhanced Financial Disclosure SIMPLIFYING OUR STORY:

Tricon has revamped its financial disclosure to provide a simplified and streamlined view of performance for our shareholders

10

Objectives Simplify presentation of financial reporting

Clearly link operating and financial metrics

Align performance metrics with industry peers

Minimize adjustments from IFRS accounting

1

2

3

4

Marlow SAN FRANCISCO, CA

Focus on Scale and Leadership SIMPLIFYING OUR STORY:

The acquisition of Silver Bay served as a catalyst for Tricon to simplify its business plan and focus exclusively on housing sectors where it can establish critical scale and obtain a leadership position

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THP

TAH

TLC

TLR

$3.1B AUM

49%

40%

8%

3%

Q3 2016 Tricon plans to exit TLC and TLR US and focus on scale and leadership in THP, TAH and TLR Canada

$4.7B AUM

30% 60%

7%

3%

FOLLOWING SILVER BAY ACQUISITION Q3 2017

THP

TAH

TLC

TLR

Integrated Operating Businesses

Tricon is creating integrated operating businesses within each investment vertical to better control its growth strategy and enhance investment returns for third-party investors and shareholders

SIMPLIFYING OUR STORY:

Viridian DALLAS-FORT WORTH, TX

Cross Creek Ranch HOUSTON, TX

Fully integrated investment and development platform

Acquisition, construction oversight, marketing, builder program management and municipal bond finance

Institutional reporting and asset management capabilities

TAH CHARLOTTE, NC

TAH ATLANTA, GA

Fully internalized operating platform including acquisitions, leasing, customer service/call centre, maintenance, accounting and asset management

The Selby TORONTO, ON

57 Spadina TORONTO, ON

Fully integrated investment, development and asset management platform with expertise in acquisitions, zoning/entitlement, building design and construction

12

Developing five luxury rental apartment buildings that will ultimately generate stable rental revenue

Shift Towards Recurring Revenue Focus on investments with recurring and predictable cash flows to drive consistent financial results, reduce risk and simplify valuation

SIMPLIFYING OUR STORY:

Focus on longer-term master planned community investments with stable revenue from recurring lot sales

Recurring rental revenue from 3,065 manufactured housing community rental sites

PRIVATE FUNDS AND ADVISORY (PF&A) Diversified contractual fee stream from third-party asset management and development activities

$202M

Adjusted EBITDA before corporate overhead YTD Q3

2017

13

Recurring rental revenue from ~16,594 single-family homes

8%

78%

2% 8%

4%

Land development and homebuilding / master planned communities

Tricon Housing Partners

$1.4B1 Total AUM

$358M Principal Investments

$1.1B Third-Party Assets

Generated

$17M of Investment Income YTD Q3 2017,

within the targeted range of 9-11% of invested capital (annualized)

Distributed

$25M of cash to Tricon YTD Q3 2017

with $513M net distributions projected over 8-10 years

Augmented Tricon’s returns with

$8M of management fees

YTD Q3 2017

Projected to generate

$78M of performance fees

over 8-10 years

THP1 US THP2 US THP1 CA

THP US SP1 THP US SP2

Cross Creek Ranch Grand Central Park Fulshear Farms

Trinity Falls Viridian

THP2 CA THP3 CA

Trilogy at Verde River

Active THP Commingled Funds, Separate Accounts and Principal Investments

Vida SAN FRANCISCO, CA

30% of AUM

1. Any differences due to rounding 14

15

Active 3,200 acre master plan (~5,500 potential homes); 2,800 homes sold to date

Located in Katy-South submarket of Houston, Texas with convenient access to major employment nodes

Consistently ranked as one of the best selling master planned communities in the U.S.

Stable cash flows projected from recurring lot sales over 8-10 years

Unlevered projected IRR of 18% before fees

Cross Creek Ranch HOUSTON, TX

The MPC Advantage Case Study: Cross Creek Ranch

Attractive risk-adjusted returns Recurring cash flows from ongoing land sales and

municipal bond issuance Suitable size for institutional partners Lot mix adaptable to market conditions Outperformance in down-markets Long duration assets (5-15 years)

Focus on Master Planned Communities (MPCs)

Adding Value Through Johnson

Fully integrated investment and development platform

6 of the top 50 master plans in the U.S. in first half of 2017

15 communities under development (including 4 THP investments)

Source of recurring fee revenue from lot sales across all managed communities

Extensive builder relationships

Innovative community programs and amenities

Johnson communities ranked in the top-50 Master Planned Communities in first half of 2017 1 16

15 Active Communities

TRICON’S PRINCIPAL INVESTMENTS

1. Source: Robert Charles Lesser & Co. Real Estate Advisors

17

Tricon American Homes Single-Family Rental

60% of AUM $81M NOI and

$23M Core FFO YTD Q3 20171

16,594 Homes

96.1% Occupancy

$1,256 Average Monthly Rent

61.3% NOI Margin1

$2.8B Total AUM

31.4% Annualized Turnover

HOUSTON, TX

1,582

3,256

5,030

7,193 7,765

16,660 16,594

15,071

2012 2013 2014 2015 2016 Q2 2017 Q3 2017 Current

Number of homes

SBY Acquisition

After disposition

of non-core

homes

1. Excludes impact of hurricanes

18

TAH Portfolio Overview TAH MARGIN DRIVERS (as of Q3 2017)

Total Portfolio

Same Home

Portfolio

Total Homes 16,594 4,424

Occupancy 96.1% 97.2%

Annualized Turnover 31.4% 28.6%

Average Monthly Rent $1,256 $1,309

YTD Q3 2017

Revenue 100.0% 100.0%

Repair, Maintenance & Turnover

11.9% 11.8%

Property Taxes 15.2% 13.8%

Property Management Fees 7.0% 7.1%

Other Expenses 5.2% 6.4%

Total Operating Expenses 39.4% 39.1%

NOI Margin 60.6% 60.9%

NOI Margin (ex hurricanes impact) 61.3% 60.9% Year-over-year NOI Growth (ex hurricanes impact)

99.7% 11.6%

COLUMBIA, SC DALLAS, TX ATLANTA, GA

CHARLOTTE

COLUMBIA ATLANTA

SOUTHEAST FLORIDA TAMPA

HOUSTON SAN ANTONIO

DALLAS-FORT WORTH

PHOENIX

SOUTHERN CALIFORNIA

LAS VEGAS

NORTHERN CALIFORNIA

RENO

INDIANAPOLIS

Mature Market

Active Acquisition Market

ORLANDO JACKSONVILLE

SFR is a Rapidly Evolving Asset Class

1. SFR data consists of Invitation Homes (INVH), American Homes 4 Rent (AMH), Colony Starwood Homes (SFR) . Equity Market Cap as of October 31, 2017. 2. SFR sector includes AMH, SFR , INVH and SBY. Multi-Family, Office, Industrial and Retail sector indices per SNL Financial. Information as of October 31, 2017. 3. Commonly known as the RMZ Index. 19

SFR Sector Outperformance2

TECHNOLOGY

Robust IT platforms enable scalable operations and seamless customer interface and support

OPERATIONS

Professionally managed organizations include national call centers, in-house leasing capabilities and comprehensive repair & maintenance programs

FINANCING

Access to capital markets facilitates portfolio growth and attractive debt terms enhance investor returns

U.S. MARKET OPPORTUNITY

126M Households

45M Renters

15.8M SFR Universe

0.2M Institutionally-Owned SFR Homes (~1% of SFR Universe)

SFR Office MSCI U.S.

REIT Index3 Retail Multi- Family Industrial

Q3 2017 14.9% (6.0%) (0.6%) (17.3%) 5.4% 18.3%

One Year 14.2% (0.0%) 1.3% (19.3%) 10.6% 19.8%

Two Years 44.3% (0.2%) 3.8% (21.4%) 6.3% 44.0%

SFR vs Other Housing-Related REITs1

$110

$19 $16 $8

$153

$31

$22

$12

Multi-Family SFR Manufactured Housing

Student Housing

Equity Market CapGross Asset Value

SFR vs Other Housing-Related REITs1

$ Billions

Gross Asset Value

Equity Market Cap

Gross Asset Value

Equity Market Cap

$95k

$50k

$1,000 - $1,600 Monthly Rent

TAH target market Generally longer-term residents Lower turnover and stable cash flow Attractive value proposition drives

enhanced returns

11.4M RENTERS

$1,600+ Monthly Rent

View rentership as temporary, resulting in higher turnover

High ownership rates

7.0M RENTERS

> $95K

37M HOUSEHOLDS

< $50K

53M HOUSEHOLDS

<$1,000 Monthly Rent Higher eviction

rates / turnover Employment

volatility

25.8M RENTERS

Strategic Focus on the Middle Market

The acquisition of Silver Bay enhances TAH’s position as the leading SFR operator focused on the Middle Market, an addressable market of approximately 11 million households that possess strong long-term rentership fundamentals.

Source: U.S. Census Bureau. 20

HOUSEHOLDS BY INCOME BRACKET

$50K–95K

34M HOUSEHOLDS

HO

US

EHO

LD I

NC

OM

E

$370 $330 $- $363 $463

$348

May 2019 Oct 2019 May 2020 Nov 2021 Aug 2022 Oct 2022

Current

Recent Refinancing Initiatives at TAH

Objectives:

• Reduce cost of capital over long term

• Extend term structure

• Diversify across fixed & floating instruments

• Diversify sources of financing

TAH Debt Maturity Profile

$1,198

$74 $340 $363

May 2019 Oct 2019 May 2020 Nov 2021 Aug 2022 Oct 2022

As of Q2 / 17

THP Update

SBY Acquisition

Facility L + 356 bps

Warehouse Credit Facility L + 300 bps

2015-1 Securitization L + 196 bps

Term Loan L + 200 bps

2016-1 Securitization

3.59% fixed

2017-1 Securitization

3.50% fixed

$1,975M Debt

Outstanding

$1,874M Debt

Outstanding

Weighted Average Maturity of 2.6 Years

Weighted Average Maturity of 3.7 Years Target for refinancing

by mid 2018

21 *As at September 30th, 2017 Weighted Average Maturity of 2.3 Years

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Tricon Luxury Residences Multi-family development and rental business

Current TLR Projects

The McKenzie DALLAS, TX

The Maxwell FRISCO, TX

The Selby TORONTO, ON

$330M Total AUM

$159M Principal Investments

$171M Third-Party Assets

Generated $6M of Investment

Income YTD Q3 2017 as project

milestones were met

Augmented Tricon’s returns with $1.8M of asset management and

development fees YTD Q3 2017

Projected to generate $17M of performance fees over 8-10 years 7%

of AUM

Summerhill TORONTO, ON

57 Spadina TORONTO, ON

TLR Brand and Value Proposition: The Selby 502 unit and 50 storey Class A rental building in

Toronto, Canada

Positioned as a premium rental building with amenities and suite finishes similar to new high-end condominiums

Amenities include outdoor pool, terrace, gym and multi-purpose lounge

Proximity to Bloor Street and Sherbourne subway station offers convenient access to employment and retail nodes

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CLASS-A FINISHES AND AMENITIES ACTIVE LIFESTYLE MANAGEMENT

CUSTOMER SERVICE & PROPERTY MANAGEMENT

INTEGRATED RETAIL

The Selby TORONTO, ON

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Tricon Lifestyle Communities Manufactured Housing Land Lease Business

14 Properties (including 13 age-restricted)

1,119

3,065 3,065

2015 2016 Q3 2017

Number of Sites Owned New Acquisitions

Strategy

Complete value-enhancement capex programs Increase occupancy and rent Exit the business in 2018

3,065 Rental Sites

73.4% Long-term Occupancy

$423 Average Monthly Rent

57.4% NOI Margin

$6.0M NOI and

$2.7M Core FFO YTD Q3 2017

$136M Total AUM

3% of AUM

TOTAL AUM $4.7B WWW.TRICONCAPITAL.COM

Core / Income

Value Added / Income + Development Component

Opportunistic / Development

Financial Leverage (Debt/Assets)

Inve

stm

ent S

trat

egy

LAND & HOMEBUILDING / MASTER PLANNED COMMUNITIES

SINGLE-FAMILY RENTAL

MANUFACTURED HOUSING

MULTI-FAMILY RENTAL

Tricon’s Diversified Housing Investment Platform

$2.8B

$0.1B

$0.3B

$1.4B

25

15-20% target

returns

Investor Presentation Page 26

Gary Berman President and Chief Executive Officer

T: 416.928.4122

E: gberman@triconcapital.com

Wissam Francis EVP and Chief Financial Officer

T: 416.323.2484

E: wfrancis@triconcapital.com

Wojtek Nowak Director, Corporate Finance and

Investor Relations

T: 416.925.2409

E: wnowak@triconcapital.com

w w w . t r i c o n c a p i t a l . c o m