MANAGEMENT PRESENTATION Canadas only publicly traded vehicle which - PowerPoint PPT Presentation

PURE MULTI-FAMILY REIT LP MANAGEMENT PRESENTATION Canada’s only publicly traded vehicle which offers investors exclusive exposure to U.S. Multi-family real estate assets. SEPTEMBER 2013

WHY CHOOSE U.S. MULTI-FAMILY • Strong organic growth due to solid rental rate recovery in Sunbelt • U.S. multi-family real estate has generated strong investor returns over the last 20 years • With the Canadian dollar trading near 40 year highs in relation to the U.S. dollar, we believe it is an opportune time to invest strong Canadian dollars in under-valued U.S. hard assets • We believe there is significant value potential in the U.S. multi-family market , particularly as compared to the Canadian market • We are buying best in class quality U.S. multi-family apartment communities that do not exist in the Canadian apartment market Fairways at Prestonwood Strong investor returns; significant value potential 1

HIGH RETURNS FOR MULTI-FAMILY U.S. Returns by Real Estate Class (1993 – 2012) 10.2% 10.2% All Asset Classes = 9.2% 9.5% 9.4% 8.9% Multi-Family Hotel Industrial Retail Office Source: NCREIF, represents average annualized returns . Fairways at Prestonwood Strong investor returns: stable and diverse income streams; capital appreciation; manageable capital expenditure requirements; favorable debt financing terms

U.S. MULTI-FAMILY ADVANTAGE VS. CANADIAN Multi-Family Rent Growth (2010 – 2012F) Valley Ranch Steeper growth in U.S. Multi-Family 4.3% 3.8% 3.1% 2.5% 2.2% 2.0% 1.9% 1.6% 2010 2011 2012 2013F United States Canada Source: Marcus & Millichap Real Estate, CBRE. Multi-Family Vacancy Rates (2009 – 2013F) More rapid decrease in USA 8.2% • Higher quality assets – this product does not exist 6.7% in Canada. 5.3% 4.5% 4.1% 3.1% 2.7% 2.1% 2.0% 1.9% • Robust pipeline of available acquisitions • Stronger apartment market recovery in progress 2009 2010 2011 2012F 2013F United States Canada Source: RREEF, CBRE. Pure Multi believes there is significant value potential in the U.S. multi-family market, particularly as compared to the Canadian market. 3

WHY PURE MULTI-FAMILY REIT LP Fairways at Prestonwood High Quality Assets in the stable multi-family asset class with a portfolio occupancy rate at 97% with minimal capex requirements Attractive, sustainable yield . Focused on strong growth Distribution of US$0.375 per annum markets in the U.S. Sunbelt (including September 2013 distribution increase) which region = significant organic results in a yield of 9.26% at $4.05 growth (as at Sept. 11, 2013). Conservative Capital Structure Experienced and fully aligned with AFFO payout ratio of 85% management team with a (2013 run-rate estimate) and a tax proven track record of creating efficient structure value for investors 4

STRONG GROWTH PROFILE $17.5M 200 Fairways at Prestonwood $45.4M Vistas at Hackberry $49.35M Bear Creek $5.6M San Brisas $23M 150 EQUITY RAISED ( $ MILLIONS ) bought deal $52.5M $35M August 2013 bought Prairie deal Creek May $28.78M $25.5M 2013 bought Livingston deal Oct 100 2012 $19.8M $57.5M Fountainwood IPO $24.6M $23M July 2012 Sunset Point Deer Park $22.6M $16.5M Valley Windsong 50 Ranch $21.96M OCT 18 2012 MAY 8 2013 Oakchase & Internal Windscape -ization at $121.28 Million $144.28 Million JUL 10 2012 $86.28 Million $300M OCT 2012 JUN 2013 SEPT 2013 2014 + JUL 2012 MAR. 2013 JUN 2013 Since IPO, Pure Multi has significantly increased its market cap while maintaining its accretive acquisition strategy. 5

PORTFOLIO SUMMARY 2012 2012 OAKCHASE WINDSCAPE APARTMENTS APARTMENTS VALLEY RANCH SUNSET POINT (1) PRAIRIE CREEK BEAR CREEK LOCATION Arlington, TX Grand Prairie, TX Irving, TX Arlington, TX Richardson, TX Euless, TX CURRENT OCCUPANCY 97.6% 97.3% 98.7% 96.1% 97.0% 96.3% TOTAL UNITS: 236 154 210 408 464 436 PURCHASE PRICE (US$M) $13.6 $8.4 $22.6 $24.6 $52.5 $49.4 CAP RATE 7.6% 7.6% 6.9% 7.0% 7.4% 6.5% PRICE / UNIT (US$) $57,543 $54,408 $107,619 $60,218 $113,147 $113,188 DEBT (US$M): $8.94 $5.09 $13.68 $15.97 $32.65 $32.08 INTEREST RATE / TERM 3.28% /5 3.52% / 7 3.51% /10 3.54% /10 6.02% /6.5 3.45%/7 (YEARS): (1) Sunset Point and Springmist were acquired as two properties but operate as a single asset. Portfolio provides platform for accretive growth

PORTFOLIO SUMMARY 2013 2013 FAIRWAYS AT VISTAS AT SAN BRISAS PRESTONWOOD (20%)* Announced HACKBERRY DEER PARK WINDSONG LIVINGSTON FOUNTAINWOOD LOCATION Dallas, TX Irving, TX Houston, TX Dallas, TX Plano, TX Euless, TX Chandler, AZ CURRENT OCCUPANCY 92.3% 95.7% 96.0% 96% 98% 99% 95% TOTAL UNITS: 156 560 216 264 180 288 42 PURCHASE PRICE (US$M) $17.5 $45.4 $23 $16.5 $25.5 $19.8 $5.6 CAP RATE 6.4% 6.5% 6.07% 6.9% 6.3% 7.0% 5.9% PRICE / UNIT (US$) $112,179 $81,071 $106,815 $62.500 $141,667 $68,750 $134,615 DEBT (US$M): $8.67 $29.50 $16.3 $9.9 $15.9 $13 $2.8 INTEREST RATE / TERM 3.46% /10 3.90%/15 3.9%/10 LIBOR + 3.51%/5 4.46%/10 5.39%/6.5 200BP/3 (YEARS): Portfolio provides platform for accretive growth

STRATEGIC SUNBELT FOCUS We are focused on quality acquisitions in the U.S. Sunbelt – TX, AZ, NV, GA – which continues to lead the US economic recovery. “Sunbelt” Real GDP Growth U.S. Real GDP Growth Increasing US Sunbelt GDP trend Increasing US GDP trend 4.7% 3.8% 3.5% 2.9% 2.7% 2.4% 2.4% 2.2% 2.1% 1.8% (3.1%) Source: U.S. Bureau of Economic Analysis and The Economist. (3.9%) Source: JP. Morgan Chase, 4Q seasonally adjusted annual rates . 2009 2010 2011 2012 2013F 2014F 2009 2010 2011 2012 2013F 2014F Sunbelt continues to lead US economic recovery 8

SUNBELT LEADING THE RECOVERY Declining Vacancy Rates Sunbelt Population Growth Rates 17% 15% 10.8% 13% 13% 13% 9.7% 9.8% 9.1% 11% 8.4% 9% 9% 6.9% 8% 6.0% 5.8% 5.6% 5.2% 6% 5% 5% 4% 4% 4% 2005A - 2010A 2011F - 2015F 2016F - 2020F Dallas-Fort Houston Phoenix Atlanta Las Vegas Worth Nevada Texas Arizona Georgia United States 2010 2011 2012 2013F Source: Source: U.S. Census Bureau, Population Division. Source: Marcus & Millichap, 2013 National Apartment Report. Increasing Asking Rents $884 $858 $852 $846 $827 $814 $796 $776 $765 $750 Dallas-Fort Houston Phoenix Atlanta Las Vegas Worth 2010 2011 2012 2013F Source: Marcus & Millichap, 2013 National Apartment Report. 9

SUNBELT LEADING THE RECOVERY March 2013 Job Growth Rankings Source: BLS.

TIGHT APARTMENT SUPPLY The recent U.S. financial crisis has resulted in a significant reduction in the construction of new homes, including multi-family properties. Multi-Family Units by Authorized Building Permits - Sunbelt Precipitous drop in building permits to support demand for existing rental properties 200,000 30.0% "Sunbelt" as a % of Total Authorized Total "Sunbelt" Multi-Family Units 23.8% 22.6% 25.0% Multi-Family Units in the U.S. 22.8% 160,000 20.5% 19.6% 17.5% 20.0% 17.0% Authorized 120,000 99,421 94,439 15.0% 75,086 80,000 68,228 10.0% 40,803 40,000 26,671 24,792 5.0% 0 0.0% 2006 2007 2008 2009 2010 2011 2012F Source: Census Bureau - Sunbelt includes: TX, AZ, NV, GA. The lack of new supply should increase demand for existing rental properties and result in continued occupancy and rental rate increases for Pure Multi. 11

TARGETED PROPERTY PORTFOLIO We select properties strategically located in submarkets with clear advantages in employment opportunities and growth. Dallas is one of America’s strongest growing economies.

PROPERTY SELECTION & GROWTH STRATEGY • Assemble high quality apartment portfolio (unparalleled in Canadian apartment REIT peers) • Acquire assets in clusters, providing economies of scale on managing assets in each location • Establish beach-head portfolio holdings in other major strong-growth cities in Texas (Houston, San Antonio and Austin) • Initially targeting DFW Metroplex • Will also target to Phoenix and other major SW “Sunbelt” cities at the appropriate time • Implement value add capital improvement programs • Very strong pipeline of acquisition targets Prairie Creek Villas

DESIRABLE PROPERTY FEATURES *Includes San Brisas Quality of Asset: CLASS A & B Number of Units: 3,614 Number of Properties: 13 Acres: 200 Number of Buildings: 258 $914 Average Rent: Weighted Avg. Year of Construction: 1993 Purchase Price ($US): $324.3 Weighted Average Cap Rate: 6.8% Prairie Creek Villas Prestigious gated community amenities : resort style swimming pool and spas, 24 hour fitness facilities, community clubhouses and private movie theatres , tennis courts, outdoor kitchens with gas grills, outdoor fire pits Unit interiors offer luxury condo – quality finishings such as attached and detached garages, high ceilings, crown mouldings and high quality appliances. Valley Ranch High quality portfolio, newer construction with close proximity to strong job markets