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Disclaimers

Confidential Information

This presentation is confidential. The contents are not to be reproduced or distributed to the public or press. The information contained herein, while obtained from sources which are believed to be reliable, is not guaranteed as to its accuracy or completeness. The information contained herein may be amended. The information contained in this presentation is intended only for the persons to whom it is transmitted for the purposes of evaluating the subject matter of this presentation. No persons are authorized to give any information or make any representation in respect of the subject matter of this presentation and any such information or representation must not be relied upon.
By accepting a copy of this presentation, the recipient agrees that neither it nor any of its representatives or agents shall use this presentation or the information contained herein for any purpose other than for making an informed decision regarding the subject matter of this presentation and shall not divulge it to any other party and shall return all copies of the presentation promptly upon request.

Forward Looking Information

This presentation contains forward-looking information relating to our business strategy and measures to implement strategy, rental income, occupancy rates, expenditures (including the amount and nature thereof), fees, cash flow, investment payouts, valuations, refinancings and other matters. These statements relate to future events or future performance. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "budget", "plan", "estimate", "expect", "forecast", "may", "will", "project", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: general economic conditions in the United States and globally; governmental regulation of our industry; unanticipated operating events; the availability of capital on acceptable terms; exchange rates, interest rates the need to obtain required approvals from regulatory authorities; liabilities inherent in our operations; and changes in tax laws. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement. We undertake no obligation to update or revise publicly any forward-looking statements except as required by applicable legislation. The forward-looking statements made herein relate only to events or information as of the date on which the statements are made. The reader is cautioned not to place undue reliance on forward-looking statements.

Financial Projections

This presentation contains certain financial projections. These financial projections relate to future performance and reflect our views as at the date of this presentation and are subject to known and unknown risks, uncertainties and assumptions that may cause future results, performance or achievements to differ materially from those expected. We believe the expectations reflected in these financial projections are reasonable but no assurance can be given that these expectations will prove to be correct and these financial projections should not be unduly relied upon. We cannot guarantee future results, level of activity, performance or achievements. Consequently, we make no representation that the actual results achieved will be the same in whole or in part as those set out in the financial projections.

The financial projections were prepared by management to assist with planning and operational decision making. The financial projections have been included in this presentation as a tool to make an informed decision regarding the subject matter of this presentation and readers are cautioned that the financial projections may not be appropriate for other purposes. We have approved of these financial projections as of the date of this presentation.

The financial projections contained in this presentation are expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance upon any such financial projections, which speak only as of the date made. Except as required by applicable law, we do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any financial projections to reflect any change in our expectations or any change in events, conditions, assumptions or circumstances on which any such financial projections are based.

General Securities Laws

This presentation is not, and under no circumstances is to be construed as, a public offering to sell or a solicitation to buy the securities referred to herein in any jurisdiction. The securities described in this presentation will be offered in reliance upon exemptions from the registration and prospectus requirements set forth in applicable securities legislation in Canada. The securities will also be offered for sale in the United States on a private placement basis, to accredited investors in the United States, pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and applicable state securities laws. The securities will only be sold in those jurisdictions where they may be lawfully offered for sale and only by persons permitted to sell these securities.

This presentation is being made available on a confidential basis to persons in the United States reasonably believed to be "accredited investors" within the meaning of Rule 501(a) of Regulation D under the U.S. Securities Act ("Accredited Investors") and specifically authorized to view this presentation. This information does not constitute an offer to any other person or a general offer to the public, or the general solicitation from the public of offers, to subscribe for or purchase any of the securities in the United States. Purchasers of the securities in the United States will be required to be Accredited Investors, and will be required to execute and deliver subscription agreements containing representations and warranties, including with respect to certain restrictions on the resale of the securities.

The securities referred to herein have not been and will not be registered under the U.S. Securities Act or any state securities laws. Accordingly, except pursuant to an exemption from the registration requirements of the U.S. Securities Act and state securities laws, the securities referred to herein may not be offered or sold unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

An investment in the securities described herein must be regarded as highly speculative due to the nature of the business and its relatively early stage of development. Investors must rely on the ability, expertise, judgment, discretion, integrity and good faith of management. The securities are suitable only for investors who are able to accept the risks inherent in the business and are able to lose their entire investment. In addition, there are a number of other risk factors that should be considered by persons proposing to make an investment in the securities. Investors should consult their own professional advisors to assess the income tax, legal and other aspects of an investment in the securities.

This presentation has not been filed with any securities commission or other regulatory authority.

THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE SECURITIES REGULATORY AUTHORITY, NOR HAS THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ANY SUCH STATE AUTHORITY, OR ANY CANADIAN PROVINCIAL SECURITIES COMMISSION OR SIMILAR REGULATORY AUTHORITY, PASSED ON THE ACCURACY OR ADEQUACY OF THIS PRESENTATION. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.