Please refer to the Offering Memorandum for full details. (1) The targeted yield and returns disclosed have not been independently verified and have been prepared by Centurion Asset Management. The targeted returns are estimates only and actual results may differ. (2) “Tax-Efficient” and “Tax-advantaged” Income means that due to the general ability of real estate owners(like Centurion Apartment REIT) to deduct capital cost allowance against income, current taxes can often be reduced and/or deferred; whereas with a n interest bearing investment , such as a bond or deposit, no such offset from capital cost allowances are available. In 2009, 2010, 2011, and 2012 100% of Centurion Apartment REIT’s distributions were treated as return of capital (Box 42 on aT3 Form) for tax purposes. There is no guarantee that this will be the case in the future. (3) “Rational pricing with lower volatility” means that property values are based on a methodical process involving a number of highly skilled professionals that must opine on and thus impact upon value including a) knowledgeable and professional buyers and sellers, b) third-party appraisers, and c) financial institutions (that will be restricted in loan-to-value ratios and debt service ratios and other financial covenants). Valuation methods will fall standard valuation guidelines used in industry and third-party appraisers would be accredited professionals. Further, buyers and sellers are not casual participants in the marketplace and are risking a substantial capital in a transaction given that the average equity required for purchase would be substantially larger than that required to buy a few shares of stock in a publicly listed company. Whereas regular stock market investors need to have no specific skills, industry knowledge, infrastructure, central capital, substantial capital at risk in a single investment, and relationships that would be otherwise served to exclude them from the marketplace, direct property investors must have these at a minimum. The constraints may not apply to a traded stock. This rational pricing means that in the absence of changes in property net operating income (which ceteris paribus tend to move with inflation) or capitalization rates, valuations tend to move slowly over time in comparison to how stocks can move constantly and with great volatility over the course of the day(or any other investment horizon). As such, rational pricing would tend to be associated with lower volatility.