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www.centurionreit.com

Centurion Asset Management

Income, Stability & Growth

RESPECT INTEGRITY SIMPLICITY EXCELLENCE

Based in Toronto, Centurion Asset Management Inc. is a Canadian company that owns andmanages approximately $1B in total assets.

• Multi-Residential Apartments & Student Housing

• Mortgage investments and growth oriented real estate investments

• Property management

www.centurionreit.com2

Who We Are


Private vs. Public REIT

Differences between Public and Private REITs

Publicly-Traded REIT:

� Trade on a public stock exchange (provide daily liquidity)

� Trading daily also means investors can potentially push price up or down, reflecting current market sentiment, regardless of actual market value of the asset

� Increased reporting costs due to requirements of a public listing

� History of more volatile pricing

� Tend to be more highly correlated to equity markets. Example during 2008 financial crisis:

S&P/TSX Capped REIT Index TR*: -38.3% S&P/TSX*: -33.0%

Private REIT:

� Not traded on a public stock exchange (generally offer 30-day liquidity)

� Value is based on the value of underlying real estate or equity / lending rate (not a “market-traded” price)

� No additional reporting costs related to a public listing

� Rational pricing with lower volatility

� Tend to be far less correlated to major equity markets

2008: Non Listed Property Ownership**: +3.7%Non Listed Apartment Property**: +6.4%

The two categories of REITs in Canada are publicly traded REITs and private REITs.

* Source: Bloomberg

** Source IPD (2008 Edition); Note: Non listed property ownership is similar to a Private REIT



Investors’ Needs and Challenges

Important considerations for many investors

� Diversification

� Steady monthly distributions

� Moderate growth

� Tax-advantaged income

� Capital preservation



Centurion Apartment REIT always looks for opportunities using a strict due diligence process concentrates on communities with low vacancy levels and growing population demographics.

There are three primary strategies employed by Centurion:

� Purchase undervalued properties with untapped potential, low vacancy and stable tenant base.

� Invests in newer, stabilized buildings, in desirable neighbourhoods.

� Centurion Apartment REIT leverages its strategic relationship with Centurion Real Estate

Opportunities Trust to proactively create a pipeline of new investment opportunities.

Investment Strategy



Performance: Centurion Apartment REIT

REITs are not guaranteed, their values can change frequently and past performance is no guarantee of future results. PAST PERFORMANCE MAY NOT BE REPEATED.

Calendar Returns (%) 2009(10) 2010 2011 2012 2013 2014Compounded Returns (%)

YTD-2015 2-Year 3-Year 5-Year

Since Inception

Centurion REIT TR

(%) 2.8 8.5 10.2 20.0 11.0 9.2 Centurion REITTR (%) 4.3 8.7 10.0 11.7 11.3


$18,640

June 30, 2015

10,000

12,000

14,000

16,000

18,000

20,000

Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15

Growth of $10,000 invested in Centurion REIT (since inception of REIT August 31, 2009)9

$10,000 Invested


Centurion Real Estate Opportunities Trust


The Centurion Real Estate Opportunities Trust (Centurion REOT) is an income & capitalgrowth oriented investment trust that invests in a diversified portfolio of mortgages andopportunistic real estate developments.

1) Income: Mortgage Investments

2) Capital Growth: Growth Oriented Real Estate Opportunities

a) Multi-residential apartment developments

b) Student housing developments

Growth Oriented Investments

(Capital Growth)

Goal: Portfolio BalanceMortgages(Income)


Delivering Value to Investors


Transaction

Project Details

� 100 Units in Western Canada � Single 6 Storey Apartment Building with

Ground Floor Retail� Surface & Underground Parking

Loan Structure

� $21.7M construction cost� 1st Mortgage: $16.3M funded by a third party lender � 2nd Mortgage: $2.5M funded by Centurion � Equity Financing: $3M in total, (2/3 or $2M funded by Centurion)� Mortgage Loan Interest Rate: 11%� Preferred Return to Centurion REOT: 10% with a 50/50 split of profits beyond the 10%

between the developer and Centurion REOT. � Right of First Refusal to acquire the development project upon completion.


Summary

REOT

� Generates monthly income� Potential for growth� Has a focus on capital preservation� Diversifies investor’s portfolio� Centurion’s experience, expertise,

infrastructure and financial resources leadsto an End-to-End Real Estate Solution

REIT

� Generates monthly income� Has a potential for growth� Has a focus on capital preservation� Is tax efficient1

� Diversifies investor’s portfolio� Provides re-investment options



Thank You


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