BENTALL KENNEDY NATIONAL INDUSTRIAL PORTFOLIO 780,932 SF ALBERTA, ONTARIO, QUEBEC 6 ASSETS 100% LEASED

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1 BENTALL KENNEDY NATIONAL INDUSTRIAL PORTFOLIO 780,932 SF ALBERTA, ONTARIO, QUEBEC 6 ASSETS 100% LEASED

2 BENTALL KENNEDY NATIONAL INDUSTRIAL PORTFOLIO MARKETING FLYER INVESTMENT SUMMARY The Bentall Kennedy National Industrial Portfolio is a high quality 780,932 SF, fully occupied six building, single and multi tenant portfolio (the Portfolio or the Properties ). The Portfolio has a presence in three of Canada s most important industrial markets: Alberta, Ontario and Quebec. The buildings are being offered for sale on a portfolio basis, however, offers on individual buildings will be considered. INVESTMENT HIGHLIGHTS CRITICAL MASS ACROSS CANADA There exist limited industrial platform investment opportunities across Canada due to highly concentrated ownership and development constraints. This Portfolio represents an opportunity to acquire a sizeable portfolio of high quality industrial assets in three of Canada s most important industrial markets. 100% OCCUPIED WITH STRONG TENANCY PROFILE AND LONG TERM LEASES The Portfolio is currently 100% occupied by a strong roster of national and regional tenants. Among the five single tenant industrial buildings, three are comprised of tenants original to building construction, including Home Depot, Sleeman Unibroue, and Canplas. Furthering this tenant stability, the Portfolio has a staggered rollover profile with no two buildings fully expiring in the same year and no leasing exposure until Nov The Portfolio weighted average lease term remaining is nearly 5 years. INSTITUTIONALLY OWNED & MANAGED The Portfolio is currently institutionally owned and managed ensuring all necessary repairs and capital expenditures have been made in order to ensure the longevity and functionality of the Properties. EXPANSION OPPORTUNITY Several Properties allow for increased density to be added on site which would augment the existing Portfolio net rentable area. BELOW REPLACEMENT COST This offering will provide an opportunity for an investor to acquire the Portfolio below replacement cost on both the single tenant buildings and multi-tenant building. As development constraints continue to rise across Canada, newer generation construction in highly concentrated industrial markets is attractive. CBRE Limited ( CBRE, the Advisor ) has been retained as Exclusive Advisor by Bentall Kennedy (Canada) LP ( Bentall Kennedy ) on behalf of a number of its institutional clients to seek proposals for the purchase of the Portfolio. NEWER VINTAGE, MODERN DESIGN, HIGHLY EFFICIENT PHYSICAL ATTRIBUTES Four of the six Properties have been constructed since 2003 to the highest standards of today s discerning industrials users. The modern specifications provided within these buildings facilitate the ability to re-lease on a go forward basis. The vintage of the assets also ensures minimal capital expenditure requirements in the ensuing years. FINANCING CONSIDERATIONS The Portfolio is being offered with three of the six buildings unencumbered with any existing financing, allowing prospective purchasers to improve returns in today s highly attractive debt market. The balance of the Portfolio is financed with mid-term debt, the majority expiring in DIVERSIFIED PORTFOLIO OFFERING GEOGRAPHIC SCOPE AND RANGE OF TENANTS The Properties are located across three distinct Canadian markets limiting the exposure to any particular industrial market (17% of NRA in Alberta, 47% in Ontario, and 36% in Quebec). Furthering Portfolio diversity, no single asset represents more than 28% of the total NRA. Although each of the Properties range in use, the tenants primarily utilize the space for warehousing and distribution. GROWTH AND IMPROVING FUNDAMENTALS The Portfolio is anticipated to benefit from improving market leasing fundamentals and strong rental inflation. Current vacancy rates in Edmonton, GTA West, and Montreal are 4.3%, 5.6% and 6.3%, respectively. The majority of the space provided within the Portfolio is comprised of large bay, single tenant assets which have experienced steadily increasing rents since

3 INVESTMENT SUMMARY TH STREET NW - EDMONTON, AB 500 VETERANS DRIVE - BARRIE, ON 110 WALKER AVENUE - BRAMPTON, ON TH AVENUE - MONTREAL, QC BENTALL KENNEDY NATIONAL INDUSTRIAL PORTFOLIO MARKETING FLYER 3

4 BENTALL KENNEDY NATIONAL INDUSTRIAL PORTFOLIO MARKETING FLYER INVESTMENT SUMMARY PORTFOLIO OVERVIEW Five of the six buildings are single tenant assets totaling approximately 646,941 SF (or 83% of the total NRA). The remaining property is a three unit multi-tenanted building with an average unit size of nearly 45,000 SF. No single property within the Portfolio comprises more than 28% of the total net rentable area helping to distribute risk both geographically and across tenancies. Property City Size (SF) Tenancy Clear Height This fully occupied industrial portfolio provides investors with considerable contractual term remaining of 4.9 years (first expiry occurs in Nov-2015) and a weighted average net rental rate of approximately $5.70 psf. These attributes assure investors cash flow stability and growth in the coming years. Furthering the stability of the tenants and the Portfolio income is the tenants propensity to stay at their current locations with a weighted average term in occupancy of 7.3 years. Occupancy Share of Portfolio NRA th Street NW Edmonton, AB 134,441 Multi (3) % 17% Office, Warehouse and Distribution 500 Veterans Drive Barrie, ON 216,460 Single % 28% Office, Warehouse and Packaging 110 Walker Avenue Brampton, ON 148,832 Single % 19% Manufacturing and Distribution th Avenue Montreal, QC 120,176 Single % 15% Office, Warehouse and Manufacturing 175 Boulevard Bellerose Ouest Laval, QC 81,087 Single % 10% Office, Warehouse, Distribution and Outdoor Storage 4400 Hickmore Street Montreal, QC 79,936 Single % 10% Office, Warehouse and Distribution Total 780,932 8 tenants 100% 100% Use 4

5 INVESTMENT SUMMARY Property Profile By NRA Blvd Bellerose Ouest 10.4% th Ave 15.4% 4400 Hickmore St 10.2% th St NW 17.2% Portfolio Expiry 450, , , , , , , ,000 50, Veterans Dr 27.7% 110 Walker Ave 19.1% Ontario - 47% Alberta - 17% Quebec - 36% Property Profile By Base Rental Revenue Blvd Bellerose Ouest 12.2% th Ave 13.4% 4400 Hickmore St 8.4% th St NW 20.5% 500 Veterans Dr 26.0% 110 Walker Ave 19.5% Vacant SF Expiring ,248 79,025 81, ,572 % Expiring 0% 0% 0% 26% 10% 10% 53% SF Expiring % Expiring Property City Size (SF) Occupancy Tenant th Street NW Edmonton, AB 134, % Atco Gas and Pipelines Ltd., Rosedale Transportation Ltd., Associated Health Systems Inc. 500 Veterans Drive Barrie, ON 216, % Canplas Industries Ltd. 110 Walker Avenue Brampton, ON 148, % Renin Corp th Avenue Montreal, QC 120, % Sleeman Unibroue Inc. 175 Boulevard Bellerose Ouest Laval, QC 81, % Home Depot 4400 Hickmore Street Montreal, QC 79, % Groupe BBH Inc. Total 780, % Ontario - 46% Alberta - 20% Quebec - 34% 100% 80% 60% 40% 20% 0% BENTALL KENNEDY NATIONAL INDUSTRIAL PORTFOLIO MARKETING FLYER 5

6 175 BOULEVARD BELLROSE OUEST - LAVAL, QC 4400 HICKMORE STREET - MONTREAL, QC PRIMARY MARKETING TEAM PETER D. SENST* President of Canadian Capital Markets peter.senst@cbre.com MATTHEW BROWN* Associate Vice President matthew.brown@cbre.com * Sales Representative ** Broker EDMONTON DAVE YOUNG** Senior Vice President & Managing Director dave.young@cbre.com MONTREAL SERGE DUVAL** Vice President serge.duval@cbre.com CBRE Limited 145 King Street West, Suite 600 Toronto, Ontario T F *Sales Representative **Broker This disclaimer This shall disclaimer apply to CBRE shall Limited, apply to Brokerage, CBRE Limited, and Brokerage, to all other and divisions to all of other divisions Corporation of the ( CBRE ). Corporation The information ( CBRE ). The set information out herein (the set out Information ) herein (the Information ) has not been verified has not by been CBRE, verified and CBRE by CBRE, does and not represent, CBRE does not represent, warrant or guarantee the accuracy, correctness and the completeness accuracy, correctness of the Information. and completeness CBRE does of the not Information. accept assume CBRE does any responsibility not accept or or assume liability, any direct responsibility or consequential, or liability, for direct the Information consequential, or the recipient s for the Information reliance upon or the the recipient s Information. reliance The upon recipient of the Information should take such steps as the recipient warrant or guarantee the Information. may The deem recipient necessary of the to Information verify the should Information take such prior steps to placing as the any recipient reliance may upon deem the necessary Information. to verify The Information the Information may change prior to and placing any any property reliance described upon the in the Information. The may Information be withdrawn may change from the and market any at any time without notice or obligation to the recipient property described from in CBRE. the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE.