Disclaimer

This presentation contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Graoch anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. In some cases, forward-looking information is identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions. Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations or future actions. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans as of the date of this presentation but are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements or industry results to be materially different from those expressed or implied by such forward-looking information. Such factors are based on information currently available to Graoch including information obtained from third-party industry analysts and other third party sources.

A number of risks, uncertainties and other factors could cause actual results to differ materially from the results discussed in the forward-looking information, including, but not limited to, the following: risks associated with reliance on key personnel; financial health of Graoch’s subsidiaries and their related cash flows; failure to realize anticipated benefits of acquisitions; legislative and regulatory developments; general economic conditions and levels of economic activity; concentration on the Houston market and exposure to the Houston economy; current global financial conditions; failure to realize on growth initiatives; degree of competition in the industry; timing and extent of changes in prevailing interest rates; risks associated with the development of projects including delays in construction, escalation of construction and labour costs and shortages of skilled workers; changes in employee relations; seasonality; environmental regulation and health and safety matters; foreign trade risks; financing constraints including inability to repay maturing debt and to fund capital expenditures, future acquisitions and distributions; lack of insurance coverage; dependence on information systems and technology; no guarantee of cash distributions and fluctuations in amount of distributions based on performance; discretionary nature of distributions; nature of the Units; limited liability; lack of public market for the Units; attributes of securities distributed on redemption of Units and termination of Graoch; dilution; leverage and restrictive covenants; investment eligibility of investors; impact of changes to tax treatment of Units or dividend tax credits; taxation of Graoch; limitations on future growth and cash flow; restrictions on ownership of Units by non-residents of Canada; indemnities under acquisition agreements and lack of statutory rights afforded to Unitholders.

Forward-looking information reflects Graoch’s current beliefs and is based on information currently available to Graoch and on assumptions it believes to be reasonable. In some instances, material factors or assumptions are discussed in this presentation in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: historical results based on comparable properties in which Graoch has previously had an interest; availability of properties that meet Graoch’s investment criteria; retention of effective property management services; implementation of effective expense controls; ascertaining suitable residents; opportunistic divestiture opportunities; increase in rental rate potential in the Houston area and decreases in vacancy rates and the stability of the economy in Houston. The forward-looking information is made as of the date of this presentation and Graoch assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law. Because of the risks, uncertainties and assumptions contained herein, prospective investors should not read forward-looking information as guarantees of future performance or results and should not place undue reliance on forward-looking information. Nothing in this presentation is, or should be relied upon as, a promise or representation as to the future.

There is no warranty or guarantee given by any person as to any forecast or financial outlook contained herein. In addition, such forecasts and financial outlooks reflect various assumptions by Graoch. Although Graoch believes these assumptions to be reasonable, readers are cautioned that such assumptions may prove to be incorrect. The actual results achieved will vary from the forecast or financial outlook results and the variations may be material. There is no guarantee that any forecasts or financial outlooks will be achieved in whole or in part. To the extent any forward-looking statements contain forecasts or financial outlooks, such information is being provided solely to enable a reader to assess Graoch’s financial condition and its operational history and experience in the real estate industry. Readers are cautioned that this information may be not appropriate for any other purpose, including investment decisions.

This presentation also contains information regarding the real estate market and area demographics, together with statements regarding real estate market opportunities. In some cases, the source of such information has been indicated. In certain cases, the information is based on Graoch’s own analysis and information or its analysis of third-party information. While Graoch has attempted to verify this information, it is possible that competitors or other persons may present different conclusions based on other methodologies or information available to them.

Interests in the Fund will be offered for sale only to accredited investors and/or “qualified institutional” buyers in Canada and the United States in accordance with exemptions from applicable registration and prospectus requirements. This presentation is not, and under no circumstances is it to be construed as, an advertisement or a public offering of the securities described herein.