Performance figures for each account are calculated using time weighted rate of returns on a daily basis. The Composite returns are calculated based on the asset-weighted monthly composite constituents based on beginning of month asset mix and include the reinvestment of all earnings as of the payment date. Composite returns are as follows:

Building Wealth 2013: A Real Estate Event // Question & Answer

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Q+A Part 1 // What happens when your U.S. partner wants to sell?

Q+A Part 2 // What about the next 10 years?

Q+A Part 3 // Who does your property management?

Q+A Part 4 // Do you have any investments that didn’t work out?

Q+A Part 5 // Is your value-add strategy financial, ethical, or both?

Q+A Part 6 // If a property with a partner loses value, how do we get out?

Q+A Part 7 // Are your fees market-valued and are you looking at green field developments?

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SPIRE RE LP and SPIRE US LP returns are net of LP expenses but gross of NWM portfolio management fees. Past performance is not indicative of future results The SPIRE LPs are only available for sale to residents of Canada who are accredited investors. Please read the relevant Limited Partnership Agreement and subscription documents for additional details and important disclosure information. This presentation does not constitute an offer of sale. Please speak with a Nicola Wealth Management advisor to discuss if an investment in the SPIRE LPs is right for you.  This material contains the current personal opinions of the speaker. This material has been presented for general  informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product.  Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.