SPIRE VALUE ADD LIMITED PARTNERSHIP

SEPTEMBER 30, 2018

NICOLA CROSBY REAL ESTATE WWW.NICOLACROSBY.COM

SPIRE VALUE ADD LP OverviewSPIRE VALUE ADD LP (SPIRE VA) is a real estate limited partnership (LP) that focuses on

generating returns through investments in multiple projects using “value-add” strategies. The objective

of this LP is to acquire existing commercial and/or multi-family residential assets and/or development

sites in conjunction with experienced partners who can add significant value by implementing a major

refurbishment/repositioning of the asset and/or redevelopment of a new product for resale.

Properties acquired by SPIRE VA will not offer regular cash flow similar to those in SPIRE Real

Estate LP and SPIRE US LP, but are instead acquired for their value creation potential. As a result,

returns are realized once projects are completed and disposed of.

SPIRE VA offers the clients of Nicola Wealth Management an opportunity to invest in direct real

estate with an experienced management team. The management of Nicola Crosby continues to invest

their own capital alongside the clients of Nicola Wealth Management.

Contact InformationMark Hannah, LP Manager

Nicola Crosby Real Estate

5th Floor 1508 West Broadway

Vancouver, BC V6J 1W8

T: +1-778-383-6937

E: mhannah@nicolacrosby.com

Key StatisticsNet Asset Value $232.4 million

Structure Limited Partnership

Inception Date November 2014

NAV Per Unit* $163.55

Number of Units 1,421,205

Number of Assets 48

Investment Criteria• Partner with reputable developers and/or strategic

partners through joint venture ( JV) relationships.

• Emphasis on procuring assets in B.C. and other

major markets in Canada and the U.S. to create a

diversified portfolio for value add and subsequent

resale.

• Return to investors, net of fees, targeted at 12% -

15% annually.

• Anticipated hold period through to disposition is

projected to be between 24 and 48 months for each

individual asset, although some assets may require

a longer hold period.

Performance

Investment Activity – YTD2014 2015 2016 2017 2018 Q1 2018 Q2 2018 Q3

# of Acquisitions 3 11 6 18 5 4 6

# of Dispositions 0 0 1 2 0 1 1

Total Projects 3 14 19 35 40 43 48

# of Partners 2 3 4 9 9 10 11

Past performance is not indicative of future results.

YTD 1 Year 3 Year 5 Year Since Inception

Total Return+ 12.3% 17.0% 17.1% – 15.6%

12 Month Trailing Distribution Yield 2.1%

Equity Invested by TypeEquity Invested by Location

Office 14%

Industrial 33%

Residential 45%

Washington, D.C. 5%

Arizona 3%

Washington3%

British Columbia

56%

California 14%

Alberta 8%

Other 8%

Other8%

Tennessee3%

NICOLA CROSBY REAL ESTATE WWW.NICOLACROSBY.COM

- Nicola Crosby is a subsidiary of Nicola Wealth Management. - Past performance is not indicative of future results. - Returns are net of LP expenses. - This investment is only available for sale to residents

of Canada who are accredited investors. Please read the Limited Partnership Agreement and subscription documents

for additional details and important disclosure information. - This does not constitute an offer of sale. - *NAV per unit is effective October 31, 2018. - This LP has a minimum hold period for investors of 3 years. - NAV per unit is based on projected returns on the assets

currently held.

- +Returns are calculated on a monthly basis and may differ from client returns which are updated with a 1 month lag. - This summary contains targetted returns; actual returns

may vary. - Please speak with a Nicola Wealth Management advisor to

discuss if this investment is right for you.

Disclaimer

SEPTEMBER 30, 2018

Quarter Highlights

SPIRE Value Add LP continues to work closely with its development partners to monitor each project and develop a pipeline of new projects.

Mira Apartments, Bellevue, WA (Partner: Grosvenor True North Fund II) – This property was acquired in September. The strategy is to re-position the recently completed six storey 162 unit rental apartment building and market for sale as condominium units to take advantage of the strong demand for new condo product in Bellevue market. There is no construction risk as the property is finished and ready for occupancy. The estimated timeline for completion is Q3 2019.

Amplifi Apartments, Los Angeles, CA (Partner: Grosvenor True North Fund II) – This property was acquired in July. The strategy is to construct a 290 unit rental apartment (two phases) complex and sell upon completion and lease-up. Grosvenor is working in conjunction with Intracorp on this project which is fully entitled and shovel ready for construction. The property is located in the City of Fullerton in Orange County near Los Angeles in Southern California. The estimated timeline for completion is Q2 2021.

NEW

Broadway Crest, (Buckeye) Phoenix, AZ (Partner: Suncrest Real Estate) – This property was acquired in August. The strategy for this 66 acre property is to complete the entitlement and preliminary engineering. Once finished, the site will be serviced and subdivided into 277 single family lots ready for development by 2-3 established home builders. The site is located off Highway 10 in Buckeye which is a suburb in West Phoenix, Arizona. The project timeline is to have all the lots sold by Q3 2021.

NEW

Madison & Dawson, 4305 – 4349 Dawson Street, Burnaby, BC (Partner: Porte Development) – This property was originally acquired in 2015 with Porte Development. The strategy was to develop a six storey 92 unit residential condo development with ground floor commercial and underground parking. The property was 100% pre-sold and the new owners have taken possession with closing completed on all the units in Fall 2018.

SOLD

11511 & 11611 No. 5 Road, Richmond, BC (Partner: South Street Development Group) – This property was acquired in July and comprises an existing warehouse property (11511) adjacent to one large land parcel (11611). The existing warehouse building comprises 95,000 sf and sits on 3.12 acres. The seller provided a short term leaseback while the permits are secured to upgrade and then subdivide into approximately 8 industrial strata units comprising 12,000 sf each. The adjacent land parcel totals 1.88 acres and has permits in place to construct 8 industrial strata units comprising 6,500 sf each. Construction has commenced and 7 of the 8 units are already pre-sold.

NEW

Kyle Road, West Kelowna, BC (Partner: Denciti Developments) – This property was acquired in September. The strategy for this 10.33 acre industrial property is to develop multiple building phases for Industrial strata units ranging from 1,500 – 6,500 sf. The site is situated in a prime industrial node only 2 blocks from Highway 97. The estimated completion date is Q4 2021.

NEW

NEW